Online luxury retailer Fartech reported a growth of 90.4 per cent rise in its revenue for Q4 2019, jumping from $157.3 million to a staggering l$9 331.4 million.

This rise in revenue is attributed to the 30.6 per cent rise in the digital revenue from their e-commerce website which recorded an active user count of 2.1 million.

Farfetch also has physical stores mainly in metropolitan cities and some shop-in-shop formats that have proved to be successful in their operations.

The luxury retailer has also credited their global presence as well as resilient supply chain that have fared well even during the times of store closures in many countries.

The company also reported a growth of 45.7 per cent in GMV (Gross Merchandise Value) which was capped at US $ 610.9 million from $ 191.6 million of the last quarter.

Asics Corp.’s investment subsidiary, Asics Ventures, has invested in Seevix Material Sciences, which produces patented man-made spider silk.

Dubbed SVX, the material possesses natural spider silk’s superior strength, elasticity and durability, while also being sustainable and biodegradable. Seevix manufactures SVX through biomimicry in a controlled fermenter-based process.

Asics said one of the core strategies in its medium-term management plan is to “create differentiated innovation.” Asics has continued to introduce advanced technologies into its products to improve both sustainability and functionality, and has shifted to sustainable materials, including those deriving from biotechnology, by collaborating with external partners.

By resequencing the spider silk gene and controlling its cellular micro-environment, Seevix is able to induce the fiber’s spontaneous self-assembly on a commercial scale. Seevix said this critical capability endows the fiber with superior natural properties and enables their integration into new composite materials.

Asics aims to contribute to a circular economy while creating innovative products, services and processes that significantly change customers’ lifestyles experiences.

The Nigerian government is targeting N 5.089 billion from the partnership with the private sector to revive the garment and leather industries. Director general of the Infrastructure Concession Regulatory Commission (ICRC) Chidi Izuwah recently said the amount would be made up of 80 per cent debt and 20 per cent equity with zero contribution by the government.

Hewas was speaking at an event to present the full business case (FBC) compliance certificate to the Nigeria Correctional Service (NCS) in respect of the proposed NCS shoe and garment factories in Aba in Abia state and the Janguza Tannery Factory in Kano state under the PPP mode.

He said the PPP would lead to the creation of 1,290 direct jobs, several indirect jobs locally and savings on foreign exchange, according to Nigerian media reports.

The arrangement between NCS and local company Erojim Investments and its technical partner, China’s Poly Technologies Inc., is aimed at establishing a world-class factory using the most modern technology and quality inputs to produce high quality shoes, garments and leather products.

JC Penney, which filed for bankruptcy protection on Friday, plans to close 242, or 29 percent, of its 846 stores over the next two years, according to a filing with the Securities and Exchanges Commission.

For the current fiscal year, 192 stores are expected to close and then 50 the following year, the document notes. After the closings, the company will have 604

As SGB reported earlier Monday, Nike was left with an unpaid bill of $32.1 million in the bankruptcy of J.C. Penney, according to court documents. Other firms in the active lifestyle space landing on the list of the top-50 unsecured creditors included Adidas, owed $7.1 million; Supreme International, $5 million; Izod, $4.6 million; and New Balance, $3.2 million.

Nike’s unsecured claim was second only to Wilmington Trust Global Capital Markets, which on a combined basis is owed over $1 billion.

JC Penney filed for bankruptcy in Texas. The company has an agreement with most of its lenders on the turnaround plan that will allow it to stay in business as a more financially healthy company, but will include closing about a quarter of its 846 stores.

Vietnam’s accomplishment in pushing back the pandemic was driven partially by a program of focused testing and the mass, concentrated isolation of a huge number of individuals. Following five years of development, foreign investment in Vietnam fell by 15.5 percent in the initial four months of the year to $12.3 billion, as indicated by information from the General Statistics Office (GSO). Despite this, the country is targeting annual GDP growth of above 5 per cent this year.

For this quick response, the country in on the verge of getting huge foreign investments to pour in after the pandemic. Kizuna Joint Development Corporation, a company that builds read-to-go factories in Vietnam plans to complete a 100,000 square meters factory in southern Vietnam fully expecting an expansion in post-pandemic interest

Sequential Brands Group’s first-quarter results were impacted by store closures due to the COVID-19 outbreak. However, its active brands – including AND1, Avia, Gaiam and SPRI – were cited as “bright spots” as consumers look to stay active at home.

Revenues, which consist of royalties from licenses, reached $20.2 million in the quarter compared to $25.5 million in the prior year quarter, a decline of 20.8 percent.

The net loss came to $85.3 million or $1.30 per share, after non-cash impairment charges of $85.6 million related to the trademarks for the Jessica Simpson, GAIAM, Joe’s and Ellen Tracy brands, reflecting the financial impacts of COVID-19. In the year-ago period, the net loss was $4.8 million or 7 cents a share.

On a non-GAAP basis excluding special items, the net loss was $10.4 million or 16 cents, compared to $4.3 million, or 7 cents. Adjusted EBITDA declined 13.3 percent to $9.8 million from $11.3 million a year ago.

The company’s licensing partners have been affected by mandatory store closures and shelter-in-place orders.

In response to COVID-19, Sequential Brands is implementing significant compensation reductions across the company, reducing all non-essential expenses, maximizing liquidity by drawing on its revolver, and working with lenders to provide more flexibility.

AATCC (the American Association of Textile Chemists and Colorists) is set to host a Textile Testing Workshop on September 23-24, 2020, at the AATCC headquarters in Research Triangle Park in the US. The association provides test method development, quality control materials, education, and professional networking for a global audience.

Attendees to the workshop will learn how to properly perform and interpret test results for approximately 20 colourfastness and physical properties test methods and evaluation procedures. colorfastness tests to be addressed include crocking, light, washing, and perspiration. Tests for evaluating physical properties include dimensional change, skewness, soil release, water repellency and resistance, and appearance retention. AATCC staff will discuss and demonstrate these procedures and registrants will be involved in hands-on participation, according to AATCC.

Sessions will be conducted on colour basics and measurement. Participants will be shown how to use the AATCC grey scales for staining and colour change, and the AATCC chromatic transference scale.

ASTM methods, Standard Test Method for Pilling Resistance and Other Related Surface Changes of Textile Fabrics: Random Tumble Pilling Tester, D 3512; Standard Test Method for Abrasion Resistance of Textile Fabrics (Martindale Abrasion Tester Method), D 4966; and Standard Test Method for Pilling Resistance and Other Related Surface Changes of Textile Fabrics, D4970 will also be discussed and demonstrated.

In addition to the workshop, a new supplemental session of FM100 colour vision screening and certification will be offered. These sessions will take place the day before and after the workshop at the AATCC technical centre on September 22 and 25, 2020, with spots capped at five screenings per day. Participants who complete the test will receive a certificate with their FM100 colour vision score and the test date. An additional fee and separate registration is required. Participants have the option to receive a one-time discounted rate for the FM100 Hue Kit, bundled with the testing. Spots are extremely limited-registrations will be accepted on a first come, first served basis.

The Turkish and Egyptian garment manufacturing sectors, which employ millions of people, are left in a lurch as big brands have cancelled orders even of goods already produced and waiting to be dispatched. Up until March, around one million Egyptian and 1.5 million Turkish workers were busy spinning, dying, cutting and sewing garments for the summer season, which accounts for around half of annual sales. However soon COVID-19 started to sweep across Europe and North America and countries there went into lockdown mode with major brands and retailers going incommunicado.

Around 80 percent of Turkish factories closed in the first several weeks of the lockdown - - leaving the sector with over $2.5billion in ordered inventory and a further $1billion in orders in production, or already produced, that were cancelled until further notice, said Hadi Karasu, President of the Turkish Clothing Manufacturers’ Association. In Egypt too, manufacturers were left in the lurch by the buyers as buyers are refusing to accept orders of finished garments.

Around 60 percent of Egyptian exports are to the USA, the remainder to Europe. When the buyers did get in contact with manufacturers, they wanted to impose new terms and extend payment terms by 90 days to 180 days. Manufacturers and export associations have called for greater cooperation with buyers to hash out agreeable terms. Many of Egypt’s 7,000 garment and textiles factories are expected to go under this year if the situation continues. Egyptian exports of “white gold”, extra-long staple cotton acclaimed for being the best in the world, is also likely to be impacted.

Tamil Nadu is optimistic about exports to the UAE and Australia.

The optimism is based on the fact that the UAE is the gateway to Africa and the Arab world and Australia is a large continent with a growing market.

India signed free trade agreements with both countries in 2022 and they have already been showing their effects for several months. Textiles, leather and footwear are among the industries which are expected to benefit from the free trade agreements.

The India-UAE startup bridge is a one-stop platform where information is expected to be easily accessible to entrepreneurs and stakeholders from both countries. And Tamil Nadu with its strong ecosystem for start-ups and entrepreneurship hopes to benefit immensely.

Around $ 253 million worth of readymade garments were exported by Tamil Nadu to the UAE and Australia from April 2022 to November 2022. The UAE alone accounted for around $ 159 million from this amount. The apparel trade between India, UAE and Australia is predicted to double in three years.Australian buyers are showing a keen interest in importing readymade garments from Tamil Nadu. There are several businesses in the UAE that source readymade garments from India and export them to Gulf Cooperation Council countries.

Against this backdrop, duty-free access to the UAE will probably boost apparel exports from Tamil Nadu. So Tamil Nadu expects to benefit from the two free trade agreements.

Dedagroup Stealth, an Italian software platform that manages production and distribution for global fashion and luxury brands, has acquired UK-based fashion enterprise resource planning (ERP) software Zedonk for an undisclosed sum.

The Zedonk deal brings more than 650 small fashion businesses into the Dedagroup portfolio of clients and combines the platform’s ERP capabilities with Stealth’s features, which cover product life cycle management, from initial design and production, through to multichannel distribution in retail, wholesale, marketplaces and social commerce channels. Dedagroup says the Stealth technology powers more than 60 percent of Italy’s best-known global fashion brands.

Zedonk solutions include design and production management, stock inventory, purchase orders, style management as well as customer and supplier relations, with all data managed and protected in the cloud. Dedagroup Stealth consultants will join the Zedonk team in their new London headquarters.

Dedagroup isn’t the only Italian player looking to make waves among smaller businesses. Entrepreneurs across various SMBs in Italy have developed a platform dubbed Sistema Italia designed to offer foreign companies including high-end luxury and fashion brands the opportunity to network and dialogue with executives and access large-scale international business opportunities together.

The free service aims to facilitate a rapid recovery from the COVID-19 pandemic and tackle national and international markets cohesively. By signing up, businesses will gain analysis and insights on how to be compliant with local and federal legal principles.