The South Korean Ministry of Trade, Industry, and Energy has signed many trade important documents, including an exchange letter with the Government of Vietnam on cumulating of origin of textile materials between the two countries in the EU- Vietnam Free Trade Agreement (EVFTA). As per EVFTA's commitments, to enjoy reduced import tariffs, exporters need to ensure strict compliance to origin requirements of their products. Accordingly, the material fabric used to make clothes must be woven in Vietnam or other EU member countries. However, most textile and apparel materials in Vietnam are currently imported from non-EVFTA member sources.

Therefore, Vietnam has urged EU to include a provision allowing Vietnamese enterprises to add the content of origin of material textiles imported from South Korea- the country that has signed an FTA with the EU - into the garment products produced in Vietnam to enjoy preferential import tariffs when exporting to the EU.

As per Myanmar’s commerce ministry, the county’s garment exports have dropped by half in two months due to a slump in demand in the European market. The ministry revealed, Myanmar’s export of cut-make-pack (CMP) garments were valued at $214 million in October and November in fiscal 2020-2021 compared to $450 million in the corresponding period of the last fiscal.

However, the Myanmar Garment Manufacturers Association expects garment business to recover after the COVID-19 vaccine succeeds in Europe. The country’s manufacturing sector is primarily concentrated in garment and textiles produced on the cutting, making, and packing basis, and it contributes to the country’s GDP to a certain extent.

Its CMP garment sector which contributes to 30 per cent of Myanmar’s export sector is bracing for downward trend owing to cancel of order from the European countries and suspension of the trade by western countries amid the pandemic.

A new report from Spanish investment firm Comprar Acciones, expects the global activewear market to remain resistant to the economic impact of COVID-19 and reach $353.5 billion in 2020. The firm also expects market to grow at a 3.7 per cent CAGR over the next six years, reaching $439.17 billion by 2026. It further predicts athlesiure sales to account for 31 per cent of apparel revenues in the US in December.

Comprar Acciones also highlights 75 per cent growth in Nike’s online sales during the fourth quarter ending June this year and 82 per cent in the first quarter that ended in August. According to the company, this surge in e-commerce helped offset significant declines in its brick-and-mortar sales during the fourth quarter. There has been 93 per cent increase in e-commerce sales of Adidas in the third quarter and the 66 per cent increase in Puma’s digital sales year to date. The firm reinforces the important role played by the athleisure segment during the pandemic.

NPD predicts athleisure items like sweatpants and sweatshirts will account for 31 per cent of total apparel spending in the US during the 2020 holiday season. It had a 26 per cent share in the 2019 holiday season, the company adds. For example, Gap-owned women’s workout clothes brand Athleta, posted a 35 per cent increase in net sales in the third quarter, while another of its brand Old Navy registered a 55 per cent rise in activewear sales. Abercrombie & Fitch’s women’s loungewear brand, Gilly Hicks posted a double-digit increase in sales in the most recent quarter, thanks to a 100 per cent rise in its online sales.

A Euromonitor and Coresight study cited by Comprar Acciones expects the US athleisure market to decline by 9.2 per cent to reach $105.1 billion in sales in 2020. However, the sector is expected to rebound in 2021, when sales could grow by 7.9 per cent.

Denmark’s fur exporters are reeling under the government’s decisions to kill 17 million farmed mink after COVID-19 outbreak at hundreds of farms led to the discovery of a new strain of Coronavirus in the mammals. As per the International Fur Federation, the government’s decision has caused a 30 per cent rise in mink pelts prices, of which Denmark was the top exporter. Now, exporters are looking to Finland, which will soon offer one million mink and 250,000 fox pelts for sale in Korea, China, the United States and elsewhere. The pelts will be sold at the Auction house Saga Furs from December15.

The sales program will offer mink fur from both Europe and North America, such as ‘Pearl Velvet’ and ‘Silverblue Velvet’ mink, in addition to ‘Silver Fox’, “White Finnraccoon” and Russian sable. Saga Furs expects 100 per cent sales compared to the 55 per cent take-up so far in 2020 as a result of the Coronavirus crisis. Fur demand has been falling since the 1950s, except for a rise between 2000 and 2013 when it was popular on fashion runways and Chinese appetite for luxury pelts boomed, Lise Skov, an academic who researched the Danish fur industry, said.

A typical mink pelt sold for more than $90 at auction in 2013, while last year skins fetched around $30. This was despite a fall in global production to just under 60 million pelts last year, from more than 80 million in 2014.

Footwear, accessories and apparel brand Steve Madden has promoted Zine Mazouzi, Chief Accounting Officer and Senior Vice President-Finance and Operations as its new Chief Financial Officer, with effective from January 1, 2021.

As per Fashion Network, Mazouzi will succeed Arvind Dharia, who will serve in an advisory capacity through 2021 to ensure a smooth transition. Dharia has served as Steve Madden’s CFO since October 1992.

Mazouzi, who began his work with Steve Madden in 2019, has over 20 years of experience in the footwear industry, as well as a proven record in corporate finance, financial planning and analysis, operations, strategic planning and risk management.

Prior to joining Steve Madden, he served in various leadership roles at Sears Holdings Corporation, including head of Sears and Kmart footwear, home and fine jewelry and chief financial officer of Sears and Kmart footwear.

Previously, Mazouzi held several leadership roles at Nine West Group, including chief financial officer and senior vice president of finance, wholesale and international F&A.

The signing of the regional comprehensive economic partnership (RCEP) will enable 10 ASEAN countries and five countries including China, Japan, South Korea, Australia and New Zealand to jointly promote trade and investment, and closely connect China’s textile fabrics with garment manufacturing factories in Southeast Asia.

RCEP will progressively lower tariffs across many areas in the coming years. Tariffs on most products from the Philippines, Cambodia, Laos, Japan, South Korea, Australia, and New Zealand will gradually drop to 0 per cent in addition to the above six countries.

According to estimates by the Peterson Institute for International Economics, assuming the continuation of the Sino-US trade friction, China’s accession to RCEP will bring an additional USD 100 billion in real national income growth in 2030, thereby offsetting about 30 per cent of the negative impact of the trade friction.

Although the pandemic that currently affects the global economy this year has not improved well and the overseas economy has recovered slowly, with the signing of the RCEP agreement, market participants still have certain expectations for the first half of next year.

A new prototype collection developed by The Woolmark Company with circular knitting machine manufacturer Santoni and designed by innovative knitwear designers at Studio Eva x Carola aims to illustrate the full potential of Merino wool used in technical seamless performance apparel.

Created in a vibrant colour palette, Woolmark x Santoni x Südwolle collection includes leggings, crop tops and bras, racer-back tank top and a T-shirt, all designed with performance in mind.

It introduces Merino wool to Santoni’s state-of-the-art circular seamless knitting machines. Designated the ‘original performance fiber’, Merino wool is soft next to skin, breathable, naturally elastic and odor resistant. In addition, the eco-credentials of the fibre - namely being 100 per cent natural, renewable and biodegradable - align with yoga’s connection with both nature and mindfulness, it adds.

Combining wool with Santoni Shanghai’s technology means we can create a unique touch experience with fine gauges, no seams and mindful engineering

According to a study by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh's garment exporters can minimize their losses from the ending of duty-free trade benefits by European Union (EU) to $3.2 billion, if they avail the generalized system of preferences (GSP) benefits

The EU offers standard GSP for low and lower-middle-income countries. This means a partial or full removal of customs duties on two-third of tariff lines.

Bangladesh currently enjoys duty-free, quota-free access for all products except arms and ammunition in the EU market as a least developed country (LDC) under the EBA (Everything But Arms) facility.

On termination of these benefits, Bangladesh's shipment to the EU will face the worst impact after graduation as the bloc accounts for 61 per cent of the duty-free export from the country.

Applying the standard GSP or most-favoured-nation (MFN) tariff will escalate the cost of sourcing from Bangladesh further. The EU's global average import price dropped 4.35 per cent from 2013 to 2018.

Designer Brands has been forced to upend its merchandise assortment as people, stuck at home for work and play due to the pandemic, have opted for more casual attire.

With signs of increased demand for boot sales earlier this year, the retailer increased its orders but is now stuck with an excess because that demand waned amid the re-escalation of the pandemic, executives told analysts.

The retailer is faring better with its decision to expand its athleisure assortment to 49 per cent of its offer, up from its usual 28 per cent. It is in the midst of a three-year strategic plan that included the introduction of nail salons and shoe repair services into its stores. That's turning out to be poor timing, as the pandemic's recent upsurge is keeping customers out of stores. The company noted in its release that the "decrease in gross profit was primarily driven by the significant reduction in customer traffic with the continuing impact of COVID-19."

After some recovery at the end of the summer, store traffic is back down around 40 per cent in the current quarter. Meanwhile, Designer Brands, once known as DSW, hasn't had much success shifting sales online, with William Blair analyst Dylan Carden in emailed comments noting that its 3 per cent growth falls behind peers.

Futuristic Expo will hold The Trousseau Show, the multi-brand bridal women’s fashion exhibition in Worli, Mumbai on December 21.

As per a Fashion Network report, the upcoming business to customer event will feature product categories including bridal wear, ethnic wear, traditional wear, occasion wear, footwear, accessories, jewellery, and home décor items. The event is designed to be a one-stop-shop for brides to be this winter wedding season.

It will be attended by brands including Jasmyrra, Kavita Creations, Adaa by Sunanda Verma, Lucknowi Kutis and Palazzos, Home Company, Suman’s Lucknowi, Bobby Creations Kolkata, and Libaaz Vatika, etc

Futuristic Expo will hold another bridal shopping exhibition on January 8 at the JW Marriott in Juhu, Mumbai. The Wedding Show will feature a similar selection of women’s traditional wear, bridal wear, accessories, and lifestyle items.

The business held its most recent shopping fair on November 2 at the Four Seasons in Worli, Mumbai. The Diwali and wedding themed event took place with social distancing measures in place, as will Futuristic Expo’s upcoming two events.