FW
Intellectual property specialist and US brand management company Iconix Brand Group (ICON) recently entered into a share purchase agreement to sell its equity of Starter China for $16 million, according to a filing with the Securities and Exchange Commission. The buyer was not identified in the filing, but the deal is expected to close by September 15.
The Starter China business has been part of the Iconix China subsidiary. Iconix plans to use the proceeds to repay debt and for general corporate purposes.
According to Iconix chief executive officer Robert Galvin the company was up to close to 20 stores already for Starter in China, but the scene has been reset with the coronavirus shutdown and companies have raced to make sure they have some extra cash on hands.
As of March 31, Iconix had a total debt of $645 million with annual revenues of $141 million and earnings before interest, taxes, depreciation and amortization of $64 million, according to S&P Capital IQ.
IDH, the sustainable trade initiative which brings governments, companies, CSOs and financiers together in action driven coalitions, has released its 2019 annual report 'Delivering sustainable solutions for business impact'. According to this report IDH has made progress on its sustainability developing goals and is providing sustainable solutions to businesses and governments.
In the apparel sector, IDH operates in Vietnam, Pakistan, India, and China to address the challenges by developing sustainable business models, public-private partnerships that inform policy, and collaborative improvement program. In 2019, IDH also explored replicating some of the program’s successes in Ethiopia. As a result, a forum was formally established, convened by IDH, bringing together key public, private and CSO actors to facilitate the sustainable growth of the textile sector in Ethiopia, thereby achieving our goal to get five platforms up and running.
Chinese viscose producer Sateri has joined the Fashion Industry Charter for Climate Action, an initiative led by the United Nations Framework Convention on Climate Change (UNFCCC). This commitment from Sateri is the latest in a series of moves made by the viscose producer to best address sustainability improvements in its supply chain operations. As the latest signatory to the Charter, Sateri will participate in relevant Working Groups which bring together stakeholders and experts in the fashion and textile sectors. It will formulate Sateri Vision 2030 focusing on carbon reduction for a sustainable business.
Signatories to the charter share the common goal of reducing greenhouse gas emissions in the fashion industry by 30 per cent by 2030 and achieving net-zero emissions by 2050, actions which align with the Paris Agreement’s aim of limiting global warming below 2oC. Sateri recently also joined the Sustainable Apparel Coalition (SAC), China Association of Circular Economy (CACE), and the European Disposables and Nonwovens Association (EDANA).
Macy’s Inc reported a staggering $3.58 billion loss with Coronavirus-hit first quarter of the current financial year as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. Net sales for the first quarter nearly halved to $3.02 billion.
On a per-share basis, it reported a net loss of $11.53 in the first quarter ended May 2 compared with a profit of 44 cents a year earlier. Excluding one-time items, the company lost $2.03 per share, meeting expectations, according to IBES data from Refinitiv.
The company had raised $4.5 billion last month including a $3.15 billion asset-based loan to keep its business running as stores reopened. As of May 2, it had $1.52 billion in cash and cash equivalents, and $18.58 billion in total liabilities and shareholders' equity.
The acquisition of Stoll by Karl Mayer has set course for the formation of a trans-technology global player, who changes the world of its customers and of the textile sector. With this acquisition, Karl Mayer has become the leading provider of solutions for the two most important stitch- forming processes, flat knitting, and warp knitting. The company’s entire expertise in the fields of warp knitting, flat knitting as well as technical textiles, warp preparation for weaving and digital solutions is now housed under one roof.
Stoll will continue its activities within Karl Mayer as autonomous business unit. The brand will be carried on independently, and represents Karl Mayer’s expertise in the field of flat knitting technology. Karl Mayer also relies on Stoll’s proven management. The previous CEO, Andreas Schellhammer, will become president of the Stoll business unit within Karl Mayer, according to a press release by Karl Mayer.
Raja M Shanmugham, President, Textile Exporters Association (TEA) has urged Piyush Goyal, Union Minister of Commerce to help clear the 500 containers carrying apparel accessories and fabrics currently stuck in and around Chennai. These containers have come mainly from China. The imported consignments arriving from China have not been cleared by the Customs for the past 10 days even after duty has been paid. Shanmugham said garment exports are facing stiff competition from countries like Bangladesh, Vietnam and Cambodia, apart from China and foreign buyers are always very keen to get quality products at competitive prices and tight delivery schedules.
According to him, any delay in making sea shipments at the right time will push exporters to resort for Air shipment, otherwise the buyers won’t place any future orders and categorize the units as unreliable suppliers.
International Apparel Federation (IAF) launched a new initiative to help the worldwide fashion and lifestyle community to improve its CO₂ emissions through fashion logistics. The initiative will support the creation of the worldwide industry standard for measuring carbon dioxide emissions through fashion logistics. Additionally, it will support the fashion industry to reduce the carbon footprint of its logistics operations by innovating and by cooperating.
Currently, IAF is mobilizing all industry association members in various countries signing up for the initiative. The federation is working closely with both fashion-logistics and data analyses experts under direction of longtime partner Greenway Logistics. The initiative will offer practical, hands-on support to the SME and fashion community through a suite of services to measure and reduce their CO₂ levels in logistics through individual actions and particularly through collective industry projects.
International Apparel Federation( IAF) will launch maiden virtual Global Apparel Sourcing Expo on July 15. The month-long event, which concludes on August 14, will offer price benefits to those apparel manufacturers that are IAF members or members of one of IAF’s organizations. It will include conference programs where global industry experts will speak on varied topics like Sustainability and CSR post COVID-19, Shifts in Global Trade and Digital Product Development as the New Normal.
Before the start of this show, IAF will also conducting a webinar on 9 July titled ‘The New Fashion Delivery Calendar’, wherein the focus will be on the fact that regular flow of fashion calendar has been broken. Under the inspiring leadership of its president Han Bekke and his team, IAF is today committed to achieve all its missions, which also includes connecting and supporting all its members across the globe in expanding their own international network and thereby their ability to do or support the growth of their or their members’ international business.
As a part of its efforts to make cellulose fibers less environmentally impactful, Lenzing plans to expand assessment of its Materiality Analysis report to more stakeholders in 2020. Originally released in 2015, the report prioritizes sustainable topics that guide its efforts. The rankings in the report reflect the influence of these activities on stakeholder decision making and the impact of Lenzing’s efforts in this area.
Lenzing first identified the relevant topics by gathering information from employees at its Sustainability Day, as well as through interactions with external stakeholders. From there, a survey was sent out to key customers, as well as employees at varying levels within Lenzing Group. After this study, the results were plotted on a matrix and reviewed by Austrian sustainability consultancy Denkstatt GmbH.
Since the Materiality Analysis first came out, it has been reviewed in 2017, 2018 and 2019, but the topics and rankings have remained the same. It also served as the basis for the company’s ‘Naturally Positive’ sustainability strategy introduced in 2017.
A joint statement by the leading industry bodies of Cambodia states, over 15,000 workers in Cambodia are likely to be jobless as about 400 garments, footwear and travel goods factories in the country have suspended their operations due to the COVID-19 pandemic. The statement was released by associations like Garment Manufacturers Association in Cambodia, the Cambodia Footwear Association and the European Chamber of Commerce in Cambodia.
Statement says, numerous brands and retailers in Europe and North America have canceled or delayed orders due to the drop in retail sales in Europe from the pandemic. Consequently, millions of Cambodians could fall back into poverty due to this crisis as unemployed workers only receive a stipend of $30 from the factory and $40 from the government per month. The statement therefore, urged the European Union to postpone the effective date of partial withdrawal of Cambodia's Everything But Arms (EBA) trade benefits for a year due to the pandemic in Cambodia.
