Retail News CRM

Category: Fashion

Retail News Asia is committed to providing both local and global retailers with the latest Fashion news throughout the Asian market. This on a daily base.

  • Chow Tai Fook takes on landlords

    Chow Tai Fook takes on landlords

    Hong Kong jeweller Chow Tai Fook is flexing its muscle in a softening retail rental market, in search of lease cuts of as much as 20 per cent.

    The listed firm says some 30 leases throughout the territory will come up for renewal later this yr and the corporate will probably be in search of reductions within the wake of a difficult retail market which has seen gross sales plunge in some luxurious classes.

    In an interview revealed on Bloomberg on-line, MD Kent Wong stated the corporate has already been granted reductions of between 10 per cent and 20 per cent in renewal negotiations this yr, however he didn’t reveal the variety of leases concerned.

    He advised Bloomberg that circumstances in 2015 are “very particular”.

    “We’re demand pushed; we anticipate we will have a 20 per cent rental discount.”

    Chow Tai Fook has reported a fall in same-store gross sales in Hong Kong and Macau of 26 per cent within the first quarter of this yr – the fifth consecutive quarterly fall.

    Wong stated his firm might shut some shops this yr – singling out its Peak outlet for instance.

    The jeweller has 90 shops in Hong Kong, interesting largely to Mainland Chinese language vacationers. However customer numbers from China have been falling, and people nonetheless coming are much less prosperous than the standard guests of previous years. These with larger disposable incomes have began travelling additional afield, many spooked by the Occupy Central protests of the second half of final yr.

    The mainland authorities’s clampdown on present giving has additionally affected gross sales of upper priced luxurious items in Hong Kong.

    Regardless of a lower in complete retail gross sales of two.three per cent in Hong Kong in the course of the first three months of 2015, Wong expects a restoration later within the yr.

    “The market basically wants six months to at least one yr to restructure the product combine catering to the altering style of consumers,” he advised Bloomberg.

    “We stay optimistic about Hong Kong within the mid- to long-term.”

    Lees ook:

    Lees ook:

    Lees ook:

  • Parkson Retail grows regardless of Vietnam drag

    Parkson Retail grows regardless of Vietnam drag

    Listed division retailer operator Parkson Retail Asia has reported a 5.5 per cent year-on-year improve in internet revenue for the third quarter.

    Within the three months to March 31, Parkson posted a revenue of S$7.98 million.

    The corporate attributed the development to elevated gross sales in its Malaysia department shops the place shoppers have been shopping for items prematurely of the introduction of GST on April 1.

    The development got here regardless of a discount in similar retailer gross sales from the corporate’s Vietnam operations, which proceed to wrestle and now faces elevated competitors from the arrival of M&S and the Thailand Central Group’s Robins department shops in the important thing Ho Chi Minh Metropolis and Hanoi markets.

    Gross sales within the Indonesia and Myanmar shops each improved.

    Complete gross sales income for the group rose 9.2 per cent to S$116.58 million.

    CEO Toh Peng Koon stated the corporate expects a decline in Malaysia gross sales following the GST implementation, however expects that can be buffered by the beginning of the pre-Hari Raya festive shopping for season in the direction of the top of June.

    He stated he expects Indonesia and Myanmar to conitnue to ship encouraging outcomes, however warned Vietnam remained a difficult market.

    Lees ook:

    Lees ook:

  • Uniqlo companions with French style home

    Uniqlo companions with French style home

    Japanese quick style model Uniqlo and France’s Lemaire have introduced a worldwide collaboration.

    The 2 manufacturers will launch an unique vary branded ‘Uniqlo and Lemaire’, a model identify the 2 corporations say displays Uniqlo and Lemaire’s “real partnership and customary philosophy”.

    “The gathering represents merchandise that embody the lifewear idea – easy made higher – underlying each manufacturers. Each merchandise combines magnificence with average rest and luxury, for contemporary, superior wardrobe mainstays,” the businesses stated in a press release.

    “The collaboration showcases Uniqlo’s top quality supplies and uncompromising give attention to high quality on the good worth. Refined but accessible, it gives a timeless and targeted shade palette of greens, navies, whites, and reds.”

    The lads’s and ladies’s collections might be obtainable worldwide in Uniqlo shops, together with Uniqlo’s on-line retailer, from fall winter 2015.

    Uniqlo and Lemaire consider their collaboration gives “timeless magnificence to on a regular basis necessities” manufactured from rigorously chosen supplies.

    “The gathering brings a way of refined, but pleasant confidence to items you can put on daily on any event. That is lifewear elevated with fashion that absolutely respects the person.”

    Designers Christophe Lemaire and Sarah-Linh Tran stated the gathering is predicated on the philosophy of creating high-quality clothes for on a regular basis life.

    “We targeted not merely on enhancing design, however insisting on top quality within the supplies as nicely, with the purpose of making clothes that’s easy, lovely and cozy.

    “Every merchandise incorporates a number of concepts, and a single piece exhibits a unique side relying on how it’s worn. This assortment has been a worthwhile expertise for us because the designers, and an distinctive collaboration. We hope that this assortment shall be part of everybody’s life,” the pair stated.

    Lees ook:

  • Hyundai shows $50m value of watches

    Hyundai shows $50m value of watches

    Korea’s Hyundai Division Retailer will reveal a 490 million gained (US$453,500) Swiss luxurious watch this month.

    The shop is holding a luxurious watch exhibition at its Commerce Middle till Might 18 and at Apgujeong department till Might 18.

    The entire worth of the watches is round 50 billion gained, or US$46.three million.

    Luxurious watch manufacturers to go on present embrace Audemars Piguet, Jaeger-LeCoultre, Piaget, Blancpain, Vacheron Constantin, Breguet, Roger Dubuis and Panerai.

    The costliest watch might be Jaeger-LeCoultre’s “Rendez-Vous Tourbillon Excessive Jewellery”, which prices 490 million gained. The posh watch options 547 diamonds totaling 9 carats.

    The shop will exhibit greater than 400 luxurious watches together with these submitted to the Salon Worldwide de la Haute Horlogerie and Baselworld, held respectively in January and March.

    Lees ook:

  • China a standout for Estee Lauder

    China a standout for Estee Lauder

    China is certainly one of international luxurious cosmetics enterprise Estee Lauder’s strongest markets, with internet gross sales up 14 per cent final quarter and a lot of the firm’s manufacturers displaying double digit progress.

    Apart from the model which bears its firm identify, Estee Lauder owns Clinique, MAC, Jo Malone and Bobbi Brown, (one in every of whose Hong Kong shops is pictured above).

    Complete China gross sales rose in “the excessive double digits” in accordance with Estee Lauder’s quarterly outcomes. Whereas skincare merchandise dominated Chinese language gross sales, make-up merchandise are rising in reputation.

    Hong Kong gross sales, in distinction, have been down because of the a lot documented altering demographics of mainland Chinese language visiting the territory and final yr’s Occupy Central protests.

    Mainland China progress was particularly robust for Clinique and thru all channels together with Sephora, department shops and monobrand outlets. On-line gross sales doubled.

    “We consider that China might [account for] 20 per cent of our enterprise in the long run,” CEO and President Fabrizio Freda stated in an earnings convention name, a transcript of which is offered on-line by TheStreet.

    “We’re the start of the journey in China the place we’re very nicely superior within the US.”

    On-line, Estee Lauder has six model web sites in China and 4 shopfronts on Tmall.

    “Estee Lauder is the primary status magnificence model on Tmall and we’re excited that La Mer turned our fourth model on the platform a couple of weeks in the past,” added president of ELC on-line, Dennis McEniry.

    “All 4 of our manufacturers on Tmall are enormously exceeding our expectations, and we plan to launch further manufacturers there within the close to future.

    “We’re happy with the expansion in China. We’re going to greater than double our enterprise this yr,” stated McEniry.

    Globally, and throughout all channels, Estee Lauder’s internet gross sales rose eight per cent on a continuing foreign money foundation, exceeding the corporate’s expectations by multiple per cent.

    Getting into the ultimate quarter of the present monetary yr, the corporate expects gross sales to extend by between six and 7 per cent for the complete yr.

    Lees ook:

    Lees ook:

  • Prada China opens Wuhan retailer

    Prada China opens Wuhan retailer

    Prada China has opened a brand new retailer in Wuhan, inside the distinguished Worldwide Plaza purchasing centre.

    The 2-level, 950 sqm retailer area, designed by architect Roberto Baciocchi, homes the ladies’s and males’s ready-to-wear, leather-based items, equipment and footwear collections.

    The exterior facade pays tribute to artist Carlo Cruz-Diez.

    The massive entrance, mild bins and home windows are inserted into the decrease a part of the facade, which is clad in black granite and topped by an imposing gold and steel-coloured aluminium construction backlit to create a singular kinetic impact each day and night time.

    General, the facade stands 10 metres tall and stretches roughly 50 metres in size. The interior facade, the place the second entrance to the shop is situated, can also be clad in black granite.

    The inside is designed as a succession of areas, every that includes a unique environment.

    The doorway contained in the mall, outlined by the signature black-and-white marble chequered flooring, opens on an space housing the ladies’s leather-based items and equipment collections. Inexperienced fabric-clad partitions with Prada’s iconic cut-in niches with polished metal profiles outline the area.

    Inexperienced velvet sofas characterise the world devoted to ladies’s footwear.

    The ladies’s ready-to-wear assortment is showcased in an area outlined by inexperienced fabric-clad partitions and clear perspex show models.

    The lads’s leather-based items and equipment collections are set in polished metal show instances inserted into alcoves wrapped in black marble with inexperienced fabric-clad backdrops.

    The area devoted to the lads’s ready-to-wear and footwear collections is characterised by ebony floorboards and partitions, chocolate brown carpeting and cotto-coloured leather-based sofas. Polished metal show instances and counters with drawers coated in colored saffiano leather-based full the furnishing.

    Prada says it admires French-Venezuelan artist Carlos Cruz-Diez, whose paintings served as a place to begin for the design of the facade.

    The Prada boutique is situated in Wuhan Worldwide Plaza, 690 Jiefang Ave, Jianghan, Wuhan, Hubei.

    Lees ook:

    Lees ook:

  • Luxottica groups with JD.com

    Luxottica groups with JD.com

    JD.com says it is going to associate with eyewear producer Luxottica to retail a variety of sun shades bearing a few of the best-known international luxurious manufacturers.

    Clients of the Chinese language web site will be capable of buy sun shades from manufacturers together with Ray-Ban, Oakley and Vogue. A lot of the merchandise might be out there by means of JD.com’s direct gross sales channel, enabling Luxottica to leverage JD.com’s nationwide logistics community that includes commonplace same- and next-day supply.

    “Chinese language shoppers more and more depend on JD.com for handy and dependable entry to high-quality luxurious items throughout a variety of merchandise, from clothes and niknaks, to cosmetics,” stated Lijun Xin, VP.

    “We’re delighted to be partnering with Luxottica, the clear international chief in luxurious eyewear, to broaden our providing on this market that’s quickly rising amongst Chinese language shoppers.

    “Partnerships with main luxurious producers resembling Luxottica underline the belief that our international companions have in JD.com, not solely to drive gross sales, but in addition to offer shoppers assured genuine merchandise and the absolute best model expertise.”

    JD.com operates seven achievement facilities and 143 warehouses in 43 cities throughout China, with 3539 supply stations and pickup stations in 1961 counties and districts.

  • Evergreen to open children’s fashion stores

    Evergreen to open children’s fashion stores

    Evergreen International has secured brand rights to greater China for a portfolio of high profile childresnwear brands.

    Until now, a specialist in menswear, Evergreen targets the upper-middle and high-end segments of mainland China’s market.

    Now the group has secured the rights to Roberto Cavalli Junior, Simonetta and Diesel Kid to distribute children’s wear and accessories in mainland China, Hong Kong and Macau.

    It has also signed a preliminary agreement with Rykiel Enfant under Sonia Rykiel regarding the proposed distribution of that brand’s children’s wear and accessories in the same markets.

    Separately, Evergreen has signed a letter of intent with Fendi Kids and is currently evaluating opening Fendi Kids monobrand shops and stores-in-stores in Mainland China.

    Last August, the group opened a Roberto Cavalli Junior store at Ocean Terminal in Hong Kong’s Harbour City. The group plans to open about nine new stores to introduce premium brands of children’s wear and accessories into the first- and second-tier cities of mainland China in the first half of this year.

    The locations will include the shopping malls in Chengdu IFS, Qingdao MixCity, Shenzhen MixCity and Qingdao Hisense Plaza.

    It will also open four retail stores for children’s wear and accessories at the shopping mall of the Galaxy Macau resort in the first half of 2015.

    Evergreen says it will continue to negotiate with shopping centre owners with a view to opening more stores in Hong Kong, Macau and first and second tier cities in the mainland in the second half of 2015.

    Chan Yuk Ming, chairman and executive director of Evergreen, said the company is in discussions with other international premium fashion brands about the retailing and wholesaling of their children’s wear and accessories in Hong Kong, Macau and Mainland China.

    “We believe the group’s new business segment of high-end children’s wear and accessories will further diversify the portfolios of products and brands of its businesses of apparel and accessories, and will leverage the foundation of its existing menswear business, thus will be benefit to the company and its shareholders as a whole.”

    Evergreen currently owns and manages V.E. Delure and Testantin, targeting the markets for high-end business formal and casual men’s wear, the upper-middle fashion casual men’s wear and the high-end children’s wear.

    The group’s strategy is to open self-operated stores in key cities, while penetrating the markets of slower development through distributors. To cope with business expansion and raise operating efficiency, the group has strategically used a combination of self-operated retail stores as well as distributors of varying sizes to cater to different stages of development and target markets for each of its brands.

    As at December 31 2014, the group had 177 self-operated stores and 191 franchised stores in 30 provinces and autonomous regions, covering 171 cities.

    Lees ook:

    Lees ook:

    Lees ook:

  • Ambitious plan for Playboy China

    Ambitious plan for Playboy China

    Playboy is using its massive brand awareness in China to drive an expansion of its apparel range and enter new retail categories.

    US-based Playboy Enterprises has signed a new 10 year licensing agreement with Handong United to manufacture and distribute an expanded assortment of men’s and women’s fashion apparel, including casual fashion apparel, formal and casual footwear, and accessories, such as belts, bags, backpacks, wallets, and travel luggage. Leveraging Handong’s broad distribution network, Playboy is expected to further expand beyond its current reach from 3100 retail touchpoints in China’s mainland to 3500.

    Playboy China boasts a 97 per cent brand awareness among Chinese consumers according to research house Penn Schoen Berland.

    “We’re proud of the fact that the Playboy brand has achieved household status as the one of the most recognised and popular brands in the world’s leading retail market,” said Scott Flanders, CEO, Playboy Enterprises.

    “To achieve this leadership position without ever having a media entity in China is a testament to the tremendous power of our brand. China is one of our most important markets and we’re committed to working with the highest calibre of partners to develop premium quality products to connect our brand to the future generation of Chinese consumers.”

    Playboy has been building its business in China for 20 years – without any of the printed or digital products it may be best known for in its US home market. In China it is purely an apparel brand and has licensing deals for other products.

    Playboy China generated US$5 billion in retail revenue over the last decade and last year achieved $1.5 billion in retail sales worldwide, more than one-third of that in China. The company wants to achieve revenues of $10 billion during the course of its new partnership with Handong United.

    The brand continues to generate momentum through its portfolio of long time partners in apparel, footwear, luggage and accessories, who actively market the brand through its Physical and VIP sub-brands, which have 1000 and 180 points-of-sales respectively.

    “Playboy has demonstrated success in building a loyal consumer base by introducing a variety of modern apparel and accessories with a renewed focus on attracting a younger male and female consumer base,” said Matt Nordby, president, global licensing and chief revenue officer with Playboy Enterprises.

    “We’re enhancing our licensing portfolio with long-term, brand-enhancing partners, and Handong United is a partner that can deliver a premium and superior product quality. We look forward to teaming with Handong to design and create new products to further grow our China presence and reach the younger fashion-conscious Chinese consumer.”

    Xiaojian Hong, executive officer of Handong United described Playboy as “one of the most famous and treasured brands in China” and a “must-have fashion choice” for men and women across the Mainland.

    Elsewhere in Asia and beyond, Playboy has been expanding its existing audience base and attracting a new generation of consumers by revamping and refining its licensing portfolio, partnering with Lane Crawford in Hong Kong, Beijing and Shanghai, Isetan in Tokyo and Marc Jacobs globally.

    Lees ook:

  • Pure Gold opens at Changi

    Pure Gold opens at Changi

    Emirates-based Pure Gold Jewellers has opened the doors of its new store at Singapore’s Changi Airport.

    The store, the first Middle Eastern jeweller to be granted space at the airport, is located in the duty-free departure area of Terminal 1.

    Pure Gold says it designed the boutique with a luxury feel to create a comfortable shopping environment and position the brand as upmarket.

    Pure Gold is a private family-owned business founded 20 years ago which now has more than 125 stores in the Middle East and Asia. It plans to open a further 200 by 2018, selling products sourced from its factories in China and India.

    Chairman and founder Firoz Merchant said Changi airport is one of the busiest and best performing airports in Asia and opening inside airport terminal is a big boost to Pure Gold’s travel retail business.

    “This achievement is in line with our plans to become the largest travel retailer in jewellery globally. Passengers passing through Singapore Changi International Airport can now choose from our extensive range of gold, diamond, pearls, precious and semi-precious gemstone jewellery in the latest styles and best prices.”

    Pure Gold already has a strong duty free business in the Middle East, operating at all terminals in Kuwait and Abu Dhabi international airports, and within the duty free retail facilities in Jordan, Kuwait, Muscat, Dubai and Sri Lanka.

    Lees ook:

  • Esprit positive as network shrinks

    Esprit positive as network shrinks

    Fashion retailer Esprit continues to cull its retail network, but despite reduced sales is confident its turnaround program is on track.

    In the third quarter to March 31, the Hong Kong-listed company’s turnover fell 25.5 per cent in Hong Kong dollar terms to HK$4.51 billion, or 12.2 per cent in local currencies where it trades. The Hong Kong figure has been exaggerated by a 17.7 per cent depreciation in the Hong Kong dollar-euro exchange rate.

    Retail turnover in Asia Pacific grew by two per cent year-on-year in the third quarter, despite a 2.6 per cent reduction in net sales area, or 20 fewer company-owned stores.

    Over the last 12 months Esprit has reduced the number of Asia-Pacific stores supplied by its wholesale division by 40 per cent, or 188 stores.

    Wholesale turnover in Asia Pacific thus declined by 8.8 per cent year-on-year in local currency (compared with a 49.3 per cent reduction in the first half of the year). Esprit says this improvement was mainly attributable to the success of its special return agreements with wholesale partners in China which helped to clear considerably aged inventories in the same period last year. That, in turn, has resulted in an improved order intake for the third quarter.

    “In the third quarter, the Transformation phase continued to make good progress,” Esprit said in a stock exchange filing.

    “Our leaner supply chain maintained its positive impact on our sourcing costs, enabling us to reinvest the savings to further improve the value-for-money of our products. Consequently, the new collections developed under the Vertical Model, which were available in stores since February 2015 have received a more positive response.

    “While this favorable response is encouraging, it is too early to assess the full impact of the new products on our sales given their short time in the market.”

    Esprit said to drive sales development and support its sustainable growth, the company will be increasing its marketing efforts and implementing an ambitious omni-channel model to enhance the customer experience across its multiple distribution channels.

    “The savings from a leaner supply chain are also driving a year-on-year improvement of our gross profit margin, which is key for the profitability of the company.

    “We remain fully confident that our current strategies will enable us to turn around Esprit and to establish a strong foundation for future long term growth.”

    Esprit concluded by saying it was encouraged by improved sales of its new collections which went on sale from February this year.

    “Retail turnover for the months of February and March 2015 declined year-on-year by 2.9 per cent in local currency – better than our square meters reduction.

    “The positive performance in Asia Pacific, where we did not face the same issues from Autumn/Winter 2014 season, was attributable to  better availability of merchandise in stores as a result of improved logistics support and more successful tactical promotions in all of our Asian markets for the Chinese New Year holiday.”

    Lees ook:

  • Chinese in bid for New Look

    Chinese in bid for New Look

    Chinese buyers are circling high profile UK fashion brand New Look.

    UK news media are reporting negotiations are underway between a business linked with former Tesco CEO turned retail investor Sir Terry Leahy and a Chinese private equity group. The plan is to mount a joint venture bid for the business.

    New Look is currently owned by founder Tom Singh and private equity groups Permira and Apax Partners. The reports suggest a bid of £2 billion for New Look, which has more than 1000 stores internationally and a staff of more than 30,000.

    The US partner is Clayton, Dubilier & Rice, a private equity firm which owns 60 per cent of Luxembourg-based B&M. The Chinese partner is identified as CDH, another private equity group.
    Sir Terry reportedly has a shareholding in CD&R through a Cayman Islands based fund and is an advisor to the group on its retail investments.

    New Look has stores in Thailand, Korea, Singapore, Indonesia, China, Malaysia, Europe and the Middle East.

  • Belif Malaysia makes debut

    Belif Malaysia makes debut

    Korean cosmetics brand Belif has opened its first store in Malaysia in Kuala Lumpur’s Sunway Pyramid Mall.

    Belif Malaysia has been introduced by listed jewellery retailer Tomei which has the rights to other markets in the region but plans to focus on Malaysia for the time being to fully assess its potential.

    Between three and five stores are planned initially.

    Belif is marketed as a herbal lifestyle cosmetics brand based on recipes dating back to Britain in the 1860s and combined with modern day Korean skin science.

    The brand distinguishes itself with packaging which is honest about its ingredients. Each of its products addresses diverse skin types and concerns with formulas that are free of mineral oil, synthetic fragrances, synthetic dyes, synthetic preservatives and animal origin ingredients.

    The debut store in Kuala Lumpur is on Sunway’s ground floor near the Tomei jewellery store.

  • Birlas to merge Madura Clothes into Pantaloons Trend

    Birlas to merge Madura Clothes into Pantaloons Trend

    The Kumar Mangalam Birla-controlled group on Sunday introduced a plan to merge its Aditya Birla Nuvo Ltd (ABNL)-operated trend retailing enterprise with Pantaloons Trend & Retail. This can create India’s largest branded attire participant, valued at Rs 12,000 crore.

    In accordance with the plan, Madura Trend (the branded attire retail division) and Madura Way of life (the posh branded attire retailing arm of ABNL) will probably be demerged into Pantaloons Fashions, a listed subsidiary of the group.

    After the restructuring, Pantaloons Style might be renamed Aditya Birla Trend & Retail Restricted, and have 1,900 shops throughout India. The mixed entity may have a debt of Rs 1,775 crore, after loans of about Rs 475 crore can be handed from Madura to Pantaloons.

    Underneath the merger plan, ABNL shareholders will get 26 new fairness shares of Pantaloons for each 5 ABNL fairness shares held, following the demerger of Madura Style. Equally, shareholders of Madura Clothes will get seven new fairness shares of Pantaloons for each 500 Madura Garment fairness shares held, pursuant to the demerger of Madura Way of life. The choice shareholder of Madura Clothes Way of life will get one new fairness share of Pantaloons. After the deal, Pantaloons’ fairness base will improve from 92.eight million to 772.eight million shares.

    “The thought is to unlock worth for our shareholders in each ABNL and Pantaloons Style,” stated Aditya Birla Group Chairman Kumar Mangalam Birla. He additionally stated style retailing was doing much better than the nation’s financial system, with the mixed entity’s income rising by 40 per cent and Ebitda by 43 per cent, prior to now two years.

    Normal Chartered Financial institution was the advisor for the transaction, and Worth Waterhouse & Co LLP and Bansi S Mehta & Co have been the valuers.

    With this restructuring, an ABNL shareholder holding 100 shares will get 520 Pantaloons shares, along with the 100 ABNL ones. The promoters will personal near a 60 per cent stake in Pantaloons after the restructuring, in contrast with the current 72 per cent. The group determined to maintain its ‘Extra’ branded grocery shops out of the merger scheme, and stated it might not supply any stake within the new firm to non-public fairness gamers.

    “This consolidation will create India’s largest pure-play trend & way of life firm, with a robust bouquet of main style manufacturers and retail codecs. This transfer brings India’s number-one branded menswear and womenswear gamers collectively,” the chairman stated. He added the corporate’s inner accruals have been sufficient to fund its progress plans and the transaction can be accomplished in six to 9 months.

    “Buyers of ABNL had been asking for a demerger for a very long time. This entity will create the most important pure-play trend firm within the nation and take away the holding firm low cost of ABNL,” Kumar Mangalam Birla stated. The Pantaloons model will proceed on the degree of shops, whilst the corporate’s identify will change. The debt-to-equity ratio of Pantaloons will enhance after the scheme.

    “This may also convey all branded attire companies beneath one roof, speed up the expansion of those companies, and assist exploit rising alternatives introduced by the quickly rising Indian attire market,” stated Pranab Barua, the group’s enterprise director (attire & retail enterprise).

    The consolidation would additionally allow tapping of operational synergies on numerous fronts, reminiscent of sourcing, actual property and know-how platforms, the group stated in a press release.

    Commonplace Chartered Financial institution was the advisor for the transaction whereas Worth Waterhouse & Co. LLP and Bansi S. Mehta & Co have been the valuers.

    Lees ook:

    Lees ook:

  • Gap matches employees’ donations to aid group for Nepal Earthquake

    Gap matches employees’ donations to aid group for Nepal Earthquake

    Gap is matching funds of any eligible Gap employee who donates to the aid group Mercy Corps in response to the devastating earthquake that recently hit Nepal and the surrounding area, the US fashion giant said on Saturday. The disaster has injured over 8,000 people and killed more than 4,400 by Tuesday.

    “Gap Inc. and our employees extend our deepest sympathies to the victims and the families of all those affected by the devastating earthquake in Nepal, and those impacted across South Asia,” the company said in a statement.

    In respond to the concerns about whether the earthquake may have resulted in structural damage in some Bangladesh garment factories, the company said it’s working with the Alliance for Bangladesh Worker Safety (AFBWS) on the ground, the Bangladesh Garment Manufacturers and Exporters Association, the Accord on Fire and Building Safety in Bangladesh, and the Government of Bangladesh to ensure that all workers are safe.

    AFBWS is a group of 26 major global retailers formed to develop and launch the Bangladesh Worker Safety Initiative, a binding, five-year undertaking with the intent of improving safety in Bangladeshi ready-made garment factories after the 2013 Rana Plaza building collapse. Gap is a founding member of the group.

    Lees ook:

    Lees ook: