An OECD closed discussion on due diligence is said to have highlighted the growing recognition of responsible purchasing practices as a cornerstone for sustainable outcomes in the industry. Credit: Shutterstock. During a closed discussion at the 10th OECD Forum on Due Diligence in the Garment and Footwear Sector in Paris, hosted by the Sustainable Terms of Trade Initiative (STTI) and the OECD, stakeholders discussed the intersection of legislation and responsible business conduct in the apparel industry . STTI explained the session highlighted practical tools to support better purchasing practices, including due diligence aligned contracts. However, it was also noted that…
Huge ‘gap’ remains between apparel sector best practice, industry norms
Image Courtesy : blog.lio.io The Sustainable Terms of Trade Initiative (STTI) believes there is a “sizeable gap” to bridge between the apparel industry’s best practices and industry norms and the halted EU CSDDD sends the wrong message to manufacturers keen to follow European environmental legislation. Stakeholders explored how laws and ethical business practices interact in the apparel industry during a closed conversation at the 10th OECD Forum on Due Diligence in the Garment and Footwear Sector in Paris, which was organized by the OECD and the Sustainable Terms of Trade Initiative (STTI) . Due diligence-aligned contracts were among the useful…
Gap’s upbeat quarterly results show improving demand for Old Navy apparel
Updates shares in paragraph 2, adds details on results in paragraphs 6, 11 March 7 (Reuters) – Gap GPS.N beat Wall Street expectations for fourth-quarter results on Thursday, buoyed by strong demand on improved product offerings at its Old Navy and namesake brands during the holiday season and on lower markdowns. The company’s shares rose 8% to $20.85 after the bell. CEO Richard Dickson’s plans to push ahead with reinventing Gap’s brands, especially Old Navy, have helped drive consumer interest in its clothing and accessories. The Banana Republic parent had seen sales slump in the past several quarters as customers…
Apparel companies thredUP, Stitch Fix lean into AI, and optimized marketing mix to jumpstart growth
Even though apparel and accessories is the third fastest-growing product category we measure—growing 3.9% to reach $616.37 billion in US sales this year—retailers need to find creative ways to court consumers as they remain price-sensitive. For resaler thredUP, it’s using AI to build on the success it found in fiscal year 2023 with increased orders (6% growth YoY) and revenues (12% YoY). While Stitch Fix is shifting its media mix to expect an 18% YoY revenue loss in Q2 2024 and a 17% YoY decline in active clients. Putting the AI in retail: thredUP has recently rolled out new AI-backed…
Oracle Red Bull Racing and Castore sign record-breaking $200 million apparel deal
The Formula 1 giant, Oracle Red Bull Racing has announced an extension of its partnership with the premium sportswear brand Castore. The newly unveiled pact is the largest apparel deal in F1 history, both in terms of duration and value. The agreement, worth over $200 million, sees Castore remaining the official high-performance apparel supplier for the six-time Constructors’ Champions, providing racewear, training gear, and official merchandise for drivers, personnel, and Red Bull Academy members. Fans will continue to have access to the same teamwear through Oracle Red Bull and Castore’s online stores and at racetrack retailers. The initial partnership between…
Founded by sibling team, U of T startup partners with university to sell apparel
Startup co-founders and siblings Sydney and Malik Pottinger are set to make history by becoming the first students to partner with the University of Toronto’s Trademark Licensing Office to create a capsule collection with their clothing brand MOTUS. Sydnie, a third-year student at St. Michael’s College, and Malik, a fifth-year student in the Faculty of Kinesiology & Physical Education (KPE), will see their MOTUS line of fashion wear, complete with the university’s iconic T-and-leaf logo, go on sale at the U of T Bookstore’s St. George campus location in March. The collection includes a varsity jacket, sweatsuits, beanies, soccer jerseys…
Bangladesh to export non-cotton garments worth $42bn by 2032
TBS Report 03 March, 2024, 03:30 pm Last modified: 03 March, 2024, 06:32 pm Representational image. Photo: Pixabay “ Representational image. Photo: Pixabay The use of non-cotton fiber in garment production in Bangladesh increased to 29% from 25% over the last three years. The rise was due to local apparel exporters moving away from cotton to incorporate more man-made fiber to get better prices and increase business, according to the findings of a new study released today. Globally the ratio of non cotton fiber in a garment is 75% but in Bangladesh the picture is just the opposite because the…
TikTok officially debuts shopping platform, TikTok Shop, to US consumers
TikTok is officially rolling out its TikTok Shop marketplace and services to US users this week. The shopping marketplace, which has been in testing mode since November 2022, is baked directly into the TikTok video app. As of Tuesday, it features a range of items for sale, such as curling irons, T-shirts and headphones from third-party sellers, in addition to products sold by verified American companies like fashion retailer Revolve and cosmetics company Morphe. “TikTok Shop will now bring shoppable videos and LIVE streams directly to For You feeds across the country — and give brands, merchants, and creators …