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Bangladesh’s Transition Accord has fallen short of its goal of retaining all of the signatories from the initial agreement.
This is a Bangladesh worker safety pact and is an extension of the earlier Accord.
Unlike the original Accord, which expired on May 31, the new one is open to non-garment companies that produce home fabrics and textiles.
Abercrombie, among the companies yet to join, is reviewing the 2018 accord. Ikea has chosen to focus on its own safety audit program Iway than sign up.
Campaigners have been critical of such brands’ decision to abstain. They say Accord is the only road toward safer factories in a country in which voluntary corporate social auditing systems have in the past failed to prevent disasters like the Rana Plaza and Tazreen factory catastrophes.
Established following the deadly Rana Plaza factory disaster in 2013, Accord was a five-year agreement between brands and labor unions designed to improve garment industry safety standards.
Following the factory collapse that killed more than a thousand workers, Accord was established to inspect and remediate factories in Bangladesh. Accord is a collective scheme, which is a legally binding agreement between a great number of brands and trade unions and contains extensive enforcement mechanisms.
Masayuki Ino and his fashion house Doublet nabbed the top award in the LVMH Prize.
Ino’s bravura reinterpretation of Japanese graphics and posh punk attitude made him one of the favorites for the prize.
A special award went to Rok Hwang, a South Korean who grew up in Austin, Texas, whose label is known as Rokh. A graduate of St Martin’s in London, his is a kicky signature in women’s street wear.
This is a global award. Beginning last year with over 4,000 applicants over 102 nationalities, with an average age of 29, these were whittled down to 20 young hopefuls.
Next, in late February, over two days, a team of 48 international experts – editors, retailers, writers, stylists and educators – made the initial cull from 20 designers to nine finalists.
All entrants must be under 40 and have produced at least two collections. The 2018 edition marks the fifth LVMH Prize, whose 300,000-euro award is the highest sum for a single award in fashion.
Though other awards in Europe have considerable prestige, the LVMH Prize has emerged as the most coveted by dint of its generous financial pay-out and the reputation of its double jury.
LVMH’s string of luxe marques includes Moët & Chandon, Dom Pérignon, Louis Vuitton, Christian Dior Couture and Céline.
For the first quarter of 2018 net revenue of Lululemon Athletica increased by 25 per cent compared to the same period the previous year. On a constant dollar basis, net revenue increased 23 per cent. Total comparable sales increased 20 per cent, 19 per cent on a constant dollar basis.
Lululemon Athletica is an athletic apparel company.
Inventories at the end of the first quarter of fiscal 2018 increased 23 per cent compared to the end of the first quarter of fiscal 2017.
The company ended the quarter with 411 stores.
For the second quarter of fiscal 2018, the company expects net revenue to be in the range of 660 million dollars to 665 million dollars based on a total comparable sales increase in the high single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of $0.46 to $0.48 for the quarter.
For the full fiscal 2018, net revenue is likely to be in the range of $3.040 billion to $3.075 billion based on a total comparable sales increase in the high single digits on a constant dollar basis. Diluted earnings per share are expected to be in the range of $3.10 to $3.18 for the full year.
Gucci’s revenue expanded by 49 per cent from a year earlier at constant currencies in the first three months of the year.
The Italian fashion house wants to be the world’s biggest luxury label. Gucci also targets an operating margin of more than 40 per cent, compared to around 34 per cent in 2017.
The brand expects sales to grow at twice the market rate in the coming years. It has had a top-to-bottom makeover, from new product ranges to stores redesigned to make them more welcoming, in vivid hues and draped in velvet.
In a notoriously fickle industry, where tastes can change rapidly and ever more so with the influence of social media, brands are battling it out to capture buyers' attention with eye-catching designs or events like spectacular catwalk shows.
Gucci’s latest mid-season Cruise collection presented in France featured models in an intricate array of colorful prints making their way down a flamed-filled runway by night.
Thanks to further store facelifts, Gucci aims to further boost sales densities.
Gucci is part of the Kering conglomerate that includes other labels like Saint Laurent.
The luxury industry, fuelled by Chinese demand, is expected to pick up pace in 2018, with global revenues forecast to expand by six to eight per cent at constant currencies.
GOTS India Seminar 2018 was organised by Global Organic Textile Standard (GOTS), in Le Meridien Coimbatore, Tamil Nadu, India on 29th May 2018.
The theme of the seminar was ‘Sustainability as Key to Business Efficiency’. The seminar was attended by over 180 delegates from five countries.
Attendees at the seminar included international brands and retailers, Indian fashion brands, textile manufacturers, chemical suppliers, testing laboratories, accreditation bodies, academicians, industry organisations, certification bodies, standard bodies, media, service providers, consultants and other important stakeholders from the field of organic textiles and sustainability.
In his welcome address, Sumit Gupta, Seminar Coordinator and GOTS Representative in India & Bangladesh, introduced the theme and the sessions for the day.
Four sessions of the seminar addressed the various aspects of efficiency in sustainable fashion and textile manufacturing.
The sessions included buyers’ perspective, chemical compliance, social responsibility and futuristic certification systems.
Fespa was held in Germany, May 15 to 18. It reinforced its standing as the global landmark event for specialty printers, with visitors from a record 142 countries.
Two-thirds of all visitors dedicated more than a day to the event to cover the ten exhibition halls and take advantage of the expanded content program.
Germany delivered the largest percentage of visitors overall, with 26 per cent of the total audience coming from the host country. After Germany, the top ten countries in terms of visitor attendance were the United Kingdom, Poland, Italy, Netherlands, Spain, France, Czech Republic, Switzerland, Belgium and Sweden.
The dominant area of visitor interest was digital printing, which was the key focus for 44 per cent of all visitors. Fespa’s sustained coverage of innovations in textile printing was reflected in the fact that one in three 2018 visitors indicated an interest in textile and fabric printing. Commercial print, finishing, design to print, sublimation printing and industrial printing also featured particularly strongly among visitors’ priorities for the event.
The optimism of the market as a whole was evident in the energetic mood throughout the exhibition halls. Exhibitors across the show reported excellent business and strong interest from print service providers in technology and consumables innovations to drive greater productivity and applications diversity.
FTA negotiations between EU and the Philippines aim at eliminating or reducing tariff and non-tariff barriers to trade in agricultural products, manufactured goods and services and thereby facilitating trade flows, realizing the untapped potential and expanding foreign direct investment and leveling the playing field between private businesses and state owned enterprises.
Negotiations for an EU - Philippines FTA were launched in December 2015 seeking to build upon the Partnership and Cooperation Agreement signed between both partners in 2012 and ratified in January 2018.
There is potential scope for the EU - Philippines FTA to promote increases in bilateral trade in automotive products. Reduction or removal of tariffs on EU imports entering the Philippines would, in particular, improve competitiveness vis - à - vis Japan, Korea, China and Asean members that currently enjoy preferential market access, stimulating exports of passenger and commercial vehicles and parts and components.
In turn, the Philippines stands to benefit from potential increases in EU investment in the domestic automotive industry.
EU investments by larger automotive manufacturing enterprises could produce notable benefits to the Philippines by helping to facilitate the establishment of automotive manufacturing ecosystems or clusters. This, in turn, has implications for allied upstream industries that serve the sector, such as steel and chemicals.
Ethiopia has authorized cultivation of biotech crops.This includes approvals for environmental release of Bt cotton and research trials on biotech maze.
The country will start with two Bt cotton hybrids JKCH1050 and JKCH1947.
The country has identified cotton as a strategically important commodity crop to supply raw material for the rapidly growing textile sector and to generate thousands of jobs along the cotton sub-sector value chain.
Thirty years of research efforts to manage/control bacterial wilt of enset using conventional techniques could not succeed due to the absence of resistant clones in the genetic base of the crop.
There will be field trials on maize for drought tolerance and insect resistance.
Ethiopia’s textile industry is fast catching up with the likes of Vietnam, Indonesia, Cambodia and other Far East countries.
The prospects of this country advancing to a medium level of industrialization are very much within sight.
Adelco’s jet-air conveyor drying systems have a complex and efficient high-velocity hot-air curing chamber and exhaust system.
This is carefully balanced to ensure extremely stable temperatures and efficient exhaust of water and other chemical ink and pre-treatment systems.
Adelco, based in the UK, is a manufacturer of jet-air conveyor drying systems and oval automatic screen printing presses serving the international garment printing industry. It manufactures eco-friendly dryers and has sustainable facilities. The company aims to increase its output speeds and reduce print costs in the near future.
New hybrid digital systems are one of the latest trends in textile printing. In the digital garment printing sector, new hybrid digital systems provide extremely soft hand print results and are providing the combination of screen, digital, foil, flock and specialty inks all in one machine such as the new Adelco AD hybrid printer and the Matrix Oval screen print machine combination.
The digital garment printing sector is growing at 30 per cent annually, and is expected to grow further as it has taken more of the smaller run screen print market following recent reductions in print costs and increased print speeds of some digital garment printing systems. Most of the digital garment print market is for direct retail, majorly e-retail.
China is willing to expand imports from the US if the US is willing to meet it half way in trade negotiations.
For China boosting imports is an established strategy and China doesn’t want to escalate trade tensions with the US. The country has offered to boost purchases of US goods by about 25 billion dollars this year ahead of a mid-June deadline for imposing tariffs on Chinese imports.
The US has made reducing the deficit in goods trade with China and other nations one of its most important policy goals. While it has imposed tariffs on steel and aluminum imports from across the world, riling up allies in Europe, Asia and Canada, it has yet to enact any of the China-specific levies it has threatened.
China is offering the United States a package of trade concessions and increased purchases of American goods aimed at cutting the trade deficit with China.
The package includes elimination of Chinese tariffs already in place on US farm products including fruit, nuts, pork, wine and sorghum.
China wants the US to set aside threats of tariffs on Chinese goods and US investment restrictions on Chinese companies. China also wants a relaxation of US export controls that ban American firms from selling certain high-technology products to China.
