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For the fourth quarter Michael Kors’ net sales fell 11.3 per cent. During the fourth quarter, the company swung to a net loss, with total revenue decreasing 11.2 per cent. Michael Kors now expects same-store sales for the first quarter to decline in the high single-digit range.
The luxury retailer plans to close between 100 and 125 full-price retail stores over the next two years. This move is an important step in rightsizing points of distribution, which will improve long term brand equity, capital return and margin structure.
Michael Kors, among many of its peers in the retail space, has been hurt by lagging sales and dwindling foot traffic as more shoppers choose to ring up purchases online. Further, the retailer has had a difficult time marketing its products at full price.
Fiscal 2017 was a challenging year as the brand continued to operate in a difficult retail environment with elevated promotional levels. In addition, its product and store experience did not sufficiently engage and excite consumers.
Michael Kors is a world-renowned, award-winning designer of luxury accessories and ready-to-wear. The company, established in 1981, currently produces a range of products like accessories, footwear, watches, jewelry, men’s and women’s ready-to-wear, eyewear and a full line of fragrance products.
Chris Waldeck is president of Lee and Rock & Republic .With more than 20 years of relevant industry experience, Waldeck joins Lee and Rock & Republic from Reebok, where he was most recently the vice president and general manager. In this role, he was responsible for brand marketing, merchandising, public relations, finance, operations and led a transformational growth platform across all channels – wholesale, retail and e-commerce.
During his 14-year career at Reebok, Waldeck held a variety of leadership positions where he gained international experience entering new categories, facilitating strong partnerships and endorsements, and establishing franchise models and owned stores.
He has a passion for the intersection of lifestyle and brand, which enables him to reach a broad base of consumers – especially those who engage actively in their apparel as a reflection of who they are and aspire to be.
Lee has spent decades building a brand image of the strong American man, especially with the classic tagline The Jeans that built America. Its sister brand Wrangler has also marketed itself as a brand of jeans infused with the machismo of the American West.
Lee has been in denims since 1889. The brand has to now reorient its image in the market to cater to women after years of focusing on selling the alpha male jeans.
At Pakistan’s cotton market, prices of all grades of cotton stood firm during the trading session.Around 9,600 bales changed hands.
Leading buyers in Sindh and Punjab stations bought better grade lint on premium prices offered by ginners during the trading session.
Second grade lint for blending purposes is expected to remain in higher demand along with growing demand for fine lint on slightly higher prices by the spinning sector.
Mills and the spinning sector were eager for better quality on the back of its growing end product demand on the domestic and export fronts.
Ginners withholding fine lint were steadfast and not ready to bow down before the buyers' offers since they were confident the price would not go below the spot rate.
Domestic buyers started accepting slightly higher prices as leading millers bought around 360 bales.
Ginners of Punjab offered quality cotton to buyers while ginners of Sindh offered raw lint to buyers.
In Sindh, moderate business has been noticed with around 900 bales of upper Sindh changing hands at Rs 6,600 per maund, about 100 bales of southern Punjab at Rs 6,750 per maund, 200 bales on ex-Karachi basis at Rs 6,550 per maund and 200 bales of upper Sindh selling at Rs 6,450 per maund.
According to the sixth edition of the ILO’s Cambodian bulletin, Cambodia’s garment and footwear sector exports continuous to grow in 2016, rising by 7.2 per cent to US$ 7.3 billion, on the other hand the number of exporting factories fell by 10.4 per cent and the number of workers declined by 2.9 per cent, compared to 2015.
The latest issue of the ILO’s Cambodian garment and footwear sector bulletin the three main factors which contributed to the divergence between strong exports and weaker employment and enterprise creation are rise in the industry’s productivity, statistical problems with the measurement of employment and factory numbers, and an increase in production in subcontracting factories.
A rise in employment and production in subcontracting factories could be a concerning development if subcontracting is being used as a way to undercut regulations, including labour law and the minimum wage, which should be carefully monitored by stakeholders says Maurizio Bussi, director of the ILO country office.
Garments and footwear remain the most important of Cambodia’s exports in 2016 as per the bulletin. The EU remains the most important market destination for Cambodia’s garment and footwear exports, with the US being second.
Average monthly earnings, including overtime, of Cambodia’s garment and footwear workers increased from US$ 145 in 2014 to US$ 175 in 2015 to US$ 195 in 2016. Adjusted for inflation, real average monthly wages/earnings were eight per cent higher in 2016 than they were in 2015.
The Bulletin has been published within the outline of the ‘Labour standards in global supply chains’ programme financed by the Federal Ministry of Economic Cooperation and Development (BMZ) on behalf of the Government of the Federal Republic of Germany.
"Pitti Uomo 92 will mark the ninth edition of ‘Who Is On Next? Uomo’, the scouting project produced by Fondazione Pitti Immagine Discovery and sponsored by Pitti Immagine Uomo in cooperation with Altaroma and L’Uomo Vogue, that seeks out new Italian or Italy-based talent in men’s fashions. This is the world’s most important platform for men’s clothing and accessory collections and for launching new projects in men’s fashion. Spread over 60,000 sq. mt., the show will attract around 1,220 brands; 540 of these from abroad (44.2 per cent of the total)."
Pitti Uomo 92 will mark the ninth edition of ‘Who Is On Next? Uomo’, the scouting project produced by Fondazione Pitti Immagine Discovery and sponsored by Pitti Immagine Uomo in cooperation with Altaroma and L’Uomo Vogue, that seeks out new Italian or Italy-based talent in men’s fashions. This is the world’s most important platform for men’s clothing and accessory collections and for launching new projects in men’s fashion. Spread over 60,000 sq. mt., the show will attract around 1,220 brands; 540 of these from abroad (44.2 per cent of the total).
Showcasing the winning designs
The ninth edition’s finalists are: Bad Deal, Magliano, matteolamandini, Milano 140, Omar, Self Made by Gianfranco Villegas. The finalists’ collections will be judged by an international panel of top buyers, fashion journalists and opinion makers. The winner, who will be the protagonist of a special event on the occasion of Pitti Uomo 93, will be announced on June 13, during the Pitti Immagine Uomo 92 opening ceremony at Palazzo Vecchio. Their collections will be presented to the Pitti Uomo audience at the fair’s various sections in order to show off their creativity and styles to the best.
Who is on next? Uomo is part of the ‘Special Program for the 2016 Pitti Immagine Fairs’ sponsored by the Centro di Firenze per la Moda Italiana and produced thanks to a special grant from MiSE (Ministero dello Sviluppo Economico – Ministry for Economic Development) and Agenzia ICE (Italian Trade Agency) in support of Italian trade fairs and Made in Italy.
The competition enjoys the support of a group of prestigious fashion industry firms such as Tomorrow Limited, Fashion Valley, Herno and Sugar. Plus, the support from Pitti Tutorship, the Pitti Immagine department devoted to helping designers to make their name in the world of fashion.
"The new research led by Z. Jeffrey Chen at The University of Texas at Austin might offers a break for the industry. He with his team have taken the first step toward a new way of breeding heartier, more productive cotton through a process called epigenetic modification."
The new research led by Z. Jeffrey Chen at The University of Texas at Austin might offers a break for the industry. He with his team have taken the first step toward a new way of breeding heartier, more productive cotton through a process called epigenetic modification.
Talking about the epigenetics in recent decades, scientists have discovered that many traits in living things are controlled not just by their genetics what's written in the code of their DNA but also by processes outside their DNA that determine whether, when and how much the genes are expressed, known as epigenetics. This opens up the possibility of entirely new ways to breed plants and animals. By selectively turning gene expression on and off, breeders could create new varieties without altering the genes.
The researchers identified more than 500 genes that are epigenetically modified between wild cotton varieties and domesticated cotton, some of which are known to relate to agronomic and domestication traits. This information could aid selection for the kinds of traits that breeders want to alter, like fiber yield or resistance to drought, heat or pests.
Chen, the D. J. Sibley Centennial Professor of Plant Molecular Genetics in the Department of Molecular Biosciences says that this understanding will allow everyoneto supplement genetic breeding with epigenetic breeding asthe epigenetic changes will affect flowering and stress responses, you could reactivate stress-responsive genes in domesticated cotton.
In a study, Chen and his colleagues at Texas A&M University and Nanjing Agricultural University in China report they produced a "methylome" a list of genes and genetic elements that have been switched on or off through a natural process called DNA methylation. This methylome covers the most widely grown form of cotton, while showing how these plants changes more than a million years. The researchers discovered changes in DNA methylation occurred as wild varieties combined to form hybrids, the hybrids adapted to changes in their environment and finally, humans domesticated them.
Chen says modern breeders can modify gene methylation with chemicals or through modified gene-editing technologies such as CRISPR/Cas9. These methods could allow breeders to make targeted changes to a plant's epigenome and create new breeds with improved traits.
Nandan Denim’s consolidated revenue for the fourth quarter of 2017 rose by 29.9 per cent year on year.EBITDA for the quarter rose by 23.3 per cent year on year. EBITDA margin for the quarter stood at 15.7 per cent. Profit after tax for the quarter declined by 5.8 per cent year on year.
For the full year, revenue jumped by six per cent while EBITDA fell by one per cent. Net profit was down 11 per cent year on year.
In future Nandan is looking to increase its share of value-added products and adding more processing facilities coupled with innovative and fashion first products. This will enable it to manufacture a wide range of denim fabrics, fetching higher average realisations and profitability.
Nandan Denim plans to create a portfolio of hybrid brands straddling across consumer segments and price points. The company is in the process of initiating internal projects that are woven around bringing efficiencies in quality, delivery and waste control.
Another priority is fabric innovation. It is also well-positioned to capitalise on the soaring export demand. The fully integrated manufacturing facility caters to the needs of customers by providing a variety of products under a single roof. The hope is that the on-going expansion in denim fabric capacity and backward integration will better operating margins and return ratios.
The Swedish economy expanded 0.4 per cent on quarter in the first three months of 2017.Fixed investment and household consumption were the main drivers of growth while government spending contracted and net trade contributed negatively. Year-on-year, the GDP advanced 2.2 per cent.
After an exceptional year in 2015 with a 4.1 per cent expansion, Swedish growth slowed down to 3.2 per cent in 2016. Sweden’s economic growth slowed to 0.4 per cent in the first quarter due to lower exports.
This was probably due to lower net exports and public consumption than expected. Driven by strong consumption and investment, growth was 2.2 per cent year on year.
Household consumption rose by 0.5 per cent and property prices jumped by 7.7 per cent. Consumption of transport, furniture, hotel and restaurant services has been on the rise.
Sweden is a major exporter of transport equipment, machinery and iron. Overall export figures were down by 0.2 per cent but goods exports were up by 1.7 per cent. Service exports fell by 4.3 per cent.
Gross fixed capital formation jumped 2.5 per cent after rising by one per cent in the fourth quarter 2016; and household consumption went up 0.5 per cent. Changes in inventories contributed 0.1 per cent points to GDP growth.
O P Prahladka is the new chairman of the Export Promotion Council for Handicrafts (EPCH. He was earlier vice chairman.
EPCH is an apex organization of the trade and industry for promotion of Indian handicrafts.
Prahladka is a leading handicrafts exporter from the eastern region. He is a qualified electrical and electronic engineer and is an acknowledged expert in the use of craft materials like wood, horn, bone, shell, jute, cotton, cotton canvas, leather and other natural fibers in the most innovative way.
Prahladka has been instrumental in the establishment of the National Centre for Product and Development and is founder member of the Handicrafts and Carpet Skill Development Council.
He has been associated with EPCH since its inception and continues to play an important role for inspiring new entrepreneurs in the craft industry. He has played a key role in driving the growth of handicrafts in the eastern region of the country and at the national level by mentoring several artisan groups and new handicraft enterprises.
Export Promotion Council for Handicrafts was established in 1987 as a non-profit to promote, support, protect, maintain and increase the exports of handicrafts. The council has created the necessary infrastructure as well as marketing and information facilities which are availed of by member exporters and importers.
Asian Textile Machinery Expo (ATME) will be held in New Delhi, November 24 to 27, 2017. This is an exhibition on textiles, garment machinery and related services.
The show will be a platform where visitors can have access to modern technology from around the globe and international exhibitors would be showcasing their latest developments to the entire South Asian textile and garment industry. It will provide exhibitors a chance to meet with high quality buyers from India and from China, Bangladesh, Sri Lanka, Pakistan, US, Myanmar, UK, Italy, Thailand, Vietnam and the Middle East.
There will be high quality buyers from New Delhi, Noida, Gurgaon, Faridabad, Mumbai, Panipat, Ludhiana, Varanasi, Jaipur, Meerut, Amritsar, Indore, Surat, Ichalkaranji, Kolkata, Bhiwandi, Ahmedabad, Bangalore, Chennai, Tirupur, Coimbatore, Erode, Salem, Karur, Madurai, Komarapalayam, etc.
The exhibition is supported by various state governments and different associations across the country. One of its aims is to promote the Make in India scheme.
India is the world’s second largest textile exporter.
The Indian textile industry is extremely varied, with hand-spun and hand-woven textile sectors at one end of the spectrum and capital intensive sophisticated mills at the other end. The industry has the capacity to produce a wide variety of products.
