The Export Promotion Bureau (EPB) of Bangladesh has increased its export target for FY 2020-21 by 13 per cent. The bureau has set a $37.44-billion export target for the year for expects exports to reach $33 billion by the end of current fiscal year, 2019-20. The initial target for the outgoing fiscal was $45.50 billion.

As per the target, the ready-made garment (RMG) sector will contribute more than 82 percent. Additionally service export will contribute $7.6 billion. The apparel industry has witnessed 82 percent and 62 percent negative growth in April and May respectively this year compared to last year’s April and May. Total export earnings during July-May fell b by 17.99 percent to $30.99 billion, from $33 billion in the same period of last fiscal year.

Bangladesh fetched $34.13 billion from RMG export in FY ’19 marking 11.49-per cent growth over that in FY ’18. The compound annual growth rate of apparel export in the past five years has been 6.86 percent.

The export sectors need government policy support to overcome the pandemic’s impact and sustain, she opined. According to the business leader, such a decline has not yet been detected in the history of the industry. Exports fell $6.6 billion in the current fiscal year, close to a fifth of last year. The RMG sector experienced a 4.6 billion export decline in the just three months from April to June 2020, exacerbating the impact of COVID-19 on the industry.

Google and WWF Sweden are partnering to create a data-driven platform to enable the fashion industry to make more environmentally-responsible sourcing decisions and move towards more sustainable manufacturing processes.

Research by environmental consultancy Quantis found that the footwear and apparel industries combined were responsible for 8.1 per cent of global emissions. Most of these impacts occur at the raw materials stage in the production process.

Google and WWF will create an updated platform that leverages all these data types, with the aim of further increasing accuracy and relevance of raw material assessments. It will include numerous raw materials based on WWF data and knowledge. This knowledge will be combined using Google Cloud’s technical capacity – including big-data analysis and machine learning.

The platform aims to address these challenges by offering an open-source resource that can be used on a standalone basis, or to complement existing efforts.

Intellectual property specialist and US brand management company Iconix Brand Group (ICON) recently entered into a share purchase agreement to sell its equity of Starter China for $16 million, according to a filing with the Securities and Exchange Commission. The buyer was not identified in the filing, but the deal is expected to close by September 15.

The Starter China business has been part of the Iconix China subsidiary. Iconix plans to use the proceeds to repay debt and for general corporate purposes.

According to Iconix chief executive officer Robert Galvin the company was up to close to 20 stores already for Starter in China, but the scene has been reset with the coronavirus shutdown and companies have raced to make sure they have some extra cash on hands.

As of March 31, Iconix had a total debt of $645 million with annual revenues of $141 million and earnings before interest, taxes, depreciation and amortization of $64 million, according to S&P Capital IQ.

IDH, the sustainable trade initiative which brings governments, companies, CSOs and financiers together in action driven coalitions, has released its 2019 annual report 'Delivering sustainable solutions for business impact'. According to this report IDH has made progress on its sustainability developing goals and is providing sustainable solutions to businesses and governments.

In the apparel sector, IDH operates in Vietnam, Pakistan, India, and China to address the challenges by developing sustainable business models, public-private partnerships that inform policy, and collaborative improvement program. In 2019, IDH also explored replicating some of the program’s successes in Ethiopia. As a result, a forum was formally established, convened by IDH, bringing together key public, private and CSO actors to facilitate the sustainable growth of the textile sector in Ethiopia, thereby achieving our goal to get five platforms up and running.

Chinese viscose producer Sateri has joined the Fashion Industry Charter for Climate Action, an initiative led by the United Nations Framework Convention on Climate Change (UNFCCC). This commitment from Sateri is the latest in a series of moves made by the viscose producer to best address sustainability improvements in its supply chain operations. As the latest signatory to the Charter, Sateri will participate in relevant Working Groups which bring together stakeholders and experts in the fashion and textile sectors. It will formulate Sateri Vision 2030 focusing on carbon reduction for a sustainable business.

Signatories to the charter share the common goal of reducing greenhouse gas emissions in the fashion industry by 30 per cent by 2030 and achieving net-zero emissions by 2050, actions which align with the Paris Agreement’s aim of limiting global warming below 2oC. Sateri recently also joined the Sustainable Apparel Coalition (SAC), China Association of Circular Economy (CACE), and the European Disposables and Nonwovens Association (EDANA).

Macy’s Inc reported a staggering $3.58 billion loss with Coronavirus-hit first quarter of the current financial year as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. Net sales for the first quarter nearly halved to $3.02 billion.

On a per-share basis, it reported a net loss of $11.53 in the first quarter ended May 2 compared with a profit of 44 cents a year earlier. Excluding one-time items, the company lost $2.03 per share, meeting expectations, according to IBES data from Refinitiv.

The company had raised $4.5 billion last month including a $3.15 billion asset-based loan to keep its business running as stores reopened. As of May 2, it had $1.52 billion in cash and cash equivalents, and $18.58 billion in total liabilities and shareholders' equity.

The acquisition of Stoll by Karl Mayer has set course for the formation of a trans-technology global player, who changes the world of its customers and of the textile sector. With this acquisition, Karl Mayer has become the leading provider of solutions for the two most important stitch- forming processes, flat knitting, and warp knitting. The company’s entire expertise in the fields of warp knitting, flat knitting as well as technical textiles, warp preparation for weaving and digital solutions is now housed under one roof.

Stoll will continue its activities within Karl Mayer as autonomous business unit. The brand will be carried on independently, and represents Karl Mayer’s expertise in the field of flat knitting technology. Karl Mayer also relies on Stoll’s proven management. The previous CEO, Andreas Schellhammer, will become president of the Stoll business unit within Karl Mayer, according to a press release by Karl Mayer.

Raja M Shanmugham, President, Textile Exporters Association (TEA) has urged Piyush Goyal, Union Minister of Commerce to help clear the 500 containers carrying apparel accessories and fabrics currently stuck in and around Chennai. These containers have come mainly from China. The imported consignments arriving from China have not been cleared by the Customs for the past 10 days even after duty has been paid. Shanmugham said garment exports are facing stiff competition from countries like Bangladesh, Vietnam and Cambodia, apart from China and foreign buyers are always very keen to get quality products at competitive prices and tight delivery schedules.

According to him, any delay in making sea shipments at the right time will push exporters to resort for Air shipment, otherwise the buyers won’t place any future orders and categorize the units as unreliable suppliers.

International Apparel Federation (IAF) launched a new initiative to help the worldwide fashion and lifestyle community to improve its CO₂ emissions through fashion logistics. The initiative will support the creation of the worldwide industry standard for measuring carbon dioxide emissions through fashion logistics. Additionally, it will support the fashion industry to reduce the carbon footprint of its logistics operations by innovating and by cooperating.

Currently, IAF is mobilizing all industry association members in various countries signing up for the initiative. The federation is working closely with both fashion-logistics and data analyses experts under direction of longtime partner Greenway Logistics. The initiative will offer practical, hands-on support to the SME and fashion community through a suite of services to measure and reduce their CO₂ levels in logistics through individual actions and particularly through collective industry projects.

International Apparel Federation( IAF) will launch maiden virtual Global Apparel Sourcing Expo on July 15. The month-long event, which concludes on August 14, will offer price benefits to those apparel manufacturers that are IAF members or members of one of IAF’s organizations. It will include conference programs where global industry experts will speak on varied topics like Sustainability and CSR post COVID-19, Shifts in Global Trade and Digital Product Development as the New Normal.

Before the start of this show, IAF will also conducting a webinar on 9 July titled ‘The New Fashion Delivery Calendar’, wherein the focus will be on the fact that regular flow of fashion calendar has been broken. Under the inspiring leadership of its president Han Bekke and his team, IAF is today committed to achieve all its missions, which also includes connecting and supporting all its members across the globe in expanding their own international network and thereby their ability to do or support the growth of their or their members’ international business.