🌏 Fashion waste comes into focus at World Economic Forum. Political, business and cultural leaders from around the world are gathering in Davos, Switzerland, for the World Economic Forum’s annual meeting, which runs from January 15 to 19. The elite event attracts heads of state, billionaires and celebrities, but on Thursday fashion industry leaders will join the fray for a session called “From Waste to Wardrobe: Making Circular Fashion Fashionable.” Speakers include Suchitra Lohia, deputy group CEO of Thai wool fiber and chemicals manufacturer Indorama Ventures; Patrice Louvet, CEO of U.S.-based Ralph Lauren Corporation; and Margaret Chan, editor-in-chief of Vogue China, according to the NGO’s website. The environmental and social impacts of the global fashion industry have been an on-and-off focus of the forum for at least eight years. Broader fashion-related topics on the agenda included the future of supply chains, conflict in the Middle East, promoting diversity, equity and inclusion within companies, capitalizing on the economic growth of China, India and Saudi Arabia, and investing in frontier markets across Africa, Eurasia and Latin America. [World Economic Forum]
🇲🇽 US provides $12 million to protect workers’ rights in Mexico. The US Department of Labor will award grants of up to $12.4 million to three organizations that fight child labor or forced labor in Mexico or support migrant workers. The International Labor Organization, watchdog nonprofit Verité, and the Pan American Development Foundation will all receive funding. Fashion manufacturing in Mexico has gained momentum in recent years as US brands and retailers introduce or expand nearshoring strategies. [Sourcing Journal]
🇨🇳 Sales have soared at Chinese beauty retailer SaSa International Holdings. The Hong Kong-based multi-brand retailer with stores across Asia reported third-quarter sales increased 36.7% to HK$1.18 billion (US$224.6 million). Sales at mainland China stores increased 49.3%, sales in Hong Kong and Macau increased 39.4%, and sales in Southeast Asia increased just 2.9%. [InsideRetail Asia]
🇦🇪 Dubai Duty Free’s annual sales hit a record high of $2.16 billion. The company, which handles Dubai International Airport’s duty-free operations, which include fashion and beauty stores, saw sales rise 24.39% year-on-year to 7.885 billion dirhams ($2.16 billion) as passenger numbers exceeded pre-pandemic levels. [Arabian Business]
🇰🇭 Cambodia’s fashion exports fell 12 percent in 2023. Southeast Asia’s manufacturing hub exported $11.12 billion worth of clothing, footwear and travel goods in 2023, down from $12.68 billion the previous year, according to a report by the General Department of Customs and Tariffs. Commerce Department Secretary of State and Spokesperson Pen Sovicheat attributed the drop to “slowing global demand, particularly in the European Union.” [Xinhua]
🇺🇿 New cotton agreement aims to improve human rights in Uzbekistan. A coalition of businesses and human rights groups, funded by the US Department of Labor, signed a memorandum of understanding entitled “Enhancing Transparency and Accountability in Uzbekistan’s Cotton Industry.” The memorandum aims to improve working conditions and prevent forced labor. The Central Asian country, one of the world’s top 10 cotton producers, was subject to a massive boycott until March 2022. [Sourcing Journal]
🇯🇵 Japanese department store Matsuya acquires online retailer Milleport. Matsuya has signed an agreement to acquire the luxury beauty and lifestyle online platform from Tokyo-based startup B4F for an undisclosed amount. The deal is expected to close in late April ahead of the launch of Matsuya’s omnichannel services. [Khanh Linh for BoF]
🇧🇩 Bangladesh’s garment industry has welcomed the VAT reduction policy at ports. The head of the Bangladesh Garment Manufacturers and Exporters Association said the government’s decision to remove taxes on some export services will “reduce operational costs” for businesses facing multiple global economic headwinds. The news comes shortly after Sheikh Hasina was re-elected prime minister in violence-marred elections described as neither free nor fair. [Sourcing Journal, Reuters]
🇯🇵Uniqlo’s parent company Fast Retailing announced a 25% rise in first-quarter operating profit. Buoyed by strong overseas sales, Fast Retailing’s profit reached 146.7 billion yen ($1.01 billion) in the three months to November, on top of a record profit of 381.1 billion yen ($2.56 billion) for fiscal 2023. [Reuters]
🇰🇷 South Korean retailer Tom Greyhound is closing its Paris store. The concept store, which started in Seoul and has been operating a French branch since 2014, will cease operations in Paris at the end of January, WWD reports, citing confirmation from David Kang, managing director of Handsome Paris, a local subsidiary of Hyundai Group’s Handsome Corporation. The fashion retailer’s operations in South Korea will not be affected. [WWD]
🇨🇳 Christian Dior has confirmed dates for its men’s show in Hong Kong. The French luxury brand will present its Pre-Fall 2024 collection, designed by menswear artistic director Kim Jones, on 23 March, to coincide with the inaugural ComplexCon Hong Kong, which runs from 22-24 March. ComplexCon Hong Kong will mark the American streetwear and pop culture festival’s first visit to China. [Retail in Asia]
🇦🇪 Dubai Fashion Week changes dates from after Paris to before New York “We’re bringing forward the dates of our autumn/winter collections to take part earlier in the global fashion calendar, allowing designers to attract and engage with potential buyers and investors sooner,” said Khadija Al Bastaki, senior vice president of Dubai Design District (D3), the organisation that founded the rebranded event in collaboration with the Arab Fashion Council last year. [BoF Inbox]
🇮🇳 Indian eyewear retail chain Lenscart has expanded into Saudi Arabia. The Gurugram-based company has opened two stores in the Saudi Arabian capital, Riyadh, after expanding into the Middle East with a store in Dubai, United Arab Emirates in 2021. Founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi, Lenscart has over 1,100 stores across India. [India Retailing]
🇦🇺 Simon Schofield has been appointed CEO of Kew Clothing Australia. The former managing director of Country Road Group brands Witchery and Trenary will take up his new role from January 30. Kew Clothing is Australia’s largest clothing manufacturer, operating 190 stores under the Kew, Dion Lee and Veronica Main brands, according to an Australian Financial Review report last year. [Rag Trader, AFR]
🇨🇳 Furla has appointed Chinese actor Wang Jiali (Carrie Wang) as its new brand ambassador. The Italian brand has cast the film and TV actor and singer, also known as Wang Junkai, in its womenswear campaign for its Chinese New Year 2024 capsule collection. [Grazia Italia]
