French fashion flags its economic importance

By Astrid Wendlandt PARIS (Reuters) – France’s fashion and fashion-related businesses such as jewels, eyewear, watches and high-end cosmetics generate more sales than its aerospace and automobile industries, according to a study commissioned by the French Fashion Institute, IFM. It said annual sales generated by fashion-related businesses based in France totaled 150 billion euros ($170 billion), compared with 102 billion for aerospace and 39 billion euros for cars. The study, by independent economists and statisticians from France’s national statistics institute Insee, also used official customs data.

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French fashion flags its economic importance

Rocket Internet’s sales growth slows as seeks to stem losses

By Emma Thomasson BERLIN (Reuters) – Shares in German ecommerce investor Rocket Internet slid on Tuesday after it reported that revenue growth slowed sharply in the first quarter at most of its top start-ups as it took steps to try to reduce their losses. Rocket has pledged that the 1 billion euros ($1.12 billion)it burnt through in 2015 will mark a peak for losses and promises to make three start-ups profitable by the end of 2017. On Tuesday it reported progress towards that goal as the quarterly absolute loss at its main start-ups fell 23 percent on the previous year to 140 million euros.

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Rocket Internet’s sales growth slows as seeks to stem losses

Italy’s fashion industry signs deal to build ties with Iran

MILAN/PARIS (Reuters) – Italy on Wednesday became the first European country to take steps to help its fashion industry build a stronger presence in Iran following the lifting of Western sanctions. The two countries signed an agreement during a two-day visit by Italian Prime Minister Matteo Renzi with a delegation of business leaders to increase trade between Italy and Iran and reinforce industrial cooperation. The deal was signed by the National Textiles and Fashion Association Sistema Moda Italia (SMI), which represents a sector worth more than 52 billion euros ($59 billion) in revenues, and its Iranian counterpart the Tehran Garment Union (TGU).

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Italy’s fashion industry signs deal to build ties with Iran