This week on Twitter investors reacted to Nike’s Q1 2024 results, the Global Fashion Summit took place in Boston, and more. Credit: Shutterstock.

One of the top fashion industry-related tweets this week came from the Uyghur Human Rights Project welcoming the news that three companies will be added to the US list of sanctioned companies for using Uyghur forced labour.

The three banned companies banned are headquartered in Xinjiang. Xinjiang Zhongtai Group is a producer and seller of viscose yarn, other textiles, and chemical and building materials. While, Xinjiang Tianshan Wool is a seller and manufacturer of cashmere and wool garments, as well as velvet and other textiles products. And, Xinjiang Tianmian Foundation is a producer of yarn and textile products.

Other top tweets came from the Global Fashion Summit in Boston, where Javier Sancho, head of global issues and innovation, delegation of the EU to the US shared his thoughts on the growing problem of textile waste.

Sancho said the EU is ready to help the US “reach the same level of ambition” in terms of developing and enforcing fashion legislation to slow the effect of climate change but the task needs to be addressed as a matter of “urgency”.

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He added that it could be argued “the EU is a few steps ahead” but the EU believes the fashion sector should tackle issues in a “transatlantic” manner and the “EU- US relationship is of the utmost importance” and the EU “stands ready to help the US”.

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Amazon’s Web Service account shared the news that shoppers in its new physical clothing store would be able to walkout without using a checkout thanks to new radio-frequency technology (RFID) tags.

Amazon said that soft goods, such as clothing, posed a unique challenge for its Just Walk Out technology that was already in operation as unlike other products, customers want to see clothing on hangers, feel the fabric, try them on, and make selections accordingly.

App Economy Insights shared an infographic on NIKE’s Q1 2024 financial results, which saw revenue increase by a modest 2% as slowing sales in the US offset growth in Asia.

GlobalData said the results showed that “even the best sportswear brands are vulnerable in a highly inflationary market”.

Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.