Top Textile & Fashion News of the Week | 1st to 6th Feb 2020
- 4 years ago
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1. Forever 21 reaches $81-mn deal to sell its retail business
Forever 21 has reached an $81-million deal to sell its retail business to a group that includes Simon Property Group, Brookfield Property Partners and Authentic Brands. The company is seeking approval to name the three as the lead, stalking-horse bidders in an auction. Rival bidders can make counteroffers till February 7.
2. Flipkart shuts down Jabong, to focus on Myntra
Flipkart has shut down fashion platform Jabong to focus on its premium fashion marketplace Myntra. Walmart-owned Flipkart, which had acquired Jabong for $70 million in 2016, will redirect Jabong's portal and its app to Myntra as it has been reportedly finding it difficult to work out a conclusive long-term strategy for the portal.
3. Ritu Kumar collaborates with Lenzing Ecovero
Making way for a new perspective on ‘Sustainability’, country’s most respected designer Ritu Kumar is all set to foray into world of environment-friendly creations with showcase of her AW’20 collection at finale of Sustainable Day at Lakmé Fashion Week 2020. She is partnering with the Austrian fibre brand, Lenzing Ecovero to create iconic laid out prints.
4. India stops export of N95 masks, protective clothing
India has prohibited the export of all types of personal protection equipment, including masks and clothing, with immediate effect in view of the rising threat from the coronavirus. The government made some policy amendments to initiate the action. Indian manufacturers had raised production of such items keeping in view the rising demand.
5. Vietnam didn't see growth in exports to all CPTPP nations
Vietnam has been unable to see growth in exports to all member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the country’s ministry of industry and trade. In 2019, export value surged by 28.2% year on year to $3.86 billion to Canada and by 26.8% to $2.84 billion to Mexico.
6. Union budget proposes National Technical Textiles Mission
A National Technical Textiles Mission with a four-year implementation period from 2020-21 to 2023-24 at an estimated outlay of ₹1,480 crore has been proposed by finance minister Nirmala Sitharaman in her presentation of Union Budget 2020-21 today. She also announced abolition of anti-dumping duty on PTA, a key raw material for synthetic textiles.
For more information, download our Garment Textile Fashion News App http://onelink.to/pspkdr
Follow Fibre2Fashion on Social Media:
Facebook: https://www.facebook.com/B2B.fibre2fashion
LinkedIn: https://www.linkedin.com/company/167309
Twitter: https://twitter.com/fibre2fashion
Instagram: https://www.instagram.com/fibre2fashion/
1. Forever 21 reaches $81-mn deal to sell its retail business
Forever 21 has reached an $81-million deal to sell its retail business to a group that includes Simon Property Group, Brookfield Property Partners and Authentic Brands. The company is seeking approval to name the three as the lead, stalking-horse bidders in an auction. Rival bidders can make counteroffers till February 7.
2. Flipkart shuts down Jabong, to focus on Myntra
Flipkart has shut down fashion platform Jabong to focus on its premium fashion marketplace Myntra. Walmart-owned Flipkart, which had acquired Jabong for $70 million in 2016, will redirect Jabong's portal and its app to Myntra as it has been reportedly finding it difficult to work out a conclusive long-term strategy for the portal.
3. Ritu Kumar collaborates with Lenzing Ecovero
Making way for a new perspective on ‘Sustainability’, country’s most respected designer Ritu Kumar is all set to foray into world of environment-friendly creations with showcase of her AW’20 collection at finale of Sustainable Day at Lakmé Fashion Week 2020. She is partnering with the Austrian fibre brand, Lenzing Ecovero to create iconic laid out prints.
4. India stops export of N95 masks, protective clothing
India has prohibited the export of all types of personal protection equipment, including masks and clothing, with immediate effect in view of the rising threat from the coronavirus. The government made some policy amendments to initiate the action. Indian manufacturers had raised production of such items keeping in view the rising demand.
5. Vietnam didn't see growth in exports to all CPTPP nations
Vietnam has been unable to see growth in exports to all member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the country’s ministry of industry and trade. In 2019, export value surged by 28.2% year on year to $3.86 billion to Canada and by 26.8% to $2.84 billion to Mexico.
6. Union budget proposes National Technical Textiles Mission
A National Technical Textiles Mission with a four-year implementation period from 2020-21 to 2023-24 at an estimated outlay of ₹1,480 crore has been proposed by finance minister Nirmala Sitharaman in her presentation of Union Budget 2020-21 today. She also announced abolition of anti-dumping duty on PTA, a key raw material for synthetic textiles.