2021年5月7日
行業報導 - 2021年5月7日
1、印度鬧疫慌 4行業大鑊
印度新冠肺炎疫情嚴峻，各國擔憂其病毒擴散之餘，疫情對經濟所造成的影響早已蔓延到各大行業！分析指，若印度疫情失控，影響恐怕更為深遠！以下將剖析印度隨時癱瘓國際銀行、藥業、手機生產，以及航運業的致命影響。
航運：多國禁船隻泊入 影響巨
印度新一波疫情嚴重衝擊國際海上航運業，由於船員染疫，多個港口已斷然拒絕印度船隻泊入。航運業界警告，這些限制對本已緊絀的船運業可謂雪上加霜。
據公告，包括新加坡和阿聯酋的富吉拉酋長國已禁止近期曾經輪換船員，而船員來自印度的船舶駛入港口。另外，中國舟山港亦對過去3個月內曾到過印度或孟加拉，或更換過印度籍船員的船舶一律排除在外。
印度正是全球最大船員來源國之一，全球估計在160萬名船員中，當中約24萬名來自印度。可想而知，禁止印度船員入港影響力非常深遠。
對此，國際船員管理協會InterManager總裁Mark O'Neil表示，無法輪換船員造成的影響，恐怕會比蘇彝士運河堵塞事件更嚴重。
手機：產能降 今季出貨料少15%
印度是僅次於中國的全球第二大手機製造國，美國的蘋果公司（Apple Inc.）、南韓的三星、內地的小米集團(01810)等手機品牌都在當地設廠。惟近月印度疫情急轉直下，該國手機產能恐降至60%。
外媒引述印度中資手機企業協會秘書長楊述成指出，目前生產仍正常，但產能開始緊張，主因工廠需加強抗疫和防護措施，部分工人又無法上班，加上晶片短缺，對中低端手機製造業造成衝擊。
研究機構Counterpoint預測，由於印度新德里、孟買智能手機產量幾乎佔全球25%，各種因應疫情的限制措施，可能導致第二季印度智能手機出貨量減少10至15%。
銀行：轉移據點 職員在家工作
由於人工及寫字樓成本較低，國際大型銀行一早就將資訊科技工作外判到印度，面對當地疫情大爆發，銀行業開始將印度的工作轉移至其他國家，鼓勵員工在家工作。印度企業亦為員工和其家人設立照護中心，甚至提供疫苗接種。
美資大行高盛與富國銀行讓員工遙距工作，以維護人員安全和保持業務運作。高盛在疫情嚴重的班加羅爾、海得拉巴和孟買均設有據點。富國銀行表示，印度的疫情尚未對業務造成重大影響。
英國巴克萊銀行、國民西敏寺銀行（National Westminster）與渣打銀行，亦將印度的工作重新調派至其他國家，以減輕印度員工的生活壓力，因許多員工可能因自身或家人確診而未能上班。
藥品：航班暫停 供應鏈或中斷
有着世界藥廠之稱的印度，全球藥品供應鏈恐面臨中斷！有印度製藥商警告，一些來往中國貨運航班暫停，可能衝擊全球藥品供應鏈。
據印度藥品製造商協會負責人Mahesh Doshi，中國供應在印度製藥商所用原物料中佔60至70%。在印度爆發第二波疫情之際，四川航空早前決定暫停飛往印度的貨運航班。
印度製藥業擔心停飛將對整個供應鏈造成連鎖影響，可能導致國內基本藥物短缺，並嚴重影響出口。特別是美國嚴重依賴印度的藥品供應，而且產量減緩可能導致藥房的常用藥出現短缺。據美國食品藥品監督管理局（FDA）資料，在美國批准申請的指定活性成分生產設施中，就有31%在印度。
資料來源：東方日報 (2021年5月7日)
2、跨境理財通諮詢 額度暫1500億人幣 個人額度100萬 「南向通」可內地見證開戶
距「跨境理財通」正式啟動再進一步。人民銀行、中銀保監及中證監聯合發布《粵港澳大灣區「跨境理財通」業務試點實施細則（徵求意見稿）》，公開徵求意見。理財通機制上，沿用閉環式資金往返，目前試點總額度暫定1,500億元人民幣，另設有個人額度100萬元人民幣。
值得留意的是，內地監管機構似乎放寬對親身開戶的要求。據《細則》列明，內地合作銀行可代理港澳銷售銀行開戶見證，為合資格的內地投資者提供「南向通」投資戶見證開戶服務（詳見表）。
金管局：與業界溝通 加緊籌備
北向通方面，內地代銷銀行可按現行規定，為港澳投資者新開立個人人民幣銀行帳戶，或使用其指定的已有個人人民幣銀行帳戶，作為「北向通」投資戶，用於購買「北向通」投資產品。
金管局發言人表示，已就最新實施方案與業界溝通，並會繼續與內地當局聯繫，加緊籌備工作，爭取盡快啟動理財通。發言人又指，最新實施方案增加更多靈活度，相信有利業界開展理財通業務。金管局總裁余偉文日前稱，內地短期將向業界發諮詢文件，屆時金管局將再向業界進行多一輪諮詢，爭取理財通及南向債券通同於下半年初正式推出。
據悉，昨日刊發的《細則》正是內地監管機構向業界發出的諮詢文件，至於香港銀行業界的諮詢文件則未必會以公開形式刊發。《細則》意見稿諮詢將於5月21日截止，而《細則》將由發布日（5日）起30日後生效。
《細則》就參與銀行資格、南北向通業務開展、北向通投資產品範圍、投資者保護機制等作出詳細準則。由於是次諮詢文件由內地監管機構向境內業界發出，《細則》就參與北向通的港澳投資者資格，以及南向通投資產品範圍，則待香港及澳門金管局稍後頒布細則，而香港業界一直預期會由低風險產品開始。
至於港人北上購買的合資格投資產品範圍（詳見另文），則包括內地理財公司依法發行，並評定為「一級」至「三級」風險的非保本淨值化理財產品（現金管理類理財產品除外），以及經內地公募基金管理人和內地代銷銀行，評定為「R1」至「R3」風險的公開募集證券投資基金。但不論南或北向通的投資者，只能選擇一間合作銀行辦理理財通業務。
就南向通的內地投資者資格，《細則》要求個人具有兩年以上投資經驗，且最近3個月家庭金融淨資產月末餘額不低於100萬元人民幣，或最近3個月家庭金融資產月末餘額不低於200萬元人民幣。
滙豐：重大突破 助人幣國際化
中銀香港（02388）副董事長兼總裁孫煜表示，該行已積極籌備開展理財通業務，為大灣區居民提供全面跨境投資服務，滿足對跨境財富管理及資產配置的需求。
滙豐（00005）粵港澳大灣區業務部總經理陳慶耀稱，理財通是金融業的重大突破，其落實將進一步推動人民幣國際化，讓內地投資者可在香港參與環球市場，並同時為港澳居民提供更多人民幣理財產品。
資料來源：香港經濟日報 (2021年5月7日)
3、「智營大賞」助港新設計品牌 拓大灣區
「香港智營設計大賞2021頒獎禮」日前舉行，香港出口商會會長及智營大賞召集人鮑潔鈞期望，藉此助香港新設計品牌打入內地及東盟市場。
他解釋，新興市場如泰國及馬來西亞，易接受新品牌，消費力亦愈來愈強；而歐洲市場已成熟，新品牌較難進入。此外，商會亦會幫助港品牌於內地參展，以及協助他們了解內地市場，如內地對商務禮品有需求。
中聯辦經濟部副部長兼貿易處負責人劉亞軍亦認為，香港品牌應把握進入內地的機遇，因現時內地支持出口產品變內銷，加上粵港澳大灣區的推動，香港品牌可經大灣區打入內地市場。
香港商務及經濟發展局副局長陳百里表示，受惠內地出口強勁，本港出口從去年底已慢慢回升，不少中小企對未來充滿信心，相信傳統工業如玩具、家品等，可透過設計及科技提升競爭力。
傳統工業 藉科技提升競爭力
香港出口商會副會長及智營大賞諮詢委員會主席孫榮聰補充，商會希望透過「智營大賞」滙聚本港設計力量，拓展環球出口商機。除了綫上到綫下（O2O）巡迴展覽及採購平台Ex Sourcing與全球買家連綫，實現遙距銷售外；另設有「設計創出口培訓課程」提供一系列支援，課程範疇涵蓋品牌建立、眾籌計劃、產品優化及電子商務，幫助得獎公司進軍新市場前提高競爭力，抓緊每一個商機。
資料來源：香港經濟日報 (2021年5月3日)
4、CHAT六廠「織碼如詩」展 工作坊體驗電腦編碼混合紡織創作技術
紡織除了與機械運作息息相關外，電腦編碼原來也與紡織技術緊密聯繫。南豐紗廠CHAT六廠於2021年5月推出春季項目「織碼如詩」，由藝術家及教育工作者崔泰潤聯同多名藝術家，帶來參與式裝置藝術展覽，探討關於編碼運算、紡織及社會關懷的探索之旅，展覽設有多個電子零件構成的互動展品，並設有創意工作坊，讓參觀者應用編碼技術製作自己的小手工。
「織碼如詩」除了是別出心裁的互動式展覽外，展廳亦變身為一個共學中心，其靈感來自蘑菇去中心化的特點。參觀者可在四個「（反）學習站」中，利用回收布料和各種手工藝材料、紡織工具和創作科技等，即場創作自己的小玩意，反思固有學習方式之餘，同時體驗如何與周圍環境及社區共學共存、「去中心」的互惠互利過程。
除此以外，公眾可以於2021年5月8日開始，與南豐紗廠紗廠坊的大型紡織裝置互動。該裝置由藝術家安Andreas Angelidakis創作，命名為《線軸柱式（DEMOS CHAT六廠）》，回應編碼及紡織的展覽主題。安格利達克斯的軟雕塑模組靈感來自經典遊戲「俄羅斯方塊」。公眾可重新堆砌模組，就如與藝術家共同展開一段（反）學習旅程。
而「織碼如詩」藝術總監崔泰潤亦為心光盲人院暨學校的學生舉辦編碼工作坊，並將這些工作坊產生的編程代碼設計成紡織圖案，製作成產品於CHAT Shop發售，部份收益將回饋心光學校。
是次參展藝術家及單位眾多，當中如阿拉提．阿卡裴迪（Aarati Akkapeddi）、安德列斯．安格利達克斯（Andreas Angelidakis）、羅拉．戴文多夫（Laura Devendorf）、克莉絲汀．孫．金（Christine Sun Kim）、小場工匠（KOBAKANT）、阿莫爾．穆洛茲（Amor Munoz）及再生服裝（Rebirth Garments），他們將在這次展覽中展示多樣化藝術品，當中很多作品都是首次來港展出。
【展覽詳情】
名稱： 織碼如詩
日期：即日起至2021年7月18日
時間：上午11時至晚上7時（逢星期二休息）
地點︰香港荃灣白田壩街45號南豐紗廠CHAT六廠
資料來源：香港01 (2021年5月6日)
5、Covid Crisis Hits 4 Million Bangladeshi Garment Workers’ Bottom Line
More than a year since the Covid-19 pandemic plunged the world into an unprecedented state of chaos and flux, order cancellations, delayed payments and demands for steep discounts continue to have repercussions across Bangladesh’s garment industry, the world’s second-largest after China.
Many of the country’s 4 million garment workers have either watched their paychecks shrivel up or been cast out of their jobs without severance, according to a study published Thursday by the Subir and Malini Chowdhury Center for Bangladesh Studies at the University of California, Berkeley, in collaboration with the Institute for Human Rights and Business and with the support of the United Nations Development Programme and the Swedish International Development Cooperation Agency.
The failures of the government, international brands and suppliers to rally and attack the crisis head-on has left the “weakest link” of the global supply chain exposed and vulnerable, said the study, which drew its conclusions from interviews with suppliers, civil-society representatives, labor activists and brands such as H&M, Levi Strauss, Marks & Spencer and Primark.
All stakeholders must bear some of the blame: Authorities did not intervene in the negotiations between international brands and suppliers, for instance, and Bangladesh’s stimulus package was ultimately a loan made available only to larger, registered factories. Brands suspended in-progress and finished orders, invoked contractual force majeure clauses to escape liability or failed to provide material or financial assistance. And though suppliers redesigned factories and provided personal protection equipment such as masks and gloves, some paid their workers less, late or not at all.
The report noted that most of the garment industry’s woes stem from the “inherent power imbalance” between large companies from the industrialized world and low-wage workers with weak or restricted representation. “In between are suppliers—factories in the developing world, which employ the workers and which must compete with suppliers in their own country as well as other suppliers around the world,” it wrote. “The suppliers are many and the brands are few and, in negotiations, the brands have the upper hand, making negotiations uneven.”
The eagerness of developing countries to attract and retain foreign investment has further created a “perverse incentive of reducing regulation and, sometimes, eroding minimum standards,” the report added. But the pandemic has led to a consolidation of brands and suppliers, which means the industry of the future could see even fewer suppliers working with global brands. “Standards must improve and performance must be monitored and reported in a transparent manner,” it said.
The Bangladesh government must strengthen social protection mechanisms, including health benefits and a social security net, and provide resources through “well-designed” furlough regulations so that workers’ wages are imperiled when a crisis hits, the report said. At the same time, it should not reduce the minimum of what are already low compensation and ensure that workers receive a living wage. Trade unions, too, must be allowed to function unhampered.
Brands, the study said, should ensure that their actions do not squeeze their suppliers but rather use their resources and leverage to provide liquidity for them. They should oversee or supervise factories so international standards are met, avoid canceling contracts and pay for raw materials already acquired and work already in progress. Suppliers, who “bear direct responsibility for the well-being of the workers,” should provide for the necessary infrastructure to enable safe working conditions, while disbursing the wages required by law.
International organizations, the report said, should consider new initiatives to empower workers, enable suppliers to negotiate with brands as “equal partners” and facilitate dialogue between brands and local unions. “Ultimately, the burden of future crises should not fall disproportionately on the most vulnerable link in this chain—the workers,” it said.
Consumers have their role as well. “It is important that consumers inform themselves about work conditions at factories where their clothes are made,” the study wrote. “If consumers no longer show their appetite for ‘fast fashion,’ this could be the ideal time to acknowledge the power and think about a more ethical and sustainable business model that could disrupt the existing unequal power relationships between global brands, suppliers and workers.”
Creating workplace resilience
The report was issued just as the International Labour Organization (ILO) urged countries to put in place “sound and resilient” occupational safety and health (OSH) systems that would minimize risks when future health emergencies arise. This would require not simply investing in OSH infrastructure and but also integrating it into national crisis emergency preparedness and response plans, “so that workers’ safety and health are protected and the business continuity of enterprises is supported.”
“The second wave of the pandemic is sweeping across Bangladesh as we mark World Day for Safety and Health at Work 2021,” Tuomo Poutiainen, Country Director of ILO Bangladesh, said in a statement Wednesday. “Many hundreds of thousands of workers continue to work hard to keep the society and the economy functioning. The pandemic has clearly shown the importance of OSH in creating safe working environments and its impact on public health. The occupational safety and health of all workers in all industries must be a national priority.”
The current crisis highlights the need for “equitable, inclusive and human-centered” responses, Poutiainen said. In the absence of protections such as sick leave and unemployment benefits, millions of workers are “forced to make a cruel choice between their health and their livelihoods,” he added.
“Investing in OSH systems will not only contribute towards responding to the current pandemic and recovering faster by avoiding further contagion, but will create resilience to face any future crises that might lie ahead,” Poutiainen said. “At the same time, it is important to establish urgent safety net programs for low-wage workers, the self-employed and workers and enterprises in all the hard-hit sectors, including informal ones.”
Source: www.sourcingjournal.com (30 Apr 2021)
6、Industry Up in Arms Over Tipped 25% Tariffs
Trade groups across apparel and retail spoke out Monday against new proposed tariffs that could bring further blowback on an already struggling sector and hit American consumers in the wallet.
Testifying at Monday’s United States Trade Representative’s (USTR) hearing on proposed actions on Section 301 investigations concerning digital services taxes (DSTs), retail and apparel groups urged the Biden administration to abandon the plan to impose tariffs of up to 25 percent on certain products from Austria, India, Italy, Spain, Turkey and the U.K.
At the hearing, Blake Harden, vice president of international trade at the Retail Industry Leaders Association (RILA), stressed that the imposition of any additional tariffs on imported goods will further punish American companies, consumers, workers and American families without obtaining the elimination of Austria, India, Italy, Spain, Turkey, or the U.K.s digital services taxes.
“Simply put, adding additional financial strain during an ongoing pandemic and economic recession will slow our recovery, harm American businesses’ ability to compete, limit American consumers’ access to key products and put Americans out of work,” she said.
Beth Hughes, vice president of trade and customs policy at the American Apparel & Footwear Association (AAFA), also said the group “strongly supports the trade principle that U.S. trading partners must abide by global trade rules. Further, we support this administration’s efforts to address unfair trading practices.”
“However, we have serious concerns that the imposition of new punitive duties on U.S. imports from Austria, India, Italy, Spain, Turkey and the U.K. would result in great harm to our industry and exacerbate supply chain disruption issues during the COVID-19 pandemic,” Hughes said.
On June 2, 2020, USTR under President Trump initiated Section 301 investigations of DSTs adopted or under consideration in 10 jurisdictions. In January, USTR determined that the DSTs in six of these jurisdictions–Austria, India, Italy, Spain, Turkey, and the U.K.–are unreasonable or discriminatory and burden or restrict U.S. commerce, and are actionable under Section 301.
On March 31, USTR issued notices requesting public comments and announcing public hearings on proposed trade actions in the form of additional tariffs of up to 25 percent on specific products of Austria, India, Italy, Spain, Turkey, and the U.K. The other four DST investigations of Brazil, the Czech Republic, the European Union and Indonesia were terminated because these jurisdictions had not adopted or implemented the DSTs under consideration, according to USTR.
Harden also stressed that RILA is supportive of the administration’s goal of addressing digital services taxes that unfairly target or discriminate against U.S. companies and the federal government’s right to address such discriminatory measures, Harden said.
“Our point is this–tariffs on the proposed products will not be effective in obtaining the elimination of our trading partners’ discriminatory tax policies or prevent the proliferation of additional digital services taxes around the globe,” she said.
From USTR’s proposed product lists, RILA’s members, including such major chains as Walmart and Target, import goods such as cosmetics, perfumes and shampoos from the U.K.; carpets, bed linens, curtains, tiles, kitchen fixtures and bathroom ceramics from Turkey; glassware and footwear from Spain, and jewelry and furniture from India.
“We fail to see how the imposition of an additional import tax on these products, which will be paid by Americans, will convince our trading partners to withdraw or reform their digital services taxes,” Harden said. “At the same time, imposing these tariffs will severely harm the ability of U.S. retailers to compete globally.”
“RILA believes the proliferation of digital services taxes requires a multilateral tax solution, not a unilateral tariff response,” she added. “To that end, we appreciate the Administration’s demonstrated willingness to address the digital services taxes through multilateral negotiations at the OECD (Organization for Economic Cooperation & Development). We believe the OECD is the appropriate forum for achieving a negotiated solution and strongly support the Administration in these efforts.”
Hughes of AAFA told the hearing that many of its member companies have sought out new suppliers due to the Section 301 action against China several years ago.
“U.S. imports from China have declined and our trading partners are filling the resulting gap,” she said. “For instance, India is our fifth largest supplier of accessories to the U.S., Italy is our sixth largest supplier of footwear and ninth for accessories. U.S. imports from Spain of accessories have tripled and footwear has nearly doubled since 2010. U.S. apparel imports from Turkey have doubled in the past decade. U.S. apparel imports from the U.K. and U.S. footwear imports from Austria have experienced steady growth.”
She said the growth in each of these categories in the countries in question furthers the national interest of diversifying supply chains away from China.
“However, the proposed set of actions would seek to punish the U.S. companies who have made much needed progress in this area to find supply chain partners,” Hughes said. “Lastly, apparel, footwear and accessories have nothing to do with digital services. Because of this lack of connection, imposing punitive tariffs on U.S. imports for apparel, footwear and accessories from these countries will do nothing to change their behavior in this dispute. Yet, retaliation against these products, if implemented, will have a significant impact on our industry, and our American workers.”
Hughes said AAFA strongly opposes the imposition of any tariffs on U.S. imports and agreed that “an attractive alternative remains and offers a viable path forward for meaningful trade policy reform–the administration should double down on the multilateral process that has already begun at the OECD toward a negotiated agreement.”
Source: www.sourcingjournal.com (3 May 2021)
7、J.C. Penney cuts 650 jobs under new owners
Dive Brief:
J.C. Penney has eliminated about 650 jobs in an effort to adjust "our structure to better meet our strategic priorities," according to a company statement.
The layoffs came out of the retailer's corporate, field and store teams. They followed an operational review by new owners Simon Property Group and Brookfield Asset Management.
All told, Penney still has more than 50,000 associates, according to the company. "While it is never easy to make decisions that directly affect our valued associates, the actions last week ... were a necessary step to ensure the long-term success of our Company," Penney said.
Dive Insight:
While in Chapter 11 last year, one of the key points made by J.C. Penney attorneys as they tried to move a deal to sell the retailer first through negotiations and then through the court approval process was that the acquisition would save jobs.
By many accounts, it did. In court testimony and statements, professionals engaged by the retailer said that without the deal, Penney likely faced liquidation. Simon and Brookfield were the only parties willing to put up a significant amount of cash. Without the deal, secured lenders could have sought repayment by shutting the nearly 120-year-old department store chain down and selling off its inventory.
Such a fate has befallen plenty of retail companies in recent years — rival Bon-Ton, Toys R Us, Payless Shoesource and many others. In those cases, most all workers were cast off into the job market with little to show for compensation.
While Simon and Brookfield prevented that scenario, J.C. Penney has still lost tens of thousands of jobs since it entered bankruptcy last year at the height of the financial disruption created by COVID-19. At the time that it filed, the retailer had 85,000 employees. That number shrank as the chain closed stores and made layoffs in its corporate workforce in Chapter 11.
Compared to the 35,000 jobs lost over the past 12 months, the latest cuts under Simon and Brookfield —previously reported on by Dallas Morning News — are relatively modest, accounting for a small portion of the company's corporate and store teams.
Simon and Brookfield may have saved Penney from brick-and-mortar oblivion, but the retailer still has a long and likely difficult turnaround path ahead. As recently as the fall, the retailer was still suffering traffic declines larger than its peers as well as market share loss.
It's open to debate whether Simon and Brookfield, as major landlords to Penney, saw much to gain in buying the retailer or were rather trying to stem losses to their malls by keeping Penney intact. Doing so not only preserved anchor spots that Penney occupied but could also have prevented a cascade of other exits by stores with co-tenancy clauses in their leases.
Since its acquisition, Penney has continued trying to adapt to a difficult department store sector, which has suffered from online, off-price and direct-to-consumer competition along with changing consumer preferences. The retailer has launched private label apparel and home goods brands, and cut exclusive merchandising deals.
Penney and its department store peers are likely poised to have a significant rebound from last year's collapse in sales and traffic, as COVID-19 vaccines and economic growth boost sales.
Source: www.retaildive.com (6 May 2021)
8、Gap Inc.’s Intermix Sale Elevates ‘Core Four’ Brands
When Gap Inc. unveiled its Power Plan 2023 last year, it kept the focus on its “purpose-led” brands: Gap, Athleta, Old Navy and Banana Republic. In the six months since the October investor meeting, the San Francisco clothing company has shed children’s chain Janie and Jack, and now another label is exiting its portfolio—setting the stage for Gap Inc. to supercharge its core four brands.
On Tuesday, the apparel giant inked an agreement to sell Intermix to Altamont Capital Partners, a private equity firm that will take on the specialty fashion boutique’s 31 store leases, e-commerce and related assets for an undisclosed sum. Gap Inc. had acquired the multi-brand chain in 2012.
The company also confirmed Tuesday that the Janie and Jack sale had closed. “We are committed to driving long-term, profitable growth for our shareholders and employees, while delivering unique product and experiences for our customers at scale,” said Sally Gilligan, Gap Inc.’s head of strategy. “The sale of Janie and Jack and planned transaction of Intermix demonstrate how we are prioritizing our strategic focus and resources behind the growth and potential of Old Navy, Gap, Banana Republic and Athleta.”
The retail giant’s plan focuses on growing its “purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and its platform,” Gap said. The company believes Old Navy and Athleta can reach $10 billion and $2 billion in respective sales by 2023.
Gap Inc. recently scored a major coup in luring star athlete Simone Biles—holder of 30 Olympic and World Championship medals in gymnastics—away from Nike to the Athleta brand, where she’ll helm her own activewear line after working with the Oregon giant since 2015. And later this year, the Gap brand is set to debut the Yeezy x Gap label, harnessing the megawatt star power of erstwhile presidential candidate and iconoclastic rapper Kanye West to create apparel and accessories for men, women and kids.
With plans in place to build up the core four, by selling Intermix, Gap Inc. is essentially getting rid of a “management distraction,” according to Sucharita Kodali, a Stanford MBA and Forrester principal analyst focused on omnichannel retail and consumer behavior.
The transaction makes sense on a number of levels, Kodali told Sourcing Journal. Intermix “was always a bit of an oddball part of their business,” she said. “Gap hasn’t done as well with multi-brand retail—remember Piperlime?” Gap Inc. shuttered that online spinoff, selling handbags and men’s, women’s and kids’ shoes, in 2015 after just nine years.
Plus, the Old Navy parent faced different economies of scale with Intermix because it didn’t actually manufacture the multi-brand boutique’s product, according to Kodali. Jockeying with rivals like Shopbop, Nordstrom and Net-a-Porter, Intermix was competing with a small if “very high end” addressable market, she added. Without the multi-brand outfit in the portfolio, “you lose what trend information you may have gleaned from fashionistas but I don’t think Gap had much use for that data anyway,” Kodali said.
Ike Boruchow, the Wells Fargo equity retail analyst, believes Intermix likely “lost money for the majority of the time within the Gap portfolio,” he wrote in a research note. Boruchow said he’s “bullish on the name and reiterate our $40 price target” for Gap Inc., whose shares closed down 9 cents to $35.38 in Big Board trading Tuesday.
Boruchow “believes the bull case can continue to build,” thanks to Athleta’s promising growth trajectory and the profit-driving Intermix sale. He also sees Old Navy and Athleta as post-pandemic outperformers and anticipates that the forthcoming Yeezy launch will bolster the bottom line. In addition, North American Gap and Banana Republic store closures and rent negotiations could yield $145 million in annual EBITDA (earnings before interest, taxes, depreciation and amortization) savings, Boruchow said. Gap Inc. could further streamline costs but cutting headcount, trimming store expenses, consolidating offices and rethinking store labor.
Source: www.sourcingjournal.com (4 May 2021)
9、Sourcing Journal: 2021 Inventory Management Report
Out-of-stocks and overstocks have plagued the apparel industry for years, resulting in depressed margins and excess waste. With the Covid-19 pandemic further upending global supply chains, it’s now or never for retailers to reassess and take control of their inventory.
A recent NetSuite survey indicated that 70 percent of retailers find conducting a physical inventory count to be a painful process. Meanwhile, 43 percent of small businesses either still track inventory manually, without using any software, or not at all. With multiple channels, fleets of stores, growing competition and demanding consumers, allocating goods and fulfilling orders has taken on new levels of complexity.
Sourcing Journal’s 2021 Inventory Management Report, sponsored by Oracle NetSuite, explores the gaps retailers still have in their inventory management strategies, and highlights the practices, technologies and services necessary to not only shore up these weaknesses but outperform the competition in the new normal.
The report delves deep into the lessons retail has learned over the last year with the knowledge that the pandemic may have been a black swan event, but the potential for supply chain disruption will always be present.
Read the report to discover:
How executives from Foot Locker, Toms, Hammitt and others are enhancing visibility into their suppliers and creating a single view of their stock
The benefits, risks and rewards of local-for-local manufacturing in today’s apparel supply chain
Insights from the AAFA and Bain & Company on how fashion players can insulate against the next “shock”
How to improve online fulfillment efficiency and curb ensuing costs, while leveraging options like pick up in store (BOPIS) and curbside pickup
The tools for improving inventory accuracy and customer satisfaction
To read & download the report: https://issuu.com/sourcingjournalevents/docs/im_21_copy_10lp_final_nolink
Source: www.sourcingjournal.com (5 May 2021)
10、Virtual Sourcing Summit Hong Kong: Recovery & Reinvention
As COVID-19 first raged across the globe, focus quickly turned to supply chains, which were strained—and sometimes paralyzed—by closures, raw material deficiencies, and new health and safety measures. One year later, the pandemic continues to reshape consumer expectations and accelerate retail trends, necessitating major overhauls in upstream operations.
Join us for Sourcing Journal’s virtual Hong Kong Sourcing Summit as we discuss how apparel is battling back from the impact of the global health crisis while addressing the industry’s many pre-existing conditions. Industry insiders will provide insights on how relationships between both countries and supply chain partners must rebuild post crisis; the ways in which factories need to remake themselves for smaller MOQs, faster turns and more sustainable operations to remain competitive; and how to create resilience to survive the inevitable next threat.
The Hong Kong Sourcing Summit is Sourcing Journal’s opportunity to dig deeper into the supply chain, focusing on suppliers’ perspectives on where the industry is headed. Past speakers have included executives from Alibaba, Gap, Brandix, Esquel, Asos, Lever Style, Newtimes, Saitex, Luen Thai, McKinsey & Company, PwC, AlixPartners and Synergies Worldwide.
Date: May 13, 2021 (Thursday)
Time: 8:30 am HKT – 1:30 pm HKT (May 12, 2021 8:30 pm EDT- 1:30 am EDT)
The Agenda:
Keynote- Emergency Preparedness: Building in Resilience
Adapt or Die: Rebuilding for Small, Frequent Orders
Is Digital Prototyping the New Normal?
Power Shift: Redistributing the Sustainability Burden
The Next Chapter: The Future of U.S. - Asia Trade
Raw Materials Outlook: Managing Margins Through Uncertainty
Future Facing: The Innovations Driving Fashion Tech
Logistics Outlook: Capacity, Congestion & Costs
For more details, please visit https://web.cvent.com/event/7c848312-1cfd-4764-bc94-7f02f2f6143b/summary?utm_source=SJ&utm_medium=eblast1&utm_campaign=HKSummit
Source: www.sourcingjournal.com (5 May 2021)