Market Buzz& Industry News
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Li & Fung looks to speed, innovation and digitalisation
Global sourcing specialist Li & Fung has blamed a tough retail environment for almost halving its full year profit, and says it is reorganising its businesses into two major divisions as it refocuses on speed, innovation and digitalisation for its next three-year plan.
Britain officially triggers Brexit process
Britain's Prime Minister Theresa May has notified the European Council of Britain's intention to leave the EU, in a move that has prompted calls for the upcoming Brexit talks to be conducted in a spirit of fairness, and negotiations to be advanced quickly in order to prevent major business disruption.
Reebok targets China with "best" fitness brand bid
Sporting giant Reebok has unveiled plans to open 500 of its FitHub stores across China by 2020, as part of a bid to become the "best" fitness brand in the region.
European Council approves extending EU-Uzbekistan partnership
The EU Council of Ministers has approved a protocol extending the EU-Uzbekistan partnership and cooperation agreement to bilateral trade in textile products.
Amazon makes Middle East move with Souq.com buy
Online retail giant Amazon is making its move on the Middle East with the acquisition of Dubai-based online shopping retailer Souq.com.
Bureau Veritas and CEA partner to verify 'Egyptian Cotton'
Inspection and certification firm Bureau Veritas has partnered with the Cotton Egypt Association on an exclusive five-year collaboration to verify Egyptian Cotton at any stage along the supply chain.
India mulls anti-dumping duty on elastomeric yarn
The government of India is considering imposing an anti-dumping duty on imports of elastomeric filament yarn from China, South Korea, Taiwan, and Vietnam.
Sears CEO snaps up company shares despite future doubts
Edward Lampert, CEO of US retail giant Sears Holdings Corp, has purchased almost 526,000 shares in the same week the company expressed "substantial doubt" as to whether it can continue to operate as a profitable business.
Virtual 3D 'try-on' technology to redefine purchasing
A new virtual 'try-on' technology is being launched by fashion-tech company The Modern Mirrror aimed at transforming and redefining consumer purchasing behaviour by merging cutting-edge body-imaging technology with 3D visualisation.
Former Topshop head Homer joins The White Company
UK clothing and homewares retailer The White Company has appointed former Top Shop managing director, Mary Homer, as its new chief executive officer.
Focus International to steamline processes with PLM and ERP
Focus International, part of retailer JD Sports Fashion Plc, is implementing a new suite of software products to streamline processes across the business and replace its existing systems. The company has selected the Visual End2End software suite from Visual Next UK to centralise all of its product information and processes into a single system, boosting efficiency and steamlining design, prod...
Cabbeen picks PLM to boost efficiencies
Chinese menswear brand Cabbeen has invested in a new product lifecycle management (PLM) as part of an internal supply chain system restructure, and to help increase agility and response to changing retail conditions.
Garment supplier Pratibha Syntex honoured by C&A
Indian knitted garment manufacturer Pratibha Syntex has been recognised for its sustainability practices by value retailer C&A.
3D CAD comes of age
Although there are many continuous developments in technology, every so often a giant leap occurs with the potential to bring huge benefits to apparel retailers, brands and manufacturers. 3D CAD is undoubtedly the next major advance for the sewn products industry in a world where speed to market, cost reductions and the elimination of waste are paramount.
Apparel group Sae-A opens second school in Haiti
South Korea's Sae-A Trading, one of the world's largest apparel manufacturers and exporters, has reiterated its commitment to Haiti, where it employs more than 10,000 people, by opening a second school in the country.
Tom Tailor optimistic on turnaround for 2017
German fashion group Tom Tailor Holding has said it expects its realignment plan to have a positive impact this year, but admitted it still has "quite a way to go" as it revealed a net loss for fiscal 2016.
New York garment industry gets US$51m boost
New York City's garment manufacturers are to get a boost thanks to a US$51.3m support package aimed at modernising and strengthening the sector.
New Look owner cancels UK listing over Brexit concerns
Brait Societas Europaea, the South African company that owns New Look, has cancelled plans to list its shares in London as a result of concerns over the UK's decision to leave the EU.
Moss Bros FY earnings jump despite headwinds
Men's wear retailer Moss Bros Group booked higher earnings and sales in its last fiscal year, despite operating in what it says was an unforgiving and highly competitive market.
Hirdaramani to head WFSGI manufacturers committee
The World Federation of the Sporting Goods Industry (WFSGI) has named Rakhil Hirdaramani, owner and director of Sri Lanka based apparel manufacturing giant Hirdaramani Group, as chairman of its manufacturers committee.