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.
- Indian textiles firm Alok Industries intends to shut 45 unprofitable retail stores by September. The company is also looking at ways to exit its UK retail chain Store Twenty One in about a year's time and sell real estate to reduce its debt of INR129bn. The Store 21 business saw EBITDA decline GBP4m for the quarter to the end of June. BUSINESS STANDARD
- The Indian government has approved plans to revive the shuttered Elgin Mills and Kanpur Textile facilities. Employees will be given full salaries and other benefits and will get the option to take part in a voluntary retirement scheme. The government is expected to sell any surplus land to generate funds. THE TIMES OF INDIA
- The Vietnam Textile and Apparel Association will scale down its export target to US$17-17.5bn from earlier forecasts of $19bn. Vietnam exporters blamed the move on the weak global economy and declining textile and garment consumption. Export value fell 7.7% to $5.3bn in the first five months of the year, according to the Ministry of Industry and Trade. VIET NAM NEWS
- Following the move by the Indian government at the beginning of this year to lift the foreign direct investment (FDI) cap in single-brand retail to 100%, footwear firm Pavers England has submitted a request for this. Six clothing and footwear retailers including Tommy Hilfiger, Brooks Brothers Group and Damiani have applied for up to 51% control. The government is yet to make a decision on these applications. BUSINESS STANDARD
- Surf and sportswear brand Quiksilver has also approached the Indian government to take on a 51% stake in its Indian business, which is managed by Reliance Brands. Quiksilver has a distribution agreement with Reliance Brands, but wants to set up a joint venture to consolidate its sales in the country. THE TIMES OF INDIA
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