September 22, 2023

🇰🇷 Seoul Fashion Week brands trumpet their sustainability efforts. Most of the 30 manufacturers headlining the newest version of South Korea’s biannual business showcase, held between Sep. 5-9, centered on environmental and moral enterprise claims, regardless that media protection was skewed towards road fashion exterior the exhibits and movie star attendees like members of NewJeans, the Ok-pop band tapped to be the occasion’s official ambassadors. [The Korea Herald, Korea JoongAng Daily, BoF Inbox]

🇧🇭 Bahrain’s Investcorp divests stake in India’s Safari bags. The Gulf-based different asset supervisor that when owned Tiffany & Co and managed Gucci a number of a long time in the past and at the moment counts Abu Dhabi sovereign wealth fund Mubadala as one in every of its shareholders, has divested its third and remaining tranche of shares within the Mumbai-based listed baggage maker Safari Industries. [Zawya]

🇿🇦 South African clothing retailer Woolworths to spend over $500 million in capex. The Cape City-based trend and meals chain Woolworths Holdings, which additionally has operations in Australia and New Zealand by way of holdings in Nation Highway Group, goals to strengthen margins with the funding over the subsequent three years, however analysts counsel that the transfer can be an try and counter current advances made in South Africa by rival Shoprite. [Reuters, Fibre2Fashion]

🇮🇩 Indonesia threatens to restrict TikTok Shop over ‘monopolistic’ behaviour. A authorities minister mentioned the nation ought to “reject and prohibit” the Chinese language short-video app from combining on-line procuring with its social media platform, simply months after the app introduced it will make investments billions of {dollars} within the Southeast Asian nation. [Financial Times]

🇮🇳 Lab-grown diamond exports are up in India the place about 90% of the world’s general diamond provide is lower and polished. The lab-grown class accounted for about 9 p.c of diamond exports from the nation in June, in contrast with about 1 p.c 5 years in the past. Given the steep low cost that they promote for, which means about 25 p.c to 35 p.c of quantity is now lab-grown diamonds, based on Liberum Capital Markets. [BoF]

🇱🇰 Garment exports from Sri Lanka decline sharply in year-to-date. Within the interval from Jan. to Jul. 2023, the south Asian nation’s garment exports decreased by 19 p.c 12 months on 12 months to $2.63 billion. the apex business physique Joint Attire Affiliation Discussion board (JAAF)’s spokesperson blamed unfavourable market entry preparations with the EU and UK amongst different components. [Fibre2Fashion, Daily Mirror Sri Lanka]

🇨🇳 New law would punish people for wearing clothes that “hurt Chinese national feelings.” Authorized consultants and civil liberties advocates have requested the Chinese language authorities for readability on a proposed regulation that, if handed, would see offenders detained for as much as 15 days and fined as much as 5,000 yuan ($680) for carrying sure apparel. Whereas the intention seems to be a ban on garments with unpatriotic messages or symbolism, trend business professionals are involved that the vaguely worded regulation may very well be interpreted extra liberally to use to something the authorities deem to be unappealing or provocative. [Global Times, New York Times]

🇲🇦 Economic impact of Morocco earthquake could be as high as 8% of GDP. It stays unclear how the nation’s attire and textile export industries have been impacted by the Sep. 8 earthquake that killed greater than 2000 individuals and affected 300,000 others. The epicentre was 72 kilometres from Marrakech, a metropolis the place some factories are positioned, however different giant cities that function manufacturing and sourcing hubs like Casablanca, Tangier, Fez, Meknes and Rabat are a lot additional away. [Reuters, The National]

🇯🇵 Japan’s e-commerce group Rakuten introduces New York Fashion Week pre-sale event. American designers and Rakuten retail companions similar to 3.1 Phillip Lim, Altuzarra and Rebecca Minkoff will function a collection of items from their newest collections for the procuring platform recognized regionally for its rewards and money again programmes, as a part of a ‘Put on the Runway’ marketing campaign months earlier than types hit shops. [BoF Inbox]

🇮🇳 India’s Reliance Retail Ventures inks three way partnership with Ed-a-Mamma. The retail conglomerate will maintain a 51 p.c majority stake in Bollywood actress Alia Bhatt’s youngsters and maternity-wear model. “With sustainability as its core proposition the model has garnered approval for its meticulous consideration to element, utilizing ethically sourced supplies and eco-conscious manufacturing processes,” mentioned Isha Ambani, director of RRV. [BoF Inbox, Mint]

🇨🇳 Retailers in Hong Kong call for mall operators to cover flooding losses. The worst torrential rain and flooding the Asian procuring hub has seen for over a century might price town $100 million. The acute climate additionally affected some areas in close by Shenzhen in mainland China. [South China Morning Post, Bloomberg]