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Michael Kors Q1 Revenue Dips 3.6%

Apparel ResourcesAugust 11, 2017

Image Courtesy: stylemeprague.com

Michael Kors Holdings Limited, a global luxury lifestyle brand, has announced its financial results for the first quarter ended July 1, 2017. The fashion retailer’s total revenue plunged 3.6 per cent to US $ 952.4 million in the reporting quarter from US $ 987.9 million in the corresponding period of 2016.

Gross profit for the retailer also decreased by 2.8 per cent to US $ 574.7 million.

The opening of 67 net new stores and the acquisition of the Greater China license, however, positively impacted the retail net sales of Michael Kors during the quarter. Its net sales soared to US $ 619.9 million, noting an increase of 10.1 per cent over the previous year’s first quarter.

“We did better than the expected in terms of comparable sales results in both North America and Europe. Our first quarter results are encouraging. However, we still have an idea that this fiscal is going to be a change year for the company, as it will pay attention to laying the foundation for the future by executing on our strategic plan, Runway 2020,” said John D. Idol, Chairman and CEO, Michael Kors.

For 2018 fiscal, Michael Kors expects its total revenue to stand at around US $ 4.275 billion. Furthermore, the retailer estimates that its comparable sales will come down to mid-single digit range.

Business Retail News

American Apparel’s comeback with ‘Sweatshop Free’ approach

Apparel ResourcesAugust 10, 2017

Image Courtesy: stylecaster.com

American Apparel, the iconic North American fashion brand that rose to stardom for its ‘Made in Los Angeles’ clothing and infamously fell into bankruptcy in 2015, is back in business.

The brand has replenished its most in-demand apparel basics on an updated e-commerce website that looks almost identical to the old one.

There are close to no changes in the design and appearance of American Apparel’s branding but with its new factories located in Honduras, the fashion retailer is reconsidering its initial product pitch.

American Apparel is now shifting focus towards ethical production and dedicates sections on its website that talk about ‘green’ energy, healthcare prospects for workers and a more diverse marketing agenda in general.

The brand’s intellectual property was bought by Canadian manufacturing firm, Gildan Activewear in January this year. However, the manufacturer strategically left the American Apparel’s retail and manufacturing units. The plan was to keep the ‘brand’ alive and move the focus away from the exclusive ‘Made in America’ tagline.

With credit to the new ‘Globally Made’ approach, American Apparel’s product assortments, which have been dialled down to a curated set of AA Bestsellers at the moment, are being offered at much cheaper prices.

The brand is still trying to give America a chance by selling a series of identical product twins where one is made in the US and the other is ‘imported’. These will be displayed side by side on a brand-new page on their website, where the banner commandingly reads “We are sweatshop free and ethically made regardless of location. You decide!”

Although the American products are far more expensive (by a margin of around 20 per cent) and offer fewer options in terms of colours, the industry is keenly watching American Apparel’s endeavour as it has become a testing ground for the world to see if people actually want to buy local or not.

Business Retail News

Ralph Lauren Q1 revenue tumbles 13%

Apparel ResourcesAugust 10, 2017

Image Courtesy: brandchannel.com

Ralph Lauren Corporation, a global leader in premium lifestyle products, has announced its first quarter financial results for the current fiscal year. The fashion retailer’s revenue dropped by 13 per cent to US $ 1.3 billion on a reported basis and 12 per cent on constant currency basis in the first quarter.

Lower consumer demand, strategic reduction in shipments and promotional activities to increase the quality of sales are seen as factors responsible for the outcome.

Ralph Lauren’s gross profit for the quarter stood at US $ 851 million on a reported basis and US $ 852 million on an adjusted basis. The fashion brand’s operating expenses were US $ 761 million on a reported basis, including US $ 47 million in restructuring-related and other charges.

In view of the declining revenue, Ralph Lauren has updated its financial outlook for the entire fiscal. It now expects an 8-9 per cent decrease in its full year revenue, excluding the impact of foreign currency.

Ralph is stressing on actively evolving the brand expression and consumer experience to get back on the growth path. “While we are addressing the challenges in our retail business, we have a significant opportunity ahead and we’re moving forward with urgency,” says Patrice Louvet, President and Chief Executive Officer of the fashion company.

Tech Manufacturing Tech News

Levi’s Goes Futuristic with 3D Printing Tests for Denim Jackets

Apparel ResourcesAugust 10, 2017

Fashion Technology — Image Courtesy: levistrauss.com

Denim brand Levi’s is reportedly testing 3D Printing Technology to develop its denim jackets. The step has come at a time when the company is planning to delve into a futuristic mode to innovate the manufacturing process and its design approach.

The trial project is being headed by Paul Dillinger, who is also the Vice President and Head of Global Product Innovation at Levi’s. Paul and his team are digitalising the design process of a jacket prototype as disclosed by Paul during the recently held Autodesk Pier 9 Digital Printing Workshop in San Francisco, California.

Levi’s is taking digital renderings of its denim jacket and using 3D printing technology to create a shell of ‘what the real jacket looks like exactly’. The denim brand is using Stratasys’ Fortus 450 mc 3D production system to the effective implementation of the process.

Paul explained that the process is dedicated to extracting the real essence of the product and then shape it as a digital entity. This further can be distributed and remotely turned into templates which incorporate intensive patterns and then can just be all captured in the piece of very advanced digital collateral.

“Doing so, we don’t have to rely on sort of centralised manufacturing sites (anymore),” claims Paul.

Additionally, the process will enable Levi’s to capture all the twill lines, stitch lines and the buttonholes of the jacket with the help of topography scan. These features will then be re-rendered as a 3D print, reducing seven different panels to just one panel by super-imposing fabric over the template.

The prototype process will then include scrubbing the template through a sandpaper which creates shadow and impression of the template on the fabric. Therefore, the jean docket starts appearing on the surface of the denim fabric.

According to Levi’s, the 3D printing technology is not being opted to create an entirely new functional jacket but for the details, which are actually just impressions on the denim fabric. These impressions will further help the company in creating a semi-duplicate jacket.

The brand is aiming to bring down the material cost and, thereby, manufacturing cost using this digitalization. By doing so, Levi’s will reap both environmental and financial benefits.

Surprisingly, Paul has made it clear that Levi’s will not be retailing the denim jackets once the testing process of 3D printing technology is completed.

Business Retail News

Kobi Halperin latest to feature at Macy’s Designer Collection

Apparel ResourcesAugust 9, 2017

American fashion retailer Macy’s has roped in design veteran Kobi Halperin to design an exclusive capsule collection. The limited edition assortment will fuse Halperin’s European sensibilities with Macy’s practically priced, utilitarian apparel offerings.

The hallmark of the collection will be Halperin’s use of luxurious textiles, attention to detail and of course, the colour palette that dances around lavish hues of Bordeaux, definitive black and navy uplifted with soft periwinkle, whites and seemingly highbrow prints dashed in here and there.

The collaboration line will comprise of soft and feminine silhouettes like cape pullovers, stand out shawl-collar coat, bell-sleeve jackets as well as more classical tailored options like blazers, blouses, jumpsuits, trousers and much more.

Apart from artisanal details and sophisticated embellishments, the designer is known for her mastery of bespoke level dressmaking, giving these pieces a truly luxurious appeal in the price bracket of about US $ 80 to US $ 300.

Cassandra Jones, Senior Vice President, Macy’s Fashion said, “Every piece in the collection is incredibly special and serves to elevate the wearer and her wardrobe. The heart of this collection lies in making aspirational style accessible, and Kobi Halperin has delivered that to our customer in spades.”

The entire Kobi collection will be up for grabs from August 15 at around 150 retail locations, Macy’s mobile app, and macys.com. The collection is the latest in designer series from the fashion retailer.

Business Trade Data News

US apparel import soars 2.91% in first half of 2017

Apparel ResourcesAugust 5, 2017

The US, world’s largest apparel importer, has reported a surge in its volume-wise apparel imports. During the first half of the current year, the country noted a rise of 2.91 per cent on the Y-o-Y basis to settle at 12,799.33 million SME apparel imports.

On the other side, the US witnessed fall in values, which is a positive sign for its apparel imports. In first six months of 2017, the country spent US $ 37,247.625 million on apparel imports, noting a drop of 1.86 per cent against the same period last year.

The Unit Value Realisation (UVR) too fell significantly by 3.32 per cent. The decline in UVR can be attributed to falling apparel unit prices in China and Bangladesh markets.

During the review period, apparels made from cotton, wool, and silk and veg decreased in quantity-wise imports by 2.62 per cent, 9.87 per cent and 0.70 per cent, respectively. On the other hand, apparels made from Man Made Fibres (MMF) increased by 5.62 per cent on the yearly note.

The increase in imports reflects minimal or no impact of the proposed BAT (Border Adjustment Tax), which has continuously been seen as a threat to the country’s import.

Deteriorating cotton imports is still a major issue for the US; it is the largest importer of cotton in the world.

The second half of the year is still uncertain and things will be clearer once Trump administration shows solidarity in its trade policy decisions.

Business Sustainability News

PVH Corporation rolls out 9th Corporate Responsibility Report

Apparel ResourcesAugust 3, 2017

The PVH Corporation has rolled out its 9th Annual Corporate Responsibility (CR) Report for the year 2016. The report highlights the work progress against the 10 CR commitments of the fashion company.

The CR report states that PVH addressed all its commitments including Human Rights; Safe Workplaces; Inclusion & Diversity; Associates; Responsible Chemical Management; Water; Sustainable Packaging; Sustainable Materials; Greenhouse Gases; and Communities during the year.

The company aimed for positive impacts throughout its value chain from ‘Source to Store’ in 2016.

All the commitments were in line with the UN’s Sustainable Development Goals (SDG) that intensively covered the issues such as clean water and sanitation (SDG 6), affordable and clean energy (SDG 7), and inclusion and diversity (SDG 5).

The mentioned goals were attained by PVH with the help of three UN-led initiatives: the UN Global Compact, the CEO Water Mandate, and the Women’s Empowerment.

“We continue to believe that Corporate Responsibility helps strengthen our organization by managing risk, maximizing efficiencies and driving value in a rapidly changing world, and through our CR efforts we can continue to create value for both society and our stockholders,” said Emanuel Chirico, Chairman and CEO, PVH.

In the report, PVH has also highlighted its efforts to expand the CR programme to the deeper levels of its valuable supply chain that includes dye houses and fabric mills. The company has also set a target to reduce the emission of greenhouse gases. It is eyeing to bring down dangerous gas emission levels by 35 per cent by the year 2030.

Additionally, PVH is injecting US $ 1 million to support its CR efforts in Sub-Saharan Africa. The move is a part of US $ 5 million multi-year monetary funding to Save the Children initiative.

The 2016 report also provides updates of annual CR commitments of PVH for next year. In 2017, the company will launch the Higg Index FEM with its strategic Level 1 (for cut and sew factories) and Level 2 (mills and trim oriented firms) suppliers.

The 9th CR Report was developed in accordance with the Global Reporting Initiative (GRI) G4 Guidelines, an international framework that is widely used by organizations to report on their CR and sustainability performance, PVH claims.

Business Trade Data News

Unifi Plans Joint Venture with Regional Textile Firms in Guatemala

Apparel ResourcesAugust 3, 2017

Unifi Manufacturing Inc., a leading manufacturer of polyester and nylon textured yarns, has penned a non-binding letter of intent to form a Joint Venture in Guatemala, Central America. The proposed JV is to be formed with textile firms Complast S.A. and Technologia Textil Avanzada (TTA).

A definitive agreement between the companies is expected to be made by the end of 2017 and is subject to realisation of the transaction as proposed in the letter of intent.

Unifi will own 51 per cent of the overall stakes in this joint venture, while Complast and TTA would possess the remaining 49 per cent.

According to Unifi, the need for this partnership was obvious as the company has been riding on the crest of success in the textile market of Central America over the years.

“Central America has been a region of focus for brands and retailers over the past few years, as apparel programmes are sourced closer to the USA. Therefore, by building our REPREVE and other value-added products in this region, we are strategizing our planning to achieve targeted growth level,” comments Tom Caudle, President, Unifi.

Unifi eyes this expansion through local production of REPREVE yarn as Guatemala is a key market of apparels that are made using sustainable yarns. Therefore, it would boost the company’s geographic footprint.

If the proposed collaboration becomes a reality, Unifi would not be a barrier for the existing business activities (recycling, spinning and texturing) of Complast and TTA. The activities would continue under the brand names of both the companies – EuroPET and EuroFIL, respectively.

Business Sourcing News

Coats Group records growth in first half of 2017

Apparel ResourcesAugust 1, 2017

Coats Group Plc, the world’s leading industrial thread manufacturer, has rolled out its unaudited half-yearly financial report for the current year.

The revenue of the Group is up 5 per cent to US $ 740 million during the first six months of the year which ended on 30th June 2017, the report claims.

On CER basis, the adjusted operating profit of Coats Group surged by 14 per cent. The surge in margins of Industrial and Crafts (business divisions of Coats) by 50 basis points and 260 basis points, respectively, resulted in overall growth of the company.

Clothing and Footwear segment also recorded an impressive growth of 7 per cent, whereas performance materials witnessed a hike of 18 per cent on the Y-o-Y basis.

The adjusted Earnings per Share (EPS) also inclined towards positive levels as it got a massive boost of 38 per cent to 3.06 cents. Reduction in tax rates, high margin in operating profit and mark-to-market (MTM) foreign exchange gains contributed to rising EPS. The actual EPS growth (underlying growth) was 19 per cent during the said period.

Additionally, from June 2016 to June 2017, Coats Group reported strong free cash flow of US $ 109 million (up 29.7 per cent) as against US $ 84 million from June 2015 to June 2016. Higher profitability during the period under review propelled return on capital for the thread manufacturer as it increased by 400 basis points to 34 per cent as against 30 per cent in June 2016.

Coats further shares that despite an underwhelming demand from apparel retailers, the Group was able to continue its growing market. “We maintained the Group’s customer-led strategy to innovate products, CSR (Corporate Social Responsibility) and regular enhancements in digital solutions to achieve our planned targets,” claims the company.

Business Retail News

Calvin Klein’s Madison Avenue store gets Sterling Ruby’s makeover

Apparel ResourcesAugust 1, 2017

Image Courtesy: flipboard.com

PVH-owned fashion brand Calvin Klein has teamed up with contemporary American artist, Sterling Ruby to overhaul the retail experience at its stores. The Madison Avenue outlet in New York that reopened its doors over the weekend with a bright makeover is the first store to dress up in the new CK style.

Calvin Klein is leaving no stone unturned to revamp its ‘brand identity’ under new the Chief Creative Officer, Raf Simons, who joined the iconic brand in 2016. Simons has already changed the brand’s logo and revolutionised their sartorial aesthetic. The new store concept is also a part of Simons’ plans for CK.

Originally designed by John Pawson, the newly opened 3-storey retail location has been turned into an upbeat ‘world of yellow’, painting everything from walls, pipes to support beams in the colour.

Ruby has also added intonations of red textile scaffoldings hanging from the ceiling, display shelves in woody brown and some in shades of green acting as accents in the space. The recolouring of the store is starkly different from its old minimal look and represents a new dawn for the label that is going for the ongoing maximalist trend of the moment.

The refurbished store will also temporarily exhibit Sterling’s art installation that will mark the entry of Simons’ first collection for Calvin Klein that was showcased at New York Fashion Week’s Fall/Winter 2017-18 edition.

Talking of the renovation Simons says, “I wanted the store to generate a very immediate physical experience that could as well be intimately connected to the collections. The use of very direct and familiar references common to the American visual experience creates a simple and emotional connection with the brand.”

Ruby and Simons have been creative partners for a long time, having worked together during Simons’ time at Dior. The artist’s work often aligns with the all-American style that Simons is currently trying to achieve at Calvin Klein. It is perhaps for this very reason that Simons has commissioned the LA-based artist to help him design the store’s aesthetic in a way that stands parallel to the brand’s new creative direction.

In addition to the latest Autumn/Winter assortment, the amped up store will also be hosting a slew of home décor products like vintage quilts, coffee mugs from Homer Laughlin and Rose Cabat’s ceramic “Feelies”, in conjunction with Calvin Klein’s bedding collection.

Tech Manufacturing Tech News

DuPont Unveils Innovation in Garment Technology

Apparel ResourcesJuly 28, 2017

DuPont, a US-based manufacturer of advanced materials, has unfurled a new tech-driven material technology, Intexar, dedicated to smart clothing.

The garment technology has been revealed under the new brand name DuPont Intexar and is currently up on display at the ongoing Outdoor Retailer Trade Show in Salt Lake City, Utah.

The Intexar technology consists of stretchable electronic inks along with flexible films, which are seamlessly submerged in the Intexar garments. This submerging process enables Intexar transform normal fabrics into wearable technology and thereby provides unprecedented comfort to the wearer. The technology also improves stretchability in garments irrespective of repeated elongation.

Additionally, the wearer can access the biometric data for real-time monitoring as the garments come with in-built sensors that can track heart rate through ECG; respiration; and muscle movement.

The newly launched innovative garments can also endure more than 100 washes without affecting the stretchability.

The Intexar technology will further assist DuPont to tap into multiple applications besides athletic apparels and help in fulfilling the company’s commitment to making smart and advanced clothing mainstream. Also, Intexar will help DuPont in eliminating bumps and seams that are generally found in other wearables.

“Intexar is a game-changing technology and will truly move the needle in making smart garments as comfortable as regular fitness clothing,” explains Michael Burrows, Global Business Manager, DuPont Advanced Materials.

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