Retail News CRM

Tag: appareil

  • Covid-19 will strip US$95.4bn from Apac apparel market

    Covid-19 will strip US$95.4bn from Apac apparel market

    The coronavirus pandemic is likely to cost the apparel and footwear industries across the Asia-Pacific region US$95.4 billion in lost sales this year.

    The impact on the broader global industry will be a massive US$395.6 billion in lost sales, according to analytics firm GlobalData, which represents a 19.5-per-cent decline on last year’s figures. The sector will account for 29.1 percent of the total $1.3617 trillion impacts of lost revenues by the retail industry during the period.

    The figures are the result of an industry examination undertaken by GlobalData, which found that the apparel sector is still the worst affected by the outbreak, continuing to be hit by store closures and poor consumer demand. Rising unemployment and a possible recession is likely to worsen the situation for players in the industry.

    According to research conducted by the firm, 60 percent of consumers surveyed said that trustworthiness, risk-free and familiarity are factors currently influencing their choices of products/services.

    “Brands need to continuously engage with consumers through social media channels and personalized messages to stay in contact and engage with their customers,” said GlobalData Retail analyst Vijay Bhupathiraju.

    “They should continue to build trust by delivering messages addressing Covid-19 and social responsibility and advertise the safety and hygiene measures taken during the manufacturing process and in-stores to drive more consumers to the stores.”

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  • Bonjour CEO exits, replacement known yet

    Bonjour CEO exits, replacement known yet

    Bonjour CEO Cheung Ka Fai has resigned after less than two months in the role, citing “personal career development”. He has been replaced by Wong Iu Ming.

    In a statement to the stock exchange, the struggling apparel chain confirmed there was “no disagreement with the board” or other matter relating to the resignation that should be brought to the attention of shareholders.

    In May, the husband-and-wife founders of the beauty-products retailer, Dr Wilson Ip Chun Heng and Chung Pui Wan, stepped down from their roles as chairman and CEO, and vice-chairman, respectively. Cheung stepped up from CFO to CEO.

    Ming, 65, is currently executive director and deputy CEO of Haifu International Finance Holding Group and holds directorships of Global Leather Intelligence, China Leather Intelligence, Innogy Global, Haifu China Petrochemical Group. He is a past GM of the Internal Audit of Urban Renewal Authority.

    He also has experience in risk controls, finance and administration, and the internal audit of both large Hong Kong public bodies and multinational conglomerates.

    Previous Bonjour CEO Cheung, 45, has been with Bonjour since August 2012 and has more than 20 years’ experience in audit, finance, and business advisory.

    In March, Bonjour Holdings reported a sales decrease of 18.7 percent for the 2019 fiscal year, following a 7.3-per-cent decline in 2018. The company’s annual loss attributable to shareholders ballooned from US$5.1 million in 2018 to $16.7 million last year.

  • Vietnam winning greater share of US apparel imports

    Vietnam winning greater share of US apparel imports

    Vietnam’s share of US apparel imports has benefited as China’s share in the market is slipping in the wake of the Sino-US trade war.

    According to the US Department of Commerce’s Office of Textiles and Apparel, Vietnam’s share increased to 14.26 percent last year, up from just 7.72 percent in 2010.

    Michelle Russell, an apparel correspondent at GlobalData, says Vietnam’s garment sector has clearly benefited from the ongoing tit-for-tat trade spat between the US and China during the last two years as producers and buyers diversify their supply chains.

    Brands have chosen Vietnam and Bangladesh as its alternative sources as additional tariffs are imposed on most garments imported from China.

    China’s share of the market slipped from 41.9 percent in 2018 to 39.9 percent last year, on top of a year-on-year decline in the unit prices of apparel imported into the US.

    “Despite China remaining the cheapest of the top-10 garment supplier countries, the country’s share of US imports declined last year. Meanwhile, Vietnam is becoming something of a global manufacturing powerhouse and has clearly reaped the benefits thanks to its younger and lower-wage workforce, its preferential trade policies and its logistics – the country boasts 14 major ports,” said Russell.

    The EU-Vietnam Free Trade Agreement (EVFTA) between Vietnam and the European Union, which will remove most tariffs between the two parties over the next 10 years, has been approved by the European Parliament this week. However, Vietnam still faces challenges ahead that will require Vietnam to gradually change the structure of its economy.

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