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.
- The Turkish government has decided to exempt Egypt from duties levied on cotton textile imports as a protectionist measure, according to industry and foreign trade minister Mahmoud Issa. Issa said his talks with Turkish minster Zafer Caglayan covered the importance of offering more facilities to Egyptian exporters to boost trade between the two countries. EGYPT STATE INFORMATION SERVICE.
- The bilateral free trade agreement between Vietnam and Chile will be officially signed on 11 Nvoember after three years of negotiation. According to Vietnam’s General Customs Office, Vietnam’s total exports to Chile are worth US$94m, including textile and footwear products. Meanwhile, imported products from Chile were worth over $55m, including seafood, vegetables, animal feed, wood, furniture and steel. THE SAIGON TIMES DAILY.
- Tata’s retail group Trent reported a 71.6% drop in second-quarter net profit to INR34m, due to higher input costs and increased excise duty on branded garments. For the quarter ended 30 September revenue increased to INR2.27bn from INR1.82bn in the same period of the previous year. BUSINESS STANDARD.
- Arvind-owned Indian retail operator Megamart plans to reposition its business by moving from being a predominantly men’s wear retailer to becoming an all-in-one family store. It intends to invest some INR500m in expansion over the year. The focus is on increasing Megamart’s presence from 700,000 square feet to 1m square feet. THE HINDU BUSINESS LINE.
- Clothing retailer Country Road has had a weak start to the financial year with Australian sales slipping, but said it is doing better in South Africa. Company chief executive Howard Goldberg told shareholders that comparable sales were down 4.9% in Australia since the start of the new financial year, although like-for-like sales in South Africa were up. BUSINESS DAY.
