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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.

  • Shu Uemura’s first global flagship store to open this month

    Shu Uemura’s first global flagship store to open this month

    Shu Uemura will open the world’s first global flagship beauty boutique in Omotesando, Tokyo.  The new “Makeup Box” flagship store is scheduled to open on April 16, 2021.

    The store features a jet-black design inspired by the brand’s icon.  Highlights from the flagship store include gift wrapping using red, black, and white Japanese paper that is inspired by kimono and origami.  A professional cleaning brush service will be offered to the customers.  In addition, limited items such as makeup products and accessories will be available at this store.

    The lineup includes tote bags, pouches, tumblers, and vanities.  Limited edition premium eyelashes will also be on sale for a limited time as well. Shu Tokyo Makeup Box

    Open Date: Friday, April 16, 2021

    Address: 5-11-2 Jingumae, Shibuya-ku, Tokyo

    TEL : 03-3427-258

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  • H&M caught in a catch 22 as Vietnam boycott begins

    H&M caught in a catch 22 as Vietnam boycott begins

    H&M’s attempt to mend fences in China after angering consumers there with its stance against forced labor appears to have triggered another boycott next door in Vietnam.

    The Swedish fashion retailer drew Vietnam’s ire after it posted a map on its website that depicts islands in the South China Sea as Chinese territory. Vietnam has a competing claim on the islands. H&M changed the map at the request of authorities in China, according to Vietnamese media.

    Authorities in Shanghai said they summoned H&M’s local unit last week to address an issue with a map on its website, though it is unclear if this is the same map as the one angering Vietnamese citizens.

    In Vietnam, Twitter and Facebook users have been circulating images of a crossed-out map of China next to a map of Vietnam reflecting Hanoi’s claims to the islands and demanding the company apologize or have its 11 stores in the Southeast Asian country shuttered.

    The company has been attempting to win back consumers in China, where it became a lightning rod for public anger after multiple foreign brands stopped carrying items made using cotton from Xinjiang because of reports of human rights and labor abuses in the Muslim-majority region. It has been the subject of boycotts, and a number of its physical stores have been forced to close by landlords since the controversy flared up. H&M stores even disappeared from leading mapping service Baidu Maps and ride-hailing platform Didi Chuxing.

    The territorial dispute in the South China Sea is a hot-button topic in Vietnam. Hanoi has been one of, if not the most, vocal governments pushing back against Beijing’s claim to govern most of the sea, though the U.S. often calls for freedom of navigation in the region, calls which European powers have recently echoed.

    The dispute is not just a matter of government interest, either. When maps of the region are published, the Vietnamese public looks closely to see how the islands are portrayed. Backlash has followed perceived slights from an array of institutions, from the Hollywood film “Abominable” to the maps in passports issued by Beijing. Even the U.S. Embassy in Hanoi was accused of misrepresenting the territorial issue in September, when it posted on Facebook a Vietnam map with the islands, only to later delete the archipelagos.

    While the uproar in Vietnam adds to H&M’s recent headaches in Asia, the company is just one of several multinationals caught up in the Xinjiang controversy. Nike, Adidas, Burberry and others are also struggling with the balance between retaining Chinese shoppers and complying with Western laws against forced labor and other human rights violations. The U.S., Canada, the European Union and the U.K. all slapped sanctions on China in March, citing the country’s human rights violations against Uyghur Muslims.

  • Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton has transformed Pedder Building into its own private salon, replete with their celebrated Objets Nomades collection. The occasion also marks the international launch of the brand’s latest Objet Nomade — Lanterns, intricately weaved lamps that are designed by design duo Zanellato/ Bortotto.

    The grand showcase is a labor of love by local scenographer and interior designer Nelson Chow. Set over two floors, the exhibition brought us into the world of Louis Vuitton, where existing iconic pieces are also displayed in a new light for visitors to see, touch and feel.

    Since 2012, the Louis Vuitton Objets Nomades collection has put the skills of international designers such as Atelier Oi, Atelier Biagetti, the Campana Brothers, Andre Fu, Raw Edges and Tokujin Yoshikoka to the test. Each designer must create objects of art that are rooted in Louis Vuitton’s vision of travel, embodying the brand’s design codes and savoir-faire. From hammocks to foldable stools and lounge chairs, to leather screens and sofas that can be transformed into smaller furniture pieces, the collection showcases the House’s attention to complex craftsmanship and creative innovation.

    Showing their support at the opening of the exhibition were stars such as Karena Lam, Grace Chan, Sham Yuet, Sham Yet and Stephanie Au. Other renowned guests also include Adrian Cheng, Andre Fu, Michelle Cheng, Yen Lo, Alan Lo, Esther Sham, Queenie Law and more.

    The Louis Vuitton Objets Nomades 2021 exhibition runs from now until April 8th, 2021 by private appointment.

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  • H&M slips to loss, pledges to rebuild trust in China after backlash

    H&M slips to loss, pledges to rebuild trust in China after backlash

    Swedish clothing giant H&M said on Wednesday (Mar 31) it was doing “everything” to resolve a boycott in China that was sparked by its decision to stop sourcing cotton from Xinjiang over forced labor concerns.

    H&M and other fashion brands have been under fire in China for statements voicing concern about allegations of labor violations in cotton fields in the far west region.

    Chinese celebrities and tech firms pulled partnerships with H&M, Nike, Adidas, Burberry and Calvin Klein. H&M was even erased from Chinese shopping apps.

    “We are working together with our colleagues in China to do everything we can to manage the current challenges and find a way forward,” H&M said in a statement.

    “We are dedicated to regaining the trust and confidence of our customers, colleagues, and business partners in China,” it said.

    Australian Olympians were the latest to be embroiled in the row on Wednesday as the country revealed its uniforms for the upcoming Tokyo Games.

    The Australian Olympic committee faced criticism as it rolled out ASICS-branded sportswear, with the company facing questions over its use of cotton from the Xinjiang region.

    The vice president of the Olympic committee said it had been assured that none of the cottons came from that region.

    Rights groups say more than one million Uyghurs and other mostly Muslim ethnic minorities have been held in internment camps in Xinjiang, where they have also been forced to work in factories.

    H&M makes around 6 percent of its revenue in China, which is home to nearly 10 percent of its stores.

    China had become H&M’s third-biggest market before the boycott.

    The company has not released the figures on the financial impact of the boycott or which measures it has taken in response to the controversy.

    “China is a very important market to us and our long-term commitment to the country remains strong,” H&M said, noting it has been presented in the country for more than 30 years.

    “We want to be a responsible buyer, in China and elsewhere, and are now building forward-looking strategies and actively working on next steps with regards to material sourcing.”

    The statement was issued on the sidelines of quarterly results which showed a net loss of 1.07 billion kronor ( US$123 million) in the December to February period due to the coronavirus pandemic.

    In late March, about 1,500 of the company’s 5,000 stores were temporarily closed due to coronavirus restrictions, H&M said.

    Sales, however, jumped 55 percent in March compared to the same month last year.

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  • Tumi and McLaren launch collaborative range

    Tumi and McLaren launch collaborative range

    Travel and lifestyle brand Tumi has unveiled a new luggage and travel collection designed and developed in partnership with luxury supercar maker and Formula 1 team McLaren.

    Each of the nine pieces in the capsule collection is, according to the partners, designed to simplify all aspects of travel and life on the move.

    Tumi and McLaren said their common vision of “continually pursuing higher levels of excellence” is reflected in the details and materials featured in the new range. Elements of McLaren’s supercars are included, along with the brand’s signature Papaya colourway and CX6 carbon fibre accents.

    Key travel pieces include Aero International Expandable 4 Wheel Carry-On and the Quantum Duffel. The carry-on features Tegris, a hardwearing thermoplastic composite found in race cars and a moulded fabric front panel which contrasts the hard shell.

    The supercar-influenced design is echoed throughout the collection and compression straps are modelled from the six-point racing harnesses found in McLaren race cars and track-only models, such as the limited-edition McLaren Senna GTR.

    The Tumi x McLaren range includes the Aero International Expandable 4 Wheel Carry-On, Velocity Backpack and Teron Travel Kit.

    “For me, this is the ultimate collaboration as Tumi and McLaren have an innate synergy. We are two like-minded brands who share the same values – unparalleled quality, technical innovation and design excellence. The value of this partnership, however, extends beyond the product” – Tumi Creative Director Victor Sanz

    The Velocity Backpack includes a USB port, padded laptop compartment and ‘add-a-bag’ sleeve while the Torque Sling and Lumin Utility Pouch offer hands-free options. Accessories include the Orbit Small Packing Cube, Trace Expandable Organizer, and split compartment Teron Travel Kit.

    The collection is available from 31 March on Tumi and McLaren websites, in Tumi stores and through selected McLaren retailers.

    Tumi Creative Director Victor Sanz said: “For me, this is the ultimate collaboration as Tumi and McLaren have an innate synergy.

    “We are two like-minded brands who share the same values—unparalleled quality, technical innovation and design excellence. The value of this partnership, however, extends beyond the product.

    “With a keen focus on lifestyle, we design for the betterment of the customer experience. With McLaren’s advanced technology and our top-of-the-line materials, our gear can tackle the most arduous excursions and still effortlessly translate into daily life.”

    Packing aerodynamic automotive inspiration: The Orbit Small Packing Cube is designed for quick journeys

    McLaren Automotive Design Director Rob Melville commented: “When I first met with Victor to define the collection we quickly realised that we each brought a shared creative vision for what we wanted to achieve.

    “At McLaren we focus on articulating a clear design language and materials selection which combines and leads into our car’s performance. We wanted to capture those aspects with Tumi so we have spent a great deal of time working to analyse and refine every aspect of this collection.

    “The result is something that I am incredibly proud of and that I believe will elevate the owner’s experience while serving as a reminder that, like our cars, it’s about enjoying the journey and not simply the destination.”

    McLaren Racing Chief Commercial Officer Mark Waller commented: “McLaren strives to push the boundaries of design, performance and perfection in everything it does, whether on the road or on the track. This collaboration exemplifies that spirit.

    “We are delighted to be collaborating with Tumi on this collection. We look forward to seeing our race team use it around the world as we commence the 2021 Formula 1 season.”

  • FamilyMart launches ‘convenience wear’ clothing range

    FamilyMart launches ‘convenience wear’ clothing range

    Family Mart, one of Japan’s most common convenience store chains, will now be offering apparel. Dubbed “Convenience Wear,” Family Mart will be launching 68 different articles of clothing, designed by FACETASM designer Hiromichi Ochiai.

    Spanning essentials like T-shirts, long-sleeves, tank tops, shorts and socks, each piece is neatly folded in transparent zip-lock packaging labeled with detailed information about the piece’s size, color, material and measurements. Most of the colors are kept minimal, too — navy, white, black and grey. Jointly developed with Asahi Kasei Co., many of the silhouettes also come with “Paircool” fabrication for optimal breathability. Beyond clothing, other pieces in the collection like towels round off the expansive assemblage.

    Family Mart’s “Convenience Wear” range is currently available on Family Mart’s website, ranging from ¥390 – ¥990 JPY (approximately $3 – $9 USD).

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  • How much do you need to begin investing in crypto?

    How much do you need to begin investing in crypto?

    So far, 2021 has been the year of cryptocurrencies. With Bitcoin smashing through the previous record to reach an all-time high of £42,000 ($58,000) and firms such as Tesla now investing, it appears that there has never been a better time to jump on board and start investing in crypto. Of course, while Bitcoin may be the most well-known cryptocurrency it is by no means the only one. Alongside this, there is also the likes of Ethereum, Litecoin, and Cardano to consider. Even looking at these additional cryptos is only touching the tip of the iceberg as there are literally thousands of them in existence.

    With all of the media coverage of crypto and what this year has seen, now may be the time that you are considering investing. If you are unfamiliar with crypto terms such as algorithmic peg, altcoin, and bag there is a good chance that you may need to invest in some education before taking the plunge, but here’s a look at some of the key points that you’ll need to know.

    What is Crypto?

    Before considering how much you need to start investing, it is important to understand what crypto is and, just as importantly what it isn’t. Cryptocurrencies are digital currencies that exist online and in secure wallets. They can be used to buy goods and services, but more importantly, they can also be traded for profit.

    Crypto works by using blockchain technology. This is a decentralised computer system that keeps information extremely secure. The fact that crypto is decentralised also means that no government or single person controls it. This means that, although values can change, it is not susceptible to world events like a traditional currency is.

    What are the most popular cryptocurrencies?

    When it comes to considering investing in cryptocurrency, it is worth taking a look at what are the most popular. With so many in existence, it is easy to get lost in a sea of names and not really be sure what you are investing in. The most popular cryptos to invest in are:

    Bitcoin

    The open-source software for Bitcoin was released in 2009. The person behind this is only known as Satoshi Nakamoto and has never had his real identity confirmed. The first time that Bitcoin was used was to purchase a pizza, but since then it has gone on to achieve incredible values and is now even accepted as a method of payment by PayPal, showing that it is now truly mainstream.

    Ethereum

    The work of Vitalik Buterin saw Ethereum being launched in 2015. At the time of release, there were 72 million coins made available. Although not reaching the heights of Bitcoin, it still has a respectable all-time high of £1,239 ($1,700).

    Litecoin

    The creator behind Litecoin was Charlie Lee who founded this in 2011. Going live in 2013, this crypto works in an almost identical way to Bitcoin although the technology allows for faster confirmation of transactions. Its all-time high was £262 ($360).

    How can I invest in crypto?

    To invest in cryptocurrencies, you are going to need somewhere to buy it and then somewhere to keep it. This is where exchanges come into play. The most common of these is Coinbase. Here you can buy Bitcoin and Ethereum with your debit card. For other cryptos, you generally need to trade Bitcoin and Ethereum and can not use traditional currencies to buy them.

    Given the high values of these currencies, investing may seem unobtainable for many. The good news is that you do not need to purchase an entire Bitcoin. Exchanges allow you to purchase fractions of cryptocurrencies which makes investing accessible for everyone. Potential new investors should not be intimidated by the rising values. Instead, this should be taken advantage of by using fractional options which remove any barriers to entry.

     

  • Investors press companies on human rights in Xinjiang

    Investors press companies on human rights in Xinjiang

    A group of religious and socially conscious investors and other funds are ramping up pressure on Western companies over alleged human rights abuses in China’s Xinjiang region, highlighting the challenges for brands trying to maintain their business ties amid rising tensions.

    The group of more than 50 investors, backed by the Interfaith Center on Corporate Responsibility, said it is in the process of contacting more than 40 companies, including H&M, VF Corp, Hugo Boss and Zara-owner Inditex, requesting more information about their supply chains and urging them to quit situations that could lead to human rights abuses.

    Anita Dorett, program director for the Investor Alliance for Human Rights, which put together the request to the fashion brands and other big corporate names, said she was worried that some companies had moved to scrub language about policies on forced labor from their websites, or pledged to buy more cotton from Xinjiang, in fear of a backlash from Chinese social media and companies.

    “Companies do not prioritize resources to digging into their supply chains and mapping them out. As investors, we want transparency and accountability,” Dorett said in an interview. She added that “This is their business. If they don’t know what’s happening, who will?”

    Over the past week, H&M, Burberry, Nike, Adidas, and other Western brands have been hit by consumer boycotts in China after raising concerns about forced labor in Xinjiang.

    The wave of boycotts coincided with Britain, Canada, the European Union, and the United States over what they say are human rights abuses taking place in Xinjiang.

    The investor alliance alleged that companies removing or moving statements concerning Xinjiang were doing so in fear of commercial retaliation from the Chinese government. It also said compliance rules were being developed in other markets, including the European Union, obliging them to disclose their supply chains fully.

    The Human Rights section of H&M’s website hmgroup.com on Friday no longer carried a link to a 2020 statement on Xinjiang. The statement could still be accessed through the page’s direct address.

    Inditex’s statement on forced labor on its website was no longer available as of last Thursday. H&M and Inditex did not immediately respond to a Reuters request for comment on the investor group’s approach. H&M has declined to comment on the removal of details from its website. Inditex has not responded to requests to comment on the removal of information from its website.

    VF Corp’s original statement on Xinjiang was no longer available, with a new statement published on a different site section. ON TUESDAY, a VF spokeswoman said the company had “not changed our position, our policies or our practices” but did not address the new location of its statement.

    Hugo Boss said last week on Chinese social media that it would continue sourcing Xinjiang cotton. Company spokeswoman Carolin Westermann said on Friday an undated English-language statement on its website stating that “so far, HUGO BOSS has not procured any goods originating in the Xinjiang region from direct suppliers” was its official position and that the Chinese statement was not authorized.

    Westermann reiterated the company’s position on Tuesday, adding that it was in “active exchange with NGOs and other key stakeholders, including investors, to outline our standards, values and sustainability initiatives in more detail.”

    Among investors, environmental, social and governance funds have taken in big inflows of cash, putting companies on the spot and prompting new financial disclosures on topics that were once considered fringe issues best left to governments to address.

    Assets in sustainable funds hit a record $1.7 trillion in 2020, based on data from fund management industry tracker Morningstar.

    The Investor Alliance for Human Rights has more than 160 institutional investors and other organizations as members, representing more than $5 trillion in assets under management currently, its website said.

    The New York-based Interfaith Center on Corporate Responsibility, which is backing the companies’ approach, has a broad range of members, including religious groups, public and union pension funds, and several other asset managers.

    The investor alliance does not include top U.S. fund groups BlackRock Inc and Vanguard Group Inc. With $16 trillion in assets between them both companies are large shareholders in many of the companies under pressure in China Refinitiv data.

    Both companies have ramped up their ESG efforts by publishing more details of their engagements and proxy votes at portfolio companies and introducing new funds using ESG criteria to pick holdings.

  • Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton’s Objets Nomades collection – a collection of travel-inspired furniture and objects made in collaboration with internationally renowned designers – first launched in 2012. Now, the Maison’s collaborative design showcase has landed in Hong Kong to exhibit the pieces created in partnership with celebrated designers around the world.

    The showcase will exhibit at Pedder Building, a historical landmark in the heart of Hong Kong, and will feature an extensive range of pieces that celebrate the heritage of Louis Vuitton with design details worked in, such as the classic LV monogram. Combining the power of art, design and fashion, the showcase will be a colorful one, built by Nelson Chow of  NC Design & Architecture, and will likely see interest from fans across all creative intersections, especially fans of the brand.

    “I was inspired by Hong Kong’s old mansions. I studied places like Haw Par Mansion on Tai Hang Road and King Yin Lei on Stubbs Road and transported their beams, curved walls, and cross motifs to the interior,” Chow said on his inspiration for the exhibition design. “We also looked at the way these houses were divided into different compartments.”

    Included in the exhibition, will be designed duo Zanellato/Bortotto‘s Lanterns, which accompanies statement chairs, sofas, trunks and more. Alongside this, Atelier Biagetti has created a new perspective of the Anemona table, as well as Objets Nomades featuring a collaboration with contemporary artist Wing Shya, whose movement-driven photographs will be on display throughout the showcase. The Objets Nomades 2021 exhibition runs until April 8, 2021.

    Since its inception in 2012, the Louis Vuitton Objets Nomades collection has employed the skills of international designers such as Atelier Oi, Atelier Biagetti, the Campana Brothers, Andre Fu, Raw Edges, and Tokujin Yoshikoka to bring the showcase to audiences across the globe. The only requirement once chosen, is that each designer must create functional pieces of art that nod to Louis Vuitton’s vision of exploration, embodying the brand’s design codes and savoir-faire.

    The collection, complete with hammocks, side tables, and transformative sofas showcases the House’s attention to complex craftsmanship and creative innovation.

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  • Lululemon warns of demand risks from potential virus resurgence

    Lululemon warns of demand risks from potential virus resurgence

    Lululemon Athletica on Tuesday warned of more store closures and risks to demand from a potential resurgence in COVID-19 cases, even as it forecast first-quarter revenue above analysts’ estimates.

    The company said any surge in cases, including the new variants, could hamper demand and disrupt the supply chain at a time its stores are struggling with capacity restrictions, sending its shares down 1.6% in extended trading.

    The company’s stock, however, has gained 64% over the past 12 months, as Lululemon saw a surge in demand for its leggings and sports bras from stuck-at-home consumers looking for comfortable apparel.

    “Regardless of vaccines, the sense of comfort will continue to sell and Lululemon has found a very strong assortment in between comfort and activewear,” said Jessica Ramirez, retail analyst at Jane Hali & Associates.

    The company is also banking on its home fitness startup acquisition, Mirror, to provide an additional revenue stream this year, and expects its top line to rise as much as 65% to $275 million in 2021 on the booming demand for online workout classes.

    Lululemon said it would ramp up investments in the startup, which offers subscriptions for live workout classes on mirror-like video monitors, to sustain its growth. The Canadian company forecast first-quarter revenue of $1.10 billion to $1.13 billion, above analysts’ estimate of $999.5 million, according to IBES data from Refinitiv. It expects first-quarter adjusted earnings per share of 86 cents to 90 cents, above estimates of 82 cents.

    Lululemon’s full-year earnings per share expectations of $6.30 to $6.45, however, were below estimates of $6.72.

    Net revenue rose 24% to $1.73 billion in the fourth quarter, beating estimates of $1.66 billion, as online sales jumped 92% on a comparable basis.

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  • Nike sues company that made ‘Satan Shoes’ with Lil Nas X

    Nike sues company that made ‘Satan Shoes’ with Lil Nas X

    Athletic shoe maker Nike Inc on Monday sued a New York-based company that produced “Satan Shoes” purported to contain a drop of human blood as part of a collaboration with “Old Town Road” rapper Lil Nas X.

    Nike said in the lawsuit that the company, MSCHF Product Studio Inc, infringed on and diluted its trademark with the black-and-red, devil-themed shoes, which went on sale online on Monday. Lil Nas X is not named as a defendant in the suit.

    The shoes are customized Nike Air Max 97 sneakers that contain red ink and “one drop of human blood” in the sole, according to a website describing the 666 pairs of limited edition shoes. The back of one shoe says “MSCHF” and the other says “Lil Nas X.” her

    Several media outlets reported that the shoes sold out in less than one minute at a cost of $1,018 per pair. Lil Nas X said on Twitter he would choose the recipient of the 666th pair from social media users who circulated one of his tweets.

    Nike, in its lawsuit filed in federal court in New York, said the shoes were produced “without Nike’s approval and authorization,” and the company was “in no way connected with this project.”

    “There is already evidence of significant confusion and dilution occurring in the marketplace, including calls to boycott Nike in response to the launch of MSCHF’s Satan Shoes based on the mistaken belief that Nike has authorized or approved this product,” the lawsuit said.

    Nike asked the court to immediately stop MSCHF from fulfilling orders for the shoes and requested a jury trial to seek damages.

    Representatives for Lil Nas X and MSCHF did not immediately respond to requests for comment.

    The Grammy-winning rapper, 21, on Friday released a video for new song “Montero (Call Me By Your Name)” in which he dances with a character wearing devil horns.

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  • Burberry – the first luxury brand to suffer Chinese backlash over Xinjiang

    Burberry – the first luxury brand to suffer Chinese backlash over Xinjiang

    British designer Burberry is the first luxury brand to be targeted in China in a backlash against western sanctions imposed over alleged human rights abuses in the Xinjiang region, following on from retailers including H&M and Nike that were boycotted by Chinese shoppers this week after they voiced concerns about cotton sourced from the Chinese region, one of the world’s top cotton producers.

  • Gap sells Janie and Jack children’s fashion label

    Gap sells Janie and Jack children’s fashion label

    As part of a three-year strategic plan to focus its four largest brands — Old Navy, Gap, Banana Republic and Athleta — Gap Inc. said it will sell its children’s business to investment firm Go Global Retail on Thursday.

    Gap bought Janie and Jack in 2019 for $35 million from Gymboree Group Inc. It has a web business and counts 115 stores in the US. The terms of the deal were not disclosed.

    In March, Gap Inc said it was reviewing Intermix, a multi-brand retailer and contemporary fashion, and recorded a $56 million impairment chart for the business. Last year, Gap Inc shut down another smaller sub-label, the men’s athletic brand Hill City. The company also said it is reviewing its European business, which represents 2 percent of total sales.

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  • Victoria’s Secret owner raises profit target again on stimulus boost

    Victoria’s Secret owner raises profit target again on stimulus boost

    VICTORIA’S Secret owner L Brands raised its current-quarter profit forecast for the second time this month as customers use stimulus checks to buy everything from scented candles to lingerie, sending its shares to a three-year high.

    The company on Friday also cited the unusual shifts in spending patterns and relaxation of COVID-19 restrictions for the upbeat first-quarter forecast.

    Analysts have said that retailers are set to benefit from the $1.9 trillion aid bill passed earlier this month that included $1,400 checks for eligible families.

    The company’s Bath & Body Works business has boomed in recent quarters as a sharper focus on hygiene standards and increased interest in skin-care by home-bound customers during the pandemic lifted demand for soaps, lotions, and sanitizers.

    This prompted L Brands to raise its profit target for the current quarter earlier this month.

    The Ohio-based company’s shares, which have gained about 60% since the start of the year, rose as much as 8% to a near three-year high of $64.08 on Friday.

    L Brands, which is separating its Victoria’s Secret business later this year, has managed its inventory well to avoid heavy discounting that has plagued some U.S. retailers.

    The company said on Friday it expects an adjusted profit of 85 cents to $1 per share in the first quarter, up from its previous raised forecast of 55 cents to 65 cents per share.

    Analysts were expecting 62 cents per share, according to IBES data from Refinitiv.

    Still, L Brands cautioned that it was not sure whether these improved trends would extend into the future.

    The company is scheduled to report its first-quarter results after markets close on May 19.

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  • China says H&M should look into Xinjiang issue seriously amid boycott

    China says H&M should look into Xinjiang issue seriously amid boycott

    H&M, Burberry, Nike and Adidas and other western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang. The growing rift comes as the United States and other Western governments increase pressure on China over suspected human rights abuses in the western region.

    Chinese social media users last week began circulating a 2020 statement by H&M announcing it would no longer source cotton from Xinjiang.

    H&M said at the time the decision was due to difficulties conducting credible due diligence in the region and after media and human rights groups reported the use of forced labor in Xinjiang – a charge that Beijing has repeatedly denied.

    Xu Guixiang, a spokesman for the regional government of Xinjiang, told reporters that a company should not politicize its economic behavior and said H&M won’t be able to make money anymore in the Chinese market because of its statement.

    Elijan Anayat, another Xinjiang government spokesman, said during the briefing that Chinese people do not want the products of companies such as H&M and Nike that have boycotted Xinjiang’s cotton. He invited companies to take trips to the region’s cotton fields to see for themselves what is happening.

    Washington on Friday condemned what it called a “state-led” social media campaign in China against U.S. and other international companies for committing not to use cotton from Xinjiang.

    The wave of consumer boycotts in China has coincided with a coordinated set of sanctions imposed by Britain, Canada, the European Union and the United States last week over what they say are human rights abuses taking place in Xinjiang. The U.S. government has publicly accused Beijing of genocide against the Uighur Muslim ethnic minorities in the region.

    Xu repeatedly rejected accusations of genocide and human rights abuses in the region and accused the Western powers of engaging in political manipulation to destabilise China with the sanctions.

    The United States in January announced an import ban on all cotton and tomato products from the area due to allegations of forced labour from detained Uighur Muslims.

    Western governments and rights groups have previously accused authorities in the far-western region of detaining and torturing Uighurs in camps, where some former inmates have said they were subject to ideological indoctrination.

    China has repeatedly denied all such charges and say the camps are for vocational training and combating religious extremism.

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