Global news roundup
- A number of Chinese clothing manufacturers are urging sportswear firm Adidas to compensate them after deciding to terminate its contracts with five suppliers in the country. If Adidas will not resolve the situation, the suppliers say they will turn to the courts for assistance. Adidas is the only client for many of the manufacturers. CHINA DAILY
- Korea's labour ministry has upped the country's minimum wage by 6.1% to KRW/KPW4,860 (US$4.31) per hour for 2013. The agreement will increase the salary of employees who work 40 hours a week to KRW/KPW1.02m and is expected to benefit 2.58m workers in Korea. The government said it will monitor businesses to make sure they comply with the increase. THE KOREA TIMES
- Luxury brands including Armani and Burberry are looking to expand into Surat, Chennai and Kolkata in India. These cities, which were traditionally conservative markets, are now among the emerging destinations for premium brands. The number of high-income households in these cities is increasing at 20% a year, compared to 13.7% in the bigger cities. THE ECONOMIC TIMES
- Financial firm ING Groep's Turkish banking unit has agreed to supply US$500m worth of loans to over 9,000 members of the Istanbul Textile and Apparel Exporters Association. ING Turkey will also provide consulting services for members to help with their investments abroad and trade with foreign companies. The banking firm expects loans for small and medium-sized businesses and commercial banking to rise 30% in 2012. BLOOMBERG
- South East Asian developing countries including Myanmar (Burma) and Cambodia are becoming the main manufacturing bases for South Korean textile firms. Garment company Shinsung TongSang is considering expanding its production lines in these countries to keep up with demand. Meanwhile, another Korean apparel company is looking to acquire additional plant in Phnum Penh, Cambodia, which will have 16 production lines. INCRUIT
Faced with continuing challenging trading conditions in 2012, retailers responded with a number of different strategies to try to grow their businesses. International expansion, new and larger format ...
Luxury goods business Burberry has appointed former BBC Worldwide chief executive John Smith to the newly created post of company COO - while CFO and EVP Stacy Cartwright is set to step down from the ...
Luxury goods business Burberry outstripped market expectations with a 9% rise in underlying revenues in the third quarter, boosting retail revenues by 13% and comparable store sales by 6%....
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