LBizMarketIntelligence_170226

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Leatherbiz Market Intelligence executive summary: • • •

• • •

Attendance at Lineapelle in Milan suggested quality rather than quantity, with serious business discussions dominating Excessive uniformity in the leather the industry is producing in some markets has shifted focus away from the material’s intrinsic properties Greater flexibility would bring leather’s natural qualities back to the forefront, showcase industry expertise and make it easier for tanners to make good use of all the raw material available Garment leather, especially suede, nubuck, and nappa, drew strong interest Sheepskins also gained attention amid low supply and rising wool demand Exotic leathers popular but always with strict audit and traceability requirements in mind

MARKET INTELLIGENCE

T

he highly anticipated Lineapelle fair in Milan came to an end on February 13. As always, the expectations of exhibitors and visitors are as diverse as the impressions most visitors take away from the fair. Some are disappointed, others are pleased.

The numbers of exhibitors and visitors this February were lower than the average results of recent years. Naturally, the Olympic Games had an impact on exhibitor and visitor attendance. Extremely high hotel prices and also fear that travel to and from the event, as well as the visit itself, might not run entirely smoothly, may have played their part. For the record, the organisation was excellent and everything did run smoothly.

As far as visitors from China are concerned, the scheduling directly ahead of the Lunar New Year holidays naturally also played a significant role. Likewise, the visitor count will have been affected by different days for the Micam and Mipel fairs that often take place in parallel with Lineapelle (these take place next week). In conversations, one also hears more frequently that budgets for travel, sampling, product development now require tighter approvals than in the past. Many companies are focusing on a few “must-attend” dates and cutting secondary events more consistently.

Anyone who simply counts heads and looks at how crowded the aisles are might once again be disappointed. But the question remains whether “many” ultimately also means “successful”. In any case, we left Milan with the impression that, in this instance too, less can sometimes be more. Especially on the first day, when the aisles and booths appeared relatively empty, the mood among many exhibitors was by no means depressed. Quite

the opposite: many reported that although there was little activity at their stands, visitors were nevertheless of high quality. In plain terms, that usually means the visitors were either existing customers with a clear agenda, or potential new customers who wanted to discuss business opportunities in a serious manner.

On the second day, visitor frequency increased noticeably. However, even then, it was really only a time window of roughly between 11:00 to 15:00 during which significantly more people appeared and the usual fair meet-ups took place that do not happen at an exhibitor’s stand. As always, this can be filed under “gossip and chatter,” without implying that this is not also an important part of a fair. As for the third day, there is usually not much more to say, especially as it fell on a Friday this time, and visitors and exhibitors generally just want to get home as quickly as possible.

So what can one take away from the fair in terms of content? Here too, opinions will certainly differ. But that is also because not everyone’s offering reflects the market situation in the same way. Some things simply work better and attract more attention, others less so. That is true in good times as well as in bad.

If one tries to bring some order into it, it stands out that apparel leather received a great deal of attention. Even here, however, it is more about parts and less about the whole.

Suede and nubuck, highly elegant nappa leathers, lightweight double-face types, and leathers with a striking and well-executed vintage-look attracted the attention of many visitors interested in this segment. Apparel thus aligns with the broader trend toward nubuck and suede leathers that has already

been visible in the footwear segment over the past seasons. Whether one should be particularly happy about that is, nevertheless, another question.

Overall, the entire sector of ovine skins was characterised by solid interest. What will be exciting now is the next question: standard raw material prices are not only at historic lows, but supply is also significantly reduced because, in many regions of the world, it has no longer been economical to obtain the raw material and prepare it for the leather industry. Another influence comes from very strong demand for wool and the significantly higher prices that have accompanied it. In particular, demand from China has increased in recent months; however, it was clearly noticeable that this was less about leather and more about gaining wool. Should an improved demand for the leather portion now develop as well, that would be the longawaited good news for this sector.

For quite some time now it has been striking that the price spread between different types is extremely wide, possibly even too wide. In this context, the question of “dual-use” positioning is also raised more frequently: if wool carries the value, leather can be positioned more strongly again as a high-quality co-product, though only if the supply-chain story (origin, husbandry, processing) can be told consistently.

In addition, there was a great deal of interest in more exotic leather types. This also applies to reptile skins, and almost all types of deerskin. At the same time, it is increasingly evident that exotic articles are becoming “audit-driven”: without robust documentation (legality, origin, CITES/equivalent, chain of custody), many brands simply will not put them into collections regardless of how good the article looks.

In many past editions we have repeatedly pointed to the fundamentally positive development in so-called niches. Something special, in any form, has been successful for quite some time, and this trend was not only confirmed in Milan, but was strengthened and accelerated. In the apparel sector we have seen this more often recently; unfortunately, however, it often failed to make the jump into mass production and into collections. Instead, many brands preferred to focus on plasticbased imitations. This time it feels somewhat different, as one increasingly gains the impression that the original is regaining importance in apparel as well.

In the footwear and leathergoods segment, impressions were largely similar. Naturally, volumes are much larger here, and the question of the material’s success or failure

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has far greater significance for the industry as a whole. Nevertheless, it could also be observed here that ‘the special’ is gaining importance and demand is rising. The nubuck and suede trend continues here as well, and for nappa in leathergoods, calf remains the defining factor.

In the end, what concerns us is a different trend, and with it, a certain worry. Particularly in bovine leather, demand is becoming increasingly segmented by leather types and specs, and one has the impression that this trend is intensifying further. What do we mean by that?

Meat production and nature simply deliver an extremely broad spectrum of raw material.

Climate, breed, husbandry conditions, different forms of cattle fattening, meat qualities, and so on determine what kind of raw material from the bovine category comes to market. From very small calfskins to extremely heavy hides, from stable feeding to pasture, from dairy cattle to beef cattle, the

spectrum is extremely wide and the properties accordingly different. None of this is new.

Even though the fair in Milan is primarily focused on apparel, footwear, and leathergoods leathers, other sectors are represented as well. They complete the overall picture and, in terms of raw material utilisation, play no less significant a role.

What we have been observing for some time, though its impact had not been so totally clear to us until now, is the extreme concentration of leather manufacturers on tightly predefined raw material types with correspondingly predefined specifications.

That may make sense for industrial manufacturing, but it makes far less sense for the generation and utilisation of raw material.

Of course, tanners have always specialised in certain raw materials; better is the enemy of good, and there are characteristics that are advantageous, or even necessary, for producing certain leathers. But there has always also been the know-how of tanners,

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and their creativity and flexibility allowed a certain mobility in the raw material markets.

Often, processors and brands are now specifying raw material requirements without any special knowledge or competence in this domain. Their core competence may be to think about the visual appearance and haptics of articles, but beyond that, their demands regarding raw material are entirely misaligned with necessities and possibilities.

Two highly significant consequences have resulted from this. In the context of weak demand and purchasing power of leather buyers in recent years, the leather industry has not only restricted itself in creativity and selection of raw material, but also in the discussion of how one might develop alternatives. Leather buyers cherry-pick and have forgotten that you have somehow to make use of all the material. Examples would include velour splits or the entire sector of European automotive leather, but there would be many more. This situation increasingly constrains leather manufacturers, and especially European ones. Creative, competent companies are suffering unnecessarily.

The situation becomes particularly absurd when one sees buyers and designers at the stands of smaller manufacturers, where, suddenly freed from all constraints, they enthusiastically embrace “what is possible,” celebrate it, and then immediately forget it again one stand further down the aisle when dealing with their main suppliers. One approach that is being discussed in isolated cases is a “specification pyramid”: this will involve a few hard, must-have criteria (regarding traceability, for example) plus flexible nice-to-have criteria that deliberately allow variance (grain pattern, hand-feel, slight colour nuances). In other words, specifications that do not systematically “design out” material properties.

Another weighty topic in discussions at Lineapelle was the question of how the conversation about leather’s properties can be brought back to the forefront. This ties directly into the previous discussion. If, in production, the material must be fully standardised in appearance and touch, that cannot happen without sacrificing properties. It is actually quite simple: the further the dial is turned toward uniformity, the more leather’s inherent properties will be compromised. Despite a general oversupply of raw material, bottlenecks suddenly emerge with specific types of hide, bottlenecks that are not really necessary. The more the dial were turned toward flexibility and away from uniformity, the more the material’s properties would move to the forefront, and the more the competence of the leather industry could be used to make more good, high-performing material available to the market again.

Of course, we are not under the illusion at the moment that this is a realistic scenario for the near future. That changes nothing about the fact that leather manufacturers must continue to free themselves from constraints, place their competence front and centre, and move from defence back to offence. Only

TUESDAY, FEBRUARY 17 2026 LEATHERBIZ 3

then will it presumably be possible to stimulate demand for leather as a material again, actually utilise the available raw material, and fill underutilised capacities more effectively. From a brand perspective, this could also mean selling leather more strongly through “material literacy”: patina, repairability, breathability, longevity, and haptics as a deliberate bundle of differentiation, rather than treating leather merely as a “surface” that is ultimately pushed toward uniformity anyway.

Over the next two weeks, the markets will presumably not change all that much. In Asia, the region is now entering the pause and welcoming Lunar New Year. In Europe, many areas will initially have to focus on whether hopes of an improvement in order intake in the second half of 2026 and in 2027 are truly justified. Added to that is the discussion of which raw material type will be available in what quantities in Europe in the coming months. Global slaughter patterns are shifting; supply of the raw material that is needed and the raw material that is actually available is currently not balanced and ranges from far oversupplied to insufficiently available. That means there will be no shortage of interesting and relevant topics along the leather pipeline in the near future either.

US PERSPECTIVE

S

ales of cured cattle hides for the period ending February 5 were 278,400 pieces.

The figure for exports of wet blue was 155,900 pieces.

The most recent reports on hide prices showed butt-branded steers weighing 66-68 pounds at $21 per piece, Colorado branded steers, also at 66-68 pounds, priced at $13.50, and heavy Texas steers weighing 60-62 pounds remaining at $11.50 per piece.

Cow hide prices remained at the same levels, with northern dairy cows at $7.50, south-west dairy cows at $7, northern branded cows at $2.50 and south-west branded cows at $2, with weights of 50-52 pounds in each case.

The source of all these figures is the US Department of Agriculture. Please note that the prices quoted represent ‘ballpark’ figures.

Cattle markets USA The west, including much of the desert west, has been dry. This winter much of the area has received valued rains. The desert areas of Arizona are covered with annual plants often grazed by cattle crossed from Mexico but this year is mostly empty. A warming trend is covering much of the country. As winter moves from winter to spring, beef demand should improve. The processors who are suffering large losses currently hope for improving demand for beef to correct some of the margin losses rather than closing another plant.

Last week in the north, some light live trade occurred at $245-$246, which was $1$2 higher. Some dressed trade was reported

Actual Slaughter Under Federal Inspection Week ending 31.01.26

Week ending 01.02.25

% difference

Cattle

526,319

601,785

-12.5

Calves

1,397

2,773

-49.6

Hogs

2,490,071

2,559,861

-2.7

Sheep

33,322

34,453

-3.3

Goats

8,143

9,272

-12.2

at $378 to $382, or $1 to $4 higher. In the south, prices rose to $246-$249. Texas sales were mainly at $248 with many more sales unreported by USDA because they were bought at $1-$3 “over the tops”. Kansas sales were mainly $248-$249 with some over the tops.

Processors are struggling with large negative margins and recent prices at the feedlot level are producing the first losses in a long time in the feeding sector. The timing

of feedlot purchases is determinative of the final outcome and some of last year’s purchases carried high in costs and today’s cash prices are inadequate to return a margin.

A most harmful market outcome is a market where processors and cattle feeders are all posting losses. The slaughter is likely to remain near the current range for the coming weeks as packers adjust to plant closures and new adjusted slaughter rates in the remaining plants.

4 TUESDAY, FEBRUARY 17 2026 LEATHERBIZ

Beef demand has mostly remained stable despite rising prices. Inevitably the higher the price, the damage to demand. To date it has been slight but there can come a tipping point and everyone is on the lookout for that point. Beef will suffer a loss of market share, not because of price, but simply because we are producing less beef.

USDA Prime cuts are carving out a larger slice of the grocery offerings. Many retailers are struggling to market these cuts and often feature discounts to encourage consumption.

This is a benefit for consumers who find bargains on premium cuts.

Box prices stabilised but failed to respond to the processors need to advance prices. Obviously some shuffling in the supply chain has been necessary with the Tyson plant closing. Most of the beef plants are located in the centre of the country so very little logistical harm is caused by closures.

Analysts will begin to estimate the number

of acres for this year’s corn crop. Most expect a small decline as crops rotate from last year’s increases in corn acreage. Corn basis levels in Guymon, Oklahoma, are at +$0.50, basis the March contract.

GERMAN PERSPECTIVE This week: Attendance at the Lineapelle exhibition in Milan last week turned out to be higher than initially feared. And the visitors who went were the kind that justify the trip to the fair for exhibitors. As is so often the case with trade fairs, it is less about the number of visitors and more about their influence on market dynamics. Above all, it is about how much genuine interest they generate at exhibitors’ booths.

Our main takeaway was the sense that most exhibitors were quite satisfied with the quality of visitors and the conversations they had.

More broadly, we returned home with the

impression that the range between positive and negative sentiment was probably wider than we have experienced in all the decades we have been attending.

It cannot be emphasised often enough that this fair is, at its core, a showcase for tanneries that focus on producing leather for footwear, apparel, and leathergoods. What else stood out?

Encouragingly and somewhat surprisingly, leather is clearly regaining relevance and interest in certain segments.

This is particularly true for the long-neglected apparel market, and even in footwear there appears to be a renewed appreciation for the original material. That said, it would be wrong to assume that this already marks a decisive breakthrough in mass markets. Those decisions are made elsewhere. But Milan is often where such developments begin to surface.

Another clear trend was that leather is, in many cases, beginning to free itself from the dictates of fashion. For many years, leather was primarily a “fashion” and image-driven product, rather than a material valued and used for its intrinsic properties. Leather served as a tool to elevate products, rather than because it has characteristics that synthetic alternatives cannot match; it was simply an image enhancer. Here too, it is probably far too early to speak of a true turning point. Still, these are the first genuinely positive signs we have seen in quite some time.

In addition, many exhibitors reported that for the first time in a long while they could once again talk about new products, new colours and additional applications. In some cases, companies have begun to emerge from a long period of purely defensive positioning.

However, many of the economic challenges have by no means been resolved. Price pressure remains, and cost stress for European manufacturers persists as well. These issues particularly affect the large mass producers of standard leather in Europe, companies that, in theory, should benefit from economies of scale. Those advantages are simply not sufficient when compared with their competitors overseas.

Another unresolved long-term issue is that for the various selections inevitably generated in leather production, there is still neither enough market potential nor economically viable outcomes. This leads to fundamental questions along the supply chain: who takes on which risks and who is ultimately able to carry them? From a business perspective, there was little that was fundamentally new.

The hide types that attracted the greatest attention in the past were once again in focus in Milan. Heavy bulls, specific calfskins and so on. Specialties for apparel and suede remain in demand also, suede splits and hides for footwear leather with a reasonable price– quality balance found buyers at largely unchanged price levels. By contrast, hides that can be easily substituted with other, cheaper raw material face a much harder time finding a home. The same applies to raw

TUESDAY, FEBRUARY 17 2026 LEATHERBIZ 5

LATEST HIDE AND SKIN PRICES FROM GERMANY TYPE

WEIGHT RANGE

AVG. GREEN WEIGHT

SALTED WEIGHT

AVG. WEIGHT SALTED

PRICE PER KG GREEN WEIGHT

TREND

Ox/heifers

15/24.5 kg 25/29.5 kg

22.0/23.5 kg 27.5/28.5 kg

13/22 kg 22/27 kg

20/21 kg 25/26 kg

€ 0.80 € 0.60

Stable Stable

Dairy cows

15/24.5 kg 25/29.5 kg 30/+ kg

22.5/23.5 kg 27.5/28.5 kg 33.5/35.5 kg

13/22 kg 22/27 kg 27/+ kg

20/21 kg 25/26 kg 29/31 kg

€ 0.40 € 0.50 € 0.50

Stable Stable Stable

Bulls

25/29.5 kg 30/39.5 kg

27.5/28.5 kg 36.0/37.0 kg

22/27 kg 24/34 kg

25/26 kg 31/33 kg

€ 0.80 € 0.80

Weakish Weakish

40/+ kg

45.0/48.0 kg

34/+kg

38/40 kg

€ 0.85

Weakish

Thirds

15/+ kg

25.0/27.5 kg

13/+ kg

24/26 kg

€ 0.40

Stable

Thirds bulls

30/+ kg

38.0/40.0 kg

24/+ kg

33/36 kg

€ 0.45

Stable

material that does not fit tight specifications in terms of weight and size, whether they make sense or not.

The lack of flexibility and creativity in the leather industry and among its customers remains an unresolved and frustrating problem. If we had to summarise the days in Milan in one sentence, we would say this: we came home with a better feeling than we had when we set off for Milan.

The kill: Slaughter numbers continue to show little movement. There are no truly convincing arguments as to why. Cattle prices are certainly very high, demand in food retail remains price-sensitive, and of course the carnival season plays a significant role for beef demand and therefore slaughter activity. At some point, however, something has to give, because slaughter volumes and herd levels currently do not seem to align. For now, farmers appear neither forced nor genuinely willing to release more cattle. At the same time, slaughter will naturally only occur to the extent that the end product can be sold successfully in supermarkets. Next week will again be influenced by carnival, and only afterwards will it become clearer where things are heading.

What we expect: The market is certainly not yet at a point where the leather industry feels strong pressure to actively procure in the spot market, let alone to think about longer-term coverage of raw material needs. The prevailing sentiment is still that more raw material is looking for customers than customers are looking for raw material. For the mass market, that is undoubtedly true.

But in the first small niches, the wind could soon shift, especially if the industry continues to avoid addressing how shortages might be balanced sensibly against surpluses. The good news is that economic logic ultimately exerts the necessary pressure to prompt alternative solutions. It would not surprise us if this gains importance in the coming weeks or months, if ‘the fashion effect’ fades and the ‘performance factor’ gains.

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LONG READ

organisation from Slovenia. Specialist Milanbased consultancy Spin 360 is also involved.

Leather and the Circular Economy: Thought Leadership

Real opportunities

Food for thought A new digital platform for informing, training and supporting professional development in the circular economy is on the way. Improvements will come through better connections between leather and agri-food.

The leather industry’s main representative body in the European Union (EU), COTANCE, has launched a new project, Symbios. The project will run with the support of the Erasmus+ programme of support for education and training projects. Other project partners include research bodies from Portugal and Spain, a training services provider from Italy and a business

The aim of Symbios will be to encourage mutually beneficial connections between the leather industry and the agri-food sector. It will seek to identify models of good practice between food producers and leather manufacturers, ideas that can be replicated in different parts of Europe.

Project partners will conduct research on how these models can work across the two sectors. This will include examining the regulatory framework, finding out what current practices are and assessing future potential.

COTANCE said at a launch event in Porto in the autumn of 2025 that one of the main outcomes of Symbios will be a new digital platform for informing, training and supporting professional development in the circular economy. This platform will also connect companies and encourage them to

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work together “through symbiotic practices”.

It will work with Spin360 to lead the leather sector’s involvement in the project. This will involve setting up focus groups to bring together stakeholders from across the leather supply chain. Their work will also involve conducting surveys, interviews and a review of literature to identify practices that offer “real opportunities for synergies”.

At a critical time At the launch event in Porto, COTANCE secretary general, Gustavo González-Quijano said the project was starting at a critical time for the leather industry. He said it had the potential “to turn sustainability into a shared opportunity”, with agri-food and leather moving forward together. He concluded that practical solutions and strong connections would come out of Symbios, helping leather to continue to be “a leader in Europe’s circular economy”.

Behind the project’s name is the compelling idea of “industrial symbiosis”. This describes instances in which one industry tries to make sure material that it will not use is available to a different industry that can use it. COTANCE’s analysis is that industrial symbiosis is “the latest trend in the new industrial paradigm” and one of the main strategies for the transition to a circular economy.

Flow of hides The most obvious example for the leather industry is cattle hides. These are available in their hundreds of millions from the agri-food sector. Articles we have published in the last 12 or 15 months have laid bare the big benefits that can accrue if the hides flow into the leather value chain instead of going to waste. There are environmental benefits and economic ones.

To sum up, making leather from the hides can result in an environmental impact that is more than 70 times lower than the impact of putting them into landfill. And when it comes to money, to make leather and finished leather products from hides can deliver a total value add of more than 5400%.

Projects and communications manager for COTANCE, Vita Kobiela, says Symbios will be important in the context of a wider updating of “bio-products and circular strategies” that she says is taking place in the EU at the moment. A dedicated EU Circular Economy Act is in the works (please see the separate article about this in this issue of World Leather). She talks of significant changes to the regulatory and legislative framework around the circular economy and “a new push” towards the transformation away from the old, linear models of making and using things.

A model for symbiosis Ms Kobiela says specifically that tanners will benefit from the online platform that will emerge from this project. Easy-to- access and easy-to-use online training will be available to help them “develop a model for symbiosis”.

She thinks the ties and the mechanisms for sharing information between the agri-food

TUESDAY, FEBRUARY 17 2026 LEATHERBIZ 7

and leather sectors should be stronger and more established than they are at the moment. “Some tanners do have good connections to farmers and meat companies,” she continues. “Certainly in France there are clear examples of this.”

Naturally, this is not a one-way street; there are important opportunities for industrial symbiosis with businesses that can and want to use by-products of the tanning process. In a similar vein, some of the best practice in the arena of encouraging food companies and leather companies to build symbiotic relationships is definitely taking place outside the EU. This need not matter; there are good lessons to learn from what people in other parts of the world are doing.

Among the recent examples from features in World Leather is the relationships that footwear brand Veja has built up with cattle farmers in Brazil, including Victor Wortmann, who runs a ranch called Estância Coxilha, close to the border between Rio Grande do Sul and Uruguay. Accessories brand Coach has products in its collections that it consciously links to regenerative agriculture projects, such as the Heart bag. Professor John Gilliland has conducted detailed analysis of emissions at his cattle farm in Country Derry in Ireland. He has worked out that the soil on his land sequesters more carbon than the farm emits, including emissions from the cattle he raises there. He has gone to net-zero and beyond and he believes others can do the same.

Right to relevance In the early days, there seemed to be little appetite in the circular economy arena for making leather part of the discussion, in spite of the obviousness of leather’s circularity. It is encouraging now, with the launch of the Symbios project, to see COTANCE refer to leather as a circular economy leader. “We are trying hard to change the view of leather,” Ms Kobiela says. “This is work that has to continue. The leather industry is relatively small, with less than 1% of the EU’s total gross domestic product, but our strategy with this new push is to show how relevant leather is in this changing economy.”

She talks of previous policies of linking leather to the fashion sector as being in the past now. “There has been a big shift,” she says. “In Brussels, we are now trying to present leather as a good fit for the bioeconomy.” She makes the point that it is up to the leather industry to make this connection clear. Her belief is that the ties to agri-food that come out of the Symbios project can make an important contribution to this.

NEWS ROUND-UP

compared to the company’s results in 2024.

This success comes at a time when competitor groups LVMH and Kering have reported declines in revenues in 2025 of 5% and 13%, respectively.

LVMH reported total revenues of €80.8 billion, of which €37.8 billion came from its leathergoods and fashion business. Kering’s total revenues were €14.7 billion.

Executive chairman of Hermès, Axel Dumas, said the company’s business model emphasises exclusivity, quality and “strong vertical integration”. This “distinctive strategy” has, once again, proved successful, he said.

“In an uncertain environment, Hermès is moving into 2026 with confidence, underpinned by its creativity and exceptional savoir-faire,” he concluded.

Minister for Agriculture, Food and the Marine Martin Heydon has confirmed.

In 2025, an estimated 42,000 tonnes of hides and skins were exported to China. The minister said the market is important for Irish industry and thanked Chinese officials, as well as Irish officials and the embassy in Beijing, for their engagement in resolving the trade issue.

Bluetongue, first detected in Ireland on January 23, has since been confirmed on multiple farms in Co Wexford. The virus poses no public health or food safety risk, and domestic cattle movements continue, though trade with Northern Ireland is affected. Beef exports to China remain suspended under current protocols, and authorities are engaging with Chinese counterparts to address the situation.

Ireland resumes hide exports to China

Rolf Benz to return to German ownership

I

G

reland can resume exports of hides and skins to China after a temporary pause caused by a bluetongue outbreak in Co Wexford,

erman upholstered furniture manufacturer Rolf Benz is to return to full German ownership after agreeing a sale to a

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Supplying innovative finishes to the automotive industry for over six decades

EUROPE Growth goes on as Hermès overtakes Kering

H

igh-end leathergoods brand Hermès has reported full-year revenues for 2025 of €16 billion. This is an increase of 5.5%

Quaker Color is a division of McAdoo & Allen, with roots in the leather industry for over a century

8 TUESDAY, FEBRUARY 17 2026 LEATHERBIZ

domestic investor consortium led by former Flatexdegiro chief executive Frank Niehage.

The Nagold-based company has been owned since 2018 by Kuka Investment and Management, a subsidiary of Chinese upholstery group Jason Furniture. The transaction is scheduled to close in March 2026. Financial terms and the identities of the other consortium members have not been disclosed.

Mr Niehage is expected to become chairman of the supervisory board. The consortium said it plans to sharpen the brand, increase innovation and secure long-term profitability through targeted investment and potential strategic expansion.

Chief executive officer Jürgen Mauß and chief financial officer Jens Hofmann will remain in their positions and will take equity stakes under the new ownership structure.

The company said its premium positioning, design leadership and production in BadenWürttemberg will remain unchanged.

Founded in 1964, Rolf Benz employs more than 400 people and is regarded as one of

Germany’s best-known upholstered furniture brands.

Six new leather manufacturing apprentices for the UK

P

hilanthropic institution The Leathersellers’ Foundation has committed to support six apprentices over two years at three tanneries in the UK. The foundation, which the Leathersellers’ Company, one of the ancient livery companies of the City of London, established in 1979, said the new apprenticeships will support the leather industry. The programme will follow a government-backed apprenticeship pathway and help safeguard leather manufacturing skills in the UK. Two tanneries based in England, Charles F Stead and Blenkinsop, will follow the Skills England ‘Leather Craftsperson’ route.

Woodland Tannery based in Scotland will follow a Scottish apprenticeship route.

Apprentices are due to begin training in 2026.

Head of grants, Natalia Rymaszewska, said: “The grants, totalling £72,000 over the two-

year period, provide an essential contribution towards our goal of providing opportunity and support for the leather industry.”

She added that a cohort of six people will enable shared training and assessment.

Luca de Meo promises leaner, faster Kering

L

uxury group Kering has reported full-year revenues for 2025 of almost €14.7 billion.

This is a fall of 13% compared to the previous year.

Its biggest brand, Gucci, contributed €6 billion to the total, down by 22% year on year.

Kering pointed out that, in the fourth quarter, the fall in Gucci revenues was 10%. It described this as “a new sequential improvement”.

At Yves Saint Laurent, 2025 revenues amounted to €2.6 billion, down by 8%, while for Bottega Veneta, revenues for the year were flat at €1.7 billion. Kering said Yves Saint Laurent revenues for the fourth quarter were flat; at Bottega Veneta, there was a fourthquarter increase of 3%.

Chief executive, Luca de Meo, who took up the role in September, said the group’s performance in 2025 did not reflect its “true potential”.

He added: “In the second half, we took decisive action, strengthening the balance sheet, tightening costs and making strategic choices that lay the foundations for our next chapter.”

Mr de Meo said Kering was preparing to put in place “a clear roadmap to boost the desirability of our luxury houses and reignite growth”. He insisted that what emerges from this will be “a leaner, faster Kering”.

Lineapelle under way in Milan

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eather fair Lineapelle is under way in Milan (February 11 to 13), with a special Winter Olympics installation, ‘Lineapelle Après Ski’, reminding visitors that some sports are being held in the same exhibition area.

Now in its third edition, Lineapelle Interiors will “build a bridge” between materials and designers as part of a dedicated area in Hall 5. Organisers said the aim is to “increase dialogue between high craftsmanship and industry”.

On February 11, the Sustainable Leather Foundation held a stakeholder’s meeting, which managing director Deborah Taylor described as highly productive. “We covered key updates on benchmarking, auditing and accreditation, social compliance, industry engagement and our ongoing work on traceability solutions through Leathertrace, particularly in informal farming geographies in Bangladesh,” she said. “We were encouraged by the level of engagement, discussion and shared commitment across the room.”

Dior launches new leather bow bag silhouette

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ior has introduced the Bow Bag, a new permanent leather goods model developed under new creative director Jonathan Anderson.

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The bag is constructed in a threedimensional bow shape, translating a longstanding Dior motif into a structural leather form rather than surface decoration.

Core versions are made from grained leather, chosen for its balance of shape retention and softness. The house says an internal forming process is used to define the folds and contours while keeping the leather supple.

The Bow Bag is available in two sizes, small and medium. Material options include smooth, metallic, and crinkled leather, alongside embroidered leather versions featuring Buttercup Garden and Dior Clover motifs.

From a production standpoint, the model adapts techniques more commonly associated with fabric folding to leather, requiring precise cutting, moulding, and assembly to achieve consistent shape across units.

Dior presents the launch as part of the continued evolution of its leather goods offer under Anderson, with an emphasis on controlled manufacturing and artisanal techniques.

leather manufacturing companies attending.

They will have leather collections for the spring-summer 2027 fashion season on display.

More than 250 of the tanners exhibiting will be from Italy. Of these, 15 exhibitors will represent Tuscany’s Consorzio Vera Pelle Italiana Conciata al Vegetale, the consortium of leather manufacturers in the region that are committed to Italian veg-tanning traditions.

Among other countries represented, there will be 30 leather-sector companies from France, 22 from Spain, 14 from Portugal, eight from Germany, and five from Brazil.

Brands hit trouble when they ‘stop paying attention’, Circulo founder says

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ounder and chief executive of repairfocused software company Circulo, Vanessa Jacobs, has said she believes “inattention” was the main factor that led to the collapse of footwear and accessories brand Russell & Bromley.

After almost 150 years, family-run Russell &

Bromley went into administration at the start of the year. Retail group Next acquired the brand’s name and three of its stores on January 21.

Administration firm Interpath said it would continue to “explore the options available” for the remaining 33 stores and nine concessions that Russell & Bromley ran, but no further details have emerged so far.

Ms Jacobs first encountered Russell & Bromley when she moved from New York to London in 2008. She bought new shoes from the brand, black patent leather platform heels, when she started a new job at professional services firm Accenture.

With weeks, the platform on one shoe cracked. Unable to find anyone to carry out a repair, she had no option but to throw the shoes away.

After Accenture, Vanessa Jacobs went on to set up The Restory as a specialist repair services partner to high-end brands. In 2024, she and business partner Emily Rea went on to found Circulo, which they describe as a software as a service (SaaS) solutions provider

Talks to take place at Lineapelle

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pecialist leather-focused sustainability consultancy Spin 360 will once again present a series of seminars at the February edition of Lineapelle.

A first session at the end of the opening day, February 11, will run as a leather leaders’ roundtable discussion, which Spin 360 said would highlight the shared values and strategic priorities of people leading companies in different parts of the leather value chain.

Two further sessions will take place on the morning of February 13 covering “outcome measurement” and “verifiable impact” in an evolving regulatory landscape, and then on regenerative practices.

APICCAPS reports positive year for Portuguese footwear

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ortuguese footwear exports rose 1.8% in volume and 0.8% in value in 2025, reaching 68 million pairs and €1.718 billion, APICCAPS reported recently.

Growth was driven mainly by European markets, which increased 3.3% to €1.42 billion, while exports to the United States fell 12.3% to €84 million.

The association noted that Portugal outperformed major competitors, including Italy, Spain, China, Turkey, and Brazil, despite a challenging global trade environment.

Executive director Paulo Gonçalves said the results demonstrate the sector’s adaptability and competitiveness, highlighting the importance of focusing on higher-value segments with quality, design, innovation, and rapid market response. He added that ongoing investment and modernisation will be crucial to sustaining international performance.

Milan prepares for new edition of Lineapelle

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he 107th edition of Lineapelle will run in Milan from February 11-13, with 434

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that will enable brands, retailers, repair providers, and repair-focused start-ups to build and manage repair businesses.

On hearing of Russell & Bromley’s insolvency issues, she recalled the black patent leather platform heels and said there had been no mechanism for her to communicate with the footwear company about what had gone wrong with her purchase.

She said the brand had “stopped paying attention” after she bought the shoes and that this was the reason it was unable to build up lifetime value (LTV) with her and others.

No effect on Muno from Henkel deal

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he proposed sale of leather chemicals manufacturer Stahl to in Düsseldorf-based group Henkel will have no bearing on Muno.

Majority shareholder Wendel announced on February 4 that it had decided to sell its equity in Stahl to Henkel. It said minority

shareholders BASF and Clariant would also sell, and that the deal value Stahl at €2.1 billion.

But this does not include the wet-end leather chemicals part of the business, which has been operating since the start of January as Muno, a fully independent company.

On confirming in a press release at the start of this year that Muno was spinning off from Stahl, Wendel made it clear that the new, independent company was “under the majority ownership of Wendel”.

Asked by World Leather if the deal for Stahl would have any effect on Muno, Wendel limited itself to saying: “We have no comment beyond what is in the press release.”

Henkel’s purchase of Stahl is still subject to regulatory approvals and a consultation process. The companies have not said when they expect the deal to be complete. When it is, though, Wendel’s only remaining interest in the leather industry will be recent spin-off Muno.

HDSL appoints new chief executive

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he Federal Association of the Shoe and Leather Goods Industry (HDSL) has named Torben Schütz (pictured left) as its new chief executive officer, effective February 1, 2026.

He succeeds Manfred Junkert, who is leaving after 19 years in the role.

Since January 1, 2026, Mr Schütz has also served as managing director of the German Shoe Institute (DSI) and cads (Cooperation for Secured Defined Standards in Shoe and Leather Goods Products). HDSL chairman CarlAugust Seibel said the appointment sets "the course for a successful future."

Mr Schütz has longstanding ties to HDSL, having worked as a consultant for statistics, education, and digitisation from 2017 to 2022 and as deputy managing director from February 2025. He also advised companies in the chemical-pharmaceutical sector on energy, climate, and transformation issues between 2022 and 2024.

In his new role, Mr Schütz aims to enhance member support and networking, with a focus on circular economy initiatives, industrytrade partnerships, and developing strategies for domestic and international markets.

Leathersellers moves leather up the agenda at Jimmy Choo Academy

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he Leathersellers’ Foundation has awarded a grant to the Jimmy Choo Academy in London to enable the tutors to run leather masterclasses in design, manufacturing and pattern-cutting, beginning later this year.

Industry representatives will be invited in to guest lecture, and the students will take part in site visits to learn more about the manufacturing side.

Rosa Fior, associate lecturer, told Leathersellers: “I talk to the students about the degradation of synthetic materials and how that creates micro plastics, and they get quite an intense introduction; not only about leather itself, but where leather comes from, how we use it and the history of leather, footwear and handbags. The projects are built around sustainability.”

Students have also benefitted from the Leathersellers’ Surplus Leather Project, which donates material for their designs and experimentation.

Call for apprenticeship applicants at Rolls-Royce Motors

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uxury automotive group Rolls-Royce Motor Cars has launched its 2026 apprenticeship programme. Young people interested in a career at the company have until February 28 to apply.

The specialisms that applicants can choose include a two-year apprenticeship working with leather in the company’s interior trim centre.

Rolls-Royce first launched its apprenticeship scheme in 2006. Since then, more than 200 people have completed the programme, and the company has said the majority of those people still work there today.

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Alliance France Cuir explains complex sheepskin dynamic

the Slovenj Gradec court by the end of February. The unit employs 59 people.

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Henkel agrees to acquire Stahl

ecent figures from Alliance France Cuir have consistently shown growth in the value of exports of raw sheepskins. In the first 11 months of 2025, exports of this raw material brought in €13.8 million, an increase of 28% year on year.

However, exports of sheepskin leather from France’s famous small-skin tanneries fell in value over the same period. Shipments of finished sheepskin leather over the same period brought in €37.6 million, a fall of 16% compared to the figure for the JanuaryNovember period in 2024.

New analysis from Alliance France Cuir goes some way towards explaining this complex situation in more detail.

Across the whole of France in 2024, the national sheep flock number 6.5 million head in 2024. This is a reduction of more than 40% compared to the situation 35 years ago.

Slaughter in 2024 reached 3.5 million head in total, a fall of 16.5% compared to the figure for 2019.

The number of abattoirs in France has also contracted substantially. According to Alliance France Cuir, most local abattoirs have closed down and the majority of slaughter activity is now the preserve of a reduced group of large operators. It puts the number of these major abattoirs at around ten.

It quotes senior figures from the abattoir sector as saying those businesses now earn around one-third of the amount they earned 15 years ago for preparing a sheepskin for leather production. In addition to this lack of financial incentive, the sector is suffering from workforce difficulties. This includes recruiting people to work in abattoirs and in making sure the people who do work there have high enough skill levels to generate full value from the sheepskins that come from the animal slaughter process.

For these reasons, more sheepskins are going for export. Alliance France Cuir has said small-skin tanners in France processed 2.1 million sheepskins in 2024, but only 185,000 of them came from French farms. Skins from Spain, New Zealand, the UK and Italy made up the bulk of the rest of the raw material they used.

It says this dynamic continued in 2025 and that this is the reason why the value of raw sheepskin exports rose last year. Spain, China and Turkey were the main export destinations for the raw material.

Dani to close Slovenian unit by end-March

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talian leather manufacturer Gruppo Dani will close its Slovenian subsidiary Dani AFC, which makes leather kits for car interiors, by the end of March, Slovenian media reported.

The company said the move reflects volatile automotive orders, higher energy costs, the impact of the war in Ukraine, and increased labour costs linked to winter holiday pay and higher minimum wages.

Dani AFC intends to file for liquidation with

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enkel has agreed to acquire Stahl, the Dutch-based speciality coatings producer for flexible materials, from majority owner Wendel alongside minority shareholders BASF and Clariant.

The deal will bring to an end Wendel’s 20 years of majority ownership. Stahl will continue to operate as a standalone organisation during the transition period while regulatory approvals are secured.

Both companies said the acquisition reflects a strategic fit based on shared innovation priorities and ESG commitments, with complementary product portfolios serving similar end markets.

Stahl chief executive Maarten Heijbroek said the company had been transformed under Wendel’s ownership and was now positioned for further growth under Henkel.

Henkel said its research and development capabilities would support Stahl’s expansion in speciality coatings and strengthen its technology offering to customers.

Vivolo celebrates next generation of designers

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he winners of the third Luciano Vivolo Awards have been announced, with the competition being open to all Italian fine arts academies for the first time.

The initiative supports emerging talent and strengthens dialogue between education and industry, offering cash prizes and the opportunity to undertake internships at the leathergoods manufacturing company.

The winners are Gennaro Esposito from Academy of Fine Arts of Naples; Madalina Albu, Academy of Fine Arts of Bologna; and Yafei Lin, Academy of Fine Arts of Bologna.

The company’s founder, Luciano Vivolo, said: “Talent needs to be heard, supported and put to the test. This award is our way of recognising the value of those who are studying today and imagining the future of design, with the same curiosity and the same respect for materials that have guided my journey since the very beginning.”

Mr Vivolo founded the company in 1977, selling leather offcuts as fashion patches. It now produces 15 million leather accessories each year for some of the world’s leading fashion brands.

In 2025, Vivolo also published its first Sustainability Report (2023–2024), outlining a vision where sustainability also means training, passing on skills and valuing local resources.

New campaign aims to attract young recruits to France’s tanning sector

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rance’s main tanning industry representative body, la Fédération Française de la Tannerie Mégisserie, has launched a new national campaign to recruit young people into leather manufacturer.

It said its aim was to introduce people

between the ages of 18 and 25 to “meaningful careers at the intersection of heritage, technical expertise and responsible innovation”.

This is a follow-up to a similar campaign the organisation carried out in 2024.

European TCLF partners report progress

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artners of the Erasmus+ Blueprint METASKILLS4TCLF project for the European Textile, Clothing, Leather and Footwear (TCLF) sectors have convened in Poland as part of their aim of addressing gaps and making the sectors more appealing to young workers.

Partners from Belgium, Germany, France, Greece, Italy, Poland, Portugal, Romania, Sweden, Spain and Ukraine are setting up a network of education providers and regional alliances, such as regional TCLF Pacts for Skills, led by public-private skills partnerships.

The new European Virtual Fashion Campus will offer a range of freely accessible learning resources. The project will establish 12 Metaverse Labs where students can explore practical work filmed in real work environments.

Holiday workshops for children, open days at education centres and national fashion contests are being planned. TCLF finalist students will be invited to Micam Milano trade fair to present prototypes of their designs.

ASIA APLF 2026 to feature single-floor layout

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PLF 2026 will take place 12–14 March at the Hong Kong Convention and Exhibition Centre, bringing the global leather and fashion industries together for three days of sourcing and networking.

For the first time, APLF Leather, Materials+ and Fashion Access will all be located on Level 1 of HKCEC, creating a single-floor exhibition designed to improve circulation and connections across categories.

Around 800 exhibitors and 17 national pavilions are expected, with 9,000 professional visitors, covering tanneries, material innovators, chemical suppliers, component specialists, brands, buyers and product developers. National pavilions include Australia, Brazil, China, France, Germany, India, Italy, Japan, Mexico, Pakistan, Spain, Thailand, Türkiye, USA and Uzbekistan.

The event will include a seminar coorganised by the Leather and Hide Council of America and the China Leather Industry Association, while the Japan Leather and Leather Goods Industries Association will launch its JLIA Sustainable Certification and showcase the Japan Eco Leather Certification.

New Louis Vuitton flagship opens in Beijing

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eathergoods brand Louis Vuitton has opened a new store in Sanlitun in Beijing.

It said it wanted the new store to make its mark on the architecture of the Chinese

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capital.

It worked with Japan-based architect Jun Aoki on the project. Mr Aoki has been working with Louis Vuitton for 25 years and had previously completed projects for the company in Tokyo and Osaka.

“This new flagship weaves tradition and modernity, drawing inspiration from the sculptural shapes of Taihu stone [porous limestone from Jiangsu province], as well as the fluid look of a dress created by Nicolas Ghesquière for the women’s spring-summer 2016 collection,” the company said.

Inside the store, “the entirety of Louis Vuitton’s universe” is available across four levels, along with four private lounges to welcome particularly important clients and a café.

Primeasia receives Courage Award at adidas sustainability summit

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eather manufacturer Primeasia has received the Courage Award at the 2026 adidas Sourcing Sustainability Supplier Summit, held last week in China.

The award recognises the company’s work on finding recycling solutions for hazardous sludge waste, a long-standing challenge for the leather sector, particularly in relation to chromium-containing wastewater sludge.

Primeasia said that tackling this issue is central to its commitment to achieve zero waste to landfill at its tanneries by 2040. The project was led by PAC team leader Alfie Huang, whose team explored options for diverting the waste stream from landfill.

Following this work, the tannery group has partnered with a local Chinese company that will convert the sludge into thermal energy.

Hong Kong seminar to address data transparency

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ndustry organisations the Leather & Hide Council of America (LHCA) and the China Leather Industry Association (CLIA) will jointly host a seminar at the 2026 APLF exhibition in Hong Kong.

From 10 o’clock until noon on the middle day of the exhibition, Friday, March 13, CLIA and LHCA will host a seminar on data transparency and consistency in datacollection methods in the global leather industry.

They will argue conflicting lifecycle assessment results are undermining the credibility of the industry’s claims about the environmental performance of leather, and that data integrity can help the industry “build market confidence”.

Price-sensitive brands are paving the way for a luxury revival in China

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nalysis of global luxury spending shows that the US is now the most important market for brands, taking over from China. But brands that Chinese consumers perceive as offering good value for money are leading a revival there.

Global investment research Bernstein has said US consumers accounted for 31% of global luxury spending in 2025. Before the covid-19 pandemic, the US’s share of the market was 22%.

Things have gone in the opposite direction in China. In recent comments to the Wall Street Journal, Bernstein recently said that Chinese customers were “barely on luxury brands’ radar” in the early years of the century.

By Bernstein’s estimate, sales in China accounted for 35% of the luxury industry’s global sales by 2019. But following several more challenging years followed, caused by the pandemic and China’s property market crisis. In 2025, China accounted for 23% of global luxury sales.

It said brands that are doing better in China are those that consumers believe offer good value for money. It listed Ralph Lauren as an example because its most recently quarterly figures showed an increase in revenues in China of 30%.

In this bracket, it also quoted Coach, which saw growth of 21% in China in the last quarter, and Burberry. Bernstein said the London-based brand was having some success among younger consumers in China thanks to “a realistic pricing strategy”.

It also mentioned a local leathergoods brand, Songmont, as enjoying success among “price-sensitive” Chinese consumers.

According to Bernstein, Songmont is enjoying growth while selling its leather bags for four or five times the cost of producing them, compared to the mark-up of ten times that it says many western brands have in place.

US tariff cut offers relief to Kanpur leather exporters

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eather exporters in Kanpur and Unnao expect a recovery in US sales after President Donald Trump cut tariffs on Indian goods from 50% to 18%.

Shipments to the US had largely stalled since last August, forcing many tanneries and leather goods makers to reduce production.

Industry representatives said the lower rate makes exports commercially viable again.

The Kanpur-Unnao cluster includes about 400 tanneries and 250 leather product units, employing close to one million people. The Council for Leather Exports said exporters will now restart talks with US buyers and anticipate a gradual rebound in orders over the coming months.

Support programme brings strong Italian presence to Chennai

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programme called Assomac Around the World led to a total of 25 Italian leather and footwear machinery manufacturers traveling to Chennai to take part in the 2026 edition of the India International Leather Fair (IILF).

Italy’s national pavilion at IILF occupied 280 square-metres. Representative body Assomac said the event had given Italian technology providers a good opportunity to connect to buyers in a market it regards as being of great

importance.

The association’s market analysis put the combined value of India’s leather and footwear sectors at €19.6 billion in 2025, with the expectation that this will grow to more than €40 billion by 2030.

It said the Indian market gave Italian technology providers 2,100 potential customers to approach.

39th International India Leather Fair closes in Chennai

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he 39th International India Leather Fair has concluded after three days of exhibitions and business meetings in Chennai.

Conversations at the fair were generally more positive than in recent editions. Several participants cited recent developments around prospective free trade agreements as a reason for increased optimism, although it remains unclear whether this will translate into immediate commercial gains. News on the final morning of the reduced USA tariffs, from 50% to 18%, further lifted spirits Exhibitors’ overall sentiment was nonetheless broadly positive, with many expressing the view that the mood at the event could support wider industry momentum in the coming months.

Subscribers can read a full report on the show in the February/March issue of World Leather.

Middle East: Kering announces second edition of start-up competition

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uxury group Kering is once again working with the Saudi Fashion Commission to run a competition, the Kering Generation Award, for fashion start-ups in the Middle East.

This follows an inaugural edition in 2025, which attracted more than 500 applicants.

Kering said the themes for this year’s competition would be “key challenges in sustainable fashion”. It explained that it hoped this year’s cohort of applicants would explore areas such as regenerative materials, clean production, circular design, nature and animal welfare, as well as consumer awareness and cultural engagement.

Selected start-ups will a trip to Paris to visit to Kering headquarters, and the Change Now innovation summit in 2026.

They will have three months’ mentorship and a six-month residency at The Garage incubator in Riyadh.

India International Leather Fair opens in Chennai

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he 2026 edition of the India International Leather Fair (IILF) opened in Chennai on February 1, and will run until February 3.

Exhibitor participation was slightly lower than in 2025. Co-Organiser the India Trade Promotion Organisation (ITPO) said 362 domestic exhibitors and 66 overseas participants were in attendance, compared with around 450 domestic exhibitors and a similar number of international participants last year.

Following last year’s tariff disruption, the

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recently announced free trade agreements with the UK and the EU were welcomed as significant opportunities by both the ITPO and the Council for Leather Exports (CLE).

However, in his address to the international media, chairman of the ITPO Mr Jawed Ashraf (pictured centre)acknowledged recent trade turbulence, noting that geopolitical shifts have altered global trading patterns and that previous systems are unlikely to return.

THE AMERICAS Tapestry reports strong Q2 growth

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apestry, the parent company of Coach and Kate Spade New York, reported strong results for the second quarter of fiscal 2026, exceeding estimates for both revenues and earnings and raising its full-year guidance.

Adjusted earnings were up 34% year over year, while net sales rose 14% to $2.5 billion.

Excluding the impact of the Stuart Weitzman divestiture, pro forma sales increased 18%.

Growth was broad-based, led by the Coach brand, which generated $2.14 billion in sales, up 25% year over year. Kate Spade sales fell 14% to $360 million. Regionally, North America rose 17%, Greater China 35%, Europe 27%, while Japan declined 9%. Direct-toconsumer revenues grew 17% on a pro forma basis, supported by digital expansion and brick-and-mortar sales.

The company added 3.7 million new customers globally, with notable gains among Gen Z. At the end of the quarter, it operated 949 Coach and 353 Kate Spade stores worldwide.

shareholders through share repurchases and dividends.

The quarter included Lear’s largest-ever seating conquest award on a major truck program for a US automaker, and new complete seat programs with Chinese OEMs including Changan, Dongfeng and Leapmotor. The company also secured nine wire and several electronics programs across Asia, Europe and South America.

For the full year, Lear delivered $23.3 billion in revenue and adjusted net income of $686 million, marking the fifth consecutive year of adjusted earnings per share growth. The company secured around $1.4 billion of ESystems business awards, its highest annual total in over a decade.

“Despite lower volumes in our key markets, Lear finished 2025 with significant momentum,” said president and CEO Ray Scott. “In 2026, our expanded automation and AI leadership, combined with cost savings from restructuring, will drive margin expansion while supporting continued returns to shareholders.”

Revenues down at Capri Holdings

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uxury group Capri Holdings has reported revenues of just under $2.7 billion for the first nine months of its current financial year, the period ending December 27, 2025.

Compared to the same period the year before, this represents a fall of 4.1%.

These figures are adjusted to reflect the sales revenues of two brands, Michael Kors and Jimmy Choo. Capri Holdings completed the sale of the Versace brand to Prada in 2025. Versace’s figures are excluded from its latest financial report.

Revenues at Michael Kors for the more recent nine-month period were $2.2 billion, down by 4.5%. The figures for Jimmy Choo showed revenue of $460 million, a fall of 2.5%.

Chief executive, John Idol, said the group was confident of a return to growth in its 2027 financial year.

January hide exports show double-digit dip for Brazil

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razil’s leather industry brought in revenues of $75.5 million from exports of hides and skins in the first month of 2026.

Industry body CICB said that, compared to the same month last year, this represents and fall of 22.9%.

In terms of volume, tanners and traders shipped 12.3 million square-metres of material, weighing 49,700 tonnes. These figures also represent double-digit falls.

January exports in 2026 are down by 27% in area and by 15.9% in weight.

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Higher cattle costs hurt Tyson’s beef business

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acker and wet blue producer Tyson Foods has reported total revenues of $14.3 billion for the first quarter of its current financial year, the three months ending December 27.

This is an increase of 5% compared to the same quarter a year earlier.

Its beef business brought in nearly $5.8 billion, an increase of 8.2% year on year. But Tyson said its income from beef sales was down, owing to higher cattle costs. Its losses from beef in the quarter reached $319 million.

It said it is projecting a 2% decline in beef production for the whole year and an operating loss from this part of the business of between $250 million and $500 million.

Lear reports Q4 2025 results and sets 2026 outlook

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utomotive components supplier Lear Corporation, owner of US-based tannery Eagle Ottawa, reported revenue of $6.0 billion for the fourth quarter of 2025, up 5% from the same period in 2024.

Net income was $83 million, with adjusted net income of $179 million, while core operating earnings reached $259 million. The company generated $281 million in free cash flow and returned $214 million to

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