Spanish fast fashion brand Mango plans expand its operations with the opening of 500 new stores by 2026.

The brand will open these stores across key markets including the US, Spain, France, Italy, the UK, India and Canada. Of the planned 500, Mango will open 40 stores in the US by the end of this year. 

Additionally, Mango also plans to expand its board of directors from four to nine members. The brand plans to appoint, Margarita Salvans as the new Chief Financial Officer of the company.

Launched in 2021, Mango’s homeware brand, Mango Home also plans to open stand-alone stores in Barcelona and Madrid, along with launching an online presence in Turkey. The retailer will rope in Eva Cárdenas, International CEO, 

Zara Home, as external consultant to drive growth for Mango Home.

Founded in Barcelona in 1984, Mango is currently present in over 115 markets. The brand expects to sales of over €3 billion in FY 2023 financial year. It will release its strategic plan for 2024-26 detailing objectives for international expansion, online sales, etc.

Gap Kids, the children's wear line of US-based casual wear brand Gap, has inaugurated an exclusive outlet in Hyderabad's Sarath City Capital mall. 

The store, characterized by an inviting open facade and adorned in bright white with navy blue accents, boasts a distinctive interior featuring Gap's iconic logo sweaters. 

To celebrate the launch, enticing promotions, such as a Rs 1,000 discount on signature colorful logo sweaters, greet customers at the entrance. Catering to both boys and girls, the store offers a diverse range of toddlers' and children's clothing and accessories collections.

Reliance Retail facilitated Gap's entry into the Indian market in July 2022 through a strategic franchise agreement. This move marked Gap's return to India after discontinuing a previous partnership with Arvind Fashions in 2020. 

With existing stores in Mumbai, Guwahati, Pune, and Amravati, Gap Kids continues to expand its presence in the country through exclusive outlets and various popular e-commerce platforms such as Tata Cliq, Flipkart, Amazon India, Ajio, and Myntra.

Devan Chemicals is set to showcase its cutting-edge sustainable textile finishes at Heimtextil 2024, emphasizing innovation in response to the growing demand for sustainability and transparency in the corporate sector. Attendees are invited to explore Devan's booth in Hall 11.0, booth A21, where the spotlight will be on the latest advancements in their R-Vital NTL Range and Thermic High Cooling technology.

The R-Vital NTL Range offers a boost to textile manufacturers with active, natural ingredients like Chamomile oil and Arnica Montana, known for their positive effects on the body and mind. Devan introduces R-Vital NTL Regenight, a groundbreaking technology in collaboration with Lucas Meyer Cosmetics, designed to enhance sleep quality and nighttime skin recovery using upcycled Australian Tea tree oil.

The range includes Chamomile oil, celebrated for its moisturizing and soothing properties, and Arnica Montana, known for its potent healing attributes. Furthermore, R-Vital NTL Warming technology ensures a cozy sleeping experience, promoting physical and emotional well-being.

Devan will also unveil Thermic High Cooling technology, employing reactive microencapsulated Phase Change Materials for an optimal and refreshing sleeping climate. This innovative formulation, with a Bio-based version available, provides approximately 30% more cooling than standard PCM formulations, promising a longer, healthier, and more comfortable sleep.

Scoop, the renowned international trade show, is set to feature an impressive array of Spanish designers at Olympia West, Kensington, from the 11th to the 13th of February 2024. The event, curated by Founder and Managing Director Karen Radley, has expanded its offerings to encompass a diverse range of international talents. 

The spotlight will shine on Spanish creativity, with designers like DR BLOOM bringing a joyful and sophisticated limited edition collection of womenswear and accessories, characterized by bold colors and unique prints. YERSE, originally a knitwear brand, focuses on contemporary wardrobe essentials and statement pieces.

TANAVANA, blending cultural references with contemporary flair, presents a bold collection rooted in exceptional craftsmanship. The New Society, starting as a childrenswear line, has seamlessly incorporated womenswear into its identity, showcasing Spanish heritage through chic designs. Nice Things by Paloma draws inspiration globally to create a unique womenswear collection, blending elegant Spanish style with a cool vibe.

Noteworthy is the inclusion of sustainable footwear brand Nemónic, featuring Boho-Chic and Cowboy trends, and UNOde50, crafting iconic handmade jewelry for the modern sophisticated woman in Madrid. 

Recognized as a must-see on the international trade show circuit, Scoop will unveil around 250 designers, offering a meticulously edited lineup of premium women’s fashion, luxury home, beauty, lifestyle, and men’s collections at Olympia West in February. Simultaneously, Pure London x JATC will captivate attendees with its unique offerings on the same dates.

Tidjane Thiam, recently elected President of the Democratic Party of Ivory Coast, has resigned from his role as Director to the Chairman of Kering’s Board of Directors. 

This move is attributed to Thiam's need for time to focus on his political commitments. Serving as an independent Director since June 2020, and Chair of the Audit Committee, Thiam's departure prompts the Board, led by François-Henri Pinault, to express gratitude for his contributions. 

The Appointments and Governance Committee will initiate a succession process in the upcoming weeks. While Thiam's resignation prompts changes, current committee compositions will be reviewed upon future appointments.

Kering, a global luxury group, shapes iconic fashion houses like Gucci and Balenciaga, prioritizing creativity to redefine luxury responsibly. With over 47,000 employees, it reported €20.4 billion revenue in 2022.

The significant growth in retail sales during various shopping festivals including Black Friday, Cyber Monday, Christmas Day and Boxing Days is expected to boost the apparel sourcing from Bangladesh, says Faraque Hassan, President, BGMEA. 

Bangladesh’ is expected to regain buyers’ confidence following these festive events with more buyers placing orders in the coming days. 

Western consumers are also expected to resume shopping by next quarter, Hassan hopes, He urged the government to simplify business processes, control corruption in government office and implement mega projects with speed. 

He also urged the government to ensure an uninterrupted supply of gas and electricity to maintain shipment datelines for exporters. Besides, he called for a policy to provide tax benefits for investing in solar energy and certain banking-related policies to ensure their capacity and strengthen backward linkages. 

Denim maker Levi Strauss & Co has appointed David Marberger, Chief Financial Officer, Conagra Brands, to the company’s board of directors and also its audit committee 

Also serving as the Executive Vice President for Conagra Brands, Marberger has over 30 years of experience in finance and leadership.  Currently, he oversees the finance and information technology functions at Conagra Brands. 

Prior to that, Marberger served as chief financial officer at Prestige Brands and also Godiva Chocolatier. He holds an MBA degree from The Wharton School, University of Pennsylvania, and a BBA. from the University of Massachusetts.

Marberger’s appointment comes just weeks after Chip Bergh, CEO, Levi's as of April 26, with Michelle Gass, currently president, slated to take over as CEO of the firm.

The Union Textile Ministry plans to promote cotton exports under the Kasturi Cotton Initiative that has so far registered 300 ginners from across the country. 

With an aim to promote Indian cotton through branding, traceability and certification; the Kasturi Cotton Initiative will now target premium export segments.

Rachana Shah, Textile Secretary, states, demand for textiles is slowly picking up in the international markets and Union Finance Ministry will soon decide on the extension of loan moratorium under the Emergency Credit Line Guarantee Scheme (ECLGS).

India is ranked amongst the top 5 apparel exporting countries and plans to expand its export base via new FTAs, adds Shah. Assuring that import surges in all segments of textiles are being monitored and value chains for raw materials strengthened, Shah pointed out that Quality Control Orders are being issued in viscose, polyester and other segments to ensure quality and curb sub-standard imports.

By hosting the Bharat Tex 2024 exhibition from February 26-29, 2024, the Indian government aims to drive more investments and sourcing of raw materials in the sector. In 2023, it trained around 1.2 lakh people under the Samarth scheme, including 1.08 lakh women. National Institute of Fashion Technology (NIFT) also plans to expand India’s textile exports by signing MoUs with other nations of the world.

Footwear brand Nike’s revenues surged by 1 per cent Y-o-Y to $13.4 billion in Q2 FY2024. However, the brand’s value fell by 11 per cent to $519 million due to the declines in North America and Europe markets.

Nike’s revenues in North America dropped by 4 per cent to $5.63 billion during the quarter while revenues in EMEA surged by 2 per cent to reach $3.57 billion. 

Revenues in Greater China grew by 4 per cent to $1.86 billion, while APLA also recorded a 13 per cent increase in revenues to $1.8 billion.

Nike’s gross profit for the quarter surged by 5 per cent Y-o-Y to $5.97 billion, resulting in a gross margin of 44.6 per cent. The brand’s net income grew by 9 per cent to $1.58 billion.

According to Mathew Friend, Chief Financial Officer, Nike’s second quarter financial results drive a more profitable growth for the brand as it continues to focus on gross margins expansion and efficient management of costs. 

At a press conference in the country, Cao Huu Hieu, Director, Vietnam Textile and Garment Group (Vinatex) said, Vietnam’s textiles and garments exports to the US and EU dropped significantly in 2023 as consumers curtailed spending on discretionary items including textiles and garments. 

This led to a sharp drop of 10 per cent in the export turnover in the industry, added Hieu According to him, geopolitical instability and rising inflation caused immense difficulties for the textile and garment industry in 2023 as order prices dropped by over 30 per cent for small quantities and 50 per cent for large quantity items. 

Rising labor costs and depreciating currency rates of other countries also made Vietnam’s textile and garment exports uncompetitive, he adds. 

Currently, Vietnam is the second largest wage payer in the industry with wages rising to $330 per month compared to $420 per month in China.

Wages in the country are three times higher than that in Bangladesh, over two times higher than India, 1.8 times higher than Cambodia.

The VND exchange rate also remained stable during the first eight months of the year while the Chinese Yuan depreciated by 5 per cent, Bangladeshi Taka fell 5.9 per cent and Turkish Lira dropped 31 per cent.