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Canadian athleisurewear maker Lululemon Athletica is the latest to announce the exit of its CFO, after a string of company’s announcement of the resignation of top-level executives.
Patrick Guido, who joined the company in 2018, after seven successful years at VF Corp, will be taking his leave on 8 May to pursue interests outside the apparel industry.
The role will now be fulfilled by senior Vice President Meghan Frank and Controller Alex Grieve who will jointly oversee the workings of the finance team till a suitable successor is found.
Lululemon had earlier announced that the executive-level management will be taking a pay cut of 20 per cent during this crisis as the company’s stores in Australia, New Zealand, Malaysia and all of Europe remain shut due to lockdowns.
Originally scheduled to take place June 02–03 in Manhattan, the New York edition of Kingpins, the trade event for denim enthusiasts, has been canceled. This follows the cancellations of its April 22–23 edition in Amsterdam and May 13–14 show in Hong Kong, the Andrew Olah–founded brand announced recently.
To sate the appetite for professionals in the denim space to reconnect, Kingpins announced on March 24 that a new show format would take place as a virtual edition. Named Kingpins24, the event will allow the denim industry to share new ideas, plans for the future and solutions for the industry in anticipation of life after COVID-19. Kingpins24 takes place April 22–23.
In addition to this fresh trade-show concept, Kingpins announced in an April 10 email that it had launched a new Kingpins Shop, an online retail store that offers books, art, apparel and accessories, home goods, vintage pieces, lifestyle goods, and kits to embark on do-it-yourself projects at home.
In a recent webinar, Fashion Snoops stated that climate change, coupled with the uncertainty of the coronavirus, is leading the active wear category down a design path based on utility and preparedness. Over the next 18 months, consumers in crisis mode will likely drive up the demand for active wear that provides adaptability, utilitarian practicality and protection, the trend forecasting firm reports.
There’s been an uptick in designs that aim to protect the wearer for some time, said Taylor San Nicolas, Fashion Snoops active wear editor.
From material innovation to construction design, Fashion Snoops says designers will reconsider activewear garments for extreme adventure and resiliency.
Here, fabrics will help bridge science and fashion. Materials and hardware are based on preparedness and protection. Reinforced mesh that doubles as a pollution filter, canvas with high tensile strength and thermal fabrics that would otherwise be reserved for first responder are being adapted for commercial use.
There’s also a focus on how technical finishes can augment materials to be more protective, durable and functional—be it enhanced gripping or more tactile or visible.
Key design concepts include outdoor staples with rugged qualities, apparel with “on-the-go” power supply for electronics and designs that include face protection.
Originally scheduled to take place June 02–03 in Manhattan, the New York edition of Kingpins, the trade event for denim enthusiasts, has been canceled. This follows the cancellations of its April 22–23 edition in Amsterdam and May 13–14 show in Hong Kong, the Andrew Olah–founded brand announced recently.
To sate the appetite for professionals in the denim space to reconnect, Kingpins announced on March 24 that a new show format would take place as a virtual edition. Named Kingpins24, the event will allow the denim industry to share new ideas, plans for the future and solutions for the industry in anticipation of life after COVID-19. Kingpins24 takes place April 22–23.
In addition to this fresh trade-show concept, Kingpins announced in an April 10 email that it had launched a new Kingpins Shop, an online retail store that offers books, art, apparel and accessories, home goods, vintage pieces, lifestyle goods, and kits to embark on do-it-yourself projects at home.
According to a recent study by Science in Me, over the next five years the Cashmere Clothing market will register a 3.8 per cent CAGR in terms of revenue, the global market size will reach $ 3230 million by 2024, from $ 2580 million in 2019.
Cashmere clothing is made from cashmere and cashmere yarn, including various sweaters, coats, trousers and other garments. China is the world’s largest supplier of raw materials, accounting for about 70 per cent of cashmere in the world, while Italy is China’s largest export destination, in April 2017; Italy imported 98 tons of cashmere from China, account 78 per cent of the month’s exports.
China is also the largest consumption market, due to the rapid growth of the national economy as well as people’s gradual improvement of life quality. Many famous brands have targeted in the region, like Loro Piana and Brunello Cucinelli. Although China is the largest cashmere garment manufacturer in the world, its own brand market share is very low. Most of them exist as OEM. This has led to the local enterprises in China at the bottom of the interests of the value chain for a long time.
United States also players an important role in the global cashmere clothing industry. In 2016, the country consumed about 3.5 million units, holding more than 19 per cent share globally.
Asia region is the major manufacturing bases due to the low labor cost and material cost. Most famous brands have their plants or cooperative manufacturers in the region.
Haiti has decided to reopen its textile factories from April 20. The poorest country in the western hemisphere had immediately declared a state of emergency after detecting its first two cases nearly a month ago, closing borders and shuttering schools, places of worship and industrial parks.
As the initial term of the state of emergency expires shortly, he government is considering whether to extend it. The textile manufacturing sector accounts for 90 per cent of the country’s exports.
The industry would start running at 30 per cent of its capacity to ensure social distancing in the workplace, according to global newswires.
Factories accounting for around a third of textile manufacturing workers were allowed to re-open two weeks ago to make cloth masks and medical garments.
Big-name international brands have cancelled billions of dollars in orders because of the pandemic, decimating Bangladesh's most important export industry and hurting in particular rural woman who dominate the workforce.
Making the shirts, pullovers, bras and socks for stores in wealther nations accounts for 80 percent of Bangladesh’s $40 billion of annual exports and has played a vital role in its growth of the past two decades.
More than four million people, mainly women from poor rural villages, are employed in the sector.
But the industry has a reputation for running sweatshops, with workers toiling in unsafe factories without labour protections or a social safety net.
The 2013 Rana Plaza diaster, when the collapse of the garment complex claimed the lives of 1,130 lives, exposed appalling safety conditions in Bangladeshi factories.
Now, with international brands walking away and a government lockdown stopped people in Bangladesh travelling, laid-off workers are complaining of being dumped without any help.
According to BGMEA, International brands have cancelled or held up orders worth $3.11 billion, affecting more than two million workers in the country.
As per the findings of a survey conducted by Rajesh Bheda Consulting (RBC), the impact of COVID-19 pandemic on business is unfathomable as of now but the total business impacted so far can be estimated at $3 billion. The combined value of orders cancelled and on hold is $1.49 million per respondent factory; 56 per cent respondents revealed payments were delayed, whereas in 19 per cent cases, customers refused to pay for the orders. Of the cancelled orders in 22 per cent cases buyers had paid for the material, in 35 per cent cases partial payment for the material was received and in remaining 43 per cent cases no payments were received.
RBC undertook a quick survey to understand the gravity of the situation in India. In all, 77 apparel exporting organizations from different manufacturing hubs of the country responded. Though the results are based on a relatively small sample, these do provide some much-needed data reflecting the scale of the challenge, as experienced by the respondents and its potential impact on the industry.
Brand Finance Apparel 50 index revealed Nike has retained its spot as the world’s most valuable apparel brand but the brand value of the sector could fall by 20 per cent due to the COVID-19 pandemic. The US sportswear brand’s value jumped 7 per cent to $34.8 billion as of January 1. Sporting goods rival Adidas stayed in third place as its brand value dropped 1 per cent to $16.5 billion, behind Gucci in second, which rose 20 per cent to $17.6 billion.
Jeans brand Levi’s was the fastest growing brand, rising 38 per cent to $4.1 billion, while Valentino and Gap suffered the sharpest falls in value. However, the report warned the brand value of the world’s biggest 500 companies could fall by up to $1 trillion, with the apparel sector one of the worst affected falling 20 per cent.
Nike and Adidas have both been forced to close stores around the world, with sales expected to be severely hit in the first half. Brand Finance also ranked sectors in terms of how severely they would be impacted by Coronavirus, with the brand value of apparel, airlines, restaurants, retail and auto parts industries all falling 20 per cent.
LVMH, which is largest luxury goods conglomerate in the world, plans to cut dividends by 30 per cent to €4.80 per given the current financial landscape. Chairman and CEO Bernard Arnault and the members of LVMH’s executive committee have already waived their salaries for the months of April and May, and will forgo their bonus compensation for the whole year.
LVMH generated revenue of €10.6 billion ($11.48 billion) for the first quarter of 2020. A 15 per cent drop for the three-month period ending March 31, with sales falling across all of its business segments – from its fashion and leather Goods group and perfumes and cosmetics division, where sales decreased 18 per cent, to watches and jewelry, and selective retailing, which saw sales sink by 24 and 25 per cent, respectively.
