Mexico Bans Footwear Imports: The Week in Retail

This week in retail news: S&P downgraded Kering’s outlook as Gucci sales declined, Mexico tightened footwear import rules to protect the domestic industry, and Adidas faced backlash over cultural appropriation. Meanwhile, Mexican retailers and e-commerce platforms expanded further into financial services, while Mercado Libre posted strong second-quarter growth driven by fintech and commerce expansion.

More news below:

S&P Downgrades Kering Outlook to Negative on Weak Gucci Sales

S&P Global Ratings revised its credit outlook for French luxury goods group Kering to negative from stable, citing weaker sales of its Gucci brand and other products in the first half of 2025. The report showed a slowdown in consumer demand for Kering’s luxury apparel across key markets, with a 22% year-on-year revenue decline in the Asia-Pacific region, including China. 

Mexico Temporarily Bans Finished Footwear Imports

Mexico will temporarily ban the importation of finished footwear under the IMMEX program to curb practices that allow companies to avoid taxes and undercut domestic manufacturers. The measure, announced by Economy Minister Marcelo Ebrard and directed by President Claudia Sheinbaum, will take effect in the coming days. It prohibits the use of IMMEX to bring in completed shoes without paying duties.

Adidas Apologizes for Shoe Copying Indigenous Huaraches

Adidas has issued a public apology after Mexican President Claudia Sheinbaum criticized the sportswear brand for releasing a shoe that replicated traditional Indigenous huarache sandals without crediting artisans. The company said its “Oaxaca Slip-On” was inspired by a design from Oaxaca, rooted in the tradition of Villa Hidalgo Yalalag. 

Mexican Retailers, E-Commerce Launch Debit Cards

Major retail chains and e-commerce platforms in Mexico are launching their own debit cards to expand financial services and promote financial inclusion, according to industry specialists. These companies aim to integrate millions of Mexicans without access to traditional banking by leveraging their market reach, consumer data, and digital ecosystems.

Mercado Libre Hits US$6.7 Billion Revenue in 2Q25, Up 34% YoY

Mercado Libre reported net revenue and financial income of US$6.7 billion in 2Q25, marking a 34% year-over-year increase and 53% growth on a foreign exchange-neutral basis. Growth was driven by strong expansion in both its commerce and fintech segments.