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Gap Inc.: Reports Q2FY 2022 results

26 August 2022, Mumbai

Gap Inc. (NYSE: GPS), a portfolio of purpose-led, billion-dollar lifestyle brands including Old Navy, Gap, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S., today reported financial results for its second quarter ended July 30, 2022.

“This is a pivotal moment in time. While we search for a new leader, I am taking on the role of Interim President & CEO of Gap Inc. with a deep commitment to the company’s success and impatience for change.

Having navigated the global retail industry across brands and markets, I am not approaching this work from the sidelines,” said Bob Martin, Executive Chairman and Interim CEO, Gap Inc. “We are taking actions to better optimize profitability and cash ow in the near term, reducing operating costs as well as impairing unproductive inventory.

Mr. Martin continued, “Gap Inc.’s iconic brands, powerful assets, well-established values, and scaled Omni-platform are central to our strategic direction.

Net sales of $3.86 billion, down 8% compared to last year.

Comparable sales were down 10% year-over-year.

Online sales declined 6% compared to last year and represented 34% of total net sales.

Store sales declined 10% compared to last year.

The fiscal Year 2022 Outlook

“We have four strong brands and leverage in the portfolio to deliver over the long-term, however, our recent 3 execution challenges combined with the uncertain macro trends requires us to manage the levers in our control and take the actions necessary to drive improvement across our entire business,” said Katrina O’Connell, Executive Vice President and Chief Financial Officer, Gap Inc.

“In the near-term, we are taking actions to sequentially reduce inventory, rebalance our assortments to better meet changing consumer needs, aggressively manage and reevaluate investments, and fortifying our balance sheet.

While we have work to do, we believe these are the right initial steps to position Gap Inc. back on its path toward growth, margin expansion, and delivering value for our shareholders over the long term.”.

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BURBERRY: Presents A/W 2022 campaign

24 August 2022, Mumbai

Burberry reveals its Autumn/Winter 2022 campaign, capturing the power of community as models come together in their individuality. Spotlighting the collection’s themes of belonging under the bright LA sun, the bold images and film harness the power of self-expression to forge togetherness.

Building upon the house’s code of duality, the campaign is a study of different identities. Elevated studio shots for the womenswear collection and candid outdoors shots for the menswear collection come together to present daring recombination of distinct Burberry codes and a fresh proposition for the future.

Burberry’s Chief Creative Officer Riccardo Tisci reconnects with the photography duo and friends of the brand Inez and Vinoodh to further explore his avant-garde approach to the house, whilst stylist Lotta Volkova brings definition and a new perspective to the attitudes expressed throughout the collections.

Across womenswear, waxed cotton coats and field jackets are presented alongside vintage-inspired floral lace corset tops in candy pink and red with matching pleated skirts, black leather bodysuits, and skirts.

The Lola bag also features in the campaign, celebrating the heritage of the brand and its founder, Thomas Burberry.

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Cotton Brazil: 13th Brazilian Cotton Conference

08 August 2022, Mumbai:

Tuesday – 16th August
9 am São Paulo, 12 am GMT , 8 pm Beijing

Abrapa (the Brazilian Cotton Growers Association), together with ApexBrazil (the Brazilian Trade and Investment Promotion Agency) and Anea (the Brazilian Cotton Shippers Association) invite you to the "Cotton Brazil - 13th Brazilian Cotton Conference" online event.

ALSO READ  BETTER COTTON CONFERENCE TO TAKE THE HYBRID ROUTE IN JUNE 2022

 

RELATED NEWS . World of Wipes(R) International Conference

Challenges and Perspectives for the Brazilian Cotton on Global Scenario: Analyzing the global market and relations to Cotton Brazil.

The conference will discuss the challenges and perspectives for Brazilian cotton in the current global scenario, bringing valuable insights and implications to your market.

The brazil cotton association event outlining Brazilian cotton quality will be held in English and offered to international guests only.

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Munich Fabric Start: Unveiling The Source

02 August 2022, Mumbai:

THE SOURCE, the new one-stop solution for integrated fashion sourcing by Munich Fabric Start Exhibitions GmbH, is fully booked.

In the listed Lokhalle, which with its gigantic dimensions is one of the largest cantilevered historic steel halls in Europe, THE SOURCE offers flexible sourcing services and solutions for newly conceived value chains on around 2,500 m2 in direct connection to MUNICH FABRIC START and BLUEZONE.

ALSO READ  MUNICH FABRIC START: Launches THE SOURCE

 

RELATED NEWS .  PHYSICAL & SAFE: MUNICH FABRIC START & BLUEZONE ALMOST AT PRE-PANDEMIC LEVEL

"To expand as a trade fair during the Corona crisis and in challenging times for the fashion industry is anything but a matter of course and was definitely a gamble. We are all the more pleased that we know even before the fair: It was right and important", says Sebastian Klinder, Managing Director of Munich Fabric Start Exhibitions GmbH.

65 selected international manufacturing companies will present their offerings from cut-make-trim (CMT) to high-end production at the new fair from 30 August to 1 September 2022.

A cluster of key sourcing countries such as Portugal, Turkey, Morocco, Tunisia, Bosnia, and Vietnam will create a business-relevant mix for risk diversification, the right product mix, and for every genre.

"End-to-end solutions from PLV to white label for brands, labels, and retailers are a strongly growing segment, which we offer with THE SOURCE an extremely high-quality environment in the long term and in close partnership with our exhibitors. We value a segment that is treated rather uncharitably in many places.

THE SOURCE will take place parallel to the MUNICH FABRIC START (30/08 – 01/09/2022) and BLUEZONE (30/08 – 31/08/2022) fairs, which will continue the pre-pandemic success story with a total of almost 900 exhibitors.

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Trends at SPINEXPO Hangzhou: August 28-30

23 August 2022, Mumbai

THE PRIMARY EXHIBITION FOR YARNS & KNITWEAR.

39th session SHANGHAI special session → SPINEXPO HANGZHOU will take place 28-29-30 August 2022 Autumn Winter 2023-24.

The leading international industry sourcing exhibition dedicated to innovation in yarns, fibres and knitwear.

Venue: Hangzhou International Expo Center.

CREDITS: SPINEXPO HANGZHOU Website

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MAS Holdings: Enters venture with BAM

07 August 2022, Mumbai:

MAS increases its investment in the supply chain and re-affirms confidence in Sri Lanka.

MAS Holdings launched a new venture by acquiring the assets of BAM Knitting (Pvt) Ltd., a leading fabric manufacturing and finishing operation in Sri Lanka. MAS Holdings takes the majority stake in the new venture, with BAM Knitting as its joint venture partner. This investment further enhances Mas holdings ltd’ capabilities in the knitting, dyeing, and printing space for cotton fabrics and expands its backward vertical integration on the island..

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The new joint venture will benefit from the technical resources and expertise of MAS, following the appointment of MAS specialists to key roles in the company, as well as MAS’ vast global experience in apparel and textile manufacturing.

Significant synergies are expected from the acquisition, including production capacity enhancements and collaborations on new product developments. “This acquisition is timely, both from the perspective of MAS and the Sri Lankan economy,” said Suren Fernando, CEO of MAS Holdings.

“It enables MAS to increase the verticality of our Sri Lankan operations and mitigates the increasing volatility of global supply chains and costs of logistics while increasing the overall value added by MAS. It also highlights our continued confidence in Sri Lanka as a sustainable and competitive destination for apparel manufacturing, despite the ongoing economic challenges.”.

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ISKO & ISKO™ Luxury by PG @BLUEZONE

01 August 2022, Mumbai:

ISKO and ISKO™Luxury by PG will attend the International Denim Trade Show BLUEZONE hosted by Munich Fabric Start on August 30-31.

The fair will be the occasion to discover ISKO's iconic by-nature technologies and the born-to-amaze collection in collaboration with the wizard of denim Paolo Gnutti.

ALSO READ House of Anita Dongre launches MBO in Mengaluru 

 

RELATED NEWS . House of Anita Dongre: Wins the award for the 'Fashion Retailer Of The Year for HOAD'

Will you attend the event?

Iconic By Nature: Take the journey with it.

BORN TO AMAZE A U G U S T 3 0 & 3 1 | B L U E Z O N E MUNICH – Zenith – Lilienthalallee 29 HALL 6 – BOOTH C07

Come and discover the most exclusive solutions for the world of premium, luxury denim.

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Burberry: Receives SBTi approval

11 August 2022, Mumbai:

Burberry receives SBTi approval for the net-zero emissions target.

Burberry is the first luxury fashion brand and one of the first companies globally to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target.

ALSO READ  Burberry x Supreme collaborate to present new collection

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This validation confirms that the goals Burberry has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement. Burberry’s net-zero target is underpinned by a series of commitments across scope 1, 2, and 3 emissions.

In the near term, we commit to reducing absolute scope 1 and 2 greenhouse gas (GHG) emissions 95% by 2023 from a 2017 base year and reduce absolute scope 3 GHG emissions by 46.2% by 2030 from a 2019 base year.

In the long term, we commit to maintaining at least 95% absolute scope 1 and 2 GHG reductions from 2023 through 2040 against an FY2017 base year, while reducing absolute scope 3 GHG emissions by 90% by 2040 from a 2019 base year.

Scopes 1 and 2 cover emissions generated from Burberry’s own operations.

Caroline Laurie, VP of Corporate Responsibility, Burberry: “The Science Based Targets initiative (SBTi targets) plays a critical role in ensuring ambitions set by businesses are in line with the latest climate science and will contribute to tackling the climate emergency.

Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative (SBTi companies): “Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change.

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EU-India Free Trade negotiations

06 August 2022, Mumbai:

EU-India Free Trade negotiations: an opportunity to rebalance trade relations and promote a global sustainable textile industry.

Today’s trade relations between the EU and India in textiles and apparel/clothing are characterised by a large and systemic trade deficit for the EU; annual imports from India exceed €6 bln (2021) – making it the 4th supplier – while EU exports to India reached just half a billion – the 20th place in our export markets.

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Today’s trade relations between the EU and India in textiles and clothing are characterised by a large and systemic trade deficit for the EU; annual imports from India exceed €6 bln (2021) – making it the 4th supplier – while EU exports to India reached just half a billion – the 20th place in our export markets.

Against this background, the free trade negotiations are an opportunity to rebalance that relationship; European textile and clothing companies can offer high-quality and innovative products for the Indian market.

EURATEX, as the voice of textiles and apparel manufacturers in Europe, supports an ambitious EU trade agenda. In this context, EURATEX highlights that the sector needs open and efficient markets.

India today benefits from reduced customs duties due to GSP. For European companies instead, market access to India is challenging.

Director General Dirk Vantyghem commented: “We look to these negotiations with great interest. The FTA is an opportunity to develop a shared ambition between the European and Indian industry to make sustainable textiles the norm, and to create a regulatory framework where our companies can compete in a free and fair environment.”

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IAF: 37th World Fashion Convention, Bangladesh In Nov

30 July 2022, Mumbai:

IAF is proud to invite the global apparel industry to its 37th World Fashion Convention that the global industry body is organizing with its Bangladeshi members, BGMEA and BKMEA.

Registration for these events has now opened on the joint, dedicated convention website www.iafconventiondhaka.com. The Convention will contain a full-day conference and a networking dinner, both held on Tuesday, November 15 as well as an industry tour held on Wednesday, November 16, and/or Thursday, November 17.

RELATED NEWS .  The 37th IAF World Fashion Convention to be held in Bangladesh, Nov'22 

 

ALSO READ BGMEA demonstrates impressive showing of Bangladesh RMG at '36th IAF Fashion Convention' 

The theme of the convention is Transforming Fashion Together “. The theme carries the message of supply chain collaboration and together with the strong industry associations BGMEA and BKMEA, IAF is sending the message that the major challenges of our industry today can only realistically be met when there is a true collaboration between buyers and their suppliers.

During this convention, there will be a constant discussion about practical solutions to such industry challenges as digitalization, sustainability, and more effective business models involving the entire supply chain.

 

IAF conventions are well-established industry events featuring a high level of speakers and delegates. Previous speakers came from PVH, H&M, Hugo Boss, etc.

It expects about 300 delegates at each event, from over 20 countries.

(IAF Report: iafconventiondhaka.com)

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Gucci: Crypto coin as payment to be accepted

09 August 2022, Mumbai:

Gucci has become the first major brand to start accepting payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin (APE).

ALSO READ  Gucci: a year of sustained growth further extending the brand’s authority 

 

RELATED NEWS .  The third round of applications for Gucci Changemakers is now available

The move towards crypto by the Gucci brand comes notwithstanding the cryptocurrency industry is living up to its legendary volatility.

As of now, Gucci will accept ApeCoin in US stores and plans to expand that reach across the rest of its North American presence. Apecoin's price has soared from nearly $6 on August 2 to $7.4 on August 9.

(ET report)...The news article has not been edited by DFU Publications staff.

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Lenzing: Reports earnings for the first half-year

03 August 2022, Mumbai:

Lenzing reports significant revenue growth and solid earnings for the first half-year.

The Lenzing Group’s revenue grew by 25.2 percent year-on-year to reach EUR 1.29 bn in the first half of 2022, primarily due to higher fiber prices. The earnings trend mainly reflects the cost trend in global energy and raw material markets, which affected the whole manufacturing industry.

Energy, raw materials and logistics costs rose sharply once again in the reporting period after cost pressure had already risen steadily throughout the 2021 financial year.

As a consequence, earnings before interest, tax, depreciation, and amortization (EBITDA) decreased by 13.3 percent year-on-year to EUR 188.9 mn.

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RELATED NEWS .  Lenzing: Expands carbon-neutral fiber portfolio for Workwear

Revenue up by more than 25 percent, earnings impacted by a sharp rise in energy, raw material, and logistics costs

·       Key projects in Thailand and Brazil successfully commissioned

·       Further development of the corporate strategy with a focus on profitable growth and accelerated transformation to a circular economy model

·       Lenzing continues to advance purposefully toward Group-wide climate neutrality

·       Earnings guidance for 2022 confirmed: EBITDA expected significantly above the 2021 level.

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The countdown to SS23 begins

29 July 2022, Mumbai:

Copenhagen Fashion Week SS23 is fast approaching -

a week of shows, events, activations, and creative expressions will light up the city of Copenhagen from 9 - 12 August. With a full schedule of physical catwalk shows, each showcase will be live-streamed for our global audience around the world.

RELATED NEWS . Copenhagen Edition, Global Fashion Summit: An Update 

 

ALSO READ Danish brand B. Copenhagen forays in India

SS23 International Guest Program

Each season we ensure to invite some of the most directional and relevant international leaders from the press and influential valued directors from global retailers, this season with the support of Creative Denmark. 

Event and presentation schedule for SS23

For the SS23 edition, the event and presentation schedule celebrates a range of showcases, activations, launches, and releases from some of our most exciting emerging and international leading brands both from the Nordics and from afar.

Accreditation for SS23 closes 1 August Accreditation for SS23 closes 1 August for press, buyers, and industry figures interested in attending the showcases on the official CPHFW show schedule.

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