Walpole chief executive Julia Carrick has stepped down from her role after 13 years at the luxury brands trade body, as she looks to “new challenges within the luxury arena”. Carrick, who joined Walpole in 2000, will continue a close relationship with Walpole as she has been confirmed as the group’s first global ambassador and member of the Walpole Advisory Council...Read More
Bangladesh will not be affected by the changes in Canada’s General Preferential Tariff (GPT) as duty-free access facility for the products of least developed countries remains intact, said Canadian High Commissioner to Bangladesh Heather Crudden. “Nothing will change for Bangladesh. Duty-free access for LDCs will remain as it has been,” said Cruden. "The GPT would be modernized by graduating 72 higher-income and trade competitive countries as of January, 1, 2015. As an LDC, Bangladesh is unaffected by these changes since it is eligible for duty-free access under the LDC tariff," she said.
Canada would take steps to ensure that the benefits of the LDCT are not reduced by the changes to the GPT, Cruden said adding this means the LDCT rules of origin requirements will be amended so that apparel producers will continue to benefit from duty-free access to Canada while using textile inputs from current GPT countries like China and India. She said an air agreement has been initiated between Bangladesh and Canada and if it is signed, it will open up more opportunities for both the countries.
On the change in GTP, BGMEA leader said the export of Bangladeshi products including garment to Canada would not face obstacles. The envoy also expressed concern over the working conditions of the country's readymade garment (RMG) industry citing the Savar and Tazreen tragedies as evidence. "Like many other countries, Canada remains concerned about dangerous working conditions in the RMG sector."
The European Bank for Reconstruction and Development continues to boost Turkey’s Anatolian regions, making €3.7 million loan to Kivanc Tekstil, a leading producer of clothing fabrics and yarn based in Adana. The EBRD financing will allow Kivanc Tekstil to purchase more than 50 weaving machines to expand its operations. The loan will also be used to install an additional generator that will increase the factory’s co-generation capacity and recycle its own steam, thereby saving water, energy and money.
Kivanc Tekstil, 100 per cent owned and controlled by the founding family of the same name, has successfully operated in the textile sector for more than 60 years. Today it is an industry leader in Adana, a major commercial centre and the home of Turkey’s textile industry. The company supplies high-quality ‘Made in Turkey’ fabrics using the latest designs. Thousands of national and international clothing manufacturers use Kivanc Tekstil fabrics, including brands such as Banana Republic, Zara and Ann Taylor. “We were impressed by this tight-knit family-owned company, run by four brothers, that operates in the highly-competitive global textile market, and in a challenging economic environment,” said EBRD Director for Turkey, Mike Davey.
Ziya Kivanc, CEO and shareholder in the company, said: “As our business grows and our focus shifts more to the export market, it is important for us to work with an international lender with the vision and capabilities of the EBRD. Working with the EBRD has been a learning experience for all of us at Kivanc and has enabled us to see our business from a different perspective.”
China’s dwindling share in the global textile and clothing business, because of surging cost of production and Pakistan’s expected duty-free access to the European Union (EU) from next year, are being viewed by the textile industry as a ‘once-in-a-lifetime’ opportunity for the country.On the other hand, massive opportunities are about to open up for Pakistan to at least double its share in the global textile and clothing trade of $800 billion, from slightly above 1.5 per cent to three per cent over the next two to three years.However, the country is not fully geared up to grab the upcoming opportunities.
“Pakistan is in a unique position today to double its present share of just over $13 billion in the international textile and clothing trade in the short to medium-term,” believes Amir Fayyaz, a leading Lahore-based producer of processed fabric for the world’s major brands.
China’s share in the global textile and clothing trade has dropped from $300 billion to almost $270 billion in the last one year. “Imagine where will our textile exports reach even if we succeed in grabbing half of the market share China has lost,” he said. Many Chinese textile companies had shown keen interest in setting up joint ventures with Pakistani textile producers, added Fayyaz.
The reduction in China’s share in the global textile trade is only one part of the story.Another major window of opportunity for Pakistan’s textiles is likely to open up from January 1, only four months from now in the shape of duty-free access to the EU market. However, many textile producers doing business with buyers from EU member countries say the chances of Pakistan increasing its share in the European market immediately are not very bright because of the energy crisis at home.
REPORT_ Debenhams has announced a trading update for the 52 weeks to August 31, 2013, ahead of its full year results. Gross transaction value and like-for-like sales for the group have grown during the year. Profit before tax is anticipated to be in line with current market expectations. Gross margin is expected to be flat, in line with guidance, reflecting a good recovery in the second half following a decline of 20 basis points in the first half...Read More
An investment fund managed by Chinese Fosun International Ltd. has announced the acquisition of a 35 percent stake in Caruso Spa. Fosun has chosen the Italian label as its first investment in the luxury sector in Europe as Guo Guangchang, chairman and founder of Fosun Group said in a note: “we are interested in investments linked to the secular trend of manufacturing and consumption upgrade in China. Fosun will leverage its own competitive advantages to help Caruso expanding in the China market as well as bringing this precious made in Italy brand to the Chinese consumers"...Read More
French Connection has shut down all its concessions in Northern Ireland in an attempt to get back to the green. Commenting the chain’s first-half results, chief executive Stephen Marks revealed that other so called 'zombie outlets' were spared to avoid incurring in further costs...Read More
ANALYSIS_ The Spanish textile giant has reported net income for the first half of the year up to 951 million euros, ahead of the 934 million euros average estimate of analysts polled by Bloomberg. Inditex posted a 6 percent rise in sales to 7.7 billion euros in the first half to July 31, also beating forecasts, compared with a 17 percent rise in the same period last year, reported Reuters...Read More
REPORT_ JD Sports Fashion has announced interim results for the 26 weeks ended August 3, 2013. Interim dividend increased by 3.5 percent. Gross profit in 2013 showed a 0.4 percent increase compared to 2012. Like for like sales for the 26 week period in the core UK and Ireland Sport and Fashion fascias increased by 5.8 percent. Like for like sales for the core UK and Ireland Sport and Fashion fascias in the five week period to September 7, 2013, were up 2.8 percent...Read More
Christopher Bailey loves an English garden, and his Burberry Prorsum collection for next season found inspiration in its colour palette.
A bouquet of pastels, such as pale rose to forget-me-not blues made for a softer and romantic collection. Whilst we didn't see the Burberry classic trench, lightweight spring outerwear was a key feature, and it came updated in boxier cuts and dropped shoulders.
The pencil skirt was a key style and came in lace, both sheer or striped, worn under a boxy jacket or with a simple sweater, a look we've come to associate with Carine Roitfeld.
Sales of accessories are highly profitable for Burberry, and the women's Prorsum collection include wide pastel-coloured belts, soft scarves and soft folded clutch bags.