mattressfabric-factory.com

News

Textile and apparel retail continues to be popular

Update:09-05-2020
Apparel retailers have extended store closures. Due to the interruption of the raw material supply chain, many factories have ceased operations, the production of personal protective equipment (PPE) has increased, and private companies donating to COVID-19 to curb work, which marks a week around the world Activities, many governments announced relief plans and financial measures in response to the economic impact of the new coronavirus strain, which is still raging. Dipesh Satapathy explore.

In the context of global apparel sales decline, many top apparel retailers including Crocs, Christopher & Banks Corporation, JC Penny, Kohl's, Macy's are continuing to expand store closures. Many other companies, such as British luxury fashion company Burberry, have also done their utmost to support infected people.

Companies around the world are busy producing PPE, such as goggles, face masks, face masks, face masks, gloves, work clothes, dresses, hoods and shoe covers to meet domestic demand or export. After appropriately revising the PPE standard, the Ministry of Health of India requires more than 10 domestic manufacturers to produce PPE.

A survey conducted by the Zurich-based International Federation of Textile Manufacturers (ITMF) revealed that the company suffered major cancellations or extensions, and the average order fell by 8%.
Orders fell from 4% in South America to 13.3% in Africa. It is expected that the average turnover in 2020 will be 10.5% lower than last year. ITMF said that although North America is expected to decline by an average of 7.5%, European companies are expected to decline by 17.5%.

Ralph Lauren Corporation has committed $ 10 million to help teams, partners, and communities affected by the pandemic. Commitments include donations to the World Health Organization COVID-19 Solidarity Emergency Fund.

Global luxury fashion group Capri Holdings announced that its collective brand and its founder donated more than 3 million US dollars to support COVID-19 disaster relief work. In New York, the Michael Kors brand donated $ 1 million to support local relief efforts. In London, Jimmy Choo donated $ 500,000 for relief disasters in the UK and globally. In Milan, Versace donated US $ 500,000 for local efforts.

The World Bank ’s Board of Directors approved the first batch of emergency support operations for developing countries using a dedicated fast track for COVID-19 response. The first projects worth US $ 1.9 billion will assist 25 countries. In addition, the bank is redeploying existing project resources worth up to US $ 1.7 billion worldwide.

The board of directors approved a $ 1 billion fast-track "Indian COVID-19 emergency and health system preparedness project" to help the country strengthen public health preparedness.

Among the major policy measures worldwide, the United States approved the Coronavirus Assistance, Relief, and Economic Security (CARES) Act to assist companies with fewer than 500 employees, while India launched the Prime Minister ’s emergency citizens Assistance and Relief (PM CARES). fund. The National Retail Federation will welcome the CARES Act. Several Indian companies donated to the PM CARES fund. Reliance Industries announced a donation of Rs 5 crore, while LNJ Bhilwara Group donated Rs 5.51 crore.

Malaysia delayed the payment of most loans by six months. The authorities of the neighbouring countries of the Association of Southeast Asian Nations (ASEAN) have also taken positive measures.

The US Food and Drug Administration issued a guide to help expand the availability of surgical gowns for healthcare professionals, including surgical gowns, hoods, surgeons and patient examination gloves. The policy aims to continue until the crisis situation is over.

The Indian Export Credit Guarantee Corporation provides export credit insurance support to Indian exporters, extending the deadline for all returns, extension requests and policyholders ’notice of breach of contract to May 31, and will file a claim, respond to claims inquiries and statement deadlines Extended to May 31. June. The "specific shipping policy" that expires in March is automatically extended to June. It also announced some measures against banks.

The Small Industrial Development Bank of India (SIDBI) has launched SIDBI assistance for micro and small businesses (MSE) engaged in the manufacture or service of products related to the pandemic to promote the emergency response to coronavirus (SAFE) program.

India also extended its existing foreign trade policy until March 2021, and urged countries that signed free trade agreements with India to allow imports of goods without certificates of origin now because domestic authorities are not issuing the document due to lock-in.

On the other hand, Indian exporters urged the government to take measures, such as allowing them to operate factories with the least labor, providing interest rate subsidies and expanding incentive plans to deal with the crisis.

The Penn State Center for Global Workers ’Rights says at least a quarter of Bangladesh ’s garment workers have been laid off or on vacation due to reduced global orders.

Many US and EU partners have sent notices to Vietnamese apparel and textile companies that they will temporarily stop receiving goods within three to four weeks. Vietnam National Textile and Apparel Group (VINATEX) said that if export orders continue to stop, delay and cancel, Vietnam's apparel and textile industry may lose up to 11 trillion Vietnamese dong. The global market has shrunk and thousands of Cambodian garment workers have lost their jobs.

The joint report of the International Apparel Federation (IAF) and ITMF stated that the important difference in ethical buying behavior has become very obvious. Brands and retailers have either just abandoned suppliers or tried to respond to the crisis in a more collaborative manner. In Bangladesh alone, by October 3, by 1025, the factory reported that 864.17 million exports worth US $ 2.81 billion were cancelled or shelved, affecting 2.06 million workers.

Copenhagen-based IndustriALL Global Alliance said that unless the government takes measures to protect factories and workers so that it can survive the crisis, short-term decisions made by brands and retailers to breach existing contracts will eventually destroy their businesses. Seeking protection.

However, for manufacturers in Bangladesh, the pressure is on six brands, H & M in Sweden, clothing company Inditex in Spain, retailers Marks and Spencer in the UK, Kiabi in France and retail companies PVH and Target in the United States. The Bangladesh Garment Manufacturers and Exporters Association notified them of their decision to accept ready-made goods as well as goods in production.

The United Nations Department of Economic and Social Affairs said that due to the pandemic, the global economy may shrink by 1% in 2020, and if there are insufficient financial responses to expand restrictions on economic activity, it may even shrink further. The survey found that as nearly 100 countries closed their borders, millions of workers were at risk of losing their jobs. The UN says this may mean that the global economy will shrink by 0.9% by the end of 2020. If governments fail to provide income support and help increase consumer spending, it will be even higher.

The Indian rating and research agency reduced India ’s GDP growth forecast for the fiscal year 2020-21 from 5.5% to 3.6% due to the epidemic of the disease and the national blockade until April 14. Indian rating agency ICRA said that the country ’s GDP Moody ’s Investors Service may contract by 4.5% in the April-June quarter of this year, only increasing by 2% by 2020-21, and will The forecast is revised down from 5.3% to 2.5%.

Fitch's solution stated that due to the economic stimulus plan, India's fiscal deficit in the 2020-21 fiscal year may surge from the government's estimated 3.5% to 6.2% of GDP. Earlier it had estimated that this figure accounted for 3.8% of GDP.

According to the Indian Garment Manufacturers Association, the Indian clothing industry may be hit by nearly 10 trillion rupees due to the blockade. The association has concluded that nearly 5 million jobs in the clothing industry are at risk.

The British Fashion and Textile Association (UKFT) urged the British government to provide support to individuals or companies that did not qualify for any existing COVID-19-related protection schemes, but the British retail trade organization jointly launched a campaign in order to face financial difficulties Retail workers raised 10 million pounds.

U.S. retail giant Macy ’s announced that it would dissolve most of its 130,000 employees, while other companies such as Burberry predicted that its sales would decline by a staggering 70-80%. British retailer Primark announced the cancellation of all new orders, and Inditex has written off approximately $ 336 million worth of inventory.

Since there is no sign of a reduction in the number of infections worldwide, it seems that the textile and apparel industry's waiting and retail sector's desire to see the light at the end of the coronavirus tunnel will continue to this day.

 
0

Do you need our products?

If you need our mattress fabrics or would like to know about our company, please contact us.

mattressfabric-factory.com
CONTACT US