2021年3月26日
行業報導 - 2021年3月26日
1、土耳其爆貨幣危機 里拉曾挫17% 埃爾多安換走「鷹派」央行行長 市場憂政策逆轉
【明報專訊】美國經濟持續復蘇，加上該國國會本月早前通過新一輪刺激經濟法案，進一步推高大宗商品價格及環球債券收益率，為部分新興經濟體的貨幣構成壓力。巴西、土耳其與俄羅斯上周冒着經濟受挫的風險，相繼宣布加息。土耳其總統埃爾多安周末突然宣布罷免「鷹派」的央行行長阿巴爾（Naci Agbal），並任命支持減息的卡夫哲奥盧（Sahap Kavcioglu）擔任新行長。在撤換行長前，土耳其央行剛宣布將基準利率大幅上調2厘，使基準利率升至19厘，以支持里拉匯率，遏抑通脹。市場人士憂慮加息趨勢可能逆轉，土耳其里拉昨曾暴跌逾17%，跌至每美元兌8.47里拉，接近去年11月初的紀錄低位。
土耳其里拉昨晚跌幅有所收窄，徘徊在每美元7.9里拉水平，仍跌近一成。土耳其伊斯坦布爾100指數昨晚跌9.8％，並兩度觸發熔斷機制，是2013年6月以來最大跌幅。土耳其10年期國債孳息率昨升穿18厘，創22個月高位。土耳其5年期信貸違約掉期（CDS），由上周五的每1000萬美元債券的30.6萬美元年度成本，升至47.6萬美元，是去年11月初以來最高。
土耳其財政部：不實施資本管制
今次是2019年中以來，埃爾多安第3次撤換央行行長。被罷免的阿巴爾自去年11月上任以來，已累計將基準利率上調8.75厘，助土耳其里拉從低位反彈（見圖）。分析普遍認同，加息措施旨在控制當地接近16%的通脹率。
受近期的加息措施鼓舞，土耳其里拉原是今年表現最好的新興市場貨幣之一。在阿巴爾任內，海外基金經理押注利率上升有助通脹及匯率穩定，淨購入了價值46億美元的土耳其股票及土耳其里拉計價的債券。道明證券分析師Cristian Maggio表示，這次央行易帥，反映土耳其政策變幻無常，特別是在貨幣政策方面。不過土耳其財政部昨天當地時間早上即澄清，不會實施資本管制或固定匯率。
新行長或容許貨幣貶值較高通脹
路透社引述消息人士稱，新上任的卡夫哲奥盧周日與銀行業舉行電話會議，強調不打算立即改變貨幣政策，以緩解市場的憂慮。據稱，卡夫哲奥盧重申，遏抑通脹仍是央行首要目標，並承諾將通過降低借貸成本，促進經濟增長。基金經理憂慮他為了降低利率，可能允許貨幣貶值，並接受較高的通脹。過去4年的大部分時間，土耳其的通脹率都高達雙位數。
高盛預測，土耳其里拉未來將「斷斷續續」下跌。法興預期，土耳其里拉兌美元第二季末將跌至9.7。自2018年貨幣危機以來，土耳其里拉貶值五成。
土耳其的動盪市况，突顯新興市場的風險。墨西哥披索及南非蘭特兌美元昨輕微下跌。
新興市場國家紛加息遏通脹
巴西央行上周將基準利率，由2厘升至2.75厘，是巴西自2015年7月以來首次加息。該央行預告，可能在5月再次加息。俄羅斯央行同樣在上周將基準利率，由4.25厘提高至4.5厘。市場猜測，俄羅斯央行仍會繼續加息。市場人士預計，尼日利亞和南非也可能調整利率。
部分分析表示，美國經濟正在復蘇，大規模刺激措施不僅可能引發自身的通脹風險，並將為部分新興經濟體帶來惡性通脹。根據荷蘭合作銀行的數據，去年下半年起，全球糧食價格暴漲了50%。
資料來源：明報 (2021年3月23日)
2、6大國有銀行推廣 數字人民幣錢包
【本報訊】內地數字人民幣測試進程提速。據《上海證券報》報道，六大國有銀行已經開始推廣數字人民幣貨幣錢包。
報道指出，在國有銀行營業網點中，客戶只需要提出申請，便可以申請白名單，在央行數字人民幣應用程式（APP）中，以設立銀行子錢包方式參與測試。
不需綁定銀行卡
報道稱，不少應用場景已經開始接納數字人民幣。不僅有京東 （09618） 、美團 （03690） 等互聯網巨擘，還有上海地鐵裏的黑拾自動販賣機以及徐家匯匯金百貨的實體購物中心，都開始接受數字人民幣作為支付貨幣。
報道引述銀行人士表示，數字人民幣錢包對於個人消費者而言意義重大，因為其並非一定要綁定銀行卡，是一個真正的錢包的電子化，這也是其區別第三方支付工具的一大特點。
滿足小額匿名需求
人民銀行數字人民幣研究所所長穆長春上周末表示，目前的支付工具，無論是銀行卡還是微信、支付寶，都是與銀行帳戶體系綁定的，銀行開戶是實名制，無法滿足匿名訴求。數字人民幣與銀行帳戶松耦合，可以在技術上實現小額匿名。
內地去年10月開始數字人民幣公開大規模測試，目前仍在進行中。
深圳、蘇州、北京、成都等地均通過發紅包，進行數字人民幣的測試活動。
資料來源：香港經濟日報 (2021年3月24日)
3、提倡Slow Fashion概念 永續時裝新據點
在綠色消費愈趨流行的新時代，走在最前 的時裝界，當然擔演領航角色。Something Ode（名字源自Something Old）提倡賦予優質二手時裝再生生命，並主張負責任地處理時裝廢物，同時引入國際有機及環保素材時裝品牌，藉以推廣及放慢時尚步伐，讓永續時裝愛好者多一個選擇平台。
二手名牌服再生
Something Ode收集二手衣物並進行篩選，把質素保持較完好的舊衣物作重新造型，並配襯Slow Fashion品牌單品，打造出Preloved Collection二手時裝系列，銷售收益會全數捐給贈慈善機構。系列中的二手衣物來自不同著名品牌，包括Dries Van Noten、Chloe、Club Monaco、Ermenegildo Zegna等等，全部都經Something Ode精挑細選，以確保衣物質素及款式經典耐用，並延續時裝的生命周期，減少時裝行業的浪費。
環保品牌大本營
環保時裝系列乃與志趣相投的環保機構或品牌合作，其中香港紡織及成衣研發中心（HKRITA），就將不能重售的二手針織衣物，以G2G（Garment-to-Garment）Recycle System科技把舊衣物攪碎，將之「再生」製成纖維，重新織出獨一無二的環保針織衫。成立於2006年的SHOKAY，藏語意指犛牛絨，其精選喜馬拉雅偏遠山區珍貴稀有的天然犛牛絨纖維，打造出質感柔軟又高端的犛牛絨織品，更成為改善當地遊牧民族生活的社會企業。Something Ode除網店外，也有實體銷售點，位於黃竹坑的Po House正是集環保理念時裝、美容，以至天然純素食品的大本營，品牌包括專營天然護膚品的Nourish，以及純素環保品牌Mother Pearl等等。
資料來源：頭條日報 (2021年3月24日)
4、廠商會助本土品牌進軍內地電商
為協助港商拓展內銷市場，香港中華廠商聯合會轄下「CMA良倉」網上銷售平台，夥拍跨地域網紅媒體公司VS MEDIA等推出「《香港百店》興經濟．創未來」跨境電商項目，為香港中小企和品牌度身訂造最新直播電商計劃，以支援企業以低成本進入電商銷售的龐大市場。這次計劃為期一年，首階段本月24日（周三）啟動，現時有20個本地企業參與，包括周大福、中科醫藥及Vivienne Tam等。
配對網紅 製直播節目
廠商會介紹，是次計劃為本地企業提供藝人及網紅配對、直播節目內容製作等服務，協助企業通過淘寶全球購的「直播帶貨」模式，快速進入內地電商市場，而計劃第二階段將於4月中旬招募更多中小企及香港品牌參與，期望參與企業超過百間。
廠商會會長史立德表示，近年愈來愈多港商開拓跨境多元化市場，以分散風險，相信未來會有更多港商把出口轉為內銷。該會去年一項調查發現，近六成內地港商同時經營出口及內銷業務，另有超過一成港商擬把業務重心放於內地市場，反映港商出口業務變為內銷已成大勢。
不過，港商進駐內地市場也面對不少挑戰，包括欠缺渠道、兩地營商環境差異等。史立德認為，內地電商早已呈爆發式增長，其中「直播帶貨」在網紅文化和政府政策的加持下，成為內地零售業的新常態，港企若要拓展內銷市場，就必須懂得直播產品促銷之道。
另外，商務及經濟發展局局長邱騰華以視像形式在活動上致詞時提到，目前香港面對最大的商機，是來自國家內循環政策及粵港澳大灣區發展，企業透過與電商平台合作，可有助裝備自己，走進內地市場。最新一份《財政預算案》宣布向「發展品牌、升級轉型及拓展內銷市場的專項基金」注資15億元和擴大服務範圍，他鼓勵業界善用這些資源，建立自家品牌和開拓新市場。
資料來源：信報財經 (2021年3月23日)
5、疆棉掀愛國熱 紡織板塊飛升
因為西方對新疆問題發起的制裁與中國的反制裁，令雙方「決裂」加深。H&M被揭發停用新疆棉花的事件進一步發酵，並蔓延至資本市場，更牽連Nike在美股中段跌逾3%，adidas在德國股市則急挫6.1%。
代之而起是紡織服裝板塊及棉花板塊A股急彈，分別有美邦服飾（002269.SZ）、新農開發（600359.SH）等7隻A股漲停。不過，滬深兩市成交昨天進一步萎縮至6759.6億元（人民幣．下同），創逾3個月新低，反映投資者入市意欲低迷，正觀望目前大國角力以至美國監管部門執行《外國公司問責法案》對中概股的影響。
中國商務部發言人高峰昨天回應國際品牌抵制新疆棉事件時，駁斥新疆地區存在「強迫勞動」完全是子虛烏有，「純白無瑕的新疆棉花不容任何勢力玷污抹黑」，更希望有關企業「糾正錯誤做法，避免商業問題政治化」。
可惜的是，昨天A股市場顯得非常政治化與情緒化，官方評論更加是炮聲隆隆，新華社的評論是：「新疆的棉花裏更有全體中國人民堅決捍衞國家尊嚴的鋼鐵意志，硬得很！不管誰來碰瓷，都會碰個頭破血流！」
央視的評論亦指出，「此次BCI（瑞士良好棉花發展協會）及其背後的勢力碰瓷新疆棉花，醉翁之意不在酒，而是想通過抵制新疆棉花，打壓中國紡織業快速發展的勢頭（中國是世界第二大棉花生產國，新疆棉產佔中國總產量87.3%），用心險惡，其心可誅」。
更值得關注是，毛澤東在1939年抗日戰爭全面爆發後，提出「人不犯我、我不犯人；人若犯我、我必犯人」的自衞原則，其後成為「敢於打擊和消滅一切來犯之敵的鬥爭口號」。
中國外交部發言人華春瑩昨天在回應涉及新疆反制時，正是引用了毛澤東80多年前的名句，反映在美國總統拜登上任後，中美以至中歐關係再度陷入緊張局面，會否對往後經貿等方面造成影響，值得留意。
另一方面，官媒昨午發布了中國國家主席習近平於3月22日至25日到福建考察的「總結」報道，標題是〈習近平在福建考察時強調 在服務和融入新發展格局上展現更大作為 奮力譜寫全面建設社會主義現代化國家福建篇章〉，相信是要帶出「推動『十四五』開好局起好步、統籌推進常態化疫情防控和經濟社會發展」的訊息。
對於緊接下來的經濟發展方向，可歸納為（一）堅持穩中求進工作總基調；（二）立足新發展階段、貫徹新發展理念、構建新發展格局；（三）深化供給側結構性改革；（四）擴大改革開放、推動科技創新；（五）要作「兩個統籌」，即統籌疫情防控和經濟社會發展，統籌發展和安全；（六）提出「四個在」——在加快建設現代化經濟體系上取得更大進步；在服務和融入新發展格局上展現更大作為；在探索海峽兩岸融合發展新路上邁出更大步伐；在創造高品質生活上實現更大突破。
至於央行與全國24家主要銀行在北京召開《信貸結構優化調整座談會》時，不謀而合亦強調「穩中求進」工作總基調，分別要求把握一個「穩」字、「進」字及「改」字。即保持貸款平穩增長、合理適度；實現普惠小微貸款繼續「量增、價降、面擴」；堅持「房住不炒」定位，實施好房地產金融審慎管理制度，加大住房租賃金融支持力。
「進」的方面，要引導商業銀行加大對碳減排投融資的支持，撬動更多金融資源向綠色低碳產業傾斜。「改」則要求前瞻性綜合考量資金投放、資產負債、利潤、風險指標等因素，在管控好風險的同時，支持區域協調發展。
資料來源：信報財經 (2021年3月26日)
6、京力推RCEP 爭明年1月生效 中國近3成出口免稅 與成員國貿易額提升
區域全面經濟夥伴協定（RCEP）落地加快，商務部公布，所有成員國正爭取年底前完成核准，目標是明年1月1日生效。中國已準備好87%的約束性義務，屆時能全數執行。
中國對RCEP成員國的出口規模達7,007億美元（約54,655億港元），佔出口總額27%，這些商品未來可享零關稅的待遇。中國與各成員國間的貿易額佔比，將由目前27%提升至35%。
613條約束性義務 中方準備執行
副部長王受文昨日（25日）表示，RCEP成員國每兩個月召開會議，相互通報核准工作的進展，明確得出爭取明年初生效的共識。中方已準備充分，在全部701條約束性義務中，有613條已準備好隨時執行，涉關稅減讓、海關程序簡化、服務貿易開放措施、投資負面清單承諾等廣泛領域，其餘將在協定生效前到位。
海關總署也將按照要求，完成國內實施各項技術準備，配合對外磋商工作同步開展，以確保協定生效時能夠實施。
王受文指出，RCEP的生效對區域產業鏈的發展非常有利，並有助區域國家應對外部可能對其產業鏈帶來的衝擊。他舉美墨加協定（USMCA）、歐盟的對外貿易的比重為例，兩者分別為48.8%及60%，RCEP成員國之間的貿易，僅佔整個國際貿易比重的40%左右，說明它合作水平較低、有潛力可挖。
與成員國貿易額 27%增至35%
此外，RCEP在服貿方面作了較大的開放承諾，涉100多個部門，包括金融、電訊、交通、旅遊、研發等。RCEP成員國承諾，當前協定的開放是以正面清單方式進行，會在生效後6年內，轉換為負面清單。它將促進成員國在疫後旅遊、教育等服務業的發展，推動地區經濟增長。
RCEP的前景受到廣泛關注，聯合國貿發會議（UNCTAD）日前發表研究報告指，至2025年，RCEP將會給各成員國的出口，帶來10%以上的增長。
美國彼得森國際經濟研究所（PIIE）也進行研究測算，至2030年，各成員國的國民收入合計將增長1,860億美元（約14,508億港元），年出口總額額外增長5,190億美元（約40,482億港元）。
王受文提到，中方還將加快推動與日韓、海合會、挪威、以色列等自貿協定的談判進程，並積極考慮加入CPTPP，與更多國家探討建立自貿區。
商務部：中歐協定 符雙方利益
商務部昨天被問到如何評價歐洲議會決定取消《中歐投資協定》的審議會議。對此，商務部新聞發言人高峰表示，目前中歐雙方談判部門正在開展必要的法律審核工作。《中歐投資協定》符合雙方利益，有利於中國、有利於歐盟、有利於世界。
指雙方談判部門 展法律審核
當地時間3月22日（周一），歐洲議會國際貿易委員會副主席溫克勒表示：「鑑於歐盟與中國關係當日最新發展，尤其是中方對歐令人無法接受的制裁，歐洲議會決定取消原定於23日舉行的中歐投資協定審議會。」
《金融時報》引用歐盟貿易專員瓦爾迪斯‧東布洛夫斯基斯（Valdis Dombrovskis）的話說，談判達成的《歐中全面投資協定》的命運與本周爆發的外交爭端息息相關。東布洛夫斯基斯說：「中國的報復性制裁是令人遺憾的，也是不可接受的。」他表示，協定的「批准前景」將取決於形勢的發展。
歐盟委員會（European Commission）去年底與北京完成持續7年的投資協定談判。歐中全面投資協定（CAI）需要歐洲議會批准，才能生效。
不滿京反制 歐議會拒審議
2020年，歐盟與中國貨物貿易在疫情中逆勢雙向增長，中國取代美國成為歐盟最大貿易夥伴。根據歐盟統計局發布外貿數據顯示，2020年歐盟27國從中國進口商品3,835億歐元（約35,160億港元），比上年增長5.6%；向中國出口商品2,025億歐元（約18,565億港元），增長2.2%。
資料來源：香港經濟日報 (2021年3月26日)
7、Fast fashion and Myanmar – why garment workers are protesting, how brands have responded, and the unrest’s potential impact on consumers
Trade union activity in the apparel industry meant leaders quickly emerged to organise worker protests against the military, and Chinese factory owners
Garment workers and those in other sectors have staged strikes to paralyse the economy as a means of applying pressure on the generals to reverse course
Workers and trade union leaders from Myanmar’s garment industry have played a leading role in organising protests against the military coup that ousted the civilian government of Aung San Suu Kyi in February.
The protesters are calling for new international sanctions and for major multinational companies with factories in Myanmar to bolster protections for workers taking part in the resistance.
Security forces in the Southeast Asian country have responded to paralysing strikes – and the razing of garment factories whose Chinese owners protesters perceive to be complicit in the coup – by shooting hundreds of people. More than 200 have been killed.
Why have garment workers become so involved? Why are Chinese factories being targeted? And how will the unrest disrupt fast fashion supply chains in Asia?
The role garment workers have played in the protests
Although still a laggard compared to other countries in the region, Myanmar’s garment industry experienced a rapid take-off after the country began opening to the outside world and shedding international sanctions a decade ago.
From 2012 to 2018, Myanmar’s annual textile and apparel exports jumped fivefold, from US$900 million to US$4.49 billion, according to data from the European Chamber of Commerce in Myanmar.
Today, the industry’s roughly 600 factories provide jobs for 450,000 workers, with two new factories opening every week, according to the Myanmar Garment Manufacturers Association.
As the industry’s take-off reoriented the local economy, a parallel effort to unionise workers and push for higher wages and better protections forged a resilient labour network and a group of hardened union leaders experienced in direct action – which quickly proved useful against the military.
Garment industry workers have been one of several groups to engage in civil disobedience – along with railway workers, truckers, hospital and bank staff – in an effort to put pressure on coup leaders by bringing the economy to a screeching halt. They view temporary unemployment as preferable to a future of prolonged political repression.
The workers are also pushing for multinational companies to denounce the military’s takeover and ensure workers will not be fired or punished for taking part in protests.
Why some protesters attacked Chinese-financed factories
Chinese-financed garment factories, which have sprouted up across Myanmar as the industry has flourished, have found themselves caught up in the unrest.
Concern about China’s influence in Myanmar dates back decades, a legacy of the cosy relationship Beijing maintained with the military regime that ruled the country until 2011.
Beijing’s failure to firmly and directly condemn the February coup rekindled that concern, and spawned a wave of conspiracy theories that China was supplying, directing, or otherwise supporting the newly installed regime.
Factories with Chinese connections became targets, as both a raw expression of anger and a tactic to turn up the heat on Beijing – although protesters have denied being behind some of the attacks. Chinese state media reported that 32 factories had been attacked by mid-March, causing an estimated US$37 million in damage.
Things came to a head on March 14, when a number of Chinese-financed factories in Hlaingthaya, a suburb of Yangon dominated by the clothing industry, were set ablaze and security forces fired on protesters. At least 38 were killed. This led to tens of thousands of workers and their families fleeing in the days that followed.
A protest sign that went viral in the lead-up to the arson attacks summed up the both the sentiment and the geopolitical calculus of the protesters: “If the blood of one Hlaingthaya resident hits the ground, one Chinese factory must burn.”
How major fast fashion brands such as H&M are responding
Some major multinational apparel brands with a heavy presence in Myanmar have responded to the protesters’ demands, denouncing the coup and saying they would curtail their operations.
The world’s second-largest fashion retailer, Hennes & Mauritz – which has developed a network of 45 direct suppliers in Myanmar over the past seven years – announced in early March it would be suspending new orders in light of the violent actions of the security forces, and was followed quickly by Italian retailer Benetton Group.
Other brands are concerned about the consequences for their business – re-establishing supply chains elsewhere at such short notice is difficult, as will be re-entering Myanmar once the situation stabilises – and for the hundreds of thousands of workers who will be left jobless.
Brands such as C&A, Mango, Zara, and L.L. Bean have released statements condemning the coup, but have yet to take any concrete steps to curtail their economic activity in Myanmar.
How central is Myanmar to the fast fashion industry? Will supply chains be disrupted?
Myanmar’s garment industry is still a tiny player compared to the rest of East and Southeast Asia, and companies still taking orders from the country say they have backup plans to shift to other regional suppliers if necessary, limiting the unrest’s impact on trading flows.
In 2018, Myanmar was the 11th largest exporter of garments in the region, according to data from the International Labour Organisation, with most going to Europe, Japan and South Korea.
The country’s share of global garment exports – less than 1 per cent – lagged well behind the roughly 6 per cent of both Bangladesh and Vietnam, and also trailed India, Hong Kong, Indonesia and Cambodia.
Some 5.5 per cent of Myanmar’s exports go to the United States. But Myanmar’s share of the sourcing network for US and European fashion companies is minimal, at less than 0.1 per cent, according to the Associated Press.
Source: www.scmp.com (23 Mar 2021)
8、There’s a fashion revolution happening: made-on-demand clothes will stop wasteful fast fashion heading to landfills, say experts
Brian Rainey’s company Gooten uses a made-on-demand system – items are produced only once ordered, benefiting retailer, manufacturer and the environment
Too much fast fashion is worn once or twice and discarded and it often ends up in landfill, says a fashion industry insider. Made-on-demand minimises this
The dark side of fashion is a ravaged landscape of waste and environmental damage, but a retailing revolution could change that picture. On-demand manufacturing will eliminate oversupply and waste, proponents say, ensuring only those items that have already been paid for will get made.
Designers, manufacturers, retailers and logistics companies are championing the on-demand way to shop. Fashion designer Misha Nonoo, who has collaborated with Meghan Markle on a capsule collection, has instituted an on-demand, direct-to-consumer system for her label. Her customers order one of her classic pieces and then wait for it to be made and shipped.
Brian Rainey, CEO of US-based production and logistics company Gooten, says the Covid-19 pandemic gave a huge boost to the e-commerce revolution already under way in retail, which in turn is aligned with on-demand manufacturing.
Consumers around the world will shop more online, he predicts, upending the world of retail and changing the way fashion is chosen and bought.
“As everyone was able to go from work trousers to joggers for work, we had this massive oversupply because consumer sentiment seemingly shifted almost overnight,” he says.
“Right now there’s US$200 billion worth of inventory sitting in warehouses after the dislocation problem with the pandemic.”
Rainey’s company Gooten uses a made-on-demand system to allow small and large retailers to order products with their own designs printed on them. The products include a range of fashion and other goods, such as T-shirts, hoodies, sweatshirts and socks.
Gooten relays a customer’s order to a manufacturer located as near to the customer geographically as possible. The manufacturer computer-prints the chosen design on the item and ships it to the customer.
“At no time does anything actually hit a warehouse,” Rainey says. “It goes directly from the production centre to the end consumer.”
This system essentially means, he explains, that only items ordered by customers are produced, which benefits the retailer, the manufacturer and the environment.
Rainey says the system prevents the “massive overproduction problem within the broader fashion industry” which has released large amounts of carbon into the atmosphere, as well as eliminating warehousing and minimising shipping.
“There isn’t a hub and spoke system in that model, the journey is singular,” he says. “You really do need to be closer to the consumer.”
Gooten has a number of partner manufacturing companies around the world, many with international footprints. “We produce locally and ship locally, reducing underlying shipping costs but ultimately supporting local economies, taking the concept of nearshoring or onshoring to its logical terminus,” Rainey says.
Many in fashion believe this industry-wide shift to made-on-demand is likely to have repercussions for the so-called legacy manufacturing industry, which has a large base in Asia, where low labour costs have kept prices down.
Traditionally, garments made in a factory in Asian countries such as Bangladesh or Cambodia are sent to a retailer’s warehouse, then to a retail store before being bought by a customer.
Rainey insists this traditional manufacturing will not be entirely supplanted by made-on-demand fashion in the years to come, but rather made-to-order fashion will supplement traditional manufacturing.
“Asian manufacturers know what they’re doing,” he says. “[They] are actually incorporating the new digital technology to supplement what they have from a legacy standpoint.”
International fashion brands, he believes, will add more regional production to their Asian manufacturing foundations. “Your output is already 40 per cent too high,” he says, comparing past output with consumption.
“If you perfectly predicted output, you’d call that a shift away from Asian manufacturing because you’re actually matching what the consumer wants.”
Fashion is a US$2 trillion industry, Rainey says, and he estimates that in partnership with Gooten’s manufacturing partners, digital printing technology – either short-run or single unit technology – should now replace about 35 per cent of the total global textile output.
“Digital print technologies can do small print runs or, in our case, a single order in a way that is economical and better matches the consumer’s taste,” he says.
Rainey points out that US department store chain Nordstrom, which operates more than 100 stores in the United States and Canada, offers customers more than 350,000 individual items that can be ordered online, and it now wants to increase that range to 1.5 million different items.
“The only way you can do that is by effectively extending the life of content by going to a minimal order of one on-demand production capability,” he says. “You’re not stocking 1.5 million units in inventory. As it’s ordered it can be produced.”
Fast fashion, which has roared in recent years with consumers buying pieces, wearing them once or twice and discarding them, is terrible for the environment but many consumers love it, he says. “Now it can be done in a way that’s much more sustainable,” he says.
Christina Dean, founder of the Hong Kong-based environmentally conscious fashion charity Redress, says the made-on-demand fashion economy is definitely growing – which is a boon for the world.
“Obviously excess inventory is a huge bane on businesses and on the planet,” she says. “It is estimated 100 billion new garments are made every year, which by the way has actually gone up. It’s estimated that 20 billion of those garments won’t be sold.”
Too much fast fashion is worn once or twice and discarded, and it often ends up in landfill, she adds. Made-on-demand minimises that risk.
Dean says the major players in the fashion industry are wise to the ongoing benefits of made-on-demand fashion. “The big, big players have already been, for a long time, putting investment into made-on-demand initiatives,” she adds.
One of the drawbacks of made-to-order manufacturing is the absence of instant gratification. The delay between order and delivery can irritate the modern consumer, who want their choices to arrive within a couple of days, not weeks.
She sees this impatience as short-sighted, part of a pattern that has led to massive environmental damage. “It’s so last century that we can’t wait,” she says. “We’ve sat at home all year, we can wait three weeks for something we really want.”
Source: www.scmp.com (25 Mar 2021)
9、McKinsey Outlines Threats to Bangladesh RMG and What Will Drive Next-Level Growth
Bangladesh’s garment sector has experienced an “unprecedented blooming” over the past decade, a new report says, yet a one-two punch of pandemic pressures and sourcing shifts means the country is up against steep challenges and must “innovate, upgrade and diversify” more than ever to stay competitive.
Ten years since McKinsey & Company published its last major report on the South Asian country’s “ready-made garments landscape,” Bangladesh has undergone a transformation, one driven in part by a series of tragic workplace accidents, including the 2012 Tazreen Fashions fire and the 2013 collapse of Rana Plaza, which collectively killed more than 1,200 people and injured and maimed thousands more.
These disasters, according to “What’s Next for Bangladesh’s Garment Industry, After a Decade of Growth,” which was published Thursday, highlighted “massive problems in working conditions,” leading some international buyers to stop sourcing from the country and prompting the United States to withdraw preferential tariffs. But brands, retailers, suppliers and trade unions for the most part rallied in the aftermath, launching the Accord on Fire and Building Safety in Bangladesh, the Alliance for Bangladesh Worker Safety and ultimately the RMG Sustainability Council.
These measures, the report’s authors wrote, resulted in the closure of hundreds of unsafe, bottom-tier factories and scaled up safety remediations in many others, restoring Bangladesh’s attractiveness in the apparel-sourcing market and catalyzing a “decade of rapid growth.” Garment exports from Bangladesh have notched compound annual gains of 7 percent, doubling from $14.6 billion in 2011 to $33.1 billion in 2019.
But Saskia Hedrich, senior expert at McKinsey’s apparel, fashion and luxury group and co-author of the report, says Bangladesh hasn’t captured the full potential the consultancy predicted in 2011. “Some apparel brands and retailers have reached a tipping point to the volume they can source from Bangladesh,” she told Sourcing Journal. “These are starting to diversify volume from Bangladesh to other countries, to avoid overdependency and manage supply-chain risks.”
Even before the pandemic, other countries, most notably Vietnam, were closing the gap. Some of the nation’s export figures also showed negative growth in the second half of 2019 compared with 2018. Then Covid-19 hit, prompting order cancelations, payment delays, term renegotiations and upending all semblance of supply-chain normalcy. A number of smaller, less financially robust factories shuttered and as many as 357,000 workers lost their jobs. All of this had a knock-on effect; the value of Bangladesh’s garment exports tumbled 17 percent in 2020, representing revenue losses of up to $5.6 billion.
“Factories with lower financial health are [being] hit hardest,” Hedrich said. “The pandemic [continues to] accelerate the consolidation toward more progressive, larger players.”
Though Bangladesh remains a “potent” sourcing destination, the report said, other factors could compound the challenges wrought by the pandemic. Data from European and U.S. imports indicates that Vietnam likely surpassed Bangladesh in 2020, possibly usurping its position as the second-largest garment-exporting country in the world after China. And while the sector has made progress in diversifying and upgrading its offerings—such as improving its capacity to manufacture garments made from synthetic fibers or more complex products like outerwear and lingerie—many of its factories have not yet made the transition or prepared investments to do so. As such, basics like T-shirts, trousers and sweatshirts, which face the biggest discount pressures, remain Bangladesh’s biggest exports.
The sector is participating in initiatives tackling climate change and circularity. More than 1,500 Bangladeshi companies are certified by the Global Organic Textile Standard, the second-highest number in any country in the world. But there is still room to scale.
“Global best-practice factories in Bangladesh have continuously invested over the last decade into sustainability, new technology and efficiency improvements,” Hedrich said. “However, a large group of suppliers still follow a traditional cut-make-trim model. These will be threatened most to lose competition in a market [that] is looking for more efficient, flexible and sustainable production.”
Other gaps abound, including a gender gap and a worker empowerment gap. Progress has been slow on both, with Covid-19 “highlight[ing] and perhaps exacerbat[ing] the precarious position” of many of Bangladesh’s workers. Infrastructure is another challenge. To thrive, Bangladesh’s garment sector will need to strengthen its transport, energy and digitization infrastructure, the report said.
“Hard infrastructure issues, like road congestion and lack of a deep seaport, persist, as [do] some soft infrastructure issues with export processing,” Hedrich said. Several projects, currently underway, she added, could “significantly” ameliorate these problems, including the Padma bridge, which is scheduled to open this year and the Matabari Port, which is expected to open in 2025 with a new container terminal.
Bangladesh’s garment sector has “every prospect” of remaining one of the world’s top apparel manufacturers, the report noted, but it needs to take “decisive action in several areas if it is to prosper,” particularly with the impending loss of its preferential trade access as it graduates from a least-developed country to a developing one in 2024.
Bangladesh needs “to move to shorter lead times and increase flexibility, [implement] further investments into a vertically integrated supply chain as well as [make] efficiency improvements [where they] are needed most,” Hedrich said.
Source: www.sourcingjournal.com (25 Mar 2021)
10、UK Retail Lost Nearly 10,000 Stores Last Year—and There Could Be More to Come
The coronavirus pandemic wreaked havoc on British retail last year, and hopes for a better 2021 could be dashed by new virus variants and any additional lockdowns imposed to curb infections.
John Lewis Partnership on Wednesday confirmed plans to close eight locations that “can’t sustain a large store,” it said, noting that 24 John Lewis brick and mortars will reopen beginning April 12, the date long pegged as the earliest when nonessential merchants can throw open their doors. The retailer said the closures affect four At Home shops and four department stores that “were financially challenged prior to the pandemic.”
John Lewis said it will make “every effort to find alternative roles” for the 1,465 employees affected by the retail shutdowns. When it shuttered eight stores last year, the company shifted about one-third of affected staff into new permanent positions.
With shoppers making more of their purchases through digital channels, Johns Lewis expects as much as 70 percent of its future business will originate online. To that end, the Partnership is working to improve Click & Collect service in Waitrose stores and expand local collection points through third parties. “We will also be testing new formats of smaller, local neighborhood shops offering the best of John Lewis,” it added.
Acknowledging that British high streets are undergoing the “biggest change for a generation,” Sharon White, chairman of the John Lewis Partnership, said the company is “changing with it” and will continue to offer the “trusted service” that consumers have come to expect.
The developments at John Lewis Partnership follow retail deals that saw e-tailers Asos and Boohoo absorb some of their bankrupt store-based peers for a rebirth that leaves expensive brick and mortars behind, costing the sector 500 stores and 25,000 retail jobs.
In all, more than 17,500 chain stores closed in 2020, according to data published this month by PwC’s British arm. Nearly 10,000 chain stores were erased from the U.K’s retail landscape last year, it added, noting that 7,655 openings versus 17,532 closures drove a net decline of 9,877.
“Although a decline was to be expected in a pandemic, this is the worst ever seen with an average of 48 chain stores closing every day, and only 21 opening,” PwC said of the research, conducted with the Local Data Company. “The findings starkly compare to five years ago in 2015, which saw net decline of just over 1,000, 50 percent more openings and 25 percent fewer closures than 2020.”
More store closures are inevitably on the horizon, PwC said. “Worryingly, the real impact of the pandemic is yet to be felt as some stores ‘temporarily closed’ during lockdowns, but considered as open in the research, [and] are unlikely to return,” it added. “But while we wait to see the full impact of Covdi-19 on store closures, its effect on consumer behaviors are driving changes.”
Different retail settings saw different fates and fortunes. Retail parks benefited from their anchor “essential” stores like supermarkets being allowed to remain operational throughout the pandemic, while their outdoor formats and free parking dovetailed with social-distancing concerns. In contrast, shopping centers, largely found in densely populated city centers and home to hard-hit fashion retailers and chain restaurants, fared the worst.
“Location is more important than ever as we see a reversal of historical trends,” said Lisa Hooker, who heads up the consumer markets practice at PwC. “For years, multiple operators have opened more sites in cities and closed units in smaller towns. As consumer behaviors and location preferences change, partly as a result of Covid-19, retailers are moving to be where they need to be. Small towns will remain important but we can expect recovery in cities as workers and tourists return, albeit in smaller numbers adopting more flexible working models.”
Hooker said the pandemic’s true fallout is still yet to be seen as bankruptcies and restructurings that happened early this year “still haven’t been captured,” noting that the demise of department stores, specialty retailers and hospitality firms “will leave big holes in city center locations.”
However, PwC retail restructuring partner Zelf Hussain believes that government efforts will “reactivate the high street,” even though businesses are still facing the “twin impacts” of consumers shopping and working differently. “So, although we are upbeat about a bounce back for the high street, we will also see restructurings on the rise as companies look for sustainable solutions,” Hussain added.
Overall, the sector lost 67,000 jobs in 2020 versus the year prior, according to the British Retail Consortium (BRC).
“While the Christmas quarter traditionally sees a rise in retail jobs, the last quarter of 2020 saw the lowest [fourth quarter] job numbers since 1999,” BRC CEO Helen Dickinson said Tuesday. “While the second wave of the pandemic swept away tens of thousands of retail jobs, many more were saved by the Government’s furlough scheme, which is now providing support for 600,000 retail workers, a rise of 200,000 since December.”
However, the retail chief believes the situation is likely to deteriorate if Britain’s third lockdown drags on past April 12, especially because much of the employment created in the sector supported grocery outlets as well as digital operations, in addition to the “many temporary jobs in the run up to Christmas.” Stores located in towns and city centers “continue to employ fewer and fewer people,” Dickinson added.
Though retail remains the U.K.’s largest private-sector employer, Dickinson said it is “imperative that the Government takes all necessary precautions” to ensure quarantine ends, as many hope it will, on April 12. Any further delays to Prime Minister Boris Johnson’s roadmap to reopening would fuel additional store closures and threaten the jobs of furloughed workers,” she added.
Source: www.sourcingjournal.com (24 Mar 2021)
11、Asian Icon Doraemon Goes Green for Uniqlo
Reinforcing sustainability as the cornerstone of their global retail and sourcing operations, Japanese brand Uniqlo made a renewed pledge on Monday for zero greenhouse emissions by 2050.
Along with revealing a green logo to highlight its dedication, came the retailer’s choice for their global ambassador for sustainability: short, recognizable and loved around the world: Doraemon.
At a press conference, the anime robotic cat, known for his blue avatar in countless shows, movies and events, ambled on stage with a marked difference. He is now green. This is a sustainable Doraemon.
While Doraemon in the manga series written and illustrated by Fujiko Fujio travels back in time from the 22nd century, this Doraemon is presaging a leap forward. Hailed by Time Asia as an ‘Asian hero’ in 2002, Doraemon has lost none of his charm. As a chorus of “Doraemon” rang out following the announcement, the new global ambassador said modestly, “I was so touched, people called out my name.”
Commenting on the new partnership, he said, “Hi, everyone! I’m Doraemon and now I am Green. I’ll do my best as Uniqlo’s global sustainability ambassador to help create a much brighter future. I want to work with you all so we can make people everywhere more interested in the future of our world.”
The Asian hero joins a stable of other well known Uniqlo global ambassadors that includes: Roger Federer, Kei Nishikori, Shingo Kunieda, Gordon Reid, Ayumu Hirano and Adam Scott.
The green font logo for Uniqlo will appear throughout the “Doraemon Sustainability Mode” section of retail stores around the world, on the brand’s websites and other channels.
Koji Yanai, group senior executive officer at Uniqlo’s parent company Fast Retailing, noted that the “impact of Covid-19’s social transformations and evolving consumer attitudes makes it more important than ever to collaborate with customers and other stakeholders in driving positive social change,” pointing out that Uniqlo has taken on numerous sustainability initiatives over the past two decades.
“We can turn the power of clothing into a force for good. Our aim is to be the most socially responsible brand in the world,” he said.
Yanai made it clear that sustainability was not part of just the retail initiative, but rather, important in terms of procurement of key raw materials all along the supply chain, care in terms of the use of water in the dyeing process and all other facets of production.
Fast Retailing Co. Ltd. is one of the world’s largest apparel retailers, with global sales of approximately $19 billion for the 2020 fiscal year ending Aug. 31.
Uniqlo is Japan’s leading specialty retailer, and the largest of eight brands in the Fast Retailing Group, the others being GU, Theory, Helmut Lang, PLST (Plus T), Comptoir des Cotonniers, Princesse tam.tam and J Brand.
Source: www.sourcingjournal.com (22 Mar 2021)
12、Gap Debuts Jeans Redesign Denim and Its Most Sustainable Collection To-Date
Gap is following through on its promises for an ultra-sustainable collection.
The brand launched Generation Good this week, its most sustainable capsule to-date, with garments that address issues related to water usage, sustainable materials, waste, CO2 emissions and workers’ rights. The collection spans women’s, men’s, kids’ and baby. Highlights includes organic cotton T-shirts with Earth-friendly messages like “There is no Planet B” and “No more waste,” and jeans and denim shorts made with recycled polyester and post-consumer recycled cotton.
Jeans are available in skinny fits for women and slim fits for men. All items are made using a water-saving wash process that eliminates the need for harmful PP sprays or stonewashing, and include safer dyes and finishing processes.
In addition to the Generation Good collection, Gap introduced five women’s denim styles designed as part of the Ellen MacArthur Foundation’s (EMF) Jeans Redesign program. Items in the collection are 100 percent derived from natural fibers, use chemicals that abide by the ZDHC guidelines and include removable hardware for easier recycling at end-of-life.
The collection retails for $108-$128 and includes two relaxed fit jeans, a shift dress and two denim jackets made of a combination of organic cotton, recycled cotton and hemp.
The Jeans Redesign products are part of Gap Inc.’s Washwell program, a denim washing process that uses 20 percent less water than conventional processes. The company reported that 91 percent of its total denim range is part of the program, beating its original goal of 75 percent. The Washwell program has been essential to Gap Inc.’s water conservation efforts. The company said it has saved 11.2 billion liters of water since 2014.
Aside from sustainable production practices, Gap Inc. is also committed to its workers behind the scenes. Earlier this month, the company announced that more than 800,000 women and girls completed its Personal Advancement and Career Enhancement (P.A.C.E.) education program to-date, and it aims to reach 1 million individuals by 2022. The company set new goals for 2025 that include improving gender parity at the supervisor level at its strategic factories, and gaining more participants in its Empower@Work program.
Source: www.sourcingjournal.com (23 Mar 2021)
13、Why China is leading the global rebound in luxury spending: more e-commerce, and a growing consumer appetite for shopping rather than experiences
After a plunge when the coronavirus first hit, luxury goods sales in China registered strong year-on-year growth in 2020, for a number of reasons
Brands sped up the digitalisation of sales and attracted young consumers through social media, and Chinese consumers favoured shopping over dining and holidays
Hot on the heels of one of its worst years ever, the luxury goods market is holding together and set for a rebound – thanks in no small part to Asia.
The global luxury goods market shrank by 15 per cent in 2020, according to analysis from Euromonitor International, a market research firm. This contraction was due largely to struggles in North America and Europe, where sales declined by 20 per cent, significantly worse than Asia-Pacific’s seven per cent decrease.
Asia’s resilience is in large part due to Chinese consumers, whose spending on luxury goods analysts had feared would not weather the storm brought on by the Covid-19 pandemic.
Chinese consumers have long been some of the keenest customers of well-known brands such as Prada and Hermès. In 2019 alone, they accounted for 35 per cent of global sales of luxury goods, according to the consultancy Bain & Company.
Much of that spending came from Chinese tourists on the hunt for lower prices abroad than they might find at home, and the restrictions on travel and non-essential shopping introduced in February 2020 raised the spectre of a sudden collapse in demand.
Indeed, the first six months of 2020 – when China was hit hardest by the coronavirus pandemic – was the worst performing period in the luxury industry’s history, according to a report from research firm Sanford C. Bernstein.
However, by the time summer sales figures started rolling in, these fears had largely been allayed.
China saw strong year-over-year growth in luxury sectors such as cosmetics and jewellery starting last summer, and by early 2021 most major apparel players were reporting double-digit sales growth year on year.
Bernstein attributed this rebound to a number of factors, including China’s rapid clampdown on the virus and the “revenge spending” that followed as life returned to normal, as well as a shift in interest away from “experiences” such as holiday trips and expensive restaurant excursions and towards shopping.
Another key factor was the successful repatriation of demand for luxury goods that tourists would otherwise have satisfied overseas. Although prices tend to be up to 40 per cent lower in Europe than in China, consumers did not hold back on their spending when they found themselves stuck in their own country.
“In 2019, Chinese consumers had been the biggest contributors to [the] overseas luxury market with almost US$20 billion [in spending],” said Euromonitor International analyst Jane Zhang on a recent episode of the firm’s Fashion Friday podcast.
“In 2020, this strong demand has not ceased at all but shifted to the domestic market instead,” said Zhang.
The shift was helped by the fact that luxury brands had already laid the groundwork for success beyond physical retail stores through extensive digitalisation campaigns.
Luxury brands have long sought to attract the attention of young consumers inundated with products and targeted advertising by partnering with China’s colossal e-commerce platforms, and snagging sponsorships with popular live-streamers and social media influencers.
On the Chinese e-commerce platform Tmall alone, more than 150 global luxury brands have opened flagship stores to date, according to Euromonitor’s Kemo Zhou. Chanel streamed its fashion show online for the first time by partnering with another major Chinese internet player, Tencent. (Tmall is operated by Alibaba, owner of the South China Morning Post.)
“Digitalisation was already in motion pre-Covid-19 but the pandemic absolutely accelerated this progress,” said Zhou on the Fashion Friday podcast. “Proactive interaction and engagement with the younger generations continues to play a key role in regaining consumers’ trust and loyalty as we move into a post-Covid-19 world.”
Still, e-commerce accounts for only a small proportion of luxury goods sales, and physical retail will remain the primary channel for growth in the industry over the long term, Zhou said.
Overall, China’s retail market recovered to reach year-over-year growth of 5 per cent by December 2020, and the luxury goods market is set to continue its upwards climb, said Bernstein.
According to Bain’s annual China luxury report, released in partnership with Tmall Luxury Division in December, the mainland Chinese luxury market in 2020 was expected to have grown by 48 per cent to nearly 346 billion yuan (around US$52 billion).
This stands in contrast to the struggling Hong Kong market, where department stores saw a 20 per cent drop in sales compared to a year earlier, despite the fact that the onset of street protests in summer 2019 had already driven sales that year to their lowest level in decades.
Figures for the trade in Swiss watches also highlight the gap between Hong Kong and mainland China. The latter accounted for 16 per cent of Swiss watch exports in January 2021, up from 9 per cent in the same month last year. Exports to Hong Kong, on the other hand, were down by well over 30 per cent.
Source: www.scmp.com (22 Mar 2021)