Business – Apparel Resources

Trove acquires Recurate, eyes partnerships in Europe

Apparel Resources News-Desk — Wed, 14 Aug 2024 16:45:22 +0000

Trove has acquired Recurate, a peer-to-peer resale platform, solidifying its leadership in the sector. The acquisition, announced Tuesday, positions Trove to account for 75 per cent of branded resale traffic in the US. Terms of the deal were not disclosed. Trove, known for managing resale operations for brands like Patagonia and Levi’s, will integrate Recurate’s […]

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Toxic chemicals found by Seoul authorities in SHEIN and Temu products

Apparel Resources News-Desk — Wed, 14 Aug 2024 16:34:52 +0000

Authorities in Seoul revealed on Wednesday that women’s accessories sold by major online retailers, including SHEIN, Temu, and AliExpress, contained toxic substances at levels far exceeding acceptable standards. These Chinese e-commerce giants have rapidly gained global popularity, offering a wide range of trendy clothes and accessories at very low prices. However, their rapid growth has […]

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SHEIN hires Former EU official navigating European Regulations for IPO

Apparel Resources News-Desk — Wed, 14 Aug 2024 16:10:56 +0000

SHEIN has hired former EU commissioner Günther Oettinger to help manage European regulatory challenges as it prepares for an IPO in London. Oettinger, who has held several top positions in the EU, will assist SHEIN in addressing potential regulatory scrutiny and new import duties on low-cost goods. The company is facing issues such as possible […]

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Intune launches second store in Gurugram

Apparel Resources News-Desk — Wed, 14 Aug 2024 15:34:11 +0000

Intune, a value-oriented clothing and lifestyle retailer, opened its second location in Gurugram with the goal of serving customers in the Delhi NCR. The new business occupies an astounding 4,385.9 square feet and is located within Elan Epic Mall. “Elan Epic Mall stands as the ultimate destination for shopping, dining, as well as entertainment,” remarked […]

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Winsome Textile Industries’ Q1 profit soars by 49.24 per cent YoY

Apparel Resources News-Desk — Wed, 14 Aug 2024 13:33:51 +0000

Winsome Textile Industries, a yarn and fabric manufacturer, has announced its Q1 financial results, showcasing notable expansion and profitability. The company’s revenue rose by 6.66 per cent year-over-year (YoY), while profits increased by a remarkable 49.24 per cent YoY. This robust performance highlights the company’s resilience and effective management amidst a challenging market landscape. Compared […]

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Ben Sherman unveils new stores in Brighton and London

Apparel Resources News-Desk — Wed, 14 Aug 2024 13:27:48 +0000

As part of its ongoing expansion efforts in the UK, Marquee Brands’ British heritage menswear brand Ben Sherman is set to build two new mono-branded concept retail stores. After launching a pop-up shop in Coal Drop Yards earlier this year, Ben Sherman is expanding its retail presence with the flagships in Brighton and Soho, London. […]

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Import-export cargo via courier at Dhaka Customs House resumes

Apparel Resources News-Desk — Wed, 14 Aug 2024 13:05:17 +0000

Following the end of the strike by courier service employees at the Dhaka airport, the handling of import-export cargo by courier at the Dhaka Customs House has resumed as usual. Prior to now, these operations were hampered by the courier service employees at Hazrat Shahjalal International Airport abstaining from work. BGMEA Director Mohiuddin Rubel informed […]

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US $ 600 million loans from EDF default

Apparel Resources News-Desk — Wed, 14 Aug 2024 12:50:00 +0000

A Bangladesh Bank (BB) document reports that loans totalling around Taka 7,000 crore, or nearly US $ 600 million, that were disbursed from the Export Development Fund (EDF), which was established based on the nation’s foreign exchange reserves, have defaulted. Dhaka-based companies defaulted on US $ 558.7 million of the total sum. Furthermore, according to […]

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FBCCI urges law enforcement to strengthen factory security

Apparel Resources News-Desk — Wed, 14 Aug 2024 12:38:43 +0000

In the face of persistent difficulties, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) called on law enforcement to strengthen security measures for the country’s industries and business enterprises on 13th August. The business association stated that investors’ trust will return if the state of law and order improves. FBCCI President Mahbubul Alam […]

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Ahsan H Mansur becomes new governor of Bangladesh Bank

Apparel Resources News-Desk — Wed, 14 Aug 2024 12:20:18 +0000

Renowned economist Dr. Ahsan H Mansur took charge as the 13th Governor of Bangladesh Bank with notification being issued on Tuesday night. He has succeeded Abdur Rauf Talukdar who resigned on 10th August. Ahsan H. Mansur must resign from public service and sever all affiliations to other organisations and associations to be appointed governor of the central bank, […]

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India’s trek through lesser-known eco-fibre terrain

Dheeraj Sharma — Wed, 14 Aug 2024 12:07:15 +0000

The fashion industry has long faced criticism for its environmental footprint. However, many innovative fabrics are emerging, offering eco-friendly alternatives and challenging the very essence of what fashion fabrics can be made from. These promising materials, such as Apple Leather, Mango Fibre, Banana Fibre, Bamboo Fibre amongst others, also serve to repurpose various waste products […]

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TRZ Group will pay due salaries by 22nd August, says BGMEA

Apparel Resources News-Desk — Wed, 14 Aug 2024 11:37:21 +0000

Employees of TRZ Group have been reassured by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) that their arrears will be settled by 22nd August. Following a meeting between top office bearers of BGMEA and TRZ Group workers on Tuesday, Khandoker Rafiqul Islam, acting president of BGMEA, informed the local media, “The factory owner has […]

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Initiatives taken to lessen container congestion at Chittagong port

Apparel Resources News-Desk — Wed, 14 Aug 2024 11:20:17 +0000

To lessen container congestion, the Chittagong Port Authority and Chattogram customs have taken the initiative to keep operations running around the clock, even on weekends and public holidays. The purpose of the action is to reduce the backlog of containers and expedite import-export procedures, which were severely hindered by the statewide unrest, curfew, and protests […]

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Cantabil Retail India Ltd. announces Q1 FY ’25 results

Apparel Resources News-Desk — Wed, 14 Aug 2024 10:56:27 +0000

One of the leading manufacturers and retailers of apparel in India, Cantabil Retail India Ltd., has released its financial results for the quarter that concluded on 30th June 2024. The company recorded revenue of Rs. 127.9 crore, EBITDA of Rs. 39.4 crore, and net profit of Rs. 11.4 crore for the first quarter. The business […]

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Nykaa net profit increases 152 per cent

Apparel Resources News-Desk — Wed, 14 Aug 2024 10:35:45 +0000

The fashion and cosmetics brand Nykaa, owned by FSN E-Commerce Ventures, announced a net profit of Rs 13.6 crore for the quarter that ended on 30th June 2024. This represents a 152 per cent increase from the Rs 5.4 crore earned during the same time the previous year. Operating revenue for the Falguni Nayar-led company […]

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UK riots cause footfall drop but boost e-tail

Apparel Resources News-Desk — Wed, 14 Aug 2024 10:13:41 +0000

Riots in the UK last week caused a nearly 5 per cent drop in footfall on high streets, but a 2.5 per cent increase in home deliveries helped offset the decline. The disturbances, led by far-right agitators, resulted in an average 4.8 per cent decrease in high street footfall between Sunday and Wednesday. While other […]

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Sabhyata expands in Bhubhaneshwar with second store

Apparel Resources News-Desk — Wed, 14 Aug 2024 10:03:46 +0000

Sabhyata, India’s premier ethnic wear brand, recently celebrated the grand opening of its 123rd store and second location in Bhubaneswar, marking a significant milestone in its expansion within the rapidly growing city. The event was graced by Sulochana Das, Mayor of Bhubaneswar. This launch comes in response to the overwhelming support from fashion enthusiasts nationwide, […]

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Gokwik reports 40 per cent Increase in D2C festive sales as early trends show strong start

Apparel Resources News-Desk — Wed, 14 Aug 2024 08:16:02 +0000

GoKwik, a leading e-commerce enabler, anticipates a significant 40 per cent increase in sales during the upcoming festive period driven by a resilient Indian economy, the rise of aspirational Generation Z consumers, and the emergence of direct-to-consumer (D2C) brands. According to data from GoKwik’s network, which includes over 4000 direct-to-consumer (D2C) brands, there has been […]

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Indonesia extends textile import tariffs amid industry slump

Apparel Resources News-Desk — Wed, 14 Aug 2024 07:32:16 +0000

To safeguard and improve the competitiveness of the indigenous textile industry, the Indonesian government has approved a three-year extension of safeguard tariffs on imports of textiles, carpets, and other fabric coverings. The tariffs, according to local news sources, come as the textile and textile product (TPT) industry is still facing challenges from falling export and […]

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CITI and ILO launch project to promote ‘Fundamental Principles and Rights at Work’ for India’s cotton sector

Apparel Resources News-Desk — Wed, 14 Aug 2024 07:25:15 +0000

The Confederation of Indian Textile Industry (CITI) and the International Labour Organisation (ILO) have launched an ambitious project to promote Fundamental Principles and Rights at Work (FPRW) among cotton-growing community members as part of CITI’s ongoing efforts to uplift India’s cotton farming community. The first phase of the project would concentrate on Madhya Pradesh’s principal […]

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