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.
- French apparel company Celio is looking to take control of its joint venture with Indian retailer Future Group. The Foreign Investment Promotion Board (FIPB) is currently considering the proposal. Celio operates 30 standalone stores in India and is present through 97 shop-in-shop formats. The news comes after the government increased the limit of foreign direct investment in the single brand retail sector to 100%. THE ECONOMIC TIMES
- The government of Nepal is to liquidate Hetauda Textile as the facility cannot be revived. The factory, which holds 15,700 sets of machines used in thread-making, dyeing, and spinning and used to consume 1,200 tonnes of cotton, will be taken over by Industrial Estate Management. The company was closed ten years ago after it swung to a loss because it could not compete with cheaper imported textiles. THE HIMALAYAN TIMES
- End-of-season discounts of winter clothing in India did not manage to offset negative market sentiments, which resulted in dampened sales for many retailers. Like-for-like sales growth is at 5-8%, down from the expected 10-12%. These discounts may have to continue for a longer period for retailers with leftover winter inventory, according to industry experts. BUSINESS STANDARD
- Vietnam's textile and garment export revenue surged 28.4% to US$1.05bn in the first month of the year. Production of woven fabrics made from synthetic and artificial fibres were up 12.9% to 81.8m sq mt, while adults clothing jumped 21.6% to 184.8m units. The Ministry of Industry and Trade said this is an optimistic sign for the industry and suggested firms invest more in boosting the image of Vietnamese products overseas. TUOI TRE NEWS
- Egyptian textile employees at Mahalla-based Misr Spinning and Weaving Company are expected to strike tomorrow (12 February) against alleged attacks on their colleagues by members of the Freedom and Justice Party. The workers demands for justice and a minimum wage have not been met. Some of the textile maker's 24,000 workers have been kidnapped, tortured and threatened not to join anti-government rallies. AHRAM ONLINE
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