🇸🇦 Riyadh Style Week takes steps in direction of regional hub standing. The second version of Saudi Arabia’s annual style week occasion occurred from Oct. 17-21 throughout three venues within the capital together with the Tuwaiq Palace. Twenty-seven designer manufacturers together with Mona Al Shebil, Abadia, Razan Alazzouni, Kaf by Kaf, Waad Aloqaili, Yahya Albishri, Adnan Akbar, Tima Abid, 1886 and Honayda offered their collections on the runway. Regional celebrities and influencers like Lojain Omran, Ahmed Malek and Karen Wazen joined worldwide names from additional afield corresponding to Thai actress Davika Hoorne and Sweden’s Elsa Hosk at reveals, showrooms and gala occasions. Although Riyadh Style Week’s acknowledged intention is to ascertain “Saudi Arabia as a number one world hub for style,” Gulf {industry} leaders counsel that the occasion’s near-term precedence is to consolidate its place as a regional hub amid rising competitors within the Center East occasion area. This yr, neighbouring Dubai Style Week moved its biannual showcase to early September, a transfer some noticed as an try and put far between it and Riyadh, which is held towards the tip of the worldwide style week calendar. However Riyadh’s regional ambitions have up to now been constrained by the scope of its totally native designer roster whereas Dubai is way extra various, attracting names from throughout the area. [BoF Inbox]
🇨🇳 Shanghai Style Week designers brush apart downbeat financial system. The newest version of the occasion occurred between Oct. 9 and 17 in China’s monetary hub. The biannual showcase kicked off with stalwart Comme Moi and noticed labels like Samuel Gui Yang and Ao Sure participate alongside Angel Chen whose homecoming presentation was lauded by locals after a three-year absence. Manufacturers together with Quick Sentence, Shushu/tong and Oude Waag One produced high-quality reveals and collections regardless of the difficult financial atmosphere. Different standout displays included newcomer Workplace H and designer of the second Ya Yi. Home and worldwide manufacturers alike could possibly be discovered at commerce reveals and showrooms Mode, Tube, Not, Ontimeshow and Lab. [Gemma A. Williams for BoF]
🇰🇷 South Korean attire large Sae-A opens spinning mill in Costa Rica. The Seoul-based agency, one of many world’s largest vertically built-in clothes producers supplying retailers like Goal, Walmart and Hole, has opened a 3rd spinning mill within the nation. “With this enlargement, we’re optimising CAFTA tariff advantages for duty-free exports to the US, additional strengthening the worldwide textile provide chain,” stated WK Kim, chairman of Sae-A Buying and selling dad or mum World Sae-A Group, which has expanded its footprint past Asia to nearshore in Central America and Caribbean international locations together with Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica and Haiti. [Sourcing Journal]
🌍 Frasers Group invests in Hudson Malta to spice up Africa enlargement. The British retail group that controls Sports activities Direct, USC, Gieves & Hawkes and Flannels amongst others, stated it has acquired an undisclosed however “important” non-controlling shareholding within the Malta-based enterprise with a distribution community throughout greater than 25 African international locations together with Morocco, Algeria and Nigeria. Hudson, which additionally operates shops in Southern Europe markets Cyprus, Italy and shortly Greece, manages 41 principally monobrand shops on the African continent from its Malta logistics base for the likes of Nike, Converse, Calvin Klein, Tommy Hilfiger and Mango. Hudson CEO Chris Muscat stated the funding will assist each corporations “speed up our development” in two key areas. [BoF Inbox]
🇧🇷 São Paulo Style Week sees the return of Alexandre Herchcovitch. The 58th version of the biannual Brazilian showcase occurred from Oct. 14 to 21, returning to Ibirapuera Park, with extra occasions at Iguatemi São Paulo mall and different places throughout the town. The occasion featured 40 style reveals, welcoming newcomers Normando and Dario Mittman alongside veterans like João Pimenta, Salinas and Lilly Sarti. It opened with the extremely anticipated return of Alexandre Herchcovitch and Ponto Firme and concluded with Fernanda Yamamoto. The Cria Costura mission, now in its sixth version, continued its mission to offer coaching in stitching, design, and entrepreneurship in underprivileged areas. This version additionally honoured journalist Regina Guerreiro with a particular exhibit showcasing objects from her private archive. [Graciela Martin for BoF]
🇦🇺 Australian luxurious division retailer Harrolds falls into administration. After 40 years in enterprise, the landmark retailer with flagships in Sydney and Melbourne has collapsed, in line with {industry} publication Ragtrader citing ASIC paperwork which present that the corporate owes greater than 70 collectors together with style manufacturers Balmain, Thom Browne, Vetements, Victoria Beckham, Tom Ford, Burberry and others a complete of 16.3 million Australian {dollars} and that Harrolds itself is owed 13.3 million. [Ragtrader]
🇮🇩 Temu is banned in Indonesia however anticipated to thrive in Vietnam. The China-founded ultra-fast style e-tailer owned by Pinduoduo dad or mum PDD Holdings, has been focused by the Indonesian authorities which known as on Apple and Google to take away the Temu app from their cellular shops ostensibly to guard native producers within the Southeast Asian nation from opponents in China delivering by means of Temu. Nonetheless, analysts don’t count on the transfer to dent Temu’s plans to open elsewhere within the area corresponding to Vietnam and Brunei. [Reuters, South China Morning Post]
🇲🇽 Style Week Mexico focuses on menswear. Mercedes-Benz Style Week Mexico held its newest version from Oct. 15 to 18 at Mexico Metropolis’s Autocinema Coyote. With over 16 years of historical past, the showcase hosted 18 style reveals and an industry-focused collection of talks. This occasion put a highlight on menswear this season, with collections from Boyfriend’s Shirt, Cristeros, Diego Zúñiga, Fábrica de Punto, Harris & Frank, Mancandy and Porfirio Leather-based. Opening with Julia y Renata and shutting with Alfredo Martinez, different established names together with Alexia Ulibarri, Daniela Villa, Kris Goyri and Sandra Weil offered their collections alongside newcomers Regina Guiot and Santosia. [Graciela Martin for BoF]
🇮🇳 India’s Reliance Retail Ventures stories 3.5% Q2 income dip. Working income fell to 66,502 crore rupees ($7.9 billion) on the retail arm of oil-to-telecoms conglomerate Reliance Industries, a number one participant in India’s style {industry} by means of numerous holdings together with Ajio, Tira, Vimal, Reliance Jewels, Reliance Tendencies, The White Crow, native joint ventures with manufacturers like Versace and Burberry, investments in Indian designer manufacturers like Manish Malhotra and luxurious mall Jio World Plaza. Revenue after tax was up 1.28 p.c to 2,836 crore rupees ($337 million) through the interval. [Economic Times]
🌍 Jumia to shutter Zando in South Africa and Tunisia enterprise. The troubled New York-listed agency, which sells the whole lot from style and wonder to electronics and meals, set a timeline of finish of 2024 to stop operations of the 2 items. “Their contribution to our total enterprise has not aligned with expectations … [accounting] for a negligible portion of our total operations,” stated Francis Dufay, CEO of the pan-African e-commerce platform that continues to function in Algeria, Egypt, Ghana, Côte d’Ivoire, Kenya, Morocco, Nigeria, Senegal and Uganda.” [BoF Inbox]
🇮🇳 Aditya Birla Digital Style Ventures invests in Indian model Wrogn. The corporate has invested 75 crore rupees (round $15 million) into the streetwear-inspired youth-focused style model based by siblings Anjana and Vikram Reddy. Backed by enterprise capital agency Accel and cricketer Virat Kohli, the model raised 125 crore rupees in June from Tmrw. Each ABDFVL and Tmrw are items of Aditya Birla Group, a Mumbai-based diversified conglomerate whose portfolio consists of native joint ventures with worldwide retailers like Reebok and Galeries Lafayette and home holdings together with Pantaloons, Sabyasachi and The Collective. [Economic Times]
🇦🇪 Dubai’s Gulf Islamic Investments backs Indian footwear model Yoho. The shariah-compliant different funding agency with greater than $4.5 billion of belongings underneath administration led a funding spherical with participation from Rukam Capital and angel traders Rajeev Misra, Vijay Shekhar Sharma and Pankaj Chaddah, which raised 27 crore rupees ($3.2 million) for the New Delhi-based model based in 2021 by Ahmad Hushsam and Singhal. [Economic Times]
🇮🇷 Worldwide Attire Exhibition Iran Mode spotlights denim {industry}. Organised by the Iran Textile Exporters & Producers Affiliation (ITEMA), the twelfth version of the annual occasion was held in Tehran from Oct. 14-17, that includes 100 home producers and emphasising wholesale denim producers like Royal Jean and Parmin Jean. Based on the Textile and Clothes Manufacturing and Export Union, Iran’s denim factories produce 70 million sq. metres of denim yearly, overlaying 90 p.c of home demand. [Parastoo Nabati for BoF]
🇮🇳 Indian textile large Alok Industries sees losses widen in Q2. The Mumbai-based textile manufacturing large and provider to main western style manufacturers has reported a consolidated web lack of 262.10 crore rupees ($31 million) for the second quarter ended Sep. 2024, in comparison with losses of 174.83 crore rupees throughout the identical interval final yr. The agency collectively owned by Reliance Industries and JM Monetary Asset Reconstruction raised $845 million in March to broaden and repay debt. [Economic Times]
🇮🇳 Indian jeweller Giva raises round $30 million in extra funding. The Bengaluru-based model based in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shetty has prolonged its collection B funding spherical, elevating an additional 255 crore rupees, led by Premji Make investments with new traders Epiq Capital and Edelweiss Uncover Fund. The retailer with round 160 shops throughout the nation raised 200 crore rupees in July as a part of its collection B spherical led by Premji Make investments, with participation from Aditya Birla Ventures, Alteria Capital and A91 Companions. [Economic Times]
🇰🇼 Oud Style Talks holds its third version in Kuwait. This yr’s programme included audio system Joana Jamil, head of style and wonder at Meta for the MENA area, Aya and Mounaz Abdelraouf, founders of Egyptian model Okhtein, Khalid Al Tayer, managing director the retail enterprise of Al Tayer Group, and BoF’s editor-in-chief Imran Amed. Spearheaded by Zainab Alabdulrazzaq, founding father of native style and wonder publication 3oud.com, the annual {industry} occasion launched in 2022. [BoF Inbox]
🇨🇳 Dewu’s development highlights Chinese language customers’ rising value sensitivity. Additionally identified by its English identify Poizon, Dewu was valued at $10 billion final yr, in line with Hurun. The e-tailer based in 2015 by Yang Bing as a platform to purchase and resell sneakers has turn out to be a key participant within the luxurious items gray market which has developed from a community of daigou sellers to company resale platforms because the China market slowdown intensified. [Financial Times]
🇲🇺 Campaigners spotlight migrant labour abuse in Mauritius provide chains. In relation to the US Division of Labor flagging pressured labour dangers in Mauritius, Transparentem known as the African island nation’s 2023 Non-public Recruitment Businesses Act as a “step within the improper route”, in line with Sheela Ahluwalia, director of coverage and advocacy on the US-based human rights and environmental nonprofit. The remedy of international staff from Bangladesh, India, Madagascar, Sri Lanka and Nepal is one focus of the critique. [Sourcing Journal]
🇨🇳 Chinese language cosmetics model Maogeping is within the Hong Kong IPO pipeline. The Chinese language magnificence model based by its namesake make-up artist Mao Geping in 2000, has reportedly submitted one other utility to the Hong Kong Inventory Change. Based on an earlier report by FT Chinese language, the transfer follows unsuccessful makes an attempt by the model in earlier years to record on mainland markets the place China’s A-share shares are traded corresponding to Shanghai and Shenzhen. [South China Morning Post, FT Chinese]
🇮🇳 Indian actor Rana Daggubati invests in Kingdom of White. The celeb has invested an undisclosed quantity within the menswear model co-founded by Vineet Haralalka in 2021 which trades on an all-white clothes idea. [Entrepreneur India]
🇨🇳 Moncler phases mega-scale ‘Genius’ occasion in Shanghai. The Italian outerwear model showcased its newest spherical of celeb and designer collaborations in a collection of pavilions in Shanghai because it goals to shrug off luxurious sector malaise. [BoF]
