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Fashion is facing a convergence of threats. In November 2025, US consumer sentiment fell to nearly the lowest on record, and remained well below pre-pandemic rates in the UK, Europe and China. Barring a reprieve from the US Supreme Court, tariffs will hit profit and loss statements hardest in 2026, after the inventory retailers pulled forward when the duties were announced has been exhausted, forcing them to either raise prices or sacrifice margin.
Shoppers continue to spend, but even those…
