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Michael Kors’ profits dropped 15 per cent in the quarter ended July 1. Same store sales fell 5.9 per cent. Total revenue dropped 3.6 per cent. Michael Kors is known for the popular Mercer and Hamilton handbags.
To reverse an eight-quarter slump in same-store sales, Kors is pursuing a multi-brand strategy for growth and diversifying into new products. Last month, it announced a deal to buy high-end shoemaker Jimmy Choo. The company expects the deal to add about $275 million to sales in the second half of the year ending March 2018, assuming the deal closes by the third quarter.
Kors is also adding more menswear and dresses to its shelves, shrinking the number of stores it owns and yanking a chunk of its products from department stores such as Macy's, where steep discounts to attract customers are the norm.
The efforts yielded a higher average selling price per unit, implying the company sold more goods at full price. That helped operating margins at Kors stores increase for the first time in more than eight quarters.
Once the best known names in affordable luxury, Kors has been grappling with declining same-store sales as more people shop online. Over-distribution of its products and a reliance on promotions to boost sales also eroded some of Kors’ brand value and its appeal.
Intex will be held in Sri Lanka from November 15 to 17. This is South Asia’s largest textile sourcing platform. More than 225 suppliers from 15 countries and regions will showcase their best in yarns, apparel fabrics, denim fabrics, clothing accessories, textile dyes and chemicals, software solutions and other allied services to connect and explore business opportunities with leading buyers from across South Asia and other international markets.
India, Pakistan, China, Taiwan, Turkey will set up pavilions. Sri Lanka has an international repute and is a preferred destination for high-end apparel sourcing across Asia. The country is repositioning itself as a hub for supplier countries in the South Asia region.
Intex South Asia was created as a meeting point to bring the best in fibers, yarns, apparel fabrics, denims and allied services from around the world to interact with buyers from the biggest manufacturing and consuming region in the world - South Asia and other international markets.
It provides visitors the opportunity to meet potential customers, explore new market opportunities, know about next season's trends and forecasts, improve their supply chain, diversify their brand and add value to their international business. The event delivers access to industry developments, networking opportunities and strategic initiatives with other suppliers from across South Asia and the world.
Jeanologia an expert technology partner for production centers looking for products that are equally innovative and ecological. The Spanish company which specializes in garment finishing is now guiding Indonesian textile industry in its transformation to efficiency and sustainability. Its revolutionary combination of laser, ozone and e-flow technology replace traditional processes that produce large amounts of contaminants and that are dangerous for workers and the environment.
With the introduction of global solutions based on clean technologies along with Jeanologia’s knowhow, production centers are able to increase productivity, efficiency and reduce production costs. Jeanologia specializes in identifying needs, finding solutions and supporting brands, manufacturers and laundries during the transformation process.
The sustainable use of water is one of the company’s priorities. For the finishing of a pair of jeans, traditionally 70 liters of water are needed. With the company’s technology, this is dramatically reduced to only one glass of water. Since 1993, Jeanologia’s laser, G2 ozone and e-flow systems have revolutionized the textile industry. They offer endless design possibilities and garment finishes, while saving water, energy and chemicals, eliminating waste and toxic emissions.
The Spanish company has clients in five continents. The export of its machines and services represents 90 per cent of its total billing, reaching countries like Indonesia, US, Mexico, Columbia, Brazil, Germany, Italy, India, China, Russia and Japan.
Irantex will take place from September 4 to 7, 2017. This is an exhibition of textile machinery, raw materials, home textiles, embroidery and textile products. Product groups on display are: children's wear, fabrics, linen, menswear, pants, sportswear, swimwear, tablecloths, textile sewing machines, underwear, women’s clothing, wool, and work clothes.
The Iranian textile industry consists of companies engaged in spinning, weaving, knitting, dyeing, and printing, and of finishing plants that process yarns from natural and synthetic fibers to produce a variety of woven and knitted fabrics. The major textile items are blankets, machine-made carpets, handmade carpets, serge, as well as fabrics and garments.
The textile industry mostly makes fabrics composed entirely or partially of cotton, using domestically produced cotton. Low labor costs provide a comparative advantage for this sector. Among the textile items produced in Iran, knitwear is the most prominent and holds promise for future exports.
Iran also imports cellulose-based fibers like viscose although there is capacity for the production of synthetic fibers. However, the petrochemical industry is not yet sufficiently developed to sustain a downstream synthetic fiber industry. Therefore, the fiber industry remains dependent on imports. Although Iran’s wool production is large, most of its output is used by the handmade carpet industry, and Iran imports wool for the manufacture of worsted wool fabrics.
Jeanologia is an expert technology partner for production centers looking for products that are equally innovative and ecological.
The Spanish company specializes in garment finishing. Its revolutionary combination of laser, ozone and e-flow technology replace traditional processes that produce large amounts of contaminants and that are dangerous for workers and the environment.
With the introduction of these global solutions based on clean technologies along with Jeanologia’s knowhow, production centers are able to increase productivity, efficiency and reduce production costs.
Jeanologia specializes in identifying needs, finding solutions and supporting brands, manufacturers and laundries during the transformation process.
The sustainable use of water is one of the company’s priorities. For the finishing of a pair of jeans, traditionally 70 liters of water are needed. With the company’s technology, this is dramatically reduced to only one glass of water.
Since 1993 Jeanologia’s laser, G2 ozone and e-flow systems have revolutionized the textile industry. They offer endless design possibilities and garment finishes, while saving water, energy and chemicals, eliminating waste and toxic emissions.
The Spanish company has clients in five continents. The export of its machines and services represents 90 per cent of its total billing, reaching countries like Indonesia, US, Mexico, Columbia, Brazil, Germany, Italy, India, China, Russia and Japan.
Six Gap outlets will shut by the start of next year after troubled handbag retailer Oroton Group announced plans to end its joint venture with the US brand. Oroton Group, which owns the Gap franchise in Australia, gave weak retail demand as a reason for ending its relationship with Gap in the country, after conducting an ongoing strategic review of its business.
The Board thanked the entire Gap Australia and Gap team for their dedication and substantial efforts to develop the Gap business in Australia over recent years, says Oroton Group CEO Ross Lane. Oroton Group also acknowledges the support and cooperation that it has received from Gap amending existing arrangements.
Gap entered the Australian market in 2010 through a franchise agreement with Brand Republic. The group continues to work through the closure details with Gap, and says it is too early to relay the financial impact but admits the decision will terminate the Group’s future investment in the franchise, limiting related future losses. It also stated that it was continuing to pursue options including a sale, recapitalization or a refinancing of debt. The Board notes that there is no certainty that this process will result in a proposal or transaction for Oroton Group, nor what the terms of any such proposal or transaction would be. </p
Unhappy with the GST Council not taking any decision on the demands put forth by textile trader’s at the August 5 meeting, the Federation of Surat Textile Traders’ Association (FOSTTA) and the GST Sangarsh Samiti have decided to go for the opinion of the traders’ community on further course of action.
The FOSTTA and GST Sangarsh Samiti leaders discussed demands that were not addressed at the GST Council on August 5. FOSTTA office-bearers have stated they had met finance minister Arun Jaitley along with union minister of state for road transport Mansukh Mandaviya and the two MPs from Surat and Navsari on July 17. Jaitley had promised to resolve the demands including simplification of the GST rules.
The GST Council meeting had no mention about the simplification of the GST rule for the textile trader’s community. However, the FOSTTA and GST Sangarsh Samiti have called a meeting of representatives of all the 165 textile markets in the city to decide on the further course of action.
President of FOSTTA, Manoj Agarwal stated after receiving a promise to resolve the GST issues from FM on July 17, they unanimously decided to end the indefinite strike on July 18 also the textile trade is in trouble and that the business has reduced to almost 30 per cent.
Century Textiles & Industries saw a multifold jump in its net profit at Rs 120.24 crores for the first quarter ended June 30.
The company posted a net profit of Rs 6.46 crores during the same period the previous fiscal.
Total income during the quarter under review stood at Rs 2,342.76 crores as against Rs 2,320.34 crores in the year-ago period.
The company recognised an income of Rs 28.46 crores on account of revision in estimates of future cash flows based on actual realisation of government grants.
Total expenses during the period were Rs 2,159.46 crores compared to Rs 2,308.01 crores a year ago, down 6.43 per cent.
Mumbai-based Century Textiles and Industries is active in textiles, viscose filament yarns, cement, and pulp and paper.
In the textile business, Century has two revenue streams: cotton fabric and denim units, The company has a vertically integrated plant at Bharuch for manufacturing cotton fabrics.
The cotton division of Century is one of the oldest players in India and manufactures a wide range of premium textiles and supplies to many international players, including Royale Linen, Ralph Lauren, DKNY, Belk and US Polo.
Century Textiles’ financial metrics have declined, mainly due to its high debt. Interest costs have corroded its profit after tax. Besides, due to falling demand and pressure on selling prices of cement, the financial performance of cement units has also suffered.
Bangladesh is pursuing an export-oriented industrialization with its key export sectors including textiles, shipbuilding, fish and seafood, jute and leather goods.
In 2016 Bangladesh’s exports grew at 7.1 per cent, driven largely by exports of readymade garment products.
However last fiscal Bangladesh’s export growth hit a 15-year low. Export earnings fell short of 5.85 per cent from the target.
The aim is to raise export earnings to 60 billion dollars by 2021.
Products will be exported at competitive prices. Steps will be taken to upgrade testing facilities to global standards. Efforts will be made to encourage the use of state-of-the-art, appropriate and environment- friendly technology, produce high value added exportable products and improve designs of products.
The export policy will remain in force till June 30, 2018. The policy will be applicable in all places in Bangladesh except export processing zones.
Updated information will be disseminated to exporters on export markets. They will be provided technology to facilitate diversification of exports. Workers’ rights will be given importance including workplace safety. Financial incentives will be provided to exporters including export credit at comparatively lower interest rates.
Initiatives will be taken for getting duty-free market access to developed and developing countries, including the United States.
Bangladesh has reduced income tax at source on export earnings to 0.70 per cent from the existing one per cent for the current fiscal year 2017-18. Export tax, has been lowered for all sectors except jute and jute goods with retrospective effect from July 1. Exporters will enjoy the benefit till June 30, 2018.
The benefit will be applicable for export of knitwear, woven garments, terry towels, cartons and accessories of garments industry, frozen foods, vegetables, leather goods, packed foods and any other goods and the banks will deduct the tax at the time of crediting the export proceeds to the account of the exporter.
The source tax will be considered as advance tax as well as the minimum income tax on export proceeds. Exporters would have to pay additional income tax if they show additional income from the export sector in the income tax returns. There has also been a reduction in corporate income tax for knitwear and woven garment manufacturers/ exporters to 12 per cent for the current fiscal year down from 20 per cent earlier. The rate of corporate tax, however, was reduced to 10 per cent for green factories which will have internationally recognised green building certification.
