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Continued contraction in China’s leather sector
A sharp decline in Chinese leather footwear imports
Ongoing pressure from geopolitical disruption, with Middle East tensions driving up costs
Supply-side constraints in key raw materials, particularly sheepskins
Diverging performance in downstream markets, with Adidas posting strong growth while Kering accelerates store closures amid declining sales
Softening hide prices post-APLF, alongside volatile trading conditions and uneven recovery in global demand
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