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.
- Taiwan's leading garment manufacturers Makalot Industrial Co and Eclat Textile Co are expected to record buoyant sales this year because of stable raw material prices and capacity expansion. Recovering retail sales in the US during the first half of 2012 has helped Makalot garment orders rise year-on-year with major orders from Gap Inc and Target Corp. Makalot booked a 19.59% increase in pre-tax profits for the first nine months of the year to reach TWD1.19bn (US$40.7m) CENS.COM
- Sri Lankan garment and accessories manufacturer Sritrims has opened an operations office in Cambodia to expand its global footprint. Nishantha Delgoda, managing director of Sritrims, said identifying new markets has become important in order to maintain profit. The company expanded into the country because of cheap labour, according to Delgoda. CEYLON TODAY
- Swiss textile machinery supplier Rieter has sold its 3.48% stake in machinery manufacturer Lakshmi Machine Works (LMW) marking the end of their partnership. In April 2011, LMW bought out Rieter's 50% interest in their joint venture. The Swiss firm said its stake in LMW prevented it from launching its own venture in the country. In addition, R Venkatrangappan has resigned as chairman and director of LMW. THE TIMES OF INDIA
- A number of luxury firms including Gucci, Hermès and LVMH-owned Fendi are targeting Indonesia despite challenges to enter the country. Gucci is opening a flagship 5,500 sq ft store in Jakarta. Meanwhile, Hermès unveiled its third store in the region this month and Fendi is set to open two shops in Indonesia in 2012. Luxury goods sales in the country are expected to reach US$742m this year, which is almost double the level in 2007. WARC
- Vietnamese companies have faced difficulty getting US contracts after many were cancelled due to fluctuations in material costs, according to the HCM City Textile and Garments Association. However, Vietnam's export turnover reached US$1.58bn in September, helped by garment and textile products, which made up 41% of the total figure and footwear accounting for 12% of turnover. Export turnover to the US must reach $2bn every month to meet its $20bn target for the year. VIET NAM NEWS
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