Gap reported that its May 2013 net sales increased 11 percent compared with last year. Net sales for the four-week period ended June 1, 2013 were 1.22 billion dollars compared with net sales of 1.10 billion dollars for the four-week period ended May 26, 2012. “We are pleased with the positive customer response to summer product across our brands and the continued momentum in the business,” said Glenn Murphy, Chairman and Chief Executive Officer of San Francisco based Gap Inc, adding, “Due to th

Kering, formerly known as luxury group PPR, is to revamp over 60 of its Gucci stores in Japan. The conglomerate is anticipating a recovery of the luxury goods market in Japan, with consumer confidence restored. Kering sees the boost investment in Japan as part of its international expansion plan. On June 18th PPR's name will be officially changed to Kering. The company will also add more directly run Puma retail units, using the know-how gained from its Osaka megastore - the brand's largest i

Cambodian garment industry may be threatened by the duty-free agreements that are likely to be signed between its neighboring countries and foreign buyers, the Commerce Minister of Cambodia, Cham Prasidh has said. Cambodia’s competitor nations including Vietnam and Myanmar have recently proposed free-trade agreements with the US and EU, which may reduce the number of orders for the garment sector in Cambodia, Mr. Prasidh said at a press conference. The Commerce Minister pointed out that

Shoes are made in Huu Nghi Da Nang Joint Stock Company in An Don Industrial Zone, Da Nang City's Son Tra District. Footwear exports brought Viet Nam US$3.1 billion in the first five months of this year. — VNA/VNS Photo Tran Le Lam Viet Nam earned US$3.1 billion in footwear exports in the first five months of this year, a year-on-year increase of 11.4 per cent, according to the General Statistics Office. Last month alone, export turnover reached $750 million due to the stability of traditio

The Turkish government is weighing review of the decision regarding imposition of an additional duty on import of readymade garments (RMG), as the global pressure builds in the connection. "We've heard the government is considering withdrawal of the additional duty as the global pressure is mounting," the general coordinator of Textile Machinery and Accessories Manufacturers Association of Turkey, Richard Salvatore MBE, told the FE. He, however, said the move to withdraw the duty was facing a

Bangladesh's finance minister promised on Thursday to improve working conditions in the garment industry after a deadly factory collapse, but he spurned calls for new public money to construct safer buildings. Abul Maal Abdul Muhith's 2013/14 budget aims to bolster faltering economic growth to 7.2 percent after political unrest and strikes for better pay and conditions in the clothing industry hit output this year. The government will raise public spending by 16 percent to 2.22 trillion ta

A pick-up in global cotton consumption and tighter global stocks outside China means lower-than-expected production in the United States could easily revive prices, the head of Allenberg Cotton, the world's largest cotton merchant, said on Thursday. Tight available supplies worldwide means a change of just half a million bales, either in reduced production or increased exports, could cut stock levels to the second lowest in history, said Anthony Tancredi, Allenberg Cotton's chief executive.

(India set to be world's largest cotton producer by 2022) India is projected to replace China as the world's largest cotton producer by 2022 on account of higher growth in output over the next decade, according to OECD-FAO report. "China's cotton production is expected to decline 17 per cent while production in India is projected to increase 25 per cent, positioning it as the world's largest producer," the Organisation for Economic Co-operation and Development ( OECD) and Food and Agricul

Ecuador's crude-oil export revenue totaled $987 million in April, down 15% from March, the country's central bank said.In terms of volume, Ecuador exported 10.31 million barrels of crude oil in April, a 13.6% decrease from the previous month.Crude oil is Ecuador's main export. The Andean country exports its crude oil primarily to Asia, the U.S., and the Caribbean. The average price of crude oil in April decreased 2%, to $95.80 a barrel from $97.70 a barrel reported the previous month. All the oi

The country’s textile sector having enjoyed the government’s sympathy for the longest time has emerged as a leading exporter and one of the major employers in the country. The sector’s importance in any federal budget therefore cannot be ignored, said analysts at InvestCap Research. They said FBR had replaced the zero-rating regime for the textile industry with a 2% value added tax for the textile value chain, both for registered and unregistered entities. The refunds, under the scheme, woul