04 December 2021,  Mumbai:

Europe is Bangladesh’s main export market for readymade garments, the resurgence of Coronavirus infections in Europe will have a significant impact on the Bangladeshi readymade garment business.

Over half of Bangladesh’s exportable items are sent to the European Union. Europe has once again been the core of the epidemic, with many European Union countries reporting the largest number of Covid cases in recent days.

The ongoing spread of Coronavirus in major EU markets has Bangladesh worried. After weathering the pandemic last year, the readymade garment sector had begun to receive orders and was back on track.

During the lockdown, Covid affected the whole staff. Workers lost earnings from March to May 2020, because of a lack of orders to keep firms afloat. The income of 82 percent of workers has decreased.

Export orders have declined by 40 to 45 percent in June 2020 compared to the previous year. Workers’ mental health and overall emotional well-being were also harmed, as they worried about the epidemic as well as their financial prospects — paying for their families, feeding them, and caring for their children.

Textile Focus (The news article has not been edited by DFU Publications staff)

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03 December 2021,  Mumbai:

Readout of USTR Deputies’ Roundtable Discussion with the American Apparel & Footwear Association.

Deputy United States Trade Representatives Sarah Bianchi and Jayme White co-chaired a roundtable discussion today with senior representatives of the American Apparel & Footwear Association (AAFA) to discuss how U.S. apparel brands and retailers can support new economic opportunities in Central America, especially in El Salvador, Guatemala, and Honduras, under the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR). Michael Pyle, Chief Economic Advisor to the Vice President, also participated.

The participants discussed recent shifts in global sourcing of apparel and related opportunities to expand sourcing of apparel for the U.S. market from the Western Hemisphere, including Central America. Senior executives of AAFA member companies shared their ideas for how U.S. trade policy can promote U.S. textile and apparel investment and incentivize production of a greater scale and variety of apparel products in the CAFTA-DR region. Ambassadors White and Bianchi underscored the importance of the agreement’s rules of origin in promoting investment in textile production and supporting manufacturing jobs in both Central America and the United States.

They also expressed USTR’s commitment to work with AAFA and other stakeholders to promote greater reshoring and near-shoring of apparel production and to do so in a way that strengthens the North American supply chain for textiles and apparel.

ustr.gov (The news article has not been edited by DFU Publications staff)

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2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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02 December 2021,  Mumbai:

The chances of re-emergence of the Covid through the Omicron variant are said to be having a Global Impact. The slump in the prices of the cotton crop is also being seen as the direct impact of this The prices of raw cotton have witnessed a slump of up to Rs 2,000 per quintal in the last fortnight.

The prices that were being quoted up to Rs 9,400-9.500 per quintal are now have come down to Rs 7,500-7,700 per quintal The lower quality crop is being traded even at Rs 6200-6500 per quintal Apart from the slump in prices, the quality of the crop and yield too have come down due to pink bollworm attack on the crop.

The impact of the pink bollworm could be gauged from the fact that the arrival of the cotton crop in the mandis is less than half than the corresponding period in the previous year As against the arrival of 1996 lakh quintal till December 1 in 2020, this year the arrival till that date is only 9.20 lakh quintal in mandis across seven districts of Punjab.

The cotton is also more yellowish than pure white Cotton has been grown in 304 lakh hectares in Punjab.

The industry is fearing adverse impacts due to the spread of the new variant and prices of cotton have come down said cotton trading body Indian Cotton Association Limited (ICAL) president Mukul Dev Tayal.

TOI (The news article has not been edited by DFU Publications staff)

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2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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03 December 2021,  Mumbai:

The latest Adidas UltraBoost sneaker is arriving soon. The German sportswear giant unveiled the Adidas UltraBoost 22 this week, a new silhouette for its acclaimed UltraBoost line that features various design elements tailored for female runners.

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According to the brand, Adidas’ footwear designers and product developers gathered data from 1.2 million foot scans for insight, which aided in the creation of the Ultraboost 22.

The shoe incorporates a newly-designed PRIMEKNIT+ upper that’s made with yarn constructed from 50% Parley Ocean Plastic combined with the Linear Energy Push (LEP) torsion system, which works in conjunction with the signature Boost midsole providing 4% more energy return than its predecessor.

Although the Adidas UltraBoost 22 was designed with insight gathered from female runners, the sneaker will also be available for men and kids.

We created the Adidas UltraBoost 22, by taking a more holistic approach to the way we design our running shoes, The UltraBoost 22 is crafted with the goal of supporting our female running community by providing them with a shoe that delivers ultimate expression of comfort and responsiveness, the senior product manager of Adidas Running Nora Wilimzig said in a statement.

The Adidas UltraBoost 22 is available now in the “Magic Mauve” colorway exclusively for Creators Club members. A wider release of the Adidas Ultraboost 22 will happen on Dec. 9 at Adidas.com and at Adidas retailers. The shoe will come with a $190 price tag.

In related Adidas news, the latest Adidas Yeezy 500 “Ash Grey” is releasing tomorrow at Adidas.com/Yeezy and at select Adidas Yeezy retailers for $200.

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2. Consumers will determine growth of sustainable fashion e-comm in India
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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
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03 December 2021,  Mumbai:

The decision is effective from the fall 2022 season onward, adding angora to the list of excluded materials within its fur-free policy.

GIVING UP ANGORA: The Giorgio Armani Group said it is committing to stopping the use of angora wool across all lines, effective from the fall 2022 season onward, adding it to the list of excluded materials within its fur-free policy.

“I am pleased to announce the abolition of angora wool from all the collections of the Armani Group, testimony to our tangible commitment in monitoring our production with respect to protecting the natural world,” the Italian designer said. “I have always believed in innovation and research of new materials and innovative methods for processing traditional raw materials.”

In 2016, in agreement with the Fur Free Alliance, the group announced its plans to eliminate the use of animal fur from all its products starting with the fall 2016 season.

This is the latest step in the group’s initiatives to promote sustainability across its supply chain. Armani is a signatory of the Fashion Pact presented at the G7 in 2019, and in July, it announced its targets for the reduction of greenhouse gas emission, approved by the Science Based Targets initiative, or SBTi.

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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01 December 2021,  Mumbai:

Textile and readymade garment (RMG) leaders emphasized policy support and investment in the backward linkage of woven and manmade fabrics within the next two years.

RMG and textile leaders highlighted that in the just concluded International Investment Summit 2021, hosted by Bangladesh Investment Development Authority (BIDA).

Mohammad Ali Khokon, President of Bangladesh Textile Mills Association said, “Investment in manmade fabrics is paramount for us. If we get policy and utility support from the government, it will greatly benefit to reduce import dependency and cut lead time too.”

Khokon added, “If it happens then after the next two years, we do not have to import any fabrics from abroad.”

Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said, “Bangladesh is a greenfield for investments in textiles and high value-added items.”

And Hassan urged for foreign direct investment (FDI) in diversification towards high-end apparel and technological up-gradation.”

Hassan also stressed that Bangladesh offers a lucrative sourcing destination for both investors as a market and in RMG.

“Basic items cover over 82% of RMG export earnings of Bangladesh. That are focused within the $15 per kg price range.”

“We are mainly exporting mainly five apparel items, which have occupied over 82% of RMG export earnings,” Faruque Hassan said while delivering his keynote speech at a session on ‘Readymade garments and textiles – weaving the way.’

The growing eco-consciousness and care for sustainability consumers is driving customers globally towards non-cotton, especially manmade fibers and Bangladesh has ample scope in this area, he added.

Hassan also put importance on up-scaling capability in innovation, pattern making, design input services, developing own collections, trend analysis, product research and development.

“So we need to invest in technologies like virtual design and prototyping for quick adaptation in the area of design. Investment in the area of re-skilling and up-skilling our workers is important to take the advantage of the 4th IR.” While Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BTMA) said, “The RMG industry has been receiving a noteworthy number of orders from buyers, but we lack skilled workers. And the govt. need to set up vocational training centers to develop skilled workers”

While, Bangladesh country manager for Marks and Spencer, Shwapna Bhowmick said, “Bangladesh is one of M&S’s major sourcing countries. Our sourcing of lingerie from Bangladesh has reached more than $100 million over the last 5 years.”

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2. Consumers will determine growth of sustainable fashion e-comm in India
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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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03 December 2021,  Mumbai:

Zegna may have just celebrated its 110th anniversary, but this is one brand that keeps on evolving. This Friday, the Italian luxury marque will unveil its latest collection, a Zegna Outdoor Capsule, and also launch a brand-new logo.

The double move coming in the same month as its parent company, the Ermenegildo Group, begins listing on the New York Stock Exchange. Conceived by Zegna’s creative director Alessandro Sartori, the new all-caps logo gets to the heart of the brand’s DNA - blending technology with craftmanship; intersecting uber-quality with elegant style.

The new capsule harks back to the very origins of house, founded by 18-year-old entrepreneur Ermenegildo Zegna in 1910. That’s the name the house had been known as since WWII. From now on, the marque will be branded as simply Zegna; and blessed with new packaging.

“It was very important to go to one brand and one logo. Removing 'Ermenegildo' and going to one name made it all more coherent. This way, everything links back to this new statement of Zegna. Where luxury leisure wear and elevated sportwear is at center of our offer,” explained Sartori in a Zoom from his design studio in Milan.

Business-wise, despite Covid, Zegna is certainly in ruddy health. In a buoyant first half of 2021, Ermenegildo Zegna saw sales soar 49.9% to €603 million, as the company returned to profit with net income of €32 million. This fall, Zegna is raising some $880 from the sale of stock in its Wall Street flotation, which values the group at $3.2 billion and will still leave the family holding a 62% stake.

Historically, this house has gone through several name changes. Back in the '30s it was known as Fratelli Zegna di Angelo, before becoming Ermenegildo Zegna, as a new generation took over.

Now, with CEO Gildo Zegna part of a third generation; and a fourth generation rising through the ranks, rebranding the house as just Zegna makes the logo look sharper, faster and easier to remember.

This Friday, Sartori will also break new ground by launching the bold new Zegna Outdoor Capsule Collection – a sleek encounter of high-altitude ski gear; stylish country weekend looks, and sleek inner-city winter clobber.

“It was very important for us to work with lighter and fresher fabrics I wanted to offer these technical qualities and elevate the craft of Zegna. With high performance fabrics used in ski suits; or pure cashmere done in a winter puffer; or hoodies made using 12-micron fabrics,” added Sartori.

Nearly every look contains technical innovations. Normally active sport, skiing and hiking clothing is made or nylon, but to elaborate their concept Zegna have been able to use cashmere or vicuna.

Plus, the house has developed new, ultra-light interior layers of bonding – sourced from regenerative sources, so you don’t feel there is a membrane inside. Quilting is made of recycled fabrics or second-generation down.

The meeting between technology and top-shelf materials dates back to Ermenegildo’s policy begun in the '20s of buying the very best yarns from as far afield as Mongolia and South Africa. Or investing in modern English machinery, helping to win the house the reputation as a unique supplier of rare fabrics, something it has never lost.

Born in the Biellese Alps of Piedmont, Ermenegildo was ecologically minded decades before the term was invented. He built Road 232 – which runs from Zegna’s hometown of Trivero to Biella, the world’s most important city for producing of silk fabrics – a route that twists through the high mountains.

And he gradually acquired an immense nature reserve there, known as Oasi Zegna, 100 square kilometers sprawling over multiple hills and mountains where he planted over 500,000 Alpine pine trees and other species.

Ale, as most people know him, has been skiing since he was knee-high and hits the slopes regularly in nearby Courmayeur. Though he has also taken his creative squad on a team-building hikes in Oasi Zegna, an experience echoed in a great lookbook and ad campaign for the capsule.

Shot by the great South African photographer Koto Bolofo, whose work has graced Vogue, Vanity Fair, The New York Times and Numéro, and who has shot campaigns for the likes of Burberry, Hermès and Louis Vuitton.

“It’s a pretty amazing shoot, more done with an editorial slant than a classic shoot. Koto is very sharp, and we roamed around in the snow, looking for special angles and vistas. We woke up at 5pm each morning to be at the top of mountain at 7pm! All shot in the last snow of the season back in April, mostly in Oasi Zegna,” enthuses Sartori.

These past few months, Zegna has also been busy on complimentary collabs, seen in multiple natty elements in the shoot. With Kask, Zegna designed a new customized version of the iconic Piuma-R ski helmet in black and cinnamon-hued vicuna; with Zai, robust performance black skis.

La Sportiva from Trentino partnered to make hyper-breathable trail running and mountaineering shoes, while Sigg created a black aluminum drinking bottle. Besides that, Zegna has been busy opening new stores, notably in Boston and New York, built with a new modular systems, allowing great flexibility in terms of collection choice and seasonality.

In New York, Zegna recently unveiled Zegna Lab, a dynamic space on Lafayette Street with changing limited-edition collections and immersive experiences where clients can play vintage vinyls, selected by Sartori. Important spaces for this new capsule, which is conceived as multi-purpose.

“This is not just about skiing but also walking and hiking – and blending into city style. We have located this collection in luxury leisure – everything made in very high-quality materials, while working our key color cards – off white, mid-gray and vicuna,” explains Sartori.

The designer intends to take his next bow after Zegna’s planned show on Friday, January 14 in Milan, the opening day of the Italian menswear catwalk season.

While Zegna Outdoor launches worldwide this Friday in about 30 flagships including Moscow, Shanghai, Milan and New York; in wholesale accounts, including a series of pop-ins and pop-ups; an in e-commerce, notably in China with Tencent and e-Mall. May the road rise up to meet them.

FASHION NETWORK (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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01 December 2021,  Mumbai:

The s.Oliver Group, one of Germany's major fashion conglomerates, has formed a strategic relationship with Techno Design GmbH ("Techno Design"), a PDS Multinational Fashions Limited group business.

With a presence in over 22 countries, PDS is a design-led sourcing, manufacturing, and supply chain platform that caters to major brands and retailers throughout the world.

Through this agreement, the s.Oliver Group will be able to focus on its core capabilities while making use of India's abundant raw material supply, qualified workforce, and competitive manufacturing. S.O.T.

Garments India Private Limited ("S.O.T. Garments India"), a firm situated in Chennai, will be acquired by Techno Design's linked company in India through a share purchase agreement with the s.Oliver Group. S.O.T.

Garments India's personnel and contracts will be taken over by Techno Design's affiliated firm, which will solely source textiles in India and Sri Lanka for the s.Oliver Group. This alliance has the potential to provide a sourcing opportunity worth c.$50 million (about Rs. 375 crores) on an annual basis.

With a presence in 40+ countries and annual sales of €1.24 billion, the s.Oliver Group is a German fashion and lifestyle brand located in Rottendorf that offers garments and accessories, as well as diverse licensing items including shoes, jewelry, perfumes, and eyewear (2019).

Its brand portfolio includes s.Oliver, which has a 95 percent supported brand recognition in Germany, as well as Q/S by s.Oliver, comma, Liebeskind Berlin, and COPENHAGEN STUDIOS. Rajive Ranjan, an experienced veteran with over 25 years of experience in the fashion business, is in charge of Techno Design.

Techno Design's activities in India would be bolstered by the deal with s.Oliver Group. This kind of strategic collaboration highlight the PDS platform's ability to offer end-to-end solutions to its marquee customers.

"One of PDS's primary sourcing areas for providing its customers in the worldwide garment and fashion sector in India. PDS is continuing to expand its footprint in this area. PDS Group Vice Chairman Pallak Seth said, "Through this strategic alliance, PDS will expand its current sourcing from India and harness the skills and talents of Indian textile producers to effortlessly service global brands."

"We're thrilled to be working with the s.Oliver Group is their official textile sourcing partner in India and Sri Lanka. Rajive Ranjan, MD of Techno Design GmbH and Technocian Fashions Private Limited, stated, "We feel this would be a win-win cooperation."

"India is an important sourcing destination, and by partnering with Techno Design, we hope to enhance our sourcing from India and fully realize the market's potential," stated Oliver Hein, COO of the s.Oliver Group.

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2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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03 December 2021,  Mumbai:

Macy's Inc (M.N) is grappling with how to make its e-commerce business a standalone company without losing customers who rely on its department stores to pick up or return items they bought online, according to people familiar with the deliberations.

The 163-year-old retailer said last month that it had asked consulting firm AlixPartners to review its business structure after Jana Partners urged it to separate its e-commerce arm.

The activist hedge fund said in October that the e-commerce business could be worth $14 billion on its own, more than Macy's entire market capitalization of about $8 billion.

AlixPartners also advised HBC, the owner of Saks Fifth Avenue, on the separation earlier this year of its e-commerce business from its department stores.

Macy's views a similar separation as more challenging because of its large store footprint and its online customers' reliance on it, the sources said.

Macy's has close to 800 stores. It has said its online sales are two to three times higher per capita in regions where the stores are located, because of the convenience for customers of picking up and returning items at the stores.

Saks, on the other hand, has only about 40 stores, and the privately held company's e-commerce business generates annual revenue of less than $1 billion. That is a fraction of Macy's e-commerce revenue, which is set to exceed $8 billion this year, according to Morningstar analysts.

A separated Macy's online business will need to have extensive commercial agreements with the company holding the department stores.

They would have to govern everything from merchandise distribution and storage to promotions and marketing, in order to provide Macy's customers a seamless experience in-store and online, the sources said.

Such agreements will need to withstand the test of time as the company holding the department stores downsizes further, shutting down locations on which the e-commerce business relies, the sources added.

"The introduction of numerous service agreements to compensate stores would likely lower profitability," Cowen analysts said in a note last month. Macy's did not respond to requests for comment.

The duplication of functions now housed under one roof, such as logistics and administration, would add to the costs, the sources said.

Macy's has been going in the opposite direction with its "Polaris" strategy launched last year, which envisions $1.5 billion in annual cost reductions through the synergies of brick-and-mortar retail with e-commerce by the end of 2022.

In a letter to Macy's in October, Jana suggested that a benefit of separation could be a cash infusion in the online business that would help hire top talent and invest in new technology, the sources said.

It pointed to the case of Saks, which attracted a $500 million investment from private equity firm Insight Venture Partners at a $2 billion valuation for its online business.

The Macy's review is also exploring this possibility, according to the sources. "Our objective is to light a fire under this company that has an incredible brand," said Guy Phillips, managing member at NuOrion Advisors, a Macy's investor that is also pushing the company to make changes.

Macy's has not provided a timeline for completion of the business review. While Jana applauded Macy's decision to launch the review, it has not ruled out a challenge to the company's board. It will have the opportunity to nominate directors early next year should it decide the company has not made enough progress.

PASSING ON COSTS TO CUSTOMERS

This is not the first time Macy's faces calls for a breakup. It fended off demands from activist hedge fund Starboard Value LP six years ago to sell its real estate and then lease it back for its stores.

It has subsequently trimmed its property portfolio and entered into a partnership with Brookfield Asset Management to cash in on some of it.

Department stores have enjoyed a sales rebound in recent months as Americans splurge on perfumes, dresses and formal wear following COVID-19 pandemic lockdowns. But their profitability has suffered amid shipping logjams, labor shortages and inflationary pressure.

Macy's has fared much better than most retailers thanks to its ability to pass on some of the additional costs to customers. Its shares are up 143% year-to-date, compared with an 18% rise in the S&P 500 retailing index.

Macy's said last month it expects a 1% rise in gross margins from pre-pandemic 2019 levels. It also raised its full-year sales and profit outlook and expects full-year net sales of $24.12 billion to $24.28 billion, compared with $23.55 billion to $23.95 billion previously.

REUTERS (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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02 December 2021,  Mumbai:

The YKK Corporation has produced an integrated report titled "This is YKK 2021" that details the company's progress on medium-term management strategies, value creation targeted at long-term sustainable growth, and sustainability activities.

"This is YKK 2021" publishes both financial and non-financial information, as well as YKK's Fastening Business's mid-and long-term goals, as part of the company's attempts to further connect with stakeholders under this new strategy.

In April 2021, YKK completed a global restructure to better accomplish the aims of its new Mid-Term Business Policy – "Sustainable growth under the new normal," according to the firm.

A supplementary "Data Book" has been issued with detailed information on YKK's progress on ESG targets. The YKK Sustainability Vision 2050, the company's path for reaching carbon neutrality by 2050, is documented in the Data Book. Climate change, material resources, water resources, chemical control, and human respect were all given goals.

The corporation goes on to say that remarkable achievements were made in the fiscal year 2020.

The accomplishments in climate change activities include a 20% decrease in Scope 1, 2 GHG emissions (from a 2018 baseline); a 36% reduction in Scope 3 GHG emissions (from a 2018 basis); and a Greenhouse gas reduction target for FY 2030 verified by SBTi as matched with the "1.5°C objectives."

In Material Resources, sales of the NATULON series of recycled zippers climbed by 88 percent year over year; landfill trash was decreased by 2,700 tonnes a year over year; and production recycling increased to 82.3 percent.

The achievement in the field of water resources was an 18% reduction in total water consumption by all manufacturing locations (year-on-year). Chemical Management accomplishments include: strengthened in-house standards and 792 supplier compliance surveys; completed OEKO-TEX certification renewal for YKK products at 40 companies; and expanded AcroPlating, a new proprietary plating technology for brass that eliminates the harmful chemicals used in traditional electroplating.

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DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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30th November 2021, Mumbai:

High Street fashion giant Inditex, which owns brands including Zara and Massimo Dutti, has appointed the founder's daughter as its new chairwoman. Marta Ortega will replace Pablo Isla, chairman of Inditex since 2011.

Ms Ortega has been with the firm for 15 years, starting out as an assistant at its High Street brand Bershka. "I have always said I would dedicate my life to building upon my parents' legacy," the 37-year-old said.

"I have lived and breathed this company since my childhood, and I have learned from all the great professionals I have worked with over the last 15 years," said Ms Ortega, adding that she was deeply honoured by the trust the firm was placing in her.

Ms Ortega has been credited with strengthening the retailer's brand image, having led several campaigns, including the launch of Zara's premium collections such as Zara SRPLS and Charlotte Gainsbourg by Zara. Inditex was founded by Amancio Ortega with his ex-wife Rosalia in 1975 in Galicia, Spain.

Mr Ortega is one of the world's richest men, with an estimated net worth of $77.8bn (£58.3bn), according to Forbes. He was chairman of Inditex until 2011. Inditex, whose brands also include Pull&Bear and Stradivariusm, has come to dominate High Streets around the world, with more than 6,600 shops globally.

Most of its clothing is made close to its Spanish headquarters or in nearby countries such as Portugal, Morocco and Turkey, helping the firm to achieve its famously fast reaction times to new fashion trends.

Bbc.com (The news article has not been edited by DFU Publications staff)

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