Under Armour is tighteningits inventory, says a report by Retail Dive.

This will help the brand better how much product sits in its reserve, limit low-demand products and focus on getting the items that are in demand. The strategy has involved consolidating vendors and cutting SKUs.

Controlling inventory and simplifying its supply chain has helped the brand boost its profit margins in the past. And the better-than-expected margins for its Q1 2021 gives hope that it can work going forward, too. The potential financial benefits to managing inventory may somewhat balance out with the freight increases expected due to transportation and logistic challenges.

Under Armourhas been impacted by the barrage of supply chain challenges over the last year. As a result, the company shifted to figuring out what they could do to mitigate issues by optimizing the inventory they could get.

Tight inventory management has translated into items selling faster and reducing returns, allowing for Under Armour to set prices that are more favorable, compared to relying on promotional sales to move inventory, Bergman said.

The company expects Q2 gross margins to decrease about 120 to 140 basis points in the second half of the year due to container-availability issues and port delays, but it said its supply chain is currently navigating the challenges "fairly well."

Rieter expects an order intake of around CHF 800 million in the first half of 2021.As per the Textile Value Chain, the company received orders worth CHF 300 million in April 2021. The order intake in April was broadly based internationally with the main focus on Turkey, Uzbekistan and India.

In addition to the regional development of the market, Rieter also attributes the business performance to a catch-up effect due to the low propensity to invest in 2019/2020.

As already announced, Rieter anticipates that sales in the first half of 2021 will be below the break-even point. Rieter expects an operating profit for the full year 2021. On July 15, 2021 Rieter will give an updated outlook for 2021 in connection with the semi-annual results, taking into consideration the ongoing challenges resulting from the COVID-19 pandemic.

The Rieter Board of Directors has approved the implementation of the CAMPUS project. The Rieter CAMPUS comprises a customer and technology center as well as an administration building at the Winterthur location. It will make an important contribution to the implementation of the innovation strategy and to the enhancement of Rieter’s technology leadership position.

US Senators Rob Portman, Ranking Member of the Senate Homeland Security and Governmental Affairs Committee and Gary Peters Chairman. Senate Homeland Security and Governmental Affairs Committee applauded the Senate Homeland Security and Governmental Affairs Committee for passing a bipartisan legislation to strengthen efforts to onshore production of personal protective equipment (PPE) in the United States by requiring federal agencies to issue long-term contracts for American-made PPE.

Reshoring production will ensure American workers, health care professionals, and more have the PPE they need as the economy continues to reopen. Domestic production of PPE supplies also will create American manufacturing jobs and ensure that America is better prepared for the next pandemic.

Senator Portman, said, multi-year contracts give producers the certainty to know that their investment in the United States will be worth it because the government will be there to buy the PPE they produce. By re-shoring production of PPE, we can continue to support a safe and effective reopening of our schools, workplaces, and the economy.

As per Nigel Hale, CEO, WoolWorks, wool grease is currently in high demand as it is used in cosmetics, skincare, and pharmaceuticals.

WoolWorks New Zealand is the only company in the country that produces and exports wool grease. Its prices have risen significantly due to the demand generated demand for COVID-19 vaccines.

As per Textile Value Chain, New Zealand wool grease is one of the best in the world because it is so high in cholesterol. Mills in Asia have been working overtime to produce more but that product is mostly being used domestically.

Ninety-nine percent of the wool grease is exported to mills all around the world including Japan, Mexico, The US, UK, India and Belgium.

Online second-hand apparel retailer ThredUp Inc posted a bigger-than-expected quarterly loss in Q1 and warned of clothing budgets remaining constrained even as the US economy reopens. The company’s total operating expenses jumped 18.5 per cent to $54.4 million in the first quarter and the company does not expect to generate positive cash flow in the near term as it re-invests in its expansion.

ThredUp’s net loss widened to $16.2 million in the three months ended March, from $13.2 million a year earlier. On a pro-forma basis, the company lost 17 cents per share, bigger than the 16 cents loss analysts expected, according to IBES data from Refinitiv.

ThredUp also forecast second-quarter revenue of $53 million to $55 million, above estimates of $48.8 million. The company expects things to normalize in the third quarter.

Italian textile machinery manufacturer Savio plans to display its winding solutions for processing cotton/spandex, modal and lyocell yarns at the ITMA ASIA +CITME 2020 exhibition that will be held in Shanghai from June 12-16, 2021. Savio offers numerous machinery solutions to support the quality of the final yarn product: winding, winding for continuous shrinkage, bulking and heat setting; TFO twisting; Open-End rotor spinning.

Another product to be exhibited Savio includes the Savio 4.0 digital solutions for data exchange in manufacturing technologies. The solutions offer new possibilities that translate into the different levels of Savio Industrial IoT, with the possibility of progressive sophistication. Different option levels, each corresponding to a different dose of Industry 4.0 are applied to Savio textile winding machinery, from simple connectivity and machinery data downloading, to remote machine setup, to operator real-time interactivity.

Savio will also display its integrated automation drive- Multi-Link, that connects multiple ring spinning frames (RSF) to one Savio winder, becoming a tailor-made circuit to link up to four RSFs to one winding machine. This solution optimizes space, reduces energy-consumption and production costs. This automatic bobbin transport shortens servicing paths for the operators and allows an ergonomic material flow. The costs for production, space and energy are reduced, while keeping the quality consistent even with long and multi-connected machines.

Savio has also launched a new and innovative Augmented Reality tool to fast trouble shoot, improve processes and increase machine utilization time.I t is offering remote assistance powered by TeamViewer Pilot, an application that allows interaction in augmented reality. Thanks to this application, Savio experts from their Italian headquarters can support field technicians at the customer site, in real time, through video sessions for faster troubleshooting.

Luxury maker LVMH is teaming up with Richemont’s Cartier and Prada SpA to offer a blockchain solution that will ensure authenticity of its products—and prevent counterfeit purchases— for online customers with an encrypted certificate of guarantee.

As per a Forbes report, revenues of LVMH Moët Hennessy Louis Vuitton’s Fashion & Leather Goods division surpassed $8 billion in its most recent quarter. The brand’s market value nearly doubled from $194 billion last year to $380 billion in 2021, and its assets exceed $130 billion. Helmed by French billionaire Bernand Arnault, the third richest person in the world, LVMH climbed nine spots to become the 64th largest public company.

According to research led by Wells Fargo analyst Ike Boruchow, online sales soared 30 per cent during COVID-19. While cybershopping is likely to decrease from 2020 levels e-commerce will continue to rise over the next several years. Consumer patterns are also pointing to a post-pandemic shopping surge in stores. A recent Wells Fargo survey found that 37 per cent of respondents plan to buy new outfits for going out as more restaurants and indoor venues return to normalcy thanks to the vaccine rollout.

Luxury fashion brands Karl Lagerfeld, Bally and Hugo Boss are setting up standalone digital stores in the UAE and Middle East markets. As per Gulf News, the Swiss shoe and accessories brand Bally has partnered with Jashanmal Group to expand in the Middle East market. Currently, Bally.ae services all of the countries of the Gulf area, plus Lebanon, Jordan and Pakistan.

Similarly, Karl Lagerfeld has partnered with the Chalhoub Group to operate stores on a franchise basis. The microsite Karl-Me.com will drive the brand’s digital approach and offer a tailor-made experience for visitors in the Middle East.

Fashion sales in the UAE, whether through a store or online, make up 50 per cent of all non-grocery retail sales. In Saudi Arabia, it would be in the 40 per cent range. The online fashion retail market is driven by omni-channel retailers, as per RedSeer Consulting. Fashion verticals are increasingly capturing a larger portion of the market with a wide variety of products at a competitive pricing.

South Korean fiber manufacturer Hyosung TNC Co plans to recycle abandoned fishing nets to produce a new nylon fiber called MIPAN Regen Ocean. As per Korea Biz Wire, the project will be executed in partnership with a municipal government.

Hyosung has signed a memorandum of understanding (MOU) with the Busan metropolitan government and a social venture Netspa for the project. The city government will establish a system for separate disposal of abandoned fishing nets, while Netspa will be in charge of washing and processing the collected fishing nets.

Hyosung TNC will also expand investment in a depolymerization facility to remove the impurities in fishing nets and churn out more than 150 tons of MIPAN Regen Ocean per month. The initiative aims to reduce the marine pollution and improve awareness about the protection of the marine environment.

Same store sales of Burberry surged 32 per cent in Q4 of fiscal 2021. As per Womens Wear Daily, the bounce helped lift Burberry’s full-year performance, with the company posting 11 per cent decline in revenue to £2.34 billion with same store sales down 9 per cent for the 12-month period that was scarred by store closures worldwide, reduced tourism and uncertainty across all of Burberrys major markets. The brand’s operating profit in the 12 months ending March 27 more than doubled to £ 521 million with profit for the period more than tripling to £376 million due to tight cost and inventory management and increased full-price sales.

Burberry has reinstated its dividend to 2019 levels, paying 42.5 pence, compared with 11.3 pence last year. Ira recovery accelerated through the year despite an average 16 percent of stores being closed in the three month period. The company’s full-price sales grew 63 per cent in the fourth quarter – nearly double the rate of same store sales growth in the same period. Burberry said expects its 2022 revenues to grow by a high single digit percentage underpinned by the continued outperformance of full-price sales.

The brand will continue to strengthen brand equity by exiting markdowns in mainline stores in fiscal 2022. It also aims to become carbon neutral by the year and continue championing diversity and inclusion, impacting one million people in the communities in which it operates.