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For the first quarter, PVH revenues increased 16 per cent compared to the prior year period. On a constant currency basis the increase was ten per cent.
The effective tax rate on a GAAP basis was 17.1 per cent as compared to 17 per cent in the prior year period. Inventory levels increased 22 per cent as compared to the prior year period due to a shift in the timing of inventory receipts as a result of the 53rd week in 2017 and an expected increase in second quarter of 2018 sales as compared to the prior year period.
PVH, an American clothing company, experienced broad-based strength across its businesses globally and its performance underscored the power of its diversified business model and the continued momentum in its global designer lifestyle brands, Calvin Klein and Tommy Hilfiger.
Revenue in the second quarter of 2018 is projected to increase ten per cent (nine per cent on a constant currency basis) compared to the prior year period.
For full year 2018, revenue is projected to increase approximately six per cent (approximately five per cent on a constant currency basis) as compared to 2017.
PVH is in a powerful position to deliver a sustainable trajectory of long-term growth and stockholder value creation.
Stony Brook, NY based Applied DNA Sciences aims to provide innovative, molecular-based technology solutions and services that can help protect products, brands, entire supply chains, and the intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion.
The company’s proprietary CertainT platform can be used to tag, test, and track products, to help assure authenticity, origin, traceability, as well as the quality of products. Unique molecular SigNature tags are the core technology ingredient of the Applied DNA Sciences’ family of security and authentication solutions.
SigNature T is the product name under the tag module when applied to textiles. It provides a forensic chain of evidence and can be used in a court of law if legal action is required. SigNature T has been used to tag over 150 million pounds of US Pima and Upland cotton under two new brands – PimaCott and HomeGrown Cotton.
Fendi has appointed Giuseppe Oliveri as managing director of retail and wholesale.
This means Giuseppe Oliveri is leaving his role as general manager of Dior China and returning to his homeland Italy.
Oliveri began his career in banking, before moving into retail with Italian group Benetton, followed by a stint at Stefanel in Hong Kong. From there, he became general manager of Versace’s Asia-Pacific region, before heading over to lead Dior’s Chinese operations in 2015.
Sales at LVMH, whose 70 brands range from Dom Perignon champagne to fashion houses like Fendi and Givenchy, rose 11 per cent between October and December on a like-for-like basis. Operating income for the whole of 2017 was up 18 per cent from a year earlier.
In Hong Kong, Fendi has more than 200 employees with seven stores in Landmark, Times Square, Pacific Place, Canton Road, Harbour City, DFS Sun Plaza and Elements.
In the Asia Pacific region, Fendi also has locations in Macau, Taiwan, Korea, Singapore, Malaysia, Thailand and Australia. The brand employs over 2500 employees worldwide.
Oliveri’s predecessor, Charles Delapalme, recently left to take over Dior’s commercial activities, a role in which he succeeds Serge Brunschwig, who is now CEO at Fendi, following Pietro Beccari’s appointment at the head of Dior.
New Zealand-grown merino wool is increasingly being sought by Devold- a high-end Norwegian merino clothing company.
Devold produces a range of clothing from 100 per cent merino wool, including base layers, mid layers, socks, scarfs and jackets.
While Australia was initially Devold's main supplier, the company now receives greater volumes from New Zealand. It uses three main micron types: 17.5 micron for base layers against the skin, 18.7 for jumpers and mid layers and 20.5 for jackets and outerwear.
Devold garments have full traceability, with each one detailing the property the wool came from in a special sheep-to-shop programme. Each grower's clip is processed separately at the company’s mill in Lithuania and these garments are 100 per cent from that individual property.
According to the EU ambassador to Cambodia, the European Union (EU) will not severe ties with Cambodia, but will send a delegation of senior officials to the Kingdom later this year to monitor the situation.
The EU has suspended assistance to the National Election Committee (NEC) following the court-dissolution of the main opposition party, the Cambodia National Rescue Party (CNRP), in November 2017.
However , the Foreign Affairs Council of the EU suggested closely monitoring the Kingdom in February.
As part of that engagement, senior EU officials from the European Commission and the European External Action Service – the diplomatic arm of the EU – will visit Cambodia this year to assess the situation and interact with the authorities and other relevant actors.
Marks & Spencer has recently stated that for the first time with more than three quarters of its cotton has been sourced from sustainable methods.
Through its sustainable methods and “Plan A” initiative the retailer managed to source 77 per cent of its cotton from sustainable sources and is on-track to source its entire cotton range by 2019.
According to M&S, 83 per cent of its products now have an eco or ethical quality above the market normal and 30 million items of clothing are either reused or recycled with Oxfam.
Across the entire business the company is delivering better value for customers, cutting prices and improving the products says Mike Barry, director of Plan A and sustainable business at M&S.
Plan A plays a vital role in this transformation because the customers care about the products and its production. The company is helping to democratise sustainability by placing an eco or ethical quality into every product.
M&S uses around 50,000 tonnes of cotton a year, with most of this sourced through the Better Cotton Initiative (BCI).
London Fashion Week Men’s June 2018 (LFWM) collection was launched recently as a celebration of discovery and the creative diversity that helps make London the most Googled city on earth.
The fashion scene in London is one of the most vibrant and diverse globally and LFWM brings together an international audience to shine a light on the talent of our city through catwalk shows, event activations, pop up shops and performances.
The weekend merges the landscapes of technology, fashion and art with experiences from alternative hip hop to classic tailoring and from activism to royalty; alongside previews of collections from international design houses and award winning British designers.
Conceived and co-curated with Monsieur Alaïa before his death in November 2017, the exhibition charts Alaïa’s nonconformist nature and his infectious energy for fashion, friendship and the female body.
Unlike many of his contemporaries, Alaïa personally constructed each garment by hand and refused to bow to the pressures of fashion week deadlines, instead working to his own schedule. His collaborative approach earned him an esteemed client list, including Greta Garbo, Grace Jones, Michelle Obama and Rihanna.
“Transparency isn’t new, but people want more information and this will become the greater norm,” Jason Kibbey, CEO of The Sustainable Apparel Coalition, said speaking at Kingpins Transformers in New York City.
Talk at Transformers centered on ways the jeans business can become less opaque and more forthcoming with its practices, values and quality of ingredients.
Transparency is designed to keep brands honest about what goes into creating their products. It is the only solution to green washing marketing in denim.
A transparent company is like living in a glass house. By being exposed and vulnerable to the outside world, everything from the décor and cleanliness of the house, to the activities that take place inside will change. That level of visibility puts the pressure on brands behave better, enhances accountability and unlocks collaborative innovation.
Also transparency is a tool to drive impact. As a collective industry we can start to recognize our challenges and then come together to create solutions. Bringing that information out is key to make it happen.
Although transparency has evolved in recent years, it still remains a challenge in the deeper supply chain tiers and at large scale. Deciphering how much information consumers need to know is part of the hurdle for companies like Candiani, which use a portfolio of proprietary and exclusive technologies to develop their denim.
Department store chain House of Fraser plans to close 31 of its 59 shops, affecting 6,000 jobs, as part of a rescue deal.
If the plan is approved, House of Fraser will lose 2,000 jobs, along with 4,000 brand and concession roles.
The stores scheduled for closure, which include its flagship London Oxford Street store, will stay open until early 2019.
The retailer needs the approval of 75% of its creditors to go ahead with the rescue plan.
In May, House of Fraser's Chinese owners Nanjing Cenbest reached a conditional agreement to sell a 51% stake to the Chinese owner of Hamley's, C.banner. The sale is conditional on the restructuring plan being approved.
Of the 31 stores it wants to shut, it is seeking a 70% rent reduction for seven months, after which the stores will close.
In addition to the store closures, the department store chain is seeking to cut rents by 25% on 10 of the stores it is keeping open.
Development Strategies and International Trade Minister Malik Samarawickrama has recently stated that the Sri Lankan government will hold ministerial level talks with China to review and iron out argumentative issues in the proposed Free Trade Agreement (FTA) between the two countries.
He also mentioned that he would seek a meeting either in Beijing or here in August to discuss how to proceed with the FTA with China.
The FTA was initiated by the Rajapaksa regime. The two sides also appointed negotiating teams. However, after the new government took office in 2015 there was a huge change.
The government recently signed a FTA with Singapore and had held several rounds of talks with India for an Economic and Technology Cooperation Agreement (ETCA). Sri Lanka has already pledged its support to China’s Belt and Road initiative.
