08 July 2024
08 July 2024
The Office of the US Trade Representative is backing a renewal of AGOA ahead of its September 2025 expiration, but calls for "tweaks" have faced pushback from experts that say it is more important to secure its timely and long-term renewal given its huge benefits for US apparel brands and retailers.
There was lots of activity in the fashion sector last week to suggest awareness around circularity is growing but several barriers remain in shifting from a non-linear economy at pace.
Global online fashion brand Public Desire's 2024 study reveals United Arab Emirates (UAE) is leading on sustainable fashion within the global apparel industry with a 47.39% market share, while Latvia lags behind at 4.9%.
The European Commission's plan to scrap the EU's €150 import tax loophole is said to be targeting ultra fast fashion giants Temu and Shein, however an industry expert suggests the companies will still remain cheaper than competitors so impact will be limited.
An industry expert is sceptical that Saks Fifth Avenue's parent company HBC's plan to purchase rival US retail department company Neiman Marcus Group in a $2.65bn deal will solve either company's existing issues.
Indian retail company Reliance Retail is said to be in the final stages of relaunching ultra fast fashion giant Shein into the Indian marketplace a year after the partnership was announced and four years after Shein's app was banned from the country.
Clothing brand Esprit has ended discussions with a potential bidder for its China business due to the offer not being commercially viable and has confirmed it is looking at its other proposals.
Fashion supply chain management (SCM) services firm Bleckmann has acquired textile logistics firm B2Tex which has its main operations in Spain in a bid to grow across Southern Europe.
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Per GlobalData, the luxury apparel market was valued at $201.6 billion in 2023 and will grow at a CAGR of >5% during 2023-2028. While macroeconomic difficulties in Western Europe and North America will impact luxury demand in the short term, countries in APAC and Eastern Europe will continue to emerge as burgeoning economies. Per our analysis, Hermes emerged as the uncontestable winner within the luxury apparel market, growing its share at an exponential rate in 2023.
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