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.
- Reliance Brands is reportedly in discussions to take a 50% stake in GAS Jeans. GAS Jeans owner Grotto is set to assign the brand rights for the Indian market to Reliance Brands, which operates around 60 stores for other fashion brands, including Diesel, Kenneth Cole and Thomas Pink. The company aims to sharpen its focus in India to offset slowing growth in western markets. THE TIMES OF INDIA
- Korean clothing and footwear makers are moving their facilities from China to Southeast Asia because of cheaper labour and relaxed business regulations. Underwear manufacturing company BYC Co will close two of its three factories in China next year and relocate to Indonesia. The firm is believed to be building a factory in Jakarta to produce 1m units of clothing every month. THE KOREA TIMES
- Textile and garment maker Hodo Group Co is looking to expand its presence in Sihanoukville, Cambodia to "diversify" its business. Hodo, which has already invested heavily to establish the Sihanoukville Special Economic Zone, said the investment is expected to reach $320m. The project could create 150,000 jobs for the country in the next few years. CHINA DAILY
- Competitive prices helped Vietnamese fibre and yarn exports to China to increase more than 60% in volume during the first nine months of the year. Vietnam exported over 140,600 tonnes of fibre and yarn to the largest country in East Asia to reach US$457.2m, up 60.3% in volume and 15.4% in value. Labour and power costs are much lower in Vietnam compared to China, where cotton prices are high because it is subject to import tax. THE SAIGON TIMES
- Swedish retailer Hennes & Mauritz H&M has been in talks with three Indian fashion chains to enter the Indian market. H&M is looking to get into a 51:49 joint venture with textile and apparel manufacturer Arvind, Reliance Brands or fashion house Genesis Colors. The retailer will be competing with Zara, which operates eight stores in Mumbai, Pune, Bangalore and Delhi. THE BUSINESS STANDARD
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