Apparels

Gap Inc has reported net sales of $3.8 billion, up 2 per cent YoY in Q3 FY24, with a 1 per cent rise in comparable sales and a 7 per cent increase in online sales.
Gross margin improved 140 basis points to 42.7 per cent, while net income reached $274 million.
For 9M FY24, net sales grew to $10.9 billion, with net income doubling to $638 million.
FY24 sales are projected to grow by 1.5-2 per cent.

Vietnam’s Binh Dịnh Economic Zone Authority has granted an investment certificate for the TnB Vietnam fashion manufacturing plant project, funded by Singapore-based HGQ Asia.
The first phase will see construction of workshops, warehouses and offices, installation of machinery, workforce recruitment and training, and initiating production till October 2026.
The second will focus on expansion.

Bangladesh’s RMG exports declined by 5.22 per cent to $36.151 billion in fiscal 2023-24, missing the $52.272 billion target by 30.84 per cent, according to revised EPB data.
Knitwear and woven apparel exports dropped, while home textile exports saw a sharper 22.05 per cent fall.
The new regime revised prior fiscal data, revealing discrepancies in reported RMG exports under the former government.

In September 2024, the UK’s clothing exports fell by 16.72 per cent year-on-year to £249 million and decreased month-on-month from £263 million in August.
Textile fabric exports dropped 5.15 per cent year-on-year but rose monthly to £221 million, while fibre exports declined annually to £53 million but increased from £43 million in August.

The Eurasia Group recently opened a garment factory in Kashkar Kyshtak village of Kara-Suu district in Kyrgyzstan with USAID support.
The factory is part of a broader textile and garment complex, with a total investment of over $27 million.
Once fully operational, the factory plans to export its products to the Middle East and North Africa, the EU, and the Commonwealth of Independent States.

Bjorn Borg has reported net sales of SEK 285.1 million (~$259.5 million) in Q3 2024, up by 8.8 per cent YoY (10.4 per cent currency-neutral).
E-commerce sales rose 31.5 per cent to SEK 49.4 million.
Gross profit margin fell to 52.1 per cent.
Operating profit grew 2.8 per cent to SEK 42.0 million.
For 9M 2024, net sales reached SEK 755.1 million (~$674.6 million), with 11.9 per cent YoY growth.

Even without strong government guidance, European cities are acting on fast fashion at the local level, proactively addressing textile waste and promoting sufficiency, a new report by Zero Waste Europe says.
Some such initiatives include restricting advertisements in public spaces; implementing repair incentives; promoting sharing and waste reduction; and hosting sustainable fashion events.

Chief minister of India’s Tamil Nadu state MK Stalin has laid the foundation stone of a manufacturing unit of Taiwanese footwear firm Dean Shoes at SIPCOT Park in Ariyalur district’s Jayankondam.
It will be the first unit to be set up there at an investment of $118.5 million and is expected to generate 15,000 jobs.
“Tamil Nadu is going through a renaissance in industrial development,” he said.

Turkiye and Qatar signed the Declaration of Facilitating Trade to boost bilateral trade to $5 billion.
Despite being Qatar’s fifth-largest apparel supplier, Turkiye’s exports have been declining, with apparel imports dropping 26.23 per cent year-on-year in 2024.
In 2023, Turkiye accounted for 10.23 per cent of Qatar’s apparel imports.
The agreement aims to reverse this trend.

Wolverine Worldwide has opened a new 11,000 sq. ft. global Innovation Hub in Boston, Massachusetts, to boost design and product development for brands like Saucony.
This follows recent openings in China, Hong Kong, and London, alongside renovations to its Michigan headquarters, reflecting a focus on fostering creativity, collaboration, and global brand growth.