After the long and semi-successful struggle of their colleagues in Bangladesh, now also Cambodian and Haitian textile factory workers are
demanding higher wages. The governments in both countries have
increased minimum wages slightly already, but labour unions want a
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The Italian Benetton Group has announcement a
major restructuring as it will withdraw
from more than 25 countries and put an end to several of its labels. PlayLife,
only recently introduced in the Benelux, will cease to exist.
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A fire in
one of Swatch Group’s factories threatens to impact the entire Swiss watch industry, as the company is an
important parts supplier for its Swiss competitors.
American jewelry chain Tiffany & Co has to pay
Swatch 330 million euro because of a breach of contract. The Dutch
Arbitrage Instituut believes Tifanny has breached the contract in
regards to a collaboration between both companies.
Irish fashion chain Primark has opened its first French store in
Marseille, which immediately attracted a huge crowd of fans and inquisitive people. Some competitors have acknowledged the new danger and opened larger stores themselves.
American fashion group PVH had a strong third quarter as profits rose 17 %
to 196.7 million dollars (143 million euro). Turnover even went up 38 % to 2.25 billion dollars (1.63 billion
Luxury fashion web shop Moda Operandi
has secured 20 million dollars (15
million euro) in a second funding round. The store wants to invest the
money in a new website, but it also hopes to expand its mobile branch.
Spanish fashion group Inditex has seen its net profit increase
0.6 percent in the nine months leading up to 31 October, lifting it to 1.67 billion euro. Next year, the
group intends to open another 500 new stores.
H&M will start supporting 3 factories,
one in Cambodia and 2 in Bangladesh, from next year, so that textile workers may get a living wage.
The Swedish company aims to get all of its 750 factories to pay decent wages by
Abercrombie & Fitch has decided to extend CEO Mike Jeffries’ contract with one year, despite seeing its revenue dropping for a long time and share
holders asking for the termination of Jeffries’ contract.
In the middle of January, Spanish fashion label Mango is launching the
“Violeta by Mango” line, designed for women of sizes 40 to 52.
Adidas and Nike have been fighting for every inch of every pitch in every
sport, but the fight is
becoming even more intense with the world championship football approaching. Adidas has ruled the footballing world for quite some
time, but Nike has clearly been clawing
back this past few years.
The Versace family is negotiating a
possible sale of 20 % of the Italian fashion label’s shares. IQ Made in
Italy Venture, a fund with Qatar Holding participation, seems the most likely
candidate. The deal would value the Milanese fashion label at 850 million euro.
Swedish fashion chain H&M wants to enter the highly competitive sports fashion market from next year onwards: on 2 January, the chain will launch
H&M Sport, although it will only be for sale in a low number of stores in the beginning.
Luxury concern LVMH has bought a 40 % stake in Australian sports clothing 2XU (“Two times You”). Using
their Singaporean investment fund L. Capital Asia, the French company hopes to
introduce the brand into the Asian market first, spreading across the world
Esprit CEO José Manuel Martinez Gutiérrez has announced a new brand to start in 2014. Along with that announcement, he said he expects the group to become
profitable “probably even next year”.