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Singapore has been ranked as the most innovative country in Asia on the Global Innovation Index. South Korea is ranked second in Asia. Japan is ranked third. China ranks fourth in Asia due to its innovation prowess, global R&D companies, high tech imports, the quality of its publications, and tertiary enrolment.
Malaysia is fifth and has been recognized for its strengths in tertiary education, knowledge diffusion, and creative goods and services. Thailand ranks next and is followed by Vietnam and Mongolia. India ranks ninth and is seen as an overachiever in relation to its development. Brunei comes next and is followed by in that order Philippines, Indonesia, Sri Lanka, Nepal, Pakistan and Bangladesh.
The index analyses the energy innovation landscape of the next decade and identifies possible breakthroughs in fields such as energy production, storage, distribution, and consumption. It also looks at how breakthrough innovation occurs at the grassroots level and describes how small-scale renewable systems are on the rise.
As per the report, innovation in Asia can grow if increased protectionism -- in particular protectionism that impacts technology-intensive sectors, IP, and knowledge flows across the board -- could be contained. Such dynamics could create the basis for productive knowledge spillovers and opportunities for collaboration and the generation of new knowledge and innovation.
Coats has emerged one of the best companies in Vietnam as per HR Asia. Coats is the world’s leading industrial thread manufacturer.
The award is based on three categories: heart, mind and soul, which then determine the satisfaction of an individual within their organisation. It is measured using two techniques. First, an employee input survey assessed employee engagement, workplace culture, and advancement and development opportunities. Second, a workplace and employee engagement survey used a five point scale to measure engagement and motivation.
Coats’ scored higher than the industry average in all three main categories. Previous awards for Coats Vietnam include: Outstanding Achievement in Business 2016 and the People Empowerment Category at the Vietnam Supply Chain awards 2014.
In August, Coats was included in the Best 80 Companies to Work for in Brazil by Great Place to Work, a global research and training consultancy. In June, Coats Indonesia was awarded for best company.
Coats is the world’s leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in more than 50 countries, Coats employs 19,000 people across six continents.
For the first time since 2013 Bangladesh’s minimum wage has been raised.
Though there has been more than a 50 per cent hike union leaders and garment factory workers are not impressed. Of concern, aside from the still-dismal minimum wage, is the fallout that will likely come with the increase. After the last pay hike in 2013, many factories increased production target for workers and the work pressure built up tremendously. So relentless was the pressure that workers did not have even a minute to drink water or use the restroom during their shift.
Bangladesh has emerged as a key hub for garment manufacturing, as prices in China have increased dramatically in recent years. As of now, Bangladesh is the world’s second largest exporter of garments, following China, but it also holds the title of one of the lowest cost centers for manufacturing.
Employing an estimated four million people, 80 per cent of whom are women, Bangladesh’s apparel industry fall behind other centers not only in terms of wages but also of worker well-being.
A wage hike disturbs factory owners too. In the past few years, a number of garment manufacturers had to shut their factories as they could not cover their costs.
International Textile Machinery (ITM) will be held in Turkey, June 2 to 6, 2020. The event displays textile equipments and products, textile related software and solutions and other products and services. It attracts some of the most important manufacturers of textile machinery from Turkey and around the world.
ITM 2018 hosted 1150 companies from 64 countries for four days. It recorded a 16 per cent increase in the number of general visitors, a 38 per cent increase in the number of international visitors and a 20 per cent increase in country diversification compared to the previous event.
Most textile machinery manufacturers in Turkey range from small to medium sized companies. The line of textile machinery products manufactured by Turkish companies varies substantially from highly automated equipment to basic models. They have competence in most machinery categories such as atmospheric jet dyeing or blow dyeing.
With both domestic and foreign companies having realized sales worth millions of euros, and many business agreements signed, applications to participate in ITM 2020 have increased. The number of booths rented and the expansion of booth sizes by companies are precursors of new records to be broken by ITM 2020 in terms of number of visitors and participants.
"With consumers and specially millennials’ growing opting for more convenient, up-to-date currents trends, and reasonably priced fashion, the entire apparel industry is moving towards fast fashion. The move that was started by the likes of Zara, IDEXY and H&M, has today catapulted the entire industry. The recent example of success story is lifestyle brand Urban Outfitters URBN, known for catering to a mainly young adult demographic through hip and stylish merchandise. The major success factor for the company has been its ability to accurately adapt to the newest fashion trends. Similarly, Japanese brand Uniqlo has also been making significant waves by partnering with tennis legend Roger Federer. The brand going ahead would be labeled as a fast fashion brand that tracks the world’s latest trends."
With consumers and specially millennials’ growing opting for more convenient, up-to-date currents trends, and reasonably priced fashion, the entire apparel industry is moving towards fast fashion. The move that was started by the likes of Zara, IDEXY and H&M, has today catapulted the entire industry. The recent example of success story is lifestyle brand Urban Outfitters URBN, known for catering to a mainly young adult demographic through hip and stylish merchandise. The major success factor for the company has been its ability to accurately adapt to the newest fashion trends. Similarly, Japanese brand Uniqlo has also been making significant waves by partnering with tennis legend Roger Federer. The brand going ahead would be labeled as a fast fashion brand that tracks the world’s latest trends.
Traditional retailers still to catch on
Traditional retailers aren’t happy with the changing wave and understandably so, as these fast fashion brands are
forcing other major brand to make decisions and decide on how to respond to the changes in today’s retailing and clothing landscape. Companies like Nordstrom JWN and Kohl’s KSS have already started taking steps in the right direction. For instance, Nordstrom recently laid out a new five-year growth plan that was clearly influenced by the fast fashion movement. The plan was focussed on boosting the company’s e-commerce presence as foot traffic at malls has started declining. On the other hand, Kohl’s signed a deal with Amazon AMZN in September 2017, and the massive partnership has paid off big time.
Traditional companies will have to pursue innovation and continue making strategic initiatives to stay at the forefront of retailing. Clothing retailers like Kohl's that make successful changes should see growth, while others could be left behind.
Germany-based Premium Group plans to purchase a minority stake in Liberty Fairs. Premium is an organizer of fashion events and trade shows such as Premium, Seek, Bright and Fashiontech. Liberty Fairs, based in the US, organizes the Liberty, Cabana and Capsule trade shows.
The combination of the Premium Group’s strong relationships and long history of cutting-edge events and Liberty Fairs’ network and expertise is expected to make this an ideal partnership. Their respective shows explore expansion possibilities at an international level. Officially joining forces will mean that as the Premium Group explores the trade show market in the US, Liberty Fairs can evaluate different options in taking Liberty, Capsule and Cabana to Europe.
Premium and Liberty see this as an opportunity to provide state-of-the-art events focused on commerce, community and relevant content in order to better serve the changing needs of brands and retailers. The alignment with the Premium Group marks an ongoing expansion and diversification to amplify Liberty’s exposure in the women’s market.
Liberty Fairs is a men’s contemporary fashion trade event held bi-annually in New York City and Las Vegas. It curates the most forward thinking brands and brings them together with the industry’s top buyers in an inspiring design-driven environment.
The garment and textile industry in Vietnam has begun understanding the needs and concerns of its workers. The industry is investing significantly in improving the welfare of workers so as to develop and sustain a productive and quality workforce. This covers safety of workers, food and transportation and providing minimum wages.
While some companies endorse the concept of zero overtime to ensure that all workers go back home on time, others ensure workers earn well through overtime. The objective in both cases is to provide a better life to garment workers. However, zero overtime can be achieved only with good planning and if factories are well organized.
Social insurance is being worked upon seriously by companies. Apart from routine medical check-ups for employees, they also pay social insurance. An increase in social insurance coverage would boost employee morale and enhance their productivity. The social protection floor means each member of the society will be protected in terms of healthcare, and basic income security for children, and for people who are in active age but are unable to earn sufficiently, and the elderly.
Vietnam has set a target of having 50 per cent of its workforce (across all industries) covered by social insurance by 2020. Nearly three million old-aged people now have pensions.
IN a statement from the Interfaith Center on Corporate Responsibility (ICCR), around 153 global investors have urged for the continuation of the Bangladesh Accord for Fire and Building Safety until it completes its mandate and the government agencies are able to assume responsibilities. The statement was organised by the Bangladesh Investor Initiative, a coalition of global investors that coalesced in response to the tragic collapse of the Rana Plaza building outside Dhaka in 2013.
Investors are concerned Accord's precipitous termination will not only put workers at great risk but also threaten brands and investors reliant on a secure, safe workforce. They urged the government to make a re-submission to the High Court to enable the Accord to operate until a national safety regulatory body is established and fully prepared to assume control of the Accord's mandate.
The government, Accord companies and unions and the BGMEA agreed to form a Transition Monitoring Committee (TMC) to evaluate the government's readiness to take on the duty to protect the safety of garment factory workers. The parties agreed that only when the criteria established by the TMC were met would the Accord then initiate a six-month process of winding down its operations.
As per reports, levying of additional tariffs by President Donald Trump on Chinese products has prompted the Chinese government to decline the offer of talks. Chinese and American officials have held a series of talks over the dispute, and reached at least one agreement which was subsequently abandoned by the President. The lack of progress and collapse of that deal have made future negotiations more difficult, as it’s unclear who speaks for the US administration and there’s a lack of confidence that any deal will be honored.
It isn’t prepared to negotiate with a “gun pointed to its head. The Chinese officials are also considering potential retaliation steps and has already detailed thousands of U.S. items that it would levy extra tariffs on if the $200 billion threat is carried out.
Some Chinese officials advising the leadership are proposing to step up the trade fight a notch by restricting China’s sales of materials, equipment and other parts key to US manufacturers’ supply chains. Such restrictions could even apply to Apple Inc.’s iPhones, which are assembled in the mainland.
