Apparels

Two-fifths of Bangladesh’s garment businesses are grappling with delays in opening letters of credit due to a shortage of US dollars, a Bangladesh Institute of Development Studies survey revealed.
Such businesses are also struggling with customs-related issues, high bank charges and delayed payments from buyers.
Forty-six per cent of the respondents recommended lowering bank transaction costs.

Trident Group plans to invest Rs 3,000 crore in Madhya Pradesh to expand its textile operations, creating 3,000 new jobs, according to Chairman Rajinder Gupta. The company, which has already invested Rs 5,000 crore in the state, currently exports finished products to 122 countries. The new investment will raise employment at Trident from 12,000 to over 15,000, with half of the new jobs reserved for women.

Lenskart is investing ₹1500 crore to build the world’s largest eyewear manufacturing facility in Telangana, India. The factory at Fab City will produce eyewear and accessories for domestic and international markets, creating about 2100 jobs. Telangana was chosen for its business-friendly environment, and an R&D facility may also be established later.

Caleres has reported net sales of $740.9 million in Q3 2024, down 2.8 per cent YoY, with gross profit of $327 million and diluted EPS of $1.19.
DTC sales were 72 per cent of total sales.
Famous Footwear sales fell 4.8 per cent, while Brand Portfolio grew 0.7 per cent.
For 9M 2024, net sales reached $2.08 billion, with diluted EPS of $2.92.
FY24 outlook forecasts a 2.5–3 per cent sales decline.

A new report reveals garment workers in Bangladesh, Vietnam, and Pakistan face increasing extreme heat due to climate change. New EU regulations hold retailers accountable, pushing them to fund factory cooling improvements. Only a few brands currently have heat safety protocols, but experts stress the urgency for broader action to protect workers and prevent economic losses.

Vietnam is Singapore’s third-largest apparel supplier, contributing 9 per cent of its $1.63 billion apparel imports in the first three quarters of 2024.
Imports from Vietnam rose 11.47 per cent year-on-year to $147.74 million.
In 2023, Vietnam’s apparel exports to Singapore were valued at $190.11 million.
For home textiles, Vietnam ranked fourth, with a 5.18 per cent share.

American Eagle Outfitters lowers sales target on muted holiday expectations. AEO says forecast reflects caution in Q4 outlook. Competition has heated up in the apparel space as companies vie for frugal, discerning shoppers with a focus on fresh styles and nifty marketing. Still, a holiday shopping season marked by high promotions has forced most retailers to be cautious about their expectations.

India’s diamond industry has struggled over the past three years due to declining demand and G7 sanctions on Russian diamonds. Exports and imports have fallen significantly. The government and industry are working together to explore new markets and products to bolster the sector, which employs over a million people, primarily in Surat.

Sri Lanka’s garment exports rose by 5.7 per cent to $3,876.5 million in Jan-Oct 2024, despite an overall decrease in textile exports by 14.1 per cent.
The total combined exports of textiles and garments significantly contributed to the country’s industrial exports, which were valued at $8,342.4 million during the same period.
Meanwhile, both textile and clothing imports saw increases.

Lululemon’s Q3 FY24 net revenue rose 9 per cent YoY to $2.4 billion, driven by 33 per cent international growth.
Gross profit grew 12 per cent to $1.4 billion.
The company opened 28 stores, ending the quarter with 749.
FY24 revenue is projected at $10.45 billion-$10.49 billion.
CEO Calvin McDonald highlighted global momentum and holiday season strength.