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.
- A memorandum of understanding has been signed between the Punjab Government and Chinese Shandong Ruyi Group for an investment of US$2bn in the region’s textile sector. Shandong will also invest in the establishment of a garments industrial zone. It is expected to create new job opportunities in the sector as well as boost exports. PAKISTAN OBSERVER
- India’s annual production of textile goods is expected to increase to US$220bn by 2020 from the current level of $90bn, according to Union Textile Minister Kavuru Sambasiva Rao. He said China has a 33% share in the global textile market and India’s share is just 4.5%. With higher wage cost, China is diverting its focus to other sectors – creating an opportunity for Indian manufacturers, he added. THE HINDU
- Zimbabwean textile industry player, Karina Textiles, has auctioned its movable and fixed assets following its liquidation. Karina, the country’s sole manufacturer of knitting yarn, was one of Mutare’s top employers with over 1,000 workers during its prime. It becomes the second largest textile industry player to face closure after David Whitehead was put under judicial management in 2011. ALL AFRICA
- Bangladesh’s readymade garment sector could soon welcome an industrial park at Gazaria upazila in Munshiganj, according to Labour Secretary Mikail Shipper. The acquisition of around 530 acre land is in its early stages, he said. Shipper was addressing a dialogue ‘Rana Plaza Tragedy and Beyond: An Update on Commitment and Delivery’. THE FINANCIAL EXPRESS
- Taiwanese-owned garment manufacturer, Grand Twins International (Cambodia), is planning a US$28m flotation on the Cambodia Securities Exchange. The IPO is set for April and received regulatory approval last week. The company is expected to offer 8m new shares for between $1.85 and $3.50 per share. WALL STREET JOURNAL
