The worldview is a new weekly BoF Professional newsletter that builds on our China Decoded newsletter. In addition to China, Worldview brings you fashion industry news and analysis on the Greater Asia Pacific, Middle East, Africa, Latin America, CIS and Eastern Europe. This week:
Shein denies confidentially filing for an IPO in the United States. A spokesman for the Chinese fashion giant said ‘rumours’ that a listing could take place before the end of the year, as reported by Reuters citing sources familiar with the matter, were not accurate. . [CNBC]
Mexican luxury department store El Palacio de Hierro is expanding. The chain, which has more than twenty stores, including “outlet” and “boutique” formats across the country, will open a branch next year in Leon, in the state of Guanajuato. [Fashion Network Mexico]
De Beers enters into an agreement with Botswana to continue production of rough diamonds. A breakthrough in tense negotiations between the mining, gems and jewelry group and the government of one of the world’s biggest diamond-producing nations means stability for global supply chains. [Financial Times]
Lotte Duty Free opens Seoul Fashion Week pavilion in Japan. The company’s CEO said the space at its Tokyo Ginza store will promote Korean fashion brands in the key market where Hallyu trends have been influential for years. [Retail in Asia]
Net-a-Porter extends its marketing calendar to Eid al-Adha. To complement the Ramadan and Eid al-Fitr campaigns earlier in the year, the e-commerce major featured modifications by low-key fashion influencers Nia Amroun and Imane Asry for the Islamic holiday celebrated around the world. full from June 28. [Net-a-Porter]
Turkey’s garment exports register only a slight decline despite the disruption caused by the earthquake. In the January-May period, when two devastating earthquakes hit the country, exports fell 1.12% year-on-year in the key manufacturing and supply market. [Fibre2Fashion]
Nike Inc.’s performance in Greater China exceeded analysts’ expectations. The company appears to be regaining lost ground in the market, where fourth-quarter revenue hit $1.8 billion, reflecting a return to “zero-Covid” challenges and the cotton controversy in Xinjiang. [BoF]
The EU is ready to work with the new Nigerian President to revive the country’s textile sector. The head of an EU delegation to Nigeria and the Economic Community of West African States (ECOWAS) indicated at a recent event in Abuja that a private sector platform could be created to facilitate business. [Leadership]
Stable growth lines for Indian bridal wear manufacturers. Sales have been average to mediocre over the past wedding season, according to 77% of manufacturers nationwide, where bridal and other wedding wear accounts for a significant share of some companies’ annual sales. [The Hindu Business Line]
Chinese Li Ning listed Viva Goods on the Hong Kong Stock Exchange. The company, which is owned by sportswear brand namesake Li Ning but owns other brands such as Clarks, Bossini and Amedeo Testoni, began trading on the stock exchange last week. [Hong Kong Stock Exchange]
Mexican and Honduran dealers are doing a booming trade in excess Shein inventory. Gray market wholesalers across Latin America set up street market businesses sourcing items from Chinese suppliers for the super-fast fashion giant ahead of its push to localize production in the region. [Rest of the World, BoF]
Louis Vuitton is opening pop-up bookstores in Shanghai. The luxury brand transformed three local cafes for about a week, covering spaces with the cover colors of the Beijing, Shanghai and Chengdu editions of the Louis Vuitton City Guide. [Jing Daily]
Chinese down jacket maker Bosideng says 400 stores closed last year. The company said revenue and net profit for the year ended March 31 fell 3.5% and 3.7% respectively, impacted by last year’s pandemic shutdowns. [Yicai]