Tag Archives: Textiles / Clothing (Legacy)

RPT-LVMH, Rihanna closed the luxury fashion line Fenty | Instant News


MILAN, February 10 (Reuters) – Louis Vuitton owner LVMH and music star Rihanna have agreed to close her fashion line Fenty less than two years after launch, the French luxury goods giant said on Wednesday.

LVMH said in a statement that the ready-to-wear activities of Fenty, which is based in Europe, would be “suspended” pending better conditions.

It said an investment fund backed by LVMH L. Catterton had taken a stake in Savage X Fenty, Rihanna’s underwear line.

“LVMH and Rihanna reaffirm their ambition to concentrate on the long-term growth and development of the Fenty ecosystem focused on cosmetics, skin care and underwear,” he added.

Reporting by Silvia Aloisi

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Asian garment makers are uniting to clamp down on Western brands | Instant News


DHAKA (Thomson Reuters Foundation) – Manufacturers from the six countries that produce most of the world’s clothing have formed a common front to negotiate better terms with Western fashion brands, whose canceled orders devastated Asian garment workers at the start of the pandemic.

“We want to come together to solve the common problems we face. It’s not about setting a minimum price for an order. It’s about ethical business practices, “said Miran Ali, a spokesman for the Asian supplier STAR Network, Wednesday.

Ali said that the new initiative – launched on Monday – would give Asian producers “a stronger voice” in setting payment and delivery terms with well-known Western brands.

The group represents nine associations in six countries: the world’s largest garment producers – China, Bangladesh and Vietnam – as well as Pakistan, Myanmar and Cambodia.

Collectively, they represent 60 percent of the world’s clothing exports, said Ali, and employ millions of workers.

Suppliers in other countries are free to join in, he added.

INCREASE THE BAR

The aim is to strengthen the textile sector, which is being ravaged by a pandemic that is exacerbating widespread job insecurity and low wages.

“We have come together to create … standard conditions,” said Ken Loo, spokesman for the Cambodia-based garment association. “Nobody is obliged to comply with these requirements, but we hope it will serve as a guide for all buyers and suppliers.”

Early last year, fashion companies canceled billions of dollars’ worth of orders as COVID-19 closed stores around the world, causing up to $ 5.8 billion in wage losses, according to the Netherlands-based pressure group Clean Clothing Campaign.

While orders rose in the second half of 2020, Western brands demanded price cuts and delayed payments to suppliers desperate for any orders to hold, according to the researchers.

Ali said a united front would help companies defend against such pressure, and unions would sit on his advisory board.

“There is no platform asking buyers to quit regional unethical practices. For example, a buyer cannot just place an order in South Asia, leave the responsibility to us and then decide to place an order in another region. That is unethical. “

About 60 million people work in Asia’s garment industry and industry experts say the decline in sales has left workers open to new exploitation, whether it’s quitting jobs altogether or hired by companies that undercut rival prices to win rare contracts.

Campaigners are urging producers to use the initiative to improve working conditions, not just increase their own profits.

“We hope this initiative will include a clear roadmap of how a better deal with brands will result in higher wages and safer working conditions for workers,” said Meg Lewis, head of campaign at Labor Behind the Label, a non-profit organization that based in Britain.

Reporting by Naimul Karim @Naimonthefield; Additional reporting by Matt Blomberg; Edited by Lyndsay Griffiths. Please acknowledge the Thomson Reuters Foundation, the Thomson Reuters charity, covering the lives of people around the world who struggle to live free or fair. Visit news.trust.org

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The Italian Ministry of Industry gave the green light for the acquisition of OVS Stefanel | Instant News


VENICE (Reuters) – Italy’s Ministry of Industry on Thursday gave the green light for the acquisition of street fashion brand Stefanel by clothing retailer OVS, a union member said.

The retailer is in exclusive talks to buy Stefanel, which is under a special administration, for a total of 3.2 million euros.

OVS will buy the brand and 23 stores from a total of 27 stores, but will not acquire Stefanel’s headquarters, Margherita Grigolato, of the FILCAMS-CGIL union told Reuters.

Reporting by Riccardo Bastianello, written by Giulia Segreti, editing by Francesca Landini

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Breakingviews – The duty-free golden swan from England will become a sea eagle | Instant News


Buyers are seen holding bags in Bicester Village, amidst the spread of the coronavirus disease (COVID-19), in Bicester, England, June 18, 2020.

LONDON (Reuters Breakingviews) – In Samuel Taylor Coleridge’s “The Rime of the Ancient Mariner,” the protagonist mysteriously shoots an albatross which until now has acted as his ship’s lucky charm. In 2021, a similar fate will befall one of Britain’s golden geese: duty-free allowances for foreign tourists. The government’s decision to change benefits that may have provided a useful post-pandemic boost could become a symbol of its disorganized division from the European Union.

Bicester Village is not one of the UK’s most famous tourist attractions. But thanks to discounted Gucci bags and practical duty-free refunds, Chinese tourists in 2019 visit the small town of Oxfordshire as often as Buckingham Palace. To make it even more bizarre, the British government decided in September to abolish the tax cuts that fueled the phenomenon.

The UK’s obvious reason is to punish European tourists, thereby helping to pressure the EU for a more lucrative trade deal. UK bean counters argue that over 90% of visitors to the UK are not on a duty-free scheme, so few will miss it. And the UK’s Office of Budget Responsibility reckons it could raise around 500 million pounds in new tax revenue.

Yet nearly two-thirds of non-EU tourists are less likely to visit the UK without a rebate, the Global Blue survey shows. Tourists can still purchase tax-free items in the UK, but they have to pay to have them shipped back to their home countries, and insurance costs for luxury items like watches are high. The result, according to the Center for Economic and Business Research, is that arriving tourists can reduce expenses by up to 6 billion pounds.

It will be difficult to recoup these lost tax revenues. China has been trying to encourage duty-free spending at home, due to initiatives like the joint venture between Alibaba and Dufry. France, home to Hermès International and LVMH’s Louis Vuitton, has cut the minimum value of items that can be claimed VAT.

Covid-19 has hit retailers and airports that depend on tourism spending. Tax deduction prohibition of twisting knives. Some airports can lose up to 40% of their revenue, York Aviation research estimates. British trade agency Walpole said luxury retailers such as Burberry and Mulberry would be hit the hardest, as tax-free shopping accounts for as much as 60% of their sales. Overall, this is a story of avoidable economic losses – unlike Brexit in general.

– This is the Breakingview predictions for 2021. To see more of our predictions, click here

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Reuters Breakingviews is the world’s leading source of agenda setting financial insights. As the Reuters brand for financial commentary, we dissect the big business and economic stories that are scattered around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Register for our full service free trial at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and on www.breakingviews.com. All opinions expressed are those of the authors.

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UPDATE 2-Pierre Cardin, the father of the fashion brand, died at the age of 98 | Instant News


PARIS, December 29 – French fashion designer Pierre Cardin, who made his name by selling designer clothing to the masses, and made his fortune by being the first to use the name as a brand to sell everything from cars to perfume, died on Tuesday aged 98 year.

In a career spanning more than 60 years, Cardin has earned the scorn and admiration of fellow fashion designers for his brazen business instincts. He insisted that he built his business empire without ever asking for a loan from a bank.

Cardin was the first designer to sell department stores to clothing in the late 1950s, and the first to enter the licensing business for perfume, accessories and even food – now a major profit driver for many fashion houses.

“It’s all the same to me whether I make a sleeve for a dress or a table leg,” a quote on her website once read.

It’s hard to imagine decades later, Armani chocolates, Bulgari hotels and Gucci sunglasses all based on Cardin’s awareness that the charm of a fashion brand has endless merchandising potential.

Over the years, his name has been stamped on razors, homewares, and tacky accessories – even inexpensive boxer shorts.

She once said it wouldn’t bother her to have her initials, PC, engraved into a toilet paper roll, and she’s also been the inspiration for perfume bottles like the phallus.

His critics accuse him of undermining the value of his brand and the idea of ​​luxury in general. But he seemed unfazed by the criticism.

“I had thoughts of marketing my name,” Cardin told Germany’s Sueddeutsche Zeitung newspaper in 2007. “Does money spoil someone’s ideas? I don’t dream of money at all, but when I am dreaming, I make money. It’s never been about money. “

Born near Venice on July 2, 1922, to French parents of Italian descent, Cardin was educated in the less glamorous city of Saint Etienne in France.

He went to work for a tailor near Vichy at the age of 17 and dreamed for a while being an actor, doing some work on stage as well as modeling and dancing professionally.

THEATRIC MASKS

When he came to Paris in 1945, he made theatrical masks and costumes for Jean Cocteau’s film, “Beauty and the Beast,” and a year later joined the then unknown Christian Dior.

His first major commercial venture, when he collaborated with the department store Printemps in the late 1950s, led to him being briefly expelled from the French fashion designer union, Chambre Syndicale de la Couture.

Couturiers at the club at that time were prohibited from appearing outside their salons in Paris, let alone in department stores.

She also made her mark outside France long before other fashion multinationals were looking for new markets.

He presented the collection in Communist China in 1979 when it was still largely closed to the outside world. And just two years after the Berlin Wall fell, in 1991, Cardin’s fashion show on Moscow’s Red Square drew 200,000 spectators.

Cardin also expanded into new businesses, buying the famous Paris restaurant Maxim’s in the 1980s and opening replica outlets around the world. He took his investment further by launching Minim’s, a chain of high-end fast food stalls that reproduce the Belle Epoque décor of an exclusive, authentic Parisian restaurant.

Her empire includes perfume, food, industrial design, real estate, entertainment and even fresh flowers.

In keeping with his futuristic design sense, Cardin also owns the Palais des Bulles, or Bubble Palace, both residences and events woven into the cliffs on one of the most exclusive trails on the French riviera.

Not too far away, there is also a castle in the village of Lacoste that once belonged to the Marquis de Sade.

For her latest venture in February this year, she teamed up with a designer who was seven decades younger than her.

Pierre Courtial, 27, unveiled the collection in Cardin’s studio on the chic Rue Saint-Honore Paris, with pieces that echo some of the veteran designer’s geometric aesthetic.

Cardin said he still values ​​originality above all else.

“I’ve always tried to be different, to be myself,” Cardin told Reuters. “Whether people like it or not is not what matters.”

Edited by Sonya Hepinstall and Giles Elgood

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