More fashion companies and retailers have committed to signing the legally binding, enforceable and transparent Accord on Fire and Building Safety in Bangladesh with the global association of trade unions IndustriALL, UNI and Bangladeshi unions as well as the Clean Clothes Campaign (CCC) as a witness.
Giorgio Armani, the Italian accessory and clothing brand has opened a new store in Tsim Sha Tsui in Hong Kong. This store is part of its strategy to promote its business and strengthen its presence in China using Hong Kong as the springboard.
After ten months of rises in sales H&M suffered a 4% decline in March which is the largest annual decline in the history of the company. Excluding on-line and catalogue sales H&M’s turnover declined by 12% and is the biggest fall on record since the company started to offer detailed sales and turnover statistics.
With competition intensifying globally, sound business strategies and a great customer experience are crucial. A 2012 CBRE study, “How Global Is the Business of Retail”, revealed that almost half (47%) of retailers surveyed have presence in multiple continents and are preparing to grow their footprints.
High street fashion retailer Zara is under investigation over allegations of slave labor at factories in Argentina, where workers are claiming to be producing clothes in “degrading” sweatshop conditions, it has been reported.
Leatherbiz reports that sales of leathergoods boosted fashion house Prada’s 2012 results with net profit rising almost 45% to €625.7 million, while revenue grew 29% to €3.3 billion.
