2020年12月18日
行業報導 - 2020年12月18日
1、豁免人士從內地經香港國際機場或陸路口岸抵港時須留意的事項
如你是《若干到港人士強制檢疫規例》（第599C章）下獲豁免強制檢疫的人士(豁免人士)，並持有工業貿易署發出的豁免授權信，請謹守豁免授權信上所列的豁免條件，包括只可以前往及逗留於在內地的生產作業的廠房所在的城市。由於政府已進一步收緊豁免人士從內地入境香港時的檢測及其他安排，在安排你的行程時，請留意以下事項：
如經香港國際機場抵港
1. 出發前請瀏覽2019冠狀病毒病專題網站(https://www.coronavirus.gov.hk/chi/exempted-persons-faq.html)，以確認入境香港時的檢測及其他安排。
2. 在可行的情況下，你必須從廠房所在的城市乘搭直航航班前往香港。
3. 如廠房所在的城市沒有直航機前往香港，你可以在另一城市的機場乘飛機前往香港，但你只可以因此原因前往和短暫停留該另一城市不多於24小時，否則會被視作違反「只可以前往及逗留於在內地的生產作業的廠房所在的城市」的豁免條件而不獲豁免強制檢疫。
4. 在未確定機位前，不應該離開廠房所在的城市。
5. 在檢測安排方面-
(a) 如於出發來港前48小時內，在擁有ISO15189認證或獲當地政府認可的檢測機構接受2019冠狀病毒病核酸檢測並取得陰性結果，須從機場來港後到衞生署的臨時樣本採集中心進行2019冠狀病毒病檢測後方可離去；或
(b) 如於出發來港前48小時內，未有在擁有ISO15189認證或獲當地政府認可的檢測機構接受2019冠狀病毒病核酸檢測，則須從機場來港後到衞生署的臨時樣本採集中心進行2019冠狀病毒病檢測，並於指定地點或採集中心等候檢測結果。
如你曾前往位於另一城市的檢測機構接受檢測，將會被視作違反豁免條件而不獲豁免強制檢疫。
6. 衞生當局有可能向你詢問來港前的行程和交通安排，及要求你出示相關證明。如衞生當局對你有否違反豁免條件有合理懷疑，衞生當局保留權利取消你的豁免授權，以及要求你接受十四天強制檢疫。
如經陸路口岸抵港
1. 出發前請瀏覽2019冠狀病毒病專題網站(https://www.coronavirus.gov.hk/chi/exempted-persons-faq.html)，以確認入境香港時的檢測及其他安排。
2. 如廠房所在的城市在廣東省，豁免人士回港前三天內必須到位於廠房所在的城市內一間獲粵港兩地政府認可的醫療檢測機構進行2019冠狀病毒病核酸檢測（檢測樣本需取自在到達香港的當日，或在該日之前的三日內），並取得陰性結果。粵港兩地政府認可的醫療檢測機構名單如下：https://www.coronavirus.gov.hk/pdf/List_of_recognised_laboratories_GD.pdf 。
3. 如廠房所在的城市在廣東省以外，豁免人士可短暫停留廣東省，以到任何一間獲粵港兩地政府認可的醫療檢測機構進行2019冠狀病毒病核酸檢測。取得檢測結果後，務必盡快啟程回港。如因其他理由逗留在廣東省，將會被視作違反豁免條件而不獲豁免強制檢疫。
4. 在廣東省出發回港前24小時內，可透過「粵康碼」將有效核酸檢測陰性結果傳送到衞生署的電子健康申報系統，並填妥其他所需資料，以縮短入境所需時間。豁免人士亦需帶備陰性檢測結果報告（電子版本或紙本均可）以供查核。
5. 衞生當局有可能向你詢問來港前的行程和交通安排，及要求你出示相關證明。如衞生當局對你有否違反豁免條件有合理懷疑，衞生當局保留權利取消你的豁免授權，以及要求你接受十四天強制檢疫。
資料來源：工業貿易署 (2020年12月15日)
2、深圳擬限制港跨境貨車入境 運輸業:影響貨物供應
深圳據報擬實行單雙號行車，限制本港跨境貨車入境。香港陸路客貨運輸業議會主席蔣志偉表示，不同意推行相關措施，因估計令不少司機失業，並影響本港貨物供應。
蔣志偉在電台節目說，目前本港跨境貨車入境深圳的每日架次為2.2萬，佔整體5%、運送鮮活產品的貨車可豁免，若實施車行單雙號措施，料影響本港的裝修和建造材料，以及廁紙和消毒藥水等日常用品等的供應。
他說，香港第四波疫情暫對跨境司機影響不大，但單雙號行車若實施，料運輸業下游工種，包括負責分貨的物流業界，會現失業潮。
蔣志偉建議，内地容許貨物裝卸工人的工作日，由每周工作5天增至7天，讓本港跨境貨車可以分散過關，料可將每日入境架次壓縮至原來的八成。
資料來源：信報財經 (2020年12月17日)
3、冠華遭美制裁 3億貸款違約 附屬涉侵犯新疆維族人權 銀行融資被削
【明報專訊】本港老牌紡織企業冠華國際（0539）出現貸款違約。公司昨日表示，其一筆貸款原定需於昨日償還2.9億元，但公司不能如期還款。冠華解釋是因為中美貿易摩擦、新冠病毒肺炎疫情，以及旗下南京紡織企業涉新疆問題被制裁，導致現金流惡化所致，公司正與銀行商討暫緩還款及再融資安排，強調業務營運正常。
受貸款違約消息影響，冠華昨日收報0.049元，跌10.91%。公司公告指出，其於2017年12月12日訂立融資協議，借入22.26億元及4800萬美元（約3.74億港元）的貸款融資，連同高達5億元的彈性增貸。根據協議，有關融資約10%的最新一期還款昨日到期，預設還款額約2.9億元，惟將不能如期還款。
3不利因素夾擊 致現金流惡化
冠華國際解釋，中美貿易戰及新冠病毒肺炎疫情爆發，導致全球經濟面對不確定及影響公司營運。由於全球企業業務暫停及店舖關閉，冠華遭遇訂單陸續取消及貨物延遲付運。
此外，冠華旗下南京新一棉紡織印染，因被指涉嫌參與侵犯新疆維族人權，在7月被美國商務部制裁，導致銀行收緊信貸，且對於向公司新批或再融資貸款更審慎嚴謹；甚至有銀行收回、減少及撤銷融資，導致公司現金流量惡化。
正與銀行商討暫緩還款及再融資
冠華稱，該筆貸款此前三期還款已如期償還，正與銀行商討暫緩還款及再融資安排，並採取積極措施增加現金流，包括與內地銀行聯繫，嘗試就該筆貸款的還款獲得銀行融資，又表示目前業務營運正常。
早在今年5月，冠華已經因為疫情原因而宣布折讓三成配股，套現2.18億元以償還銀行貸款，當時冠華亦提到，大部分客戶要求延遲償還應收款項至少60天。事實上，冠華早前公布截至9月底的中期年報已顯示其財務受疫情及制裁影響，佔總收入97%的針織布料及色紗產銷收入期內跌16.4%至20.32億元；分部純利更跌46%至只有7500萬元，令公司整體純利只有6385萬元，按年減少68.8%。
今年5月折讓三成配股
同時，期內新借銀行貸款僅7800萬元，較去年同期的2.5億元貸款大幅減少；銀行結餘及現金亦按年減少近58%至5.46億元，反映銀行對公司惜貸。此外，冠華的應收賬按年增7.6%至19.01億元；存貨亦增5.8%至34.5億元，顯示疫情轉差，客戶延遲找數。
疫情打擊全球製造業 紡織成衣業成重災區
【明報專訊】冠華國際（0539）今次爆發貸款違約，集團明言與疫情導致客戶訂單取消及貨物延遲付運有關，有業界人士指出，新冠肺炎席捲全球近一年，製造業大受打擊，而紡織及成衣業更是重災區。
業界：生產到零售產業鏈均受影響
香港生產力促進局主席、美羅針織廠董事總經理林宣武表示，由於歐美不乏服裝品牌及大型百貨縮減分店規模，甚至破產結業，從生產到零售整個產業鏈都備受影響，當中如果客戶主要從事傳統實體銷售，或者市場側重於歐美的話，經營情况會更為惡劣；相反，如果提前轉型電子商貿的，則訂單跌幅還未必太大。
香港中小型企業聯合會榮譽主席劉達邦指出，成衣屬非必要消費品，經濟氣氛轉差下，消費者會減少購買新衣服，令成衣甚至整個上游紡織產業成為重災區。尤其是百貨公司等大幅削減或暫緩訂單，從製衣到漂染等生產環節便會受影響。再者，今次非單一企業出事，而是整個產業鏈都面對壓力，彼此都不欲對下游客戶施壓太甚，寧願分擔壓力，「可以的話，容許客戶延遲找數，起碼還有收到錢的機會，逼得太緊隨時一拍兩散」。
資料來源：明報 (2020年12月15日)
4、馮國經促港加入 可成RCEP中心
中國上月簽署《區域全面經濟夥伴關係協定》（RCEP），馮氏集團主席馮國經【圖】出席團結香港基金論壇時表示，中國及東南亞已漸從新冠疫情復甦，環球貿易已見曙光，香港應盡快以獨立經濟體角色加入RCEP，發揮地理優勢。
他指出，RCEP將是中國「十四五」規劃的重心，過往中國的出口和內銷板塊「井水不犯河水」，港商可藉RCEP擴充市場，中國內銷亦可借助協定銜接國際市場，加速出口和內銷板塊融合，避免經濟結構過度傾向出口。
歐洲印度等或相繼簽署
RCEP涵蓋15個國家，涉及全球經濟增長速度最快的貿易區域，馮國經說，雖然香港已跟亞太區多國簽訂貿易協議，但RCEP的門檻較低，對其他國家加入態度亦較開放，相信往後會有其他國家簽署， 包括印度及歐洲等。RCEP給予成員國零關稅等政策，可促進區域貿易及投資，香港憑藉優越的地理位置，可成為RCEP的中心，冀本港盡快加入，促進貿易及出口發展。
他又提到，世貿組織難以有效運作，有必要建設全新貿易系統，認為RCEP協定可凝聚自由貿易的國家，成為重塑全球貿易的核心，預料RECP將集中地區貿易以及迎合亞洲消費市場崛起，估計亞洲可於未來20年至40年佔全球消費市場逾半。
資料來源：信報財經 (2020年12月12日)
5、本港經濟欠多元化 科技園倡再工業化
【本報訊】疫情打擊本港服務業，科技園公司行政總裁黃克強認為，現時本港經濟不夠多元化，過於強調服務業，工業只佔本地生產總值約6%，新冠肺炎下更見經濟失衡，因此本港應該要再工業化，以帶動其他行業發展。
黃克強在電台節目上表示，高新科技發展的趨勢下，再工業化不是低成本、低技術的工業，而是採用更多科研，強調自動化和人工智能，將科研成果變成產品，與工業結合。因此，科技園公司一直有以優惠價出租廠房，鼓勵合資格科研企業在本港發展。
而現時亦正在興建先進製造業中心，預計最快明年落成，屆時同樣以優惠價出租，希望為科企解決本港租金昂貴的問題。
要有創科相關工種 留住人才
在科學園設廠的三和生物科技，其執行主席兼首席技術總監嚴惠霖在同一個節目上稱，本港有條件再工業化，因本港物流及知識產權保護是世界聞名，只是地價較昂貴。
他又指，公司生產綫佔用的廠房面積不大，故優先考慮在港發展，暫時不用到大灣區設廠；並認為本港有不少工科大學生，要有更多創科相關的工種，才不會流失人才，而本港再工業化有助年輕人尋找更多出路。
資料來源：香港經濟日報 (2020年12月14日)
6、創科路遙困難重重 邱達根冀政府支援
(星島日報報道)新經濟當道！在新冠疫情下，網上購物、遙距會議及教育、居家工作興起，令新經濟產業需求急升，大量新經濟股亦順應潮流在本港上市，造就今年本港新股市場暢旺，焦點新股浪接浪。雖然新經濟股熱炒，但資金主要在股市炒作流轉，實際落入推動本港科研發展的不多，資金流入新經濟只是「好睇唔好食」。本報訪問科創業界及人事管理專家，剖析如何吸引資金支援及推動本地創科界發展，及加強人才境訓。 記者：李曉琳、梁安琪、蔡璿驩
港交所（388）公布最新季績顯示，單計今年首3季，本港新股集資額達2160億元，按年急升61%，排全球第3，其中76%都是新經濟股和生物科技股。雖然「史上最大隻」新股螞蟻上市觸礁，但其認購額達1.3萬億元，膺歷來凍資王，反映資金熱衷流入新經濟。雖然新經濟股熱炒，但環顧香港創科項目未有太多受惠。
本港有不少創科「獨角獸」（意即市值達10億美元的公司），如WeLab、商湯科技、GoGoVan等。這些「獨角獸」雖未上市，但已是較幸運一群，有市場規模亦有知名度，有條件上市集資，或向私募基金及投資者作上市前融資，應付發展所需資金。可是，那些規莫較細或較缺知名度的公司，未有受惠新經濟股熱，向私募基金埋手亦有難度，集資道路絕非坦途。
據熟悉本港創科投資，慧科資本聯合創辦人及董事總經理、Innovate for Future召集人邱達根接受本報專訪時表示，香港不少初創公司仍處培育期，未達到上市階段，至於較大的科技公司，雖然符合上市要求，但目前在私人市場仍募到資，不用急於上市。如主打擴增實境（AR）的獨角獸商湯科技，至今仍在私人市場募資，傳商湯曾在今年8月再進行新一輪融資，至今融資額達40億美元（312億港元），公司估值高達100億美元（780億港元），內地媒體早前報道，商湯最快在3年內「A+H股」上市。
邱達根認為，現時香港股市和創科發展處兩極化，從股市而言，如果企業未發展到一定大的規模，即使勉強上市，所取得的資金和市場關注較少，他認為「公司規模或估值逾大，市場關注愈多，如果該公司市值不過百億，不容易獲得市場關注。」如果企業規模細，選擇在創業板上市的話，得到的資金相對更少，倒不如在私人市場募資。
疫情至今未平，初創企業亦難免受影響，邱達根指，仍處發展期（成立3至5年）的公司，尤以未推出產品的公司最難捱，現階段較難接觸新客讓他們試用產品，公司未有收入，如處研發期，資金負擔相對大。現時不少企業靠政府援助，或藉着數碼港和科學園的免租計畫「吊命」。他形容「猶如放了一年gap year。」不過有危也有機，初創企業並非一面倒受疫情影響，如經營檢測、網購相關及網上學習平台的創科公司，或許在疫市中受惠。
香港資金充足，投資氣氛濃，抽新股投資者愈來愈多，邱達根稱，正如不少人都有「抽螞蟻」來短炒，整體而言本港缺乏中長線投資者，「如果無長期基金支持住，好多公司在早期已經捱唔住」，如果這批好公司消失，要培養到下一批初創企業，要花多一個循環周期（5至10年）。雖然疫情窒礙初創發展，但基金投資未有止步，仍在發掘和投資好的初創公司。
邱達根建議，政府可推出誘因或鼓勵措施，鼓勵長期資本投資本港創科項目，「對於基金公司而言，市好、市差都要尋找項目去投資，現時市況對這些公司而言，或許是一個好機會，投資一些估值低少少的科創公司。」本港不少私人投資者，大多都是透過買磚頭保值，他建議政府可提供退稅優惠，吸引更多私營企業參與長期資本性投資，扶持初創企業發展。
資料來源：星島日報 (2020年12月15日)
7、「灣區號」列車深圳首發 打通歐市場
首趟運載430噸跨境電商貨物的「灣區號」中歐班列，5日從深圳平湖開出，經新疆出境，料歷時16天抵達匈牙利首都布達佩斯，為大灣區商品尋找新的外銷通道。
載跨境電商貨物 赴匈牙利
深圳海關行郵監管處表示，受疫情影響，今年傳統外貿遭遇較大衝擊，國際直航運力大幅下降，但寄遞需求日益增長，跨境電商等迎來新機遇。
本次專列搭載的跨境電商貨源品類多，貨源地覆蓋前海蛇口自貿片區、東莞、珠海、中山等灣區城市，種類涵蓋電子產品、電器零配件、家具及工藝品等，實現了大灣區跨境電商貨物的資源整合。
深圳海關對跨境電商專列實行「7×24小時」通關服務，在嚴密監管的前提下，保證班列通關「隨到、隨查、隨放」，打破深圳西部港區在鐵路運輸方面的局限性。
班列通關 隨到隨查隨放
對比其他貨運途徑「灣區號」有一定優勢，它僅需16天即可到達目的地，速度要比海運快2倍，而運輸成本則只有空運的五分一，能同時有效節約企業的運輸和時間成本。
另外，中歐班列鐵路通道採用分段運輸，即在國內外邊境更換司機、車頭，司機不過境，各自承運境內和境外，相對減少人員接觸，減少新冠肺炎傳播的機會。
「灣區號」中歐班列8月開通，已開行往杜伊斯堡、布達佩斯兩條綫路，累計運送貨物9,168噸。
資料來源：香港經濟日報 (2020年12月15日)
8、舊經濟失寵34企提私有化
(星島日報報道)「有人連夜趕科場，有人辭官歸故里。」多宗第二上市、新經濟股及生科股赴港上市，今年首三季新股集資額達2159億元，位列全球季軍之餘，傳統舊經濟股受新冠肺炎疫情的衝擊，及港股市場結構汰舊留新，長期處於低估值及低流通量的水平，紛紛遭大股東提呈私有化。據本報統計，截至11月20日，今年提出私有化意向及已退市的企業達34家，遠高於2017至2019年私有化企業總和23家。
疫情加快新經濟股份在港股中崛起的腳步，與此同時，傳統舊經濟股份面臨轉型升級的十字路口。據本報整理發現，截至11月20日，年內提出私有化意向，以及已私有化退市的企業共34家，當中包括「百年老店」會德豐、老牌出口貿易商利豐等，已超越2017至2019年的總數23家。今年私有化的企業，多從事新能源、消費、酒店、專業設備、房地產行業。
立信德豪會計師事務所董事林鴻恩表示，資產類型公司，如房地產、公用設備，被視為舊經濟股份，市盈率（PE）及每日交投低，股價及整體市值，較總資產的合理估值偏低，現股份均是以折讓形式交易（trade at a discount），成為私有化的誘因。大股東在此時提出私有化，雖作價較市價有溢價，但仍能用低於資產公允價值的價錢購買，對其仍有利可圖。
林又指，現時環境利好私有化，不少舊經濟股份較往年股價低迷，小股東在暫時看不到前景的情況下，都願意在市價溢價的基礎上賣出股份，增加私有化成功機會。另外，私有化公司的業務本身穩健且有前景，因此有部分大股東意欲私有化公司後，與私募基金合作，用其注資營運數年，待業務壯大後，便去更高PE的市場，如美股市場「東山再起」上市，從而令企業價值水漲船高。
在優勝劣汰的金融環境下，傳統股份私有化的進程來年是否會延續？林表示，雖然今年私有化普遍發生，部分誘因如疫情打擊，具暫時性，但也不排除有一定數量早前有私有化意向的公司，看準疫情下的契機，未來提出私有化退市。
綜合而言，由於港股結構由傳統資產型，轉至科技資產型，是無可避免，加上監管愈見嚴厲，變相令上市公司經營成本高，他料未來每年私有化的案例，將較過去更多。
資料來源：星島日報 (2020年12月15日)
9、Fung Business Intelligence Publications
Dual Circulation Series Issue 4
China Apparel Market Series Issue 1
Asia Sourcing South and West Asia Dec 20
Dual Circulation Series Issue 4: Export manufacturers turning to domestic market (II) - With support of government and e-commerce platforms
https://www.fbicgroup.com/sites/default/files/Dual_Circulation_Issue04.pdf
China Apparel Market Series Issue 1
https://www.fbicgroup.com/sites/default/files/CAMS_Issue01.pdf
Asia Sourcing South and West Asia Dec 20
https://www.fbicgroup.com/sites/default/files/ASU_SW_Asia_202012.pdf
For more Fung Business Intelligence publications, please visit: https://www.fbicgroup.com/?q=reports
Source: www.fbicgroup.com (16 Dec 2020)
10、The Mills Fabrica: The Tech Lifestyle Issue Fall 2020
Fabrica.Wave _The Tech Lifestyle Issue Fall 2020
http://www.themillsfabrica.com/wp-content/uploads/2020/12/fabrica_weave_vol14_FOR-WEB_Spreads.pdf
For more The Mills Fabrica publications, please visit: http://www.themillsfabrica.com/platform/publications/
Source: www.themillsfabrica.com (18 Dec 2020)
11、JCPenney’s Closing More Stores Later This Month
JCPenney has made its first big post-bankruptcy move—this time adding 15 new closures to the 160 stores already shed from its base this year.
In January, the pre-bankruptcy chain announced plans to close six store locations before filing for Chapter 11 bankruptcy protection in May. It subsequently revealed that closures could reach 200, but closed just 154 while operating under bankruptcy court oversight. The mass merchant recently exited bankruptcy through a sale of the operating business to its two largest landlords, Simon Property Group and Brookfield Asset Management.
A spokeswoman for the retailer on Thursday confirmed the store closures, noting that the new doors that will be closing are part of its store optimization plan to close up to 200 locations.
“As part of our store optimization strategy that began in June with our financial restructuring, we have made the decision to close an additional 15 stores,” she said, adding that liquidation sales will commence before the end of December and “close to the public in mid to late March.”
“While store closure decisions are never easy, our store optimization strategy is intended to better position JCPenney to drive sustainable, profitable growth and included plans to close up to 200 stores in phases throughout 2020,” she said.
Regarding its store closings, a JCPenney company blog last updated on Dec. 11 said that the retailer has announced “more than 170 store closures in 2020.”
The six doors pre-bankruptcy, plus the 154 during Chapter 11 and now the additional 15 locations brings the store closure total to 175 doors.
The blog also said, “We will continue to operate the majority of our stores and our flagship store, jcp.com, to ensure our valued customers continue to have access to the products and brands they need and want.”
Source: www.sourcingjournal.com (17 Dec 2020)
12、Fast-Fashion Giants H&M, Inditex Tout Sales Momentum Despite Covid
Fast-fashion titans H&M Group and Zara owner Inditex saw an upswing in sales in fourth- and third-quarter earnings reports, respectively, fueled by digital growth.
The two fast-fashion chains both cited strong recovery in sales once stores began reopening after the first wave of coronavirus, or Covid-19, outbreak, noting that positive momentum continued until the period between Oct. 19-22 when a second wave of coronavirus infections drove additional restrictions and new temporary store closures.
Despite what the two chains touted about how sales have steadily improved until the second wave struck, it would appear that the battle shows Inditex having the edge.
The two follow different business models, with H&M focused on selling more full-price items and containing costs to hit its quarterly profit goal. It’s also had issues with too much inventory. Inditex in turn has been focused on inventory control and has pivoted to proximity sourcing and a single-inventory position to fulfill online orders.
It wasn’t until October that H&M announced plans to shutter 250 stores next year, hinting at a greater focus on digital. In contrast, its Spanish fast-fashion competitor made the tough decision to close up to 1,200 stores back in June. And in a presentation on its current earnings report, Inditex touted how “outstanding growth in online sales continues,” noting it was “fully confident” in its unique business model and strategy that combines store and online integration, digitization and sustainability. The Spanish giant also noted its prowess in managing the supply chain.
Fast-fashion firms H&M and Zara parent Inditex tout sales gains despite increases in Covid infections forcing temporary lockdowns again.
A look at the entrance to the H&M store in a landmark building of the Melbourne General Post Office on Bourke Street Mall.
H&M Group
Net Sales: For the fourth quarter ended Nov. 30, net sales fell 10 percent in local currencies to 52.54 billion Swedish krona ($6.26 billion).
The company said it started the year “strongly and with positive momentum until the first wave of Covid-19 had an impact.” Foot traffic dropped in the second quarter amid temporary store closures and social distancing mandates. The third quarter recovery continued for much of the fourth quarter. Between Sept. 1 and Oct. 21, sales fell 3 percent in local currencies, but were down 22 percent between Oct. 22 and Nov. 30, due to a slowdown as a result of the pandemic’s second wave.
For the full year, net sales fell 18 percent in local currencies, to 187.03 billion Swedish krona ($22.27 billion).
Earnings: The company will report its full-year results on Jan. 29.
Inditex
Net Sales: For the third quarter ended Oct. 31, sales fell 10 percent in constant currency to 6.05 billion euros ($7.35 billion) from 7.00 billion euros ($8.50 billion). Inditex said gross margin reached 60.5 percent versus 60.8 percent in the year-ago period. Online sales grew 76 percent in the quarter.
Inventory decreased 11 percent, helped in part by both operating performance and active supply chain management.
The company noted as an example of its recovery that sales in constant currency between Oct. 1 to 18 “already reached the historic highs of the same period in 2019.” From Oct. 19 and thereafter, a “new phase of closures and restrictions began in various markets until the first week of December.”
For the nine months, sales in constant currency fell 26.9 percent to 14.1 billion euros ($17.13 billion) from 19.8 billion euros ($24.05 billion)in the year-ago nine-month period. Online sales rose 75 percent over the nine-month period, with online visits up 44 percent to 3.4 billion visits. Inditex said 97 percent of the growth was organic.
During the interim nine-month period, the company opened 25 doors and operated a total of 7,197 stores.
Earnings: Net income for the third quarter fell 13 percent in constant currency to 866 million euros ($1.05 billion) from 1.17 billion euros ($1.42 billion) in the year-ago period.
For the nine months, net income fell 75.3 percent to 671 million euros ($815.0 million) from 2.72 billion euros ($3.30 billion) a year ago.
Source: www.sourcingjournal.com (15 Dec 2020)
13、What Does ‘Transparency’ Mean? 74% of Bangladesh RMG Manufacturers Aren’t Sure
The 2013 collapse of Rana Plaza in Bangladesh marked a watershed moment for accountability in the garment supply chain, ushering in a new level of transparency for fire, electrical and building safety conditions and driving a significant—even unprecedented—degree of improvements.
Despite the proliferation of social initiatives such as the Fair Wear Foundation and innovations like Brac University’s Mapped in Bangladesh, clothing brands, manufacturers and workers in the South Asian nation continue to face “significant barriers” to achieving greater transparency, a new report says.
Commissioned by the Laudes Foundation, the philanthropic arm of retail chain C&A, research for “Transparency Assessment: Examining the Transparency Journey for the Bangladesh Apparel Sector” was conducted before the Covid-19 pandemic hit. Yet “its conclusions and recommendations are more relevant than ever” for the world’s second-largest exporter of garments after China, its authors wrote.
One key finding: “Transparency,” which the study defines as the public disclosure of data, can suggest different things to brands, manufacturers and workers, resulting in a “lack of shared vision” among stakeholders.
In a survey of 104 apparel manufacturers in Dhaka, Gazipur, Narayanganj and Chattagra, for example, 74 percent said they’re uncertain what transparency means. For 87 percent of those polled, transparency is defined as the “public disclosure of information on some labor issues/working conditions and safety-related compliance.” Nearly two-thirds of manufacturers (65 percent) consider transparency to be the “public disclosure of all information by different stakeholders in the supply chain,” and 58 percent believe transparency is the public disclosure of “any” information that can make stakeholders more accountable. More than half (55 percent) think transparency refers to the creation of a platform where buyers, factory owners and workers can “interact and communicate for a win-win situation.”
Many manufacturers also said they consider information to be transparent if they disclose it to their respective brand customers or to monitoring authorities such as the Accord on Fire and Building Safety in Bangladesh (replaced by the RMG Sustainability Council), the Alliance for Bangladesh Worker Safety (now Nirapon) and the Department of Inspection for Factories and Establishment.
“Greater consensus is therefore needed among stakeholders regarding which issues should be disclosed,” the authors wrote, since misalignment can build barriers to the degrees of disclosure.
More than 67 percent of manufacturers indicated that information sharing tended to flow one way: Buyers may know manufacturers’ costs, for example, but manufacturers do not know what brands pay in their respective segments of the supply chain. Roughly half of manufacturers reported a scarcity of data about brands’ purchasing practices in the public domain, along with insufficient information about procedures for matters such as dispute settlement. Manufacturers also pointed to a dearth of factory-specific safety information in one consolidated public platform (26 percent) and a lack of effective dialogue between factory management and workers and worker representatives (42 percent).
One concern raised by the report is the mixed feelings many manufacturers have about transparency. Most of those surveyed expected more public disclosures to bring positive impacts: 73 percent believed greater transparency will result in more favorable terms from brands, 67 percent said it will improve trust among managers, workers and business partners, and 66 percent said it will attract new orders.
There are limits, however, to what manufacturers are comfortable sharing in public. Most of the time, manufacturers only want to be more open with the specific brands with which they do business. In addition, 74 percent said greater transparency could result in a loss of business. Just under two-thirds (64 percent) worried transparency could lead to increased worker dissatisfaction, since employees might compare their income with revenue earnings without accounting for the non-negotiable costs of operating the business. Half of respondents (52 percent) said brands may use disclosed information to bargain for lower prices.
“Despite growing efforts to expand the depth and breadth of transparency in Bangladesh, this study reveals a confusing landscape where there is still insufficient understanding of transparency and its benefits,” the authors wrote. “Along with targeted actions for each stakeholder group, industry interventions should focus on the principle of reciprocity, coordinating effort and building consensus.”
Brands, manufacturers and workers, they added, are all in a position to provide, receive and benefit from transparent information. Wherever possible, the principle of reciprocity should be applied when examining opportunities for greater transparency.
As the Bangladesh garment industry emerges from the coronavirus crisis, new standards of transparency will serve it well in the future, they said, noting that the absence of “critical, transparent information” about factory re-openings and wage payments contributed to “considerable human suffering.”
“Across the supply chain, transparency does not always mean the same thing,” the authors said. “A cultural change is required so all stakeholders share the same understanding and participate in promoting transparency. This will help maintain a balance in the RMG value chain so that transparency is not used by one party to disadvantage another.”
Source: www.sourcingjournal.com (14 Dec 2020)
14、New Xinjiang Report: More Than 500K Uyghurs Forced to Pick Cotton
More than half a million ethnic minority workers in China’s Xinjiang Uyghur Autonomous Region are forced to pick cotton by hand through a state-sponsored labor transfer and “poverty alleviation” scheme, new research claims.
Previous evidence for forced labor in the northwestern region, where the Chinese government holds some 1.8 million Uyghurs, Kazakhs and other Turkic Muslim minorities in internment camps and prisons, involved only low-skilled manufacturing, such as the production of textiles and apparel, according to the report, which was published Tuesday by the Center for Global Policy, a Washington, D.C.-based think tank.
This report, on the other hand, “provides new evidence for coercion specifically related to cotton picking,” wrote Adrian Zenz, the study’s author. “These findings have much wider implications, affecting all supply chains that involve Xinjiang cotton as a raw material.”
The revelations, he added, have “potentially drastic consequences” for the global supply chain: Xinjiang produces 85 percent of China’s cotton, which in turn comprise roughly one-fifth of the world’s supply.
Evidence gathered by Zenz through government documents and state media reports showed that the Uyghur-majority prefectures of Aksu, Hotan and Kashgar marshaled at least 570,000 people to pick cotton in 2018. Labor transfer of ethnic minorities from other districts, along with prison labor, is likely to add “several hundred thousand” to that number. “While not directly related to the campaign of mass internment, these labor transfers can include persons who have been released from internment camps,” he said.
The news comes two weeks after U.S. Customs and Border Protection issued a Withhold Release Order blocking all imports from the Xinjiang Production and Construction Corps (XPCC), a sprawling paramilitary organization that produces one-third of cotton in China, over concerns about the use of forced Uyghur labor to farm and process the fiber. The Treasury Department has also placed the XPCC on its sanctions list, prohibiting all American companies and citizens—or non-American companies and citizens subject to U.S. jurisdiction—from engaging with the organization, whether directly or indirectly.
Though mechanized harvesting in XPCC regions reached a share of 83 percent in 2019, more than 70 percent of the high-quality long-staple cotton predominantly cultivated in southern Xinjiang is still processed manually, Zenz said. State policies touting “poverty alleviation through employment,” he said, have bolstered the numbers of local minority pickers while reducing the area’s reliance on outside Han Chinese migrant laborers.
“The intensive two- to three-month period of cotton picking represents a strategic opportunity to boost rural incomes, and therefore plays a key role in achieving the state’s poverty alleviation targets,” he wrote, though he noted that cotton picking is “grueling and typically poorly paid work.”
Workers are closely monitored with on-site surveillance by government officials—and, on occasion, police officers—to ensure that pickers have a “stable” state of mind and “administer political indoctrination sessions” designed to “lead all ethnic workers to obey the law and to proactively resist illegal religious activities,” Zenz said, quoting a government notice. Some districts place Uyghur children and seniors into centralized care while working-age adults are dispatched to pick cotton.
“The report brings sharper clarity to our understanding of forced-labor risk in the apparel supply chain, providing significant new evidence that forced labor is not only present in Xinjiang’s all-important cotton sector, but that it is systematic,” Scott Nova, executive director of the Worker Rights Consortium, a member of the End Uyghur Forced Labour coalition, told Sourcing Journal.
“Any brand or retailer that imagines it can credibly justify continuing to source cotton from the Uyghur Region should read this report.”
Representative Jim McGovern (D-Mass.), sponsor of the Uyghur Forced Labor Prevention Act, which would assume all goods manufactured in Xinjiang are made with forced labor unless “clear and convincing evidence” demonstrates otherwise, called on the Senate Tuesday to shepherd the legislation into law following its passage in the House of Representatives in September.
“We know forced labor is widespread and systematic in Xinjiang,” he said in a statement. “We also know that many global corporations are complicit in the exploitation of Uyghur forced labor and these products continue to make their way into global supply chains and our country. It is long past time for the Senate to stand up to the Chinese government and stop listening to corporate lobbyists who are working to weaken the legislation.”
The New York Times previously wrote that Apple, Coca-Cola and Nike are reportedly lobbying the Senate to weaken or kill the legislation despite claiming zero tolerance for forced labor in their supply chains. In July, the Coalition to End Forced Labor in the Uyghur Region urged brands to sever ties with suppliers complicit in modern slavery and end all sourcing from Xinjiang, from cotton fiber to finished garments.
Brands that have cited the strength of their codes of conduct and social auditing efforts will be increasingly hard pressed to prove compliance with federal statutes, which prohibit the importation of merchandise mined, manufactured or produced, wholly or in part, by forced labor, including convict labor, forced child labor and indentured labor. A number of supply-chain auditing firms, including Bureau Veritas and Worldwide Responsible Accredited Production, said they are no longer conducting inspections in Xinjiang because they’re unable to acquire the necessary amount of access to conduct due diligence. The Better Cotton Initiative stopped auditing and certifying farms in Xinjiang due to similar apprehensions.
“Companies need to come clean about their corporate lobbying on this bill and the Senate must pass this bill as is,” said Cathy Feingold, international director at AFL-CIO. “By uncovering back room attempts to water down the bill, the public now knows that household brands have spun lie after lie to cover up their ties to factory camps in the Uyghur region and skirt corporate liability. Without these public disclosures or accountability, we can only assume their goal is to continue to profit off the forced labor of the Uyghur people.”
Source: www.sourcingjournal.com (15 Dec 2020)