FW
The Children’s Place generated $435 million revenues in its first quarter despite operating 261 fewer stores than it did two years ago.
As per Sourcing Journal, e-commerce represented 42 percent of total sales as the retailer continues its digital transformation but the company still anticipates it will reach its goal to get annual digital revenue of 50 percent total sales. This will be aided by a decrease in fixed overhead costs related to online fulfillment.
The company’s inventories to close the quarter were $417.8 million, up 24.4 percent compared to inventories of $335.8 million a year ago. Net sales for the quarter increased by 70.6 percent to $435.5 million, compared to $255.2 million, primarily driven by what the retailer called strong customer response to its product assortment and as well as the recent stimulus payments. Additionally, the sales boost occurs a year after the retailer experienced permanent and temporary store closures for approximately 50 percent of the first quarter of 2020.
As of May 1, the retailer had 679 of 724 stores open in the US, Canada, and Puerto Rico, with all of the temporarily closed stores located in Canada. The retailer is staying in line with its store fleet optimization initiative, permanently closing 25 stores in the first quarter.
The Children’s Place is planning to close an additional 98 stores in fiscal 2021, which would bring the retailer to its 2020 target of 300 store closures. The closures will also come without financial penalty, and reset the company’s occupancy costs.
Pakistan’s textile exports increased by 17.35 percent during the first 10 months of the current fiscal year as compared to the corresponding period of the last year. On a year-on-year basis, textile exports surged by 213 percent.
In the July-April (2020-21) period, Pakistan’s textile exports were recorded at $12,692.840 million in July-April (2020-21) against the exports of $10,816.276 million in July-April (2019-20), showing growth of 17.35 percent, according to latest data of Pakistan Bureau of Statistics (PBS). The textile commodities that contributed in trade growth included knitwear, exports of which increased from $2,392.064 million last year to $3.126.095 million during the current year, showing growth of 30.69 percent.
Likewise, the exports of yarn (other than cotton yarn) increased by 22.42 percent, from $22.051 million to $26.995 million whereas, exports of bed wear increased by 24.66 percent from $1,838.449 million to $2,291.779 million. The exports of towels increased by 27.18 percent, from $610.696 million to $776.708 million; exports of tents, canvas and tarpulin grew by 21.86 percent, from $78.556 million to $95.725 million; readymade garments by 12.56 percent, from $2,231.697 million to $2,512.021 million; made-up articles, excluding towels and bead wear by 22.22 percent, from $513.405 million to $627.479 million while the exports of art, silk and synthetic textile increased from $272.919 to $301.634 million, showing growth of 10.52 percent.
Meanwhile, the commodities that witnessed negative growth in trade included raw cotton, exports of which decreased by 96.51 percent, from $17.002 million to $0.593 million; cotton yarn decreased by 4.03 percent, from $858.580 million to $823.948 million whereas the exports of cotton cloth also decreased by 1.24 percent, from $1,601.650 million to $1,581.564 million. The exports of all other textile materials also increased by 39.24 percent, from $379.362 million to $528.225 million, the PBS data revealed.
Sportswear brand Nike has grabbed the top spot in 3BL Media’s recent ranking of the country’s top corporate citizens.
As per Sourcing Journal, the list evaluated the 1,000 largest, publicly traded U.S. companies on environmental, social and governance (ESG) transparency and performance.
Nike, with an overall weighted score of 80.46, ranked 18th overall, one spot higher than last year. VF Corp, the company behind The North Face, Timberland and Vans, jumped eight slots with a score of 78.93—25th among all the evaluated companies. Gap Inc. climbed 10 spots to 32nd place with a 78.26. Tommy Hilfiger and Calvin Klein parent PVH Corp scored a 76.51, 45th overall, far higher than last year’s 64th. Walmart Inc. joined the top 100 with a score of 73.92 putting it in 75th place.
3BL Media assessed each company using only publicly available information, including corporate websites, sustainability reports and SEC filings. It also relied on information from reputable third parties” such as the U.S. Environmental Protection Agency, the Global Reporting Initiative and the UN Global Compact.
The final score weighted employee-related factors the highest, at 20.5 percent, followed by the environment, 18 percent; climate change, 17 percent; stakeholders and society, 12.5 percent; human rights, 11 percent; ESG performance, 8 percent; governance, 7.5 percent; and financial 4.5 percent.
Kingpins Show plans to organize an in-person event from December 06-07, 2021 in Ne York.
As per Sourcing Journal, the trade show will take place at Pier 36, the river-side location that it has used since 2017.The trade show organizers, however, confirmed that it will not be hosting its biannual Amsterdam event in October, which draws a large European crowd.The last time Kingpins Amsterdam took place was in October 2019. Instead, a virtual Kingpins24 event will take place this fall.
With parts of the denim supply chain still ravaged by the coronavirus and guidelines for international travel in flux, industry events are expected to cater to a more local audience.
Project: Miami will take place July 10-12 at the Fontainebleau Miami Beach. The apparel trade show will take place near Destination: Miami by Coterie, a women’s resortwear and swimwear market event at Eden Roc Hotel. Both will offer shopping opportunities for pre-spring and spring/summer buying seasons.
Liberty Fairs will host its first trade show in Miami during the same time. The dual-gender apparel and accessories trade show is partnering with Cabana, a resort-focused trade show, to host their first joint physical event at the Miami Beach Convention Center. Liberty is also joining forces with men’s trade show, L.A. Men’s Market, to host a new event on Aug. 4-5 under the Liberty Fairs name.
Texworld New York City will host a modified version of its event July 20-22 at the Starrett-Lehigh Building and the children’s apparel trade show, Playtime New York, will return Aug. 1-3 at the Metropolitan Pavilion.
The women’s apparel event, Coterie New York, remains on Informa’s schedule for Sept. 19-21 at the Jacob K. Javits Convention Center.
Markus Bensberg, co-CEO, Birkenstock is quitting the German footwear company, leaving Oliver Reichert as sole CEO, effective immediately.
As per Fashion Netowrk, Bensberg first joined Birkenstock in February 1991,He has served in a range of different roles at the footwear maker over the last three decades, particularly in the areas of sales and product development. The executive has been co-CEO in partnership with Reichert since 2012.
Bensberg’s departure follows on the heels of Franco-American private equity firm L Catterton’s acquisition of a majority stake in Birkenstock in partnership with Bernard Arnault’s holding company, FinancièreAgache, earlier this month. Details of the transaction were not revealed.
According to figures made available by the company, Birkenstock achieved sales of approximately 720 million euros and earnings of around 130 million euros in 2019. Despite the impact of the Covid-19 pandemic, which resulted in the temporary closure of the company’s factories for two months, Birkenstock’s 2020 revenue and profit were roughly in line with those of the prior year.
Kohl's Corp expects net sales in its second quarter to increase in the mid-to-high teens percentage range, compared with its previous forecast for a rise in the mid-teens percentage range.
The company has raised its forecast for 2021 sales and profit as the department store operator bets on a shopping boom after a coronavirus pandemic hit last year.
A surge in online business helped Kohl's and Macy's Inc M.N cushion the hit from the health crisis, even as some of their rivals crumbled, and the chains are now seeing a rebound in demand for non-essential products as vaccinated Americans feel more comfortable to step out and shop.
The mid-priced chain forecast 2021 adjusted earnings to be between $3.80 and $4.20 per share, excluding certain charges, versus a prior range of $2.45 to $2.95.
In the first quarter ended May 1, net sales rose to $3.66 billion from $2.16 billion last year, beating estimates of $3.48 billion, according to IBES data from Refinitiv.
Kohl's Corp expects net sales in its second quarter to increase in the mid-to-high teens percentage range, compared with its previous forecast for a rise in the mid-teens percentage range.
The company has raised its forecast for 2021 sales and profit as the department store operator bets on a shopping boom after a coronavirus pandemic hit last year.
A surge in online business helped Kohl's and Macy's Inc M.N cushion the hit from the health crisis, even as some of their rivals crumbled, and the chains are now seeing a rebound in demand for non-essential products as vaccinated Americans feel more comfortable to step out and shop.
The mid-priced chain forecast 2021 adjusted earnings to be between $3.80 and $4.20 per share, excluding certain charges, versus a prior range of $2.45 to $2.95.
In the first quarter ended May 1, net sales rose to $3.66 billion from $2.16 billion last year, beating estimates of $3.48 billion, according to IBES data from Refinitiv.
A report by consulting firm RedSeerestimates the female innerwear market to become a $12 billion opportunity in the next five years in India.
Titled ‘Female innerwear’s USD $12 billion opportunity’, says, the women’s innerwear market in India is expected to rise by twofold to reach $12 billion by 2025
The report explained that there the growth of the female innerwear market in Tier II+ cities is significant and is estimated to be 1.5x that of the metro cities. In Tier II+ cities, the major growth factors aredigital penetration growth with a projected user base of over 975 million internet users and 800-850 million smartphone users by 2025.
As brands penetrate deeper into smaller cities, there will be overall more awareness about products and offerings, leading to higher growth of these brands in the smaller cities. The brands will see consumers buying economical products but relying on the brand image. This will benefit the brands as they onboard new customers.
The report stated that within the branded segments, there are a few breakout categories that are likely to witness the highest growth, and is estimated to be a $2.5+ billion opportunity by 2025. These include branded mid-premium lingerie, branded athleisure and branded ancillaries (includes swimwear and shapewear).
The reason for this shift towards these categories is that new-age brands have been innovative around product design and have optimised supply chains to bring very high-quality products (comparable to premium brands) at affordable prices.
Women’s apparel, footwear and accessories event Coterie will return to New York as Informa Markets Fashion’s flagship show. As per Apparel News, Coterie New York will be hosted September 19–21 at the Javits Center. Designed to allow attendees access to complete looks, the show will present different product categories together, mixing apparel with footwear and accessories through an approach to showcase cohesiveness among products.
During the event, attendees will find products such as elevated contemporary, vintage, footwear, accessories and beauty. Within Coterie’s Destination area, swimwear and Resort will be featured, while the Edit area will showcase elevated international collections. This edition of Coterie will also feature carefully composed collections including those from underrepresented groups and sustainable brands.
During Coterie New York, attendees will also have opportunities to take in educational programming led by industry professionals and emerging leaders. Additional services will include a retail concierge, exclusive activations, networking events and the show’s digital-showroom platform, which will be available before, during and after Coterie New York.
To combat rising inflation and unemployment levels, Pakistan needs a new long-term textile policy and a continued supply of gas/RLNG, highlights All Pakistan Textile Mills Association (APTMA). The association has urged more investments and value addition in the textile sector to help create new jobs, reports Business Recorder.
Focus on value-additions The report says, Gohar Ejaz, Patron-in-Chief, APTMA says, the government needs to focus on value-additions in the textile sector. Textile exports can be the engine to Pakistan’s future growth and help break the chain of debt that it is currently trapped in. In the last nine months of FY21, Pakistan’s textile exports increased 9 per cent, proving their global competitiveness. In current fiscal, Pakistan’s textile exports are expected to cross $16 billion and reach $20 billion next year with huge investments in the sector, Ejaz says.
Explore youth potential
As the largest segment of Pakistan’s population consists of young people, the country needs to exploit its youth potential to steer growth. It needs to create
sufficient new jobs to reduce unemployment levels from the current 9.56 per cent. Pakistan’s rate of new job creation needs to match its yearly increases in unemployment, and the only sustainable way this can be achieved is through the private sector, particularly the textile sector.
Pakistan’s textile sector is labor intensive. It can create jobs at every tier of the economy, be it cotton picking, ginning, stitching, designing, or innovating. The government therefore needs to support the development of these industries, Ejaz explains.
Target GDP growth
GDP growth is another way Pakistan can achieve debt sustainability, and raise living standards, opines Ejaz. According to him, Pakistan’s GDP needs to grow at over 8 per cent for at least 30 years. To increase GDP, Pakistan needs to steer more investments in the private sector. The country can rid itself of debt issues only by targeting export-oriented growth as evident from the growth achieved by countries focusing on exports, he adds.
Accounting for over 61 per cent of its total exports, Pakistan’s textile sector is the main pillar of economic growth. The sector offers an opportunity to free itself of debts accumulated from constant chasing of loans and relief packages, Ejaz opines.
To strengthen its economy, Pakistan needs to create a strong export base. Exports can help the country enhance investments and improve all economy dimensions including employment and deficits. The country cannot hope to achieve economic and political independence unless it rids itself of constant loans and aids, he concludes.
