Global news roundup
The following is a round-up of apparel and footwear news from the world's local media. just-style has not checked these stories so cannot guarantee their accuracy.
- "India's dull retail market in May has forced apparel retailers to launch their discounts a month earlier. Arvind Lifestyle started offering a 20-40% discount for its Arrow brand in June, instead of July. The company said the reductions are similar to last year because the industry believes early sales help firms ease out inventories. BUSINESS STANDARD
- Shares in Pakistan's apparel sector in the global market have fallen 10% to US$9.24bn in fiscal year 2011-2012 because of an increase in cost of production, a worsening law and order situation and power and gas load shedding. The country's value-added textile exports in February 2011-2012 have declined 9.8% to May 2011-2012. Meanwhile, competitors' exports including India have increased 23.87%, Bangladesh has risen 7.86% and China up 2.05%. THE DAILY TIMES
- Anand Sharma, India's Commerce, Industry and Textiles minister met with Dr Arvin Bollel, Mauritian Foreign Affairs and International Trade minister to hasten negotiations for a Preferential Trade Agreement (PTA) to boost bilateral trade ties. Both parties have agreed to hold the first meeting of a joint committee on cooperation in the textile and clothing industry in India on 23 July. India and Mauritius signed an MoU was signed earlier this year. THE HINDU BUSINESS LINE
- India's cotton production is expected to slump 7% to 5.4m tonnes this financial year, down from 5.9m tonnes last year. Lower cotton prices are expected to mean cotton cultivation area declines by 10% to 11m hectares. The International Cotton Advisory Committee (ICAC) said India's exports are expected to be down 61% to 750,000 tonnes because of reduced domestic production and increased mill use in the country, coupled with stronger competition between countries. BUSINESS STANDARD
- Chinese Texhong Textile Group, one of the largest suppliers of cotton/spandex fabrics in the world, has started building a US$300m yarn factory in Vietnam. The facility at Hai yen industrial park in the northern province of Quang Ninh will have six workshops and total design capacity of nearly 140,000 tonnes per year. The site will be operational in the third quarter of 2013. VIETNAM INVESTMENT REVIEW
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