Global news roundup
- Indian retailer The Future Group plans to open 1,680 skill development centres in the country in the next four years by teaming up with the National Skill Development Corp (NSDC). Future Sharp Skills, a joint venture between Future Group and NSDC, will launch the centres in West Bengal, where the company will have 40 centres. THE HINDU BUSINESS LINE
- Jordan has started promoting careers in the garment sector to combat the country's growing unemployment rate. The labour ministry, the King Abdullah Fund for Development, the Jordan Enterprise Development Corporation (JEDCO), and the Shanin Garment Factory have teamed up to employ 500 people in Jordan. The deal aims to help Shanin Garment Factory open new sites in Karak and Azraq, creating 575 jobs. NUQUDY
- India's cotton imports for the year ending 30 September are likely to treble to 1.5m bales because of tight domestic suppliers of cotton and lower prices abroad, according to the Cotton Association of India. Most of the imports are expected to come from African countries, Australia and Brazil because of cheaper prices. Importers have signed deals for around 1m bales at 75-80 cents per lb, compared to the local price of about 88 cents. REUTERS
- The Confederation of All India Traders in India will protest against foreign direct investment (FDI) in multi-brand retail, by observing the Quit India Movement Day as 'Quit FDI Day' on 9 August. The government has suspended the decision to allow51% FDI in multi-brand retail after strong objections. Opposing political parties said FDI would affect 40m people in the retail sector. THE ECONOMIC TIMES
- India's Arvind Lifestyle Brands is in talks to buy the operating stores and rights of British fashion retailers Next, Debenhams and Nautica stores from Planet Retail. The Indian retailer would acquire stores with revenue over INR130 crore after the takeover of the three brands is finalised. Arvind is expected to enter into fresh licensing agreements and business development plans for India with the three retailers. THE TIMES OF INDIA
- Shares in Indian retailers including Pantaloon Retail, Shoppers Stop, Provogue and Trend India fell last Monday (23 July) after the Indian government put plans allowing foreign direct investment (FDI) on hold, following firm opposition. Shares slipped 4.2% for Pantaloon, fell 2.2% for Shoppers Stop, edged down 0.9% for Trent, while Provogue's shares declined 4.5%. Industry body CII said the government should announce confidence-building reforms such as FDI in multi-brand retail. THE ECONOMIC TIMES
An interactive databank with intelligence on the major apparel sourcing countries
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