Gap is splitting into two companies, one is Old Navy. The other unnamed company will comprise Gap, Banana Republic and the company’s other brands.

So Old Navy will become a standalone company. The aim is to showcase Old Navy and deemphasize its slumping namesake brand. Old Navy’s business model and customers had increasingly diverged from Gap’s other brands over time. Originally launched by Gap in 1994, Old Navy offers apparel that generally comes in at a lower price point than at Gap or Banana Republic.

Including all its chains, Gap has about 1,35,000 employees and 3,688 stores globally. Gap reported full-year comparable sales of positive three per cent at Old Navy versus a decline of five per cent at Gap and a gain of one per cent at Banana Republic. The company plans 230 more Gap store closures globally over the next two years as the company works to revitalize the Gap brand by re-engaging with customers and expanding its loyal customer base, leveraging the multigenerational, democratic appeal of the brand.

The move comes as the US retail sector faces stiffening pressure from online retailers as e-commerce eats up a greater share of retail sales. Conventional brick-and-mortar chains are also making costly investments to become omnichannel vendors to stay relevant.

Five companies are Global Fashion Agenda’s associate partners.

These are Crystal, Erdos, Everlane, G-Star Raw and Selfridges. Driving widespread progress in the fashion industry, these hand-picked companies are sustainability leaders or are dedicated to improving their sustainability performance. The five associate partners vary in size, market segments, target demographics and product offerings, broadening Global Fashion Agenda’s network to further represent a range of perspectives that cater to differing business demands. All associate partners have incorporated sustainability into their business strategies in some form. Crystal for instance is a pioneer in apparel manufacturing and committed to implementing environmentally conscious practices throughout its business. Erdos, Everlane and G-Star Raw use sustainable manufacturing processes and materials to reduce their environmental impact, while Selfridges has established itself as a responsible retailer and trusted curator of brands.

Associate Partners is Global Fashion Agenda’s new partnership circle. The circle will expand to include other brands in the coming months.

Associate Partners will act as a secondary sounding board to Global Fashion Agenda’s primary strategic partners, adding another perspective to sustainability to represent different sized businesses. They will partake in shaping the global sustainability agenda by providing feedback and input on initiatives and content developed by Global Fashion Agenda and its steering committee which is made up of strategic partner representatives.

Igatex was held in Pakistan, February 26 to 28, 2019.

This is a garment and textile machinery and accessories exhibition. The exhibition gives exhibitors and visitors an opportunity to see the latest innovations taking place in the textile sector. More than 500 companies from 37 countries participated. There were 116 exhibitors from China and 92 from Italy.

Other countries present at Igatex included France, Belgium, Austria, Korea, the UK, the US, Brazil and Thailand. Companies exhibited their latest machinery and technology used in spinning, finishing, weaving, dyeing and garments. Most visitors showed their interest in European technology.

The expo introduced the latest technology, machinery and auxiliary equipment which will provide business opportunities and add value to Pakistani textile exports.

The event introduces businesses to the latest expertise and will also generate trade benefits besides increasing foreign investments and spending through business visits by international delegates. Ultimately this will further increase product value, which has an overall positive impact on the economic activity in Pakistan.

Textiles are the backbone of Pakistan’s economy. It contributes to 60 per cent of the country’s exports. Considered as one of the top ten textile exporting countries of the world, Pakistan is the fourth largest producer of cotton yarn and cloth, and the third largest player in Asia.

Hong Kong International Fur and Fashion Fair was held on February 15, 2019.

More than 180 local and overseas exhibitors from ten countries and regions took part. The event saw new designs and outfits from various fur makers in Hong Kong. Designers from the top ten companies impressed audiences with unique fur looks that celebrated the romantic, passionate, glamorous and cheerful charm of the opulent material and its versatility.

Regal Fur and Fashion’s designs combined modern femininity, sensational visual effects and luxurious textures. Chiu’s Fur Trading Company showcased urban elegance for women with chic design and different colors. Inspired by the bright colors of spring, East Link Fur illustrated a different style of glamour with precious Russian sable. Ace Fur was inspired by the misty mornings of early winter for its clothing line, which fuses classical elements with innovative technology. Precious Fur Trading contrasted unique beauty with delicate cut design, while SF Fashion extended geometric aesthetic to illustrate the charm of modern city life.

Featuring bright yellows and light greens, Season Trading Company impressed buyers with the sensuality of down parkas. O’ Merinos mixed different materials and animal patterns with restless imagination followed by a clothing line from Hong Kong Fur Factory that epitomized avant-garde originality with pop art and refined silhouettes.

Denim Days in New York will take place June 8 to 9, 2019.

As in past seasons, attendees will find a selection of brands, designers, artisans and vintage vendors. The event will also host new activations and interactive installations from denim supply chain. An outdoor vintage denim market will feature live entertainment, food and activities for the whole family.

Amsterdam Denim Days will take place October 21 to 27, 2019. The event includes the industry-only trade show Kingpins, and Kingpins Transformers, a day-long event promoting sustainability and corporate responsibility in denim. Consumers can take part in in-store sales and parties at participating retailers. Denim Days Amsterdam culminates with the Denim Days Festival set for the last weekend of October, where denim heads can enjoy seminars, installations, shopping and entertainment.

Denim Days is the roving global festival produced by denim insiders to connect the denim sector and brands directly to denim consumers. It is a platform where consumers can buy a pair of jeans directly from the designer, attend a seminar about sustainability by an industry expert, experience a fun, interactive installation and then get in their hands blue indigo dyeing a garment. The concept is a vehicle to celebrate jeans and connect the industry to consumers in a vital and engaging manner.

Revenues of the global winter wear market are expected to increase at a CAGR of 5.8 per cent during 2018-2027. Favorable trade policies, growing apparel production globally, rise in per capita income, favorable demographics, and shifting consumer preference to branded products will boost this demand for winter wear. Other key factors driving the growth are population density, downstream industry effectiveness, and changing economic policies as well as business legislation. Abundant availability of raw materials such as wool, silk, cotton, and others is another driver of the winter wear market.

Companies across the globe are launching new products with latest fashion and high quality along with expanding market presence through establishing new manufacturing facilities as well as sales channels to reach potential customers. Manufacturers have also adopted various key differentiation strategies to have a competitive edge.

Crocs’ yearly revenues have jumped 6.3 per cent.

The company’s e-commerce business climbed 22.5 per cent while its wholesale business grew 7.8 per cent. Retail comparable store sales lifted by 10.8 per cent.

For the fourth quarter, revenues grew 8.5 per cent. The e-commerce business grew 18.9 per cent, while the wholesale business grew 9.7 per cent and retail comparable store sales grew 13.4 per cent.

Crocs had record revenues in many key markets, with the US market leading the way. It hit multi-year highs in revenues and gross margin, while at the same time significantly reducing its SG&A run rate. The company anticipates delivering revenue growth of five per cent to seven per cent in 2019.

Crocs, based in the US, also launched a number of high-profile partnerships during the year, including one with rapper Post Malone and actress Drew Barrymore.

Crocs is a world leader in innovative casual footwear. Since it opened its first store in India in 2008, Crocs has successfully carved a distinct positioning for the brand among Indian consumers. The brand will continue to focus on clogs and sandals. In terms of regions, South India, due to its demographics and very high brand recall, contributes the highest for the brand among all regions in the country.

Bangladesh Bank has increased the size of the Export Development Fund (EDF) by 16.7 per cent.
The fund was increased to boost exports and reduce the liquidity crisis in the banks, as a result of which exporters will get more loan facilities now.

The fund was introduced in 1988. It enables exporters to get foreign currency loans at reduced interest rates.

Currently the EDF interest rate is fixed at 2.5 per cent, plus Libor (London Interbank Offered Rate). Businesses from various sectors, including garments, can take loans up to 25 million dollars for a maximum of 180 days.

Under the existing provision, EDF financing is allowed for input procurements against back-to-back import letters of credit or inland back-to-back letters of credit in foreign exchange by manufacturers producing the final output for direct export.

EDF loans from the central bank are payable by the banks upon receipt of export proceeds within 180 days from the date of disbursement. The time frame is extendable by the central bank up to 270 days in case of a longer period taken for repatriation of export proceeds.

Authorized Dealer banks can borrow dollar funds from the EDF against their foreign currency loans to manufacturer-exporters for input procurements.

Smriti Zubin Irani, Union Minister of Textiles, recently launched the much awaited “Comprehensive Scheme for the Development of Knitting & Knitwear Sector (CSDKKS) with various components under PowerTex India”.

The scheme will help to promote knitting and knitwear sector and thereby achieve the inclusive growth in the country. It will also enhance the sector’s contribution to the nation building as knitting and knitwear sector is one of the major segments of the entire textile value chain and contributes about 27 per cent of the total cloth production and about 15 per cent of knitted fabric is being exported besides export of knitted apparel.

The main clusters to benefit from this announcement are Tirupur, Kolkata, Ludhiana, Kanpur and NCR.

Australia and Indonesia will soon sign a free trade agreement.This is expected to increase the value of the trade between the two countries.

For Indonesia, trade agreements with partner countries can increase the export value and increase market share. With such agreements in place Indonesia expects its exports of textile and textile products to increase three-fold. The cooperation agreement with Japan has helped increase Indonesia’s exports. Up to now lack of market access has been a constraint for the textile industry. Meanwhile, textile products from neighboring countries, such as Vietnam, can enter with a zero per cent import duty.

The trade deal has been eight years in the making and is expected to benefit Australian grain growers with Indonesia agreeing to import 5,00,000 tons of grain tariff free. The agreement should also benefit the Australian education sector, with universities and vocational training providers being given the green light to set up shop in Indonesia.

Indonesia wants greater access for Indonesians to work in Australia as well as support for its crude palm oil industry.