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.
- UK retail group Tesco has sought clarity from the Indian government on the conditions imposed in the foreign investment policy on retail. Commerce and Industry Minister Anand Sharma said the government will solve concerns and help those companies looking to set up operations in the country. The news comes after the new rules, including the type of products foreign investors will be able to sell, have caused some confusion. THE HINDU BUSINESS LINE
- The Sri Lankan apparel industry is expected to generate a further US$1bn in revenue by 2016. The country could provide the technology, design, front operations and meet orders, according to the Joint Apparel Association Forum (JAAF). It also aims to increase its market share in China, India, Russia and Japan. The industry posted revenue of $3.8bn for the past year. SUNDAY OBSERVER
- Retail sales in the Philippines are predicted to increase 10% year-on-year in 2013 on the back of rising consumer confidence. The elections will increase consumer spending, according to the Philippine Retailers Association. The association estimates the country also saw double-digit growth last year.
- Pakistani gas company Sui Northern Gas Pipelines (SNGPL) has said it will restore 25% gas supply to the country's textile industry from 1 February. The decision was announced at a meeting with the SNGPL management and the All Pakistan Textile Mills Association. Gas and electricity supply was suspended last month, which contributed to textile exports falling short by US$1bn during the first six months of the year. DAILY TIMES
- Indian fabric manufacturer Mafatlal Industries has entered into a joint venture with Dubai-based Al Fahim Group to market and distribute textile products in the GCC (Gulf Cooperation Council) and African countries. Mafatlal, which will own a 49% stake, will sell school uniforms, corporate wear, bed sheets and towels under the co-brand Al Fahim Mafatlal. Al Fahim will hold the remaining 51% interest in the venture. THE HINDU BUSINESS LINE
Companies: Tesco Plc
An interactive databank with intelligence on the major apparel sourcing countries
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