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India’s GDP growth is likely to cross eight per cent in the next two years.
The vision is for a five trillion dollar economy in which a trillion dollars will come from manufacturing, three trillion dollars from services and a trillion dollars from the agriculture and allied sectors.
GDP grew at the fastest pace in seven quarters at 7.7 per cent in the January-March quarter of last fiscal, retaining the fastest growing major economy tag on robust performance by the manufacturing and service sectors as well as good farm output.
On a yearly basis, however, it grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal.
The RBI's decision to raise the benchmark lending rate by 0.25 per cent is not expected to hamper investments.
India is actively engaged in the Regional Comprehensive Economic Partnership (RCEP) negotiations and also holding bilateral talks with member countries including China, Australia and New Zealand.
Since RCEP is a comprehensive economic partnership pact India feels services should be an integral part of the agreement.
As for the US’ challenge on India's export support programs, the country will counter by saying these measures are not subsidies but ways to partially offset various additional costs incurred by them.
Global luxury brand Gucci has launched a couple of sustainability initiatives.
The first amongst them is the - Gucci Equilibrium’ campaign that is designed to connect people, planet and purpose that showcases stories, ideas and the science behind environmental and social impact change, bringing Gucci’s perspective on some of these critical issues.
The initiative is anchored by three pillars covering the environment, people and new models of sustainable innovation.
The brand has developed ‘Scrap-less’, a programme that runs in association with tanneries as a key way to improve its environmental profile.
This profile is measured by Gucci by calculating the Environmental Profit & Loss (EP&L) of its products. An EP&L account allows a company to assign a financial value of the costs and benefits it generates for the environment, and in turn, to make more sustainable business decisions.
Indian designer Dhruv Kapoor has been nominated to represent the Indian sub-continent and Middle East region at International Woolmark Prize (IWP) 2018-19.
The designer will represent these regions and compete with 42 designers from across the globe at the semi-finals next month for the coveted International Woolmark Prize.
Dhruv Kapoor stated that he is looking forward to the development process and working with the versatile Merino Wool. He further added that it is a great opportunity where the best talent from across the world is under one roof.
IMG Reliance was the nominating body for the Indian region and selected Dhruv from hundreds of applicants from India, Pakistan and Middle East.
International Woolmark Prize 2018-19 semi-finals will be held in Hong Kong on July 5, London on July 10 and New York on July 12, The 42 designers will then be trimmed down to 12 who will compete in the International Woolmark Prize global final to be held at an international fashion week in early 2019.
The Canadian government will soon propose the law needed to approve the pending Comprehensive and Progressive Trans Pacific Partnership trade agreement.
The government wants to be amongst the first ones to approve the deal. The government’s decision was made public just weeks after Champagne presented the Comprehensive and Progressive Trans Pacific Partnership agreement, formerly the Trans Pacific Partnership, in the House of Commons on May 23.
The Trudeau government has been pressured by stakeholders to approve the trade agreement as quickly as possible. Mexico has already approved the multi-lateral trade deal, with Japan expected to have its ratification process concluded by the end of June.
Australia has tabled the treaty in its Parliament and vows to expedite ratification, while Malaysia and Chile are both expected to ratify quickly. New Zealand, Singapore, Peru, Vietnam and Brunei also plan to approve the law soon.
Bangladesh will need to boost productive investment by addressing infrastructure bottlenecks and strengthening the banking sector to maintain the ongoing momentum.
Boosting public investment will upgrade infrastructure (such as roads and electricity coverage), spur more private sector activity, and ultimately create more jobs.
Tax revenues in Bangladesh are currently low at nine per cent of GDP, and the country needs more revenues to finance infrastructure investment and social spending.
The country is undergoing a transformation from a low-income to a middle-income economy. Growth in Bangladesh has averaged more than six per cent over the last decade, significantly lifting per capita income.
Poverty has declined steadily and other social indicators, like gender disparity in education and maternal mortality, have also improved.
Throughout this process, the country has diversified away from an agrarian to a more manufacturing-based economy with rapid growth in the readymade garment industry.
The average tax revenue to GDP ratio for non-resource rich, low-income countries is around 15 per cent. Therefore the priority is to implement the delayed value-added tax, preferably with a single rate, reaching a broad base to help raise the much-needed revenue.
Tax policy reform should also be supported by continued efforts to strengthen tax administration and improve tax compliance with online registration and filing of tax returns.
The proposed polyester legislation from several US states in light of textile microfiber pollution appears to have hit the buffers in the respective state assemblies of California, New York and Connecticut.
Time constraints would seem to be the primary reason that any law-making on this issue has been delayed, while – with the governor’s approval – Connecticut looks set to progress the motion to a stage requiring the formation of a microfiber pollution working group.
It was in March and April respectively that the US states of California and Connecticut took the unprecedented step of proposing legislation which would see polyester garments legally required to bear warning labels regarding their potential to shed microfibers during domestic washing cycles.
Without allowing for proper research to study methods of curbing microfiber pollution, this approach would create confusion among consumers by insinuating that synthetic fibers have a worse environmental impact than natural fibers without the data to support this conclusion.
The proposed legislation in California hopes to start addressing this pollution. It’s necessary to improve the information available to consumers so warning labels on clothing about microfibers could be a positive step.
A similar bill proposed in New York State has been referred to the Environmental Conservation committee.
UBM Fashion recently launched its first combined NY Men’s and Women’s marketplace.
The highlight of this show is the BLUE @ PROJECT, its premium denim area, which will feature the latest offerings from the hottest brands.
The area has been positioned in the front of the show to merchandise it with its own point of view. It’s also strategically positioned at the nexus between the men’s and women’s sections.
To further entice shoppers, UBM Fashion is launching THE FOUNDRY @ PROJECT, which is designed to create a one-stop shop for buyers looking to complete their assortments.
The Raleigh Denim+ brand will debut some limited edition pieces at the show. The brand is also working with Bernhardt Design on a new furniture collection and another big development that it’s keeping mum on for now.
The S.M.N brand marries the understated, elegant visual merchandising with the aesthetic.
It offers garments that range from $190 to $300 on average and spans up to $550 for a capsule created in Japan.
The fashion industry in GCC states continues to maintain a positive momentum attributed to key factors in influencing the market like robust economic growth, rising purchasing power, growing population comprising a large proportion of expatriates, changing consumer patterns and increasing penetration of international retail players.
The Gulf is also gearing to host events such as the World Expo 2020, leading to a growing influx of tourists and creating immense opportunities for existing and new retailers in the region.
Products are now launched in the Gulf at the same time as the West - to the minute including special lines for the Gulf customers in terms of sizes, cuts, shades and scents.
UAE ranks 3rd largest country in terms of apparel and textile exports and is among the largest sector of the Middle East
German safety and quality assessment lab TUV SUD has expanded its textile testing laboratory in Tirupur with the offer of chemical testing services for all textile businesses in the knitwear hub. The one-stop testing services would now be available across the neighbouring regions including Karur, Salem and Erode. The facility is fully equipped to provide comprehensive textile, apparel and home furnishing testing services.
With its wide network of labs and experts across key markets including south Asia, European Union, ASEAN, the US and the UK, TV SD has in-depth familiarity with compliance in exporting and importing nations.
The all-inclusive capabilities of the laboratory will cater to manufacturers and exporters carving a niche for Indian knitwear products in global and domestic markets.
The facility is fully equipped to provide comprehensive textile, apparel and home furnishing testing services. TUV SUD will be able to assist manufacturers in improving production processes, optimising costs and reducing risks and defects by ensuring their products' compliance with the guidelines.
According to Forbes' Global 2000 list, French fashion empire Christian Dior, incepted in 1947, has retained its position as the world’s largest retailer focused on clothing, shoes and accessories.
The high-end retailer witnessed its sales rise by double digits last year to a record-breaking 44 billion euros ($49 billion).
This makes it the 150th largest company on the Global 2000 list of the world’s biggest and most powerful public companies, as measured by a composite score of revenues, profits, assets and market value.
The fashion house benefits from a 41% stake in LVMH, the French luxury empire that owns 70 brands including Louis Vuitton, Dom Pérignon and Sephora. LVMH, which is run by French billionaire Bernard Arnault (net worth: $86 billion), in turn wholly owns Christian Dior.
The companies have had a complicated ownership structure for years, with LVMH acquiring the remaining portion of Christian Dior that it didn't already own last year in a $13 billion deal.
