🇿🇦 South African Fashion Week proves its regional clout with new showcase. The biannual event, which took place this season from Apr. 18 to 20, saw local designers such as Mzukisi Mbane’s label Imprint, Fekile, Belhauzen, Bam Collective, Black Coffee, Viviers, Heart & Heritage and Helon Melon present their latest collections, and Oddity walk away with the Mr Price New Talent Search prize. Lucilla Booyzen, SAFW founder and CEO, forged an alliance with Mozambique Fashion Week’s CEO Vasco Rocha featuring three designers from the Mozambican capital Maputo on the Johannesburg runways — Sania Bacar, Shaazia Adam and Omar Adelino. It is the latest international collaboration between SAFW and industry leaders in the wider southern Africa region. “These ventures allow us to share skills and insights, open unexplored business opportunities, and ultimately, to extend the sphere of our respective creative visions…beyond our familiar borders,” said Booyzen. [BoF Inbox]
🇨🇱 Chilean mall operator Mallplaza acquires Falabella’s Peruvian unit. The company which has 26 properties across Chile, Peru and Colombia has agreed to buy Falabella Peru, which consists of 100 percent of the operations of Open Plaza Peru and 66.6 percent of Mall Plaza Peru, for $848 million from Falabella, the Santiago-based Latin American department store group with operations in Chile, Brazil, Peru, Argentina and Colombia. Falabella CEO Alejandro González Dale said that the “reorganisation will benefit both companies” while Mallplaza CEO Fernando de Peña Iver said “by consolidating both companies on a single platform and achieving a greater scale in the operation, we will be able to incorporate important synergies and efficiencies in Peru.” [FashionNetwork]
🇳🇬 Lagos Fashion Week presents artisanal showcase Woven Threads. The fifth edition of the showcase took place in Nigeria’s commercial capital from Apr. 19 to 21, focusing on the community spirit that helps traditional craftsmanship, such as local tie-dye, textile embellishments and weaving techniques, to flourish. Facilitated by Planet 3R, Afthonia, Mitimeth and Éki Kéré, designers including Dust of the Earth, Bornstarng, Pettre Taylor, Y’Wandelag, Ajanéé, By Wuzzy, Oshobor, Kilentar, E.S.O by Liman and Ré Lagos participated in intimate salon-style presentations featuring garments crafted by artisans using principles of transparency, traceability and longevity. [BoF Inbox]
🇨🇳 LVMH reports 10% rise in global sales to Chinese customers in Q1. For the company’s overall quarterly results, sales increased 3 percent on an organic basis, confirming fears that luxury demand would continue to sputter around the world. “If we compare Q1 to Q1, last year the mainlanders were shopping 90 percent in Asia, whereas this year it’s less than 80 percent. So it explains why there’s a little bit of pressure on Chinese sales but also on Asian sales in this division,” said Jean-Jacques Guiony, CFO of LVMH. “What is significant is that the Chinese cluster is growing by 10 percent. Where the business happens is not a source of concern on our side.” [BoF, Jing Daily]
🇨🇳 Chow Tai Fook sees Q4 sales rise more than 12% in Greater China. The Hong Kong-based jewellery retailer posted retail sales growth in mainland China (which accounts for 88.6 percent of business) of 12.4 percent, while Hong Kong, Macau, and other markets together rose by 12.8 percent. [Jing Daily]
🌍 Gold prices rise amid Israel-Iran conflict as investors seek safe haven. The price rose on Friday, following an escalation of the military conflict in the Middle East which, according to the US, saw Israel retaliate against Iran’s earlier attacks in its territory, which in turn were in retaliation for a suspected Israeli strike on an Iranian consular building in Syria earlier this month. With Iran backing Hamas in the ongoing Israel-Hamas war in Gaza, geopolitical tensions in the region have flared. “The news from Iran drove up prices for safe-haven assets like gold, the US dollar and Japanese yen, while stocks fell and bonds rallied,” IG analysts added in a note to clients. Some markets later calmed once Iran downplayed the limited nature of the latest strikes. [Euronews]
🇮🇳 Sources say India’s Tata Group is in talks to invest in Fabindia. The conglomerate, which has diversified holdings spanning everything from steel and cars to financial services and jewellery, is in talks with the traditional Indian apparel maker and retailer, according to sources familiar with the matter. Tata’s stake or outright acquisition would likely value the company below the $2.5 billion threshold pegged by its aborted IPO. Fabindia was founded in 1960 to market the diverse craft traditions of India, especially apparel using hand-made textiles, skills, processes and techniques. [The Hindu]
🇨🇳 L’Oréal Q1 sales in China grew 6.2% easing concerns about a slowdown. The company’s overall global results showed sales up 9.4 percent on a like-for-like basis, but the North Asia region suffered from an unfavourable comparison base in travel retail and sluggish market growth in mainland China. “We are unhappy about the fact that this market is not rebounding the way we expected it to rebound,” said Nicolas Hieronimus, CEO of L’Oréal Group, though he added that the company is still outperforming the broader market [BoF]
🇮🇳 India’s ABFRL aims to raise $300 million through Madura demerger. Aditya Birla Fashion & Retail Ltd said it plans to split its holdings into a new separate listed entity called Aditya Birla Lifestyle Brands Ltd (ABLBL) which will comprise the firm’s current Madura unit of brands and partnerships such as Louis Phillippe, Van Heusen, American Eagle, Forever 21 and Reebok, raising around 2500 crore rupees in the process. ABFRL will retain holdings like Pantaloons, Sabyasachi, Tasva, multi-brand The Collective and Galeries Lafayette India. [Economic Times]
🇮🇳 Western diamond buyers scrutinise Indian exports over Russia sanctions. US and European buyers have started requesting proof of origin certification for small stones from India even though the G7 ban on Russian diamonds over the war in Ukraine applies only to stones that are 1 carat and larger. “This is creating a lot of confusion in the market and impacting cut and polished diamond exports from India,” said Vipul Shah, Gem & Jewellery Export Promotion Council chairman. [Economic Times]
🇦🇺 Australia considers security measures after mall stabbing rampage. Prime Minister Anthony Albanese has alluded to the review after an incident on Apr. 13 where six people were killed at the Westfield Bondi Junction shopping mall. The Shopping Centre Council of Australia welcomed his comments, with CEO Angus Nardi saying the council stands ready to engage with policy proposals. [Ragtrader]
🇨🇳 Chinese skincare giant Proya reports annual revenue of $1.2 billion. The Hangzhou-based company founded by Hou Juncheng in 2006 has posted revenues of 8.9 billion yuan for the 2023 fiscal year. Earlier this year, analysts attributed the strong performance of the C-beauty brand to its ability to response rapidly to social media skincare trends taking off on Xiaohongshu and other platforms. [Jing Daily, BoF]
🇮🇳 Trase Footwear is reacquired by founders; raises $500,000 in angel round. The direct-to-consumer shoe brand has secured funding in a round led by investors including Deep Bajaj and Mohit Bajaj, founders of Sirona Hygiene, and has been reacquired by its founders Jitin Goel and Dhruv Gupta from roll-up firm Upscalio. [Economic Times]
🇸🇬 Singapore’s Nibertex secures investment from Foxmont Capital Partners. The materials firm based between Singapore and the Philippines, has closed a funding round led by the Manila-based venture capital firm for an undisclosed amount. This capital will be used to accelerate the launch of the firm’s PFAS-free membrane technology for use in textiles. PFAS, so-called “forever chemicals” that can take hundreds or thousands of years to break down in the environment, are often used to make products resistant to water, stains or heat. [TexFash]
🇮🇳 Indian beauty firm Good Glamm Group lays off 150 employees. The Mumbai-based content-to-commerce unicorn, which began as DTC makeup brand MyGlamm before acquiring a stable of beauty and personal care products and partnering with American tennis champion Serena Williams for her beauty brand, has laid off around 15 percent of its workforce. The streamlining of redundant roles after the group acquired companies in recent years follows the departure of co-founder Priyanka Gill and CFO Piyush Kalra and the appointment of Manan Jain as COO. [Economic Times]
🇿🇦 South Africa’s Zando launches new business to counter Shein and Temu. The online fashion retailer, founded in 2012 and part of Africa-focused e-commerce retailer Jumia Group, has launched an international division called Zando Global in a bid to take on the China-founded ultra-fast fashion brands. Zando Global will use Buffalo International Logistics, Temu and Shein’s partner. [Zawya]
🇻🇪 Venezuela’s Fashion Retailers & Beauty Trails set to enter China. The retailer present in eight markets across Latin America (Venezuela, Peru, Bolivia, Chile, Ecuador, Colombia, Argentina and Brazil) is inking a deal with a Chinese distributor, the company said. The multi-brand retailer, which distributes brands from Portugal, Brazil, Spain, Argentina and Italy and produces its own brand in factories across India, China, Pakistan and Indonesia, was founded in 2011 and merged with Peru’s perfumery and cosmetics firm Beauty Trails in 2022. [Modaes]
🇨🇳 City officials incentivise brands to open their first Asia store in Shanghai. The “Debut in Shanghai” policy, launched on April 11, features an incentive of 1 million yuan ($138,000) for international brands opening their first Asia store in the city. [Jing Daily]
🌏 Piaget taps Asian celebrities ‘Apo’ Nattawin and Lee Jun-ho as ambassadors. The Swiss luxury brand has signed an endorsement deal with the Thai actor, whose full name is Nattawin Wattanagitiphat, and the South Korean actor and singer, alongside British model Ella Richards, the granddaughter of the Rolling Stones’ Keith Richards. [Malay Mail]
🇨🇳 Jaeger-LeCoultre appoints Chinese athlete Wang Shun as ambassador. The Swiss luxury watchmaker has tapped the Olympic swimming champion for his “approachable personality, refined yet recognisable style and hardworking ethics,” said CEO Catherine Rénier. [BoF Inbox]
🇦🇺 Australian babywear brand Love To Dream appoints new CEO. The brand founded by Hana-Lia Krawchuk and Gavin Krawchuk in 2008 and distributed at major retailers like Big W and David Jones has tapped Martin Matthews, the former CEO of fashion group APG & Co, to be its new leader. [Ragtrader]
🇨🇳 Kiehl’s taps China-born K-pop idol Song Yuqi as ambassador. The American beauty brand has partnered with the member of South Korean girl group (G)I-dle and is working with her to endorse a new product. [Jing Daily].
🇨🇳 Christian Louboutin taps Chinese actress Yang Mi as brand ambassador. The French luxury shoe brand has announced its partnership with the Beijing-born actress known for her roles in historical dramas and other genres. [BoF Inbox]
