THIS WEEK IN GLOBAL MARKETS
Indian gold and diamond jewellery giants announce expansion plans. Tata Group’s watches and jewellery unit Titan revealed it is planning to open 18 more international stores in the Gulf and other regions for its brand Tanishq before the end of the current fiscal year while competitor Kalyan Jewellers will roll out 20 more showrooms beyond the southern region of India where it is based. [Economic Times]
Japanese apparel major Sanyo Shokai reports 11.2 percent net sales growth year over year. The manufacturer, distributor and retail partner holding brands such as Epoca and Loveless said sales reached 15.9 billion yen ($1.1 billion) in Q1 2024. [Fibre2Fashion]
Gildan Activewear will shutter its factory in Honduras after employee deaths. One of North America’s largest manufacturers of T-shirts confirmed to the Sourcing Journal that it is closing the San Miguel site, in light of the murder of four garment union leaders off-site in the sourcing hub of Choloma last month. [Sourcing Journal]
Birimian and Orange Bank Africa increase financing for Ivorian fashion entrepreneurs. The Côte d’Ivoire-based investment firm led by Laureen Kouassi-Olsson and the mobile bank have boosted the envelope’s total available loan amount from 100 million CFA francs to 500 million CFA francs ($835,000). [Birimian Ventures]
Dubai aims to strengthen its position in the lab-grown-diamond sector. Despite plummeting prices for the gems, Dubai Multi Commodities Centre CEO Ahmed bin Sulayem said there is “no limit” to the number of such businesses he would like to establish in the emirate but that he is “not forcing the matter.” [Zawya]
China-based Temu faces a lawsuit over cloned storefront allegations. Amazon sellers have complained that their images and product descriptions are being copied by sellers on the platform owned by e-tailer Pinduoduo parent PDD Holdings, who then undercut them for the same product in price, leading to a dramatic drop in sales. [Wired]
South Korean distributor NHN Commerce acquires Italian retailer Coltorti. The investment for an undisclosed amount will be used to expand the online presence and physical store network of the luxury multi-brand chain that has locations in cities including Ancona and Pescara. [Milano Finanza]
Mexican at-home beauty services platform Glitzi secures $2.8 million investment. Funding from the round led by Act One Ventures, Y Combinator, Goodwater Capital and Gaingels will be used to expand the offering to three more cities beyond Mexico City, Queretaro and Monterrey and to increase its contractor network. [LatamList]
China’s Peacebird reports 89% surge in H1 profit. The Ningbo-based mid-market fashion giant recorded a net profit of 251 million yuan ($34.8 million), an increase of 89 percent, bouncing back after the lockdowns of last year – although it is still working through inventory. [Sina]
Cotton from Australia and Brazil helps offset poor harvests in Pakistan in India. The deputy editor of trade publication Cotton Outlook suggested that the global outlook is likely to feature stable prices after a period of adverse weather conditions under La Niña caused poor crop yields in some key regions in recent years. [Sourcing Journal]
H&M lays off 10% of its workforce of 450 people in Bangladesh in a cost-cutting move. Local worker’s rights activists suggested that the Swedish fast fashion giant, which is said to source from more than 250 factories in the Southeast Asian country, should “take responsibility and take care of their staff.” [Dhaka Tribune]
Prada signs Chinese women’s national football team. After a string of celebrity brand ambassadors plagued by scandals including most recently with singer Cai Xukun, Prada has jointed other brands in partnering with athletes, signing up to provide outfits for the 23-player squad, which won the most recent Asian Cup. [Jiemian]
Eastern European designers show collections at Fashion Week Berlin. Though brands from Germany remain the largest contingent, the event has started to attract designers from countries further east such as Bobkova and Litkovska from Ukraine who are showing at the latest edition from Jul. 10-15. [Fashion Week Berlin]
Fashion Design Council of India partners with Reliance Brands for the Hyundai India Couture Week. The event, a key showcase for the bridal and couture sectors, will be held in Delhi from Jul. 25 to Aug. 2, halfway between the Lakme Fashion Week ready-to-wear events which alternate between Mumbai and Delhi in March and October. [Apparel Resources]
Hong Kong-based Chow Tai Fook reports Q2 sales rise of 29.4%. The jewellery company’s sales for the three months ended June 30 rose by nearly a third year over year, with mainland China growing 25.2 percent while Hong Kong, Macau and other territories shot up 64 percent. [Hong Kong Stock Exchange]
