2020.09.29
INDUSTRY NEWS - 2020.09.29
1、 港與東盟自貿協定 涉及文萊下月生效
【本報訊】政府發言人昨日表示，香港與東盟的《自由貿易協定》及《投資協定》中涉及文萊的部分，將於10月20日生效。
在《自貿協定》下的貨物貿易方面，文萊將逐步減免對香港原產貨物實施的關稅，涵蓋香港不同類型的貨品，包括珠寶、服裝及衣服配件、鐘錶和時鐘、玩具等。
香港商號如欲為出口到文萊的香港貨物取得上述的優惠關稅待遇，須符合有關的優惠產地來源規則和相關規定，並向工業貿易署或政府認可簽發來源證的機構，就其貨物申請產地來源證。
在服務貿易方面，香港服務提供者在《自貿協定》下，於文萊享有更佳的商機和取得市場准入的法律保障，涉及廣泛的服務界別，包括商業服務、電訊服務、建造及相關工程服務、教育服務、旅遊及與旅行相關的服務，以及運輸服務。
柬埔寨生效日期 確實後公布
在《投資協定》下，文萊將給予香港企業在當地的投資公正和公平的待遇，向投資實體提供保護和保障，並承諾投資和收益可自由轉移。
隨着涉及文萊的部分生效，《自貿協定》和《投資協定》涉及9個東盟成員國，即文萊、印尼、老撾、馬來西亞、緬甸、菲律賓、新加坡、泰國和越南的部分均告生效；至於涉及餘下柬埔寨部分的生效日期，將於確實後再作公布。
資料來源：香港經濟日報 (2020年9月29日)
2、疫中求變 網上時裝展助拓商機
■影片：https://www.news.gov.hk/chi/2020/09/20200924/20200924_182747_535.html
2019冠狀病毒肆虐，香港貿易發展局變陣應對，約40項大型活動延期或另作安排，部分展覽移師網上，包括時裝界年度盛事香港國際時尚匯展（CENTRESTAGE）。
本屆匯展結合數碼和實體元素，六場演出在網上首播，逾40名本地和亞洲時裝設計師展出新作，鄧曉滔是其中之一。
首度參展，碰上特殊情況，他反而相當期待。「網上匯演畫面更為豐富，可加入動畫，而非單靠現場燈光或效果。由於不受場館限制，可在網上觀賞，觀眾人數可能更多。」
鄧曉滔坦言，坊間不少展覽被迫取消或延期，匯演改以虛擬形式舉行，時裝設計師可藉此宣傳自家品牌，他參與其中，深以為幸。
另一參展者陳嘉賢也有同感，喜見作品以不同方式亮相。「網上展覽漸成趨勢，我覺得這段時間可嘗試在新常態下按線上線下模式發展時裝業務，這已是新時代的一部分。」
她相信，只要做好虛擬背景，並着力於後期製作，效果或較實體展覽更佳。展望未來，她會繼續支持網上推廣活動，汲取經驗，把品牌做好。
啟發新定位
作為香港國際時尚匯展重頭戲，香港青年時裝設計家創作表演賽今年也在網上舉行。
經貿發局網上大力宣傳，更多人得悉賽事，從而認識參賽作品和背後概念。對第二次參賽的黃麗茹來說，安排網上推廣，令她有所領悟。
「我本身不太喜歡以社交媒體宣傳自己，但日後如用於發展品牌，我會積極考慮。」
有多屆評判經驗的莫子良見證比賽走到線上的歷程，認為此舉能讓各地人士觀賞，有助比賽邁向國際。
他亦不忘指出，時裝業往往需要設計師解說設計歷程、背景和意念，把虛擬和現實結合，才是大勢所趨。
回應新常態
貿發局表示，實體和網上混合模式料為未來展覽路向，即使明年恢復實體展覽，該局仍計劃定期舉辦不同主題的網上採購會，以配合各行業採購周期，協助商戶接觸環球買家。
過去數月，貿發局舉辦多場大型網上採購展，協助二萬多名商戶聯繫各地買家。以4月至7月計，買家瀏覽量按年增長兩成，達420萬次。
該局稱，7月下旬舉行的「夏季採購匯 | 網上展」備受好評，近七成受訪參展商認為可達擴充客源、推廣新產品和公司品牌之效，而八成受訪買家則認為有助發掘新產品、物色新供應商、了解市場資訊等。
資料來源：www.news.gov.hk (2020年9月27日)
3、#ddHK設計香港地 -「數碼龐克號」 “Heart of Cyberpunk”
深水埗區一直都是香港時裝及設計的基地，令人目不暇給的布料及配件素材，不勝枚舉的創意小店，加以獨特的社區生態，其活力和魅力毋庸置疑。不僅如此，深水埗之豐富、五光十色的街頭元素更使得該區成為不少數碼龐克電影的背景靈感。
設計#香港地今年以「蛻變」為主題，連同十組本地時裝和配飾設計單位，及多個不同界別的創意伙伴，以深水埗採購到的物料進行創作，於通州街臨時街市共同塑造「數碼龐克號」創意時尚體驗，連同附近本地小店締造街頭設計廊。在猶如科幻電影般的場景及互動時尚體驗中，觀眾可一窺深水埗與數碼龐克結合的獨特面貌與文化，成為迷你網絡城市一部分。連串相關主題的精彩時尚活動如數碼龐克市集、迷你藝術店、展覽、講座、導賞團，及其他公眾參與活動，讓旅客及公眾重新發現不一樣的地道深水埗。
時裝及配飾設計師單位包括（排名不分先後）: 陳景熙及斳子欣、馮子華、黃幸祺、戴嘉昌、梁嘉健、鄒家華及Jarno Leppanen、梁俊佳、馬浚傲、盧子宏及鄭嘉盈和楊展。
歡迎登陸「數碼龐克號」!
「數碼龐克號」 “Heart of Cyberpun
日期：17-25/10/2020
地點：深水埗通州街臨時街市第一至三座 (Block 1-3, Tung Chau Street Temporary Market, Sham Shui Po)
資料來源：www.designdistrict.hk (2020年9月28日)
4、港8月出口僅縮2.3%勝預期 進口跌幅擴至5.7% 美貨減近三成
香港8月出口跌幅按月收窄，並且略勝市場預期。政府統計處公布，8月香港的商品整體出口貨值按年跌2.3%，略勝市場預期的挫3%，雖是連續6個月下跌，但降幅較7月時挫3%收窄。8月進口貨值按年下滑5.7%，較市場預期跌3.9%差，亦較7月跌幅3.4%擴大。8月錄得貿易逆差146億元，相等於商品進口貨值的4.1%。今年首8月，香港的商品整體出口貨值按年下跌5.8%，進口貨值減少8.1%，期內貿易逆差2197億元，相等於商品進口貨值的8.3%。
8月份香港輸往多個主要目的地的出口表現按月見倒退。輸往亞洲的整體出口貨值下跌1.8%，7月時則上升0.6%。其中，香港輸往內地的整體出口貨值按年減少1.4%，7月時則為升5.2%。8月其他出口跌幅較大的亞洲國家目的地，包括日本減少19.4%；新加坡插14.6%；泰國下跌12.5%，以及南韓瀉9.1%。輸往印度及越南的出口貨值則呈顯著升幅，分別升12.8%及11.5%
除了亞洲國家，香港8月份輸往其他主要目的地的整體出口貨值亦錄得跌幅，美國下降14.9%，德國跌24.2%。
政府估短期表現續弱
進口方面的跌幅更大，香港對來自美國的進口減少29.3%、南韓倒退11.8%、日本下挫6.6%和內地插6.1%；來自台灣及越南的進口貨值則分別升20.8%及13.6%。
政府發言人表示，環球經濟維持疲弱，8月份商品出口繼續按年溫和下滑，輸往美國和歐盟的出口跌幅隨着當地經濟逐步復甦而收窄；惟輸往內地的出口轉為輕微下跌，輸往其他主要亞洲市場的出口則表現不一。
發言人預期，在有效疫苗被廣泛應用前，新冠肺炎疫情大流行將繼續是全球經濟前景的主要下行風險，中美關係發展及地緣政治緊張局勢也增添不確定性；香港的商品出口表現在短期內料會繼續受制。
黃金淨流入內地下降
主要貨品類別8月出口表現，跌幅較大的是衣物及衣物配件，出口貨值按年減32億元，下跌33.6%；雜項製品（主要包括珠寶、金飾及銀器）減27億元，挫13.2%；通訊、錄音及音響設備和儀器少19億元，跌3.1%。另外，電動機械、儀器和用具及零件的出口則按年增加69億元，上升4.8%；非鐵金屬增15億元，揚66.9%等。
路透的數據顯示，8月香港出口到內地的黃金總量（本地出口及轉口）為6127公斤，按月增56.6%，月內自內地進口的黃金量亦增至4943公斤，因此淨流入內地的黃金總量減少至1184公斤，7月為1395公斤。
廠商會料明年經濟難返疫前
中美貿易糾紛持續，香港亦慘受牽連。香港中華廠商聯合會會長吳宏斌昨日在會員大會上表示，預計未來幾個月香港貨物出口貿易將持續錄得單位數的跌幅，並預期本港來年經濟難以回復到疫情爆發前的水平。
吳宏斌說，中美貿易糾紛愈演愈烈，香港不幸被捲入其中，估計美國政府亦將有行動，逐步取消對香港的特殊待遇，預計未來數月香港貨物出口貿易，將持續錄得單位數的跌幅。經濟方面，他稱本港經濟已連續四個季度出現負增長，經濟很大機會進一步衰退，重挫內部私人消費、企業投資、對外商品和服務貿易等環節，在外憂內患夾擊下，今年實質GDP增長率將低至負7%左右，倘若疫情受控，明年有望重回2%至3%的低增長區間，但來年經濟仍難以回復到疫情爆發前的水平。
冀美收回禁標「香港製造」
至於美國早前要求日後香港出口到美國的商品，要把「香港製造」改為「中國製造」，吳宏斌指有關措施為廠商帶來混亂，希望美國政府收回此無理要求。他強調，本港出口到美國的產品不算多，主要是食品和珠寶等，但要求把標籤改為「中國製造」，會增加企業的成本，企業亦擔心日後或再被要求更改生產地標籤，令他們無所適從。對於港府提議把標籤改為「中國香港製造」，吳宏斌稱做法可接受，須等待美方回應。
資料來源：信報財經 (2020年9月25日)
5、收購優衣庫核心供應商 開潤股份切入針織服裝新賽道
“收購上海嘉樂是我們針織服裝產品TO B端戰略的第一步，而優衣庫又是針織服裝產業裡最大的品牌，相比箱包來說這是一個特別大的賽道。”開潤股份董秘徐耘對《證券日報》記者表示，“我們希望能夠給上海嘉樂快速賦能，讓它快速做大市場份額。”
開潤股份9月23日晚間公告，公司全資子公司滁州米潤科技有限公司擬以自有資金3.26億元收購溫州菏勝企業管理合夥企業（有限合夥）（下稱“溫州菏勝”）持有的上海嘉樂股份有限公司（下稱“上海嘉樂”）28.70%股權。與此同時，開潤股份作為有限合夥人參與設立的安徽泰合合夥企業（下稱“安徽泰合”）也在當日與溫州菏勝方面簽署了《支付現金購買資產協議》，安徽泰合擬以1.24億元收購上海嘉樂10.90%股權。
資料顯示，開潤股份持有安徽泰合37%的出資比例。本次交易完成後，經股權穿透，開潤股份合計持有上海嘉樂32.73%的股份，成為其第一大股東。
收購優衣庫核心供應商
公告顯示，上海嘉樂創建於1993年，主要生產和銷售各類中高檔紡織休閒時裝和運動系列產品，服務于全球知名客戶 Uniqlo（優衣庫）、GU、Champion、VF集團、Point等。該公司於 2006年開始與優衣庫合作，是優衣庫紡織服裝核心供應商之一。
本次交易前，上海嘉樂控股股東系溫州荷勝，持股比例為51%，實際控制人系高華林、高慶峰、高永峰、吳凱新等“高氏家族”成員。
根據最新財務資料，上海嘉樂2019年實現營業收入13.25億元，實現淨利潤1.05億元，經營活動產生的現金流量淨額為1.1億元。2020年一季度，上海嘉樂實現營業收入2.02億元，淨利潤虧損821.07萬元。
“我們的想法就是通過產業並購的方式切入一個品類好的賽道，然後嚴格按照頭部客戶的核心供應商去選擇。上海嘉樂是優衣庫核心供應商之一，也是優衣庫最大的針織童裝供應商，它同時還做男裝、小物（毯子）等，有自己獨特的優勢，接下來我們就要基於這個公司的基礎快速做大市場份額。”徐耘說。
目前，上海嘉樂在上海和印尼均建有“紡織服裝+面料”的垂直一體化生產基地，在安徽建有成衣製造工廠，在日本設有辦公室。其擁有出色的產品開發及製造能力，設有“院士工作站”和“上海市企業技術中心”，產、研、學相結合，為其產品研發設計提供有力支撐。
圍繞能力圈做產業並購
近年來，開潤股份不斷加速全球化佈局，鞏固與迪卡儂、耐克、VF、戴爾、華碩等世界級企業的合作，同時全球化佈局海外工廠，積極拓展新客戶。2019年。開潤股份增加了拉杆箱業務，2020年在廣東建廠拓展奢侈品女包業務。
“我們是把整個行業研究透了之後才決定做這個事情。”徐耘表示，“我們最擅長的就是把客戶市場份額做大。他們可能相對傳統，我們剛好非常進取，這是我們互補的地方。”徐耘告訴《證券日報》記者。
有不願具名的券商分析師告訴《證券日報》記者，此次開潤股份TO B業務切入針織服裝這一更大的賽道，將開啟與原有箱包代工業務的協同發展。
“開潤股份做箱包代工業務起家，客戶有耐克、VF集團、迪卡儂、惠普、戴爾等，這個賽道市場份額有限，不像針織服裝是個市場非常大的賽道。但是多年的市場跟客戶積累讓開潤股份具備了很多優勢，比如生產工藝、全球化的供應鏈、研發設計、時尚界的人才儲備，這都與針織服裝這個賽道高度契合。”該分析師認為，開潤股份TO B團隊本身就是做服裝出身，現在相當於又做回他們很熟悉的領域。收購上海嘉樂後，開潤股份在精益管理、工廠自動化智慧化探索、全球化佈局、優質客戶拓展等方面有望形成顯著的行業競爭優勢。
在徐耘看來，開潤股份最大的優勢就是年輕，創新。“這個行業不管包袋還是服裝，其實都是非常傳統的行業，而我們是這個行業裡面非常稀缺的年輕創新團隊，我們將積極圍繞客戶需求做大量工作，嚴格圍繞自己的能力圈去收購所在產業裡的新品類和客戶。通過全球供應鏈的佈局，我們將給上海嘉樂快速賦能，做大市場份額。”徐耘說。
資料來源：www.ce.cn (2020年9月25日)
6、局長會客室 邱騰華助中小企抗疫 出席本報直播 稱支援業界基金大派用場
本港經濟受挫於新冠肺炎疫情，中小企要疫市求生並不容易，除了靠港府防疫抗疫基金幫助，還有甚麼方法？
商務及經濟發展局局長邱騰華昨晚聯同中小企代表，出席本報舉辦的「局長會客室」直播。他指出，港府在疫情發生前已推出幾十個支援中小企的基金，目前正大派用場。
商經局轄下 基金助建品牌
邱騰華指出，商經局轄下有12個支援中小企的基金，包括「BUD專項基金」、中小企業市場推廣基金（俗稱EMF）等，更一再加碼，助中小企掌握商機。他以港產口罩暫存夾INNOSPHERE為例，口罩夾可以申請BUD幫助建立品牌，然後再申請EMF發展海外市場。
他又指，若中小企有意到新市場發展，香港貿發局能夠就發展不同新市場提供專業意見。例如中小企計劃到印度發展，貿發局可與企業一起，研究落戶當地哪個城市較合適，繼而建議與當地哪些企業合作。
設計港產口罩暫存夾的INNOSPHERE聯合創辦人郭浩賢表示，早前口罩短缺，看準暫存口罩的需要，與拍檔在約20日內設計出口罩暫存夾，短時間內推出零售市場。同時他希望產品能夠帶動本地經濟，便夥同小店洽談合作，嘗試以產品作為宣傳媒介。
郭浩賢笑言，有拉麵店推出「食拉麵送口罩夾」後，當時有食客反映，想獲得口罩夾而光顧。
香港進出口貿易受疫情影響而下跌，邱騰華直言，中小企甚關注何時可以出門做生意，何時推出「健康碼」，尤以澳門和內地疫情較穩定，希望可以及早恢復往來。
惟他表示，與內地和海外洽談通關時，需研究如何測試及證明出入境者的健康，更指出「等於買機票可以是一張紙或QR Code」，並視乎情況研究如何逐步開始，皆因若有輸入個案又要從頭開始。
資料來源：香港經濟日報 (2020年9月25日)
7、信言設計大使：因時「製」宜 疫情激發設計師創出新產品
創意往往都是在種種限制下，被迫出來的。就如疫情下，大家保持社交距離，影響了設計師之間的協作，但同時又啟發到設計師的想像力，帶來創新的原型作品希望惠及大眾。即日起在上環舉行的「信言設計大使：因時『製』宜」微型計劃，就是一個集本地及海外逾70名設計師齊齊拼發創意的展覽。
信言設計大使（Design Trust）是由本地註冊非牟利慈善團體香港設計大使（Hong Kong Ambassadors of Design）創辦的專案資助平台，於2014年成立。它旨在支持香港及大灣區的設計專案，推動專業知識、設計研究議題和創意項目，涉及平面設計、媒體、建築至生活空間的設計領域。
今次「信言設計大使：因時『製』宜」微型計劃（DESIGN TRUST：Critically Homemade），就由信言設計大使的聯合創辦人及執行總監姚嘉珊（Marisa）負責策劃。
微型．原型
姚嘉珊表示：「受疫情帶來的必要社交距離限制，許多設計師已經表達了對於與同行聯繫，協作和創造的需求。幾個月來我們一直質疑，思考和嘗試了解我們的城市，以及我們作為非政府機構的角色─如何可以在當前情況下發揮微薄且積極的作用，為社群減輕負擔，一同度過難關；而同時，即使在多重限制下仍能發揮創意，讓廣大群眾受惠。」
她相信設計可帶來正面變化。而今次就邀請了逾70位來自香港及鄰近地區創意圈的人士參與計劃，當中包括「信言設計大使」的導師、設計師學員、計劃成功申請人及支持者等共同協作發揮創意。
大前提是設計師在家中製作一個尺寸為20 x 20 x 20厘米的原型物件（prototypes），以應對當前的社會和環境挑戰，提供解決方案，並以廣泛受眾作設計基礎。
逾70名設計師參與
參與今次微型計劃的本地設計界精英就有Michael Young、Peter Yuill、周亦彤、陳幼堅、楊志超、又一山人、Johanna Ho等。海外設計界則有澳洲的Hugh Davies、英國的Yanki Leeh與Pascal Anson、澳門/葡萄牙的Clara Brito和Margarida Jardim及泰國的Savinee Buranasilapin等。
COVID-19 雕塑系列
2018「未·共研社」顧問黃國才的雕塑系列把疫情期間的家居必需品澆鑄到樹脂中，創造出像珠寶般的時間膠囊。
每個雕塑都以多層鑄造，每層之間都繪製了看似病毒的彩色圓點。將粗糙的樹脂雕成菱形並進行高度拋光，象徵在疫情期間「購物」的荒謬之處，提醒人們擁有普通家用品不是必然。
What Goes Down Must Come Up
面對顛倒的世界，大家都希望彼此會勇於踏出舒適圈而非停滯不前。
本地著名設計師陳幼堅設計的這雙黑白相間的鞋子象徵生活上的是非對錯之間都是勢均力敵，若有人用力拉扯着你，相同力量就會推動你向前。WHAT GOES DOWN MUST COME UP球鞋時刻提醒你擁有來自生活四方八面的力量。
Breathe Colour
居家抗疫成為常態，令我們漸漸忘記年月。來自曼谷的Savinee Buranasilapin因此設計了彩色口罩系列，啟發自印度占星術的習俗，在一星期不同日子要穿不同顏色的衣服，驅使我們與時間互動。
迷你學習屋
北京的People,s Architecture Office（众建筑）受到他們屢獲殊榮的Plugin House設計啟發，創作出一個簡單的活動套件，供小朋友在家親自製作，激發創意並鍛練小肌肉發展。折疊起來的迷你學習屋就像一個小房子形的保護盒。打開它，就可以着色，切合小朋友的學習需要。
防沾水抗菌金屬門柄
「未·共研社」2019導師Michael Young利用激光和光子技術，根據荷葉的疏水表面紋理設計的一套防沾水和抗菌的金屬門柄。
我愛你但要保持安全距離
Joel Austin和Queenie Li以廢料升級再造而成的拉尺，可伸長至100、150、180及200厘米，方便用家根據各地政府和衞生組依從不斷變化的社交距離建議，與其他人保持距離。
北魏真書字體曲奇餅模
陳濬人以香港獨有的北魏真書字體寫成的「惡」字為模，烤烘出可口小食，在這充滿挑戰的當下帶出積極樂觀的角度。他目前正與信言設計大使創作「平安」和「大吉」等寓意幸運的字體曲奇餅模。
﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏﹏
「信言設計大使：因時『製』宜」原型展覽
地點：上環德輔道西33號Soho House - House Studio
公眾展覽日期：即日至10月4日（星期日）
時間：12nn - 7pm
免費參觀
參觀展覽前請預先登記：bit.ly/32Ttd7D
資料來源：香港經濟日報 (2020年9月24日)
8、Alibaba Rings in ‘New Manufacturing’ Era with ‘Made-to-Sell’ Digital Apparel Factory
Quietly, Alibaba Group has been operating a digital factory since August of 2018 in Hangzhou, China, that leverages cloud computing, AI-driven planning and IoT technologies to power a “made-to-sell” apparel production model as part of its “New Manufacturing” vision.
The “made-to-sell” model, as opposed to a “sell-to-make” approach entrenched in the apparel sector, is difficult to adhere to due to potential out-of-stock issues that can arise if demand increases. Of course, the benefit of this model is that it eliminates product waste, and mitigates the perils that often come with excess inventory. Additionally, as more shoppers seek out personalized designs, “made-to-sell” operations can cater to these trends in a way that large-scale mass production simply cannot.
“For the apparel sector, inventory waste has always been a challenge. There is significant guesswork in trying to predict which styles, which sizes and colors will be in demand by consumers by the time they hit shelves,” Roger Zhang, a spokesperson from Alibaba Group’s Xunxi Digital Technology company, told Sourcing Journal. “This leads to smaller margins for the industry, less than optimal options for the consumer, and of course unnecessary environmental impact. In the past, excess inventory has led to a 30 percent loss in revenue across the industry. This is one of the challenges Alibaba set out to address with its ‘New Manufacturing’ vision—a fully digitized manufacturing supply chain that starts with, instead of ends with, the consumer.”
Xunxi Digital Factory is part of Alibaba’s long-term vision of building a digitized economy based on what company founder Jack Ma called the “Five New” strategy comprising New Retail, New Manufacturing, New Finance, New Technology and New Energy.
The Chinese e-commerce giant unveiled the factory on Sept. 17 at the Global Lighthouse Network‘s first annual meeting hosted by the World Economic Forum, an event that recognizes groundbreaking innovations in the manufacturing sector.
Apparel was identified as the starting point for the Xunxi factory because the sector is often held back by lengthy production cycles and high inventory levels. With the Covid-19 pandemic worsening the excess inventory problem that many apparel brands, retailers and manufacturers alike have to handle, the Xunxi factory’s public-facing launch addresses a critical need in the industry.
Its infrastructure allows for small-batch orders at reasonable costs and with shorter delivery times, consequently increasing manufacturing efficiency from 25 percent to an average of 55 percent.
Alibaba also says the factory prototype has been able to slash order lead times by 75 percent, and enables minimum order quantities as low as 100 pieces, which can significantly lower the manufacturing barriers for micro, small- and medium-sized businesses, while encouraging brands to individualize products for greater differentiation.
Xunxi’s model also reduces overheads by 43 percent, while trimming the need to hold inventory by 30 percent, the company said.
The factory is currently being upgraded to include in-house logistics and warehousing capabilities. With these technologies in tow, the endgame is for the factory to become a one-stop apparel production solution, covering the end-to-end supply chain, from material sourcing to consumer deliveries.
Although apparel serves as one of Alibaba’s largest categories, the Chinese e-commerce giant isn’t really known for its apparel manufacturing capabilities, making the Xunxi factory a significant play to attract nimble, young apparel sellers to its Tmall and Taobao platforms.
“Many popular sellers on our platform, especially livestreamers and internet celebrities, are very capable at identifying the trending design, they are experts at operating online storefront and engaging with their fans,” Zhang said. “However, they have to rely heavily on traditional factories to bring their product to life, which gives them very little control of supply chain. The flexible and fully digitized production mode will attract more such sellers to help them stay focused on their strength in leading the fashion trend and meeting demand of their consumer base.”
With the Xunxi factory, Alibaba aims to help its apparel partners live up to the ”see now, buy now” trend that has accelerated further throughout the pandemic as consumers look less to what apparel needs they may have in the coming months.
“On the one hand, Xunxi’s trend and sales forecast model alongside its own artificial intelligence-aided integrated product design platform gives manufacturers insights into consumer preferences,” Zhang said. “On the other hand, the fully digitized supply chain will be able to respond to small-quantity production requests from SMBs faster and help them to achieve flexible manufacturing.”
Since its inception, the factory has collaborated with “hundreds of Taobao and Tmall merchants, livestreaming broadcasters and streetwear designers” to explore and experiment with the new possibilities of apparel manufacturing.
Alibaba would not confirm whether it would expand its digital factory concept to other locations, but indicated that “Xunxi is aiming to establish an intelligent Digital Collaboration Network to help more manufacturers digitize and serve SMBs altogether.”
As the initiative progresses, the technology will be replicated into other retail sectors in addition to the current focus of fashion and apparel.
Alibaba brings Marc Jacobs onto luxury platform
Alibaba also is continuing its overall fashion push within its luxury platform with the addition of another American style icon. Marc Jacobs has launched a digital flagship store in China on Tmall Luxury Pavilion, Alibaba’s dedicated platform for luxury and premium brands. The new online store will feature Marc Jacobs’ ready-to-wear, accessories, handbags and footwear collections, in an effort to reach consumers beyond its brick-and-mortar stores in top-tier cities.
“Chinese customers have long been some of the most exciting lovers of fashion with such original style,” Marc Jacobs, creative director for his eponymous brand, said in a statement. “We want to present authentic designs with the best possible shopping experience, and partnering with Tmall Luxury Pavilion allows us to do just that.”
To mark Tmall Luxury Pavilion’s third anniversary in September, Marc Jacobs will be among the 19 brands that will be featured on the platform over the month-long celebration. Nearly 200 premium brands have opened flagship stores on Tmall Luxury Pavilion, including Michael Kors, Cartier, Burberry, Valentino, Golden Goose, MCM, Maserati, Qeelin, Kenzo, Tag Heuer and Zenith.
Source: www.sourcingjournal.com (25 Sep 2020)
9、Neiman Exits Bankruptcy. Now What?
Neiman Marcus can breathe a sigh of relief now that its tour of bankruptcy court is in the rearview mirror.
The company on Friday emerged from Chapter 11 proceedings under the newly reorganized name Neiman Marcus Holding Co. Inc., abandoning its former name, Neiman Marcus Group LTD LLC. The luxury department store received the full support of its creditors and new equity shareholders.
The new owners include PIMCO, Davidson Kempner Capital Management and Sixth Street. “They are also strongly committed to supporting our company on sustainability issues–where we intend to be a leader within the industry,” said CEO Geoffroy van Raemdonck.
As a reorganized firm, Neiman now has a strengthened capital structure, after eliminating over $4 billion of existing debt and over $200 million of cash interest expense annually. The retailer has no near-term maturities.
The new owners are also funding a $750 million exit financing package that provides significant additional liquidity for the business. In addition, Neiman also secured from Pathlight a $125 million loan known as a FILO facility, or first-in, last-out, in funding and payment. FILOs are supplements to senior loans, and once repaid cannot be re-borrowed. The proceeds from the FILO will “refinance existing debt and will provide liquidity to support the company’s ongoing operations and strategic initiatives,” the luxury chain said.
Both the exit financing and FILO are in addition to the $900 million asset-based loan led by Bank of America as part of a consortium of commercial banks.
“With the successful implementation of our restructuring, Neiman Marcus and Bergdorf Goodman will continue to be the preeminent luxury shopping destinations for years to come. While the unprecedented business disruption caused by Covid-19 has presented many challenges, it has also given us the opportunity to reimagine our platform and improve our business. We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner, and employer,” van Raemdonck said.
The luxury retailer also emerged from Chapter 11 with a newly constituted board of directors. Van Raemdonck continues to serve on the board. He’s joined by Meka Millstone-Shroff, who serves as a strategic operating advisor; Pauline Brown, the former chairman of North America for LVMH Moët Hennessy Louis Vuitton who has served on the boards of L Capital and several LVMH subsidiaries; Pamela Edwards, former CFO of Mast Global and the Victoria’s Secret division of L Brands; Kris Miller, most recently chief strategy officer for eBay, and Scott D. Vogel, managing member of Vogel Partners LLC.
Neiman, which filed its Chapter 11 petition in May, received bankruptcy court approval of its reorganization plan earlier this month.
Neiman on Thursday said it had begun cutting some selling and non-selling store associates as it prepared to exit Chapter 11 proceedings. But a spokesman for the retailer also emphasized that the company will be creating new jobs to better meet customer needs.
“We are also rolling out new positions, including service ambassadors, digital client advisors, and personal stylists, to better serve our customers at Neiman Marcus. This is reflective of our unique integrated retail experience as we continue our path to be the preeminent luxury customer platform,” the spokesman said.
Source: www.sourcingjournal.com (25 Sep 2020)
10、Is Penney’s Valuation the Next Bankruptcy Battleground?
How much is bankrupt J. C. Penney really worth?
The math in Penney’s Chapter 11 petition just got complicated and could spur yet another delay in the chain’s exit from bankruptcy.
Penney’s was expected to file papers converting a non-binding letter of intent into an asset purchase agreement selling the operating portion of the business to a joint venture between its two largest landlords, Simon Property Group and Brookfield Properties. The planned deal valued Penney’s at $1.75 billion, including the two real estate investment trust (REIT) components consisting of the 161 properties in one post-bankruptcy company and the six distribution centers in the other. First-lien lenders, which would own the two REITs, were planning on credit bidding and wrapping up the landlord joint venture into a combined bid that would become the frontrunner, or stalking-horse bidder, for a company auction.
But here’s where things hit a billion-dollar snag.
In a document, William Snyder of financial advisory CR3 pegs Penney’s value at between $8.2 billion and $10.2 billion. Snyder, an expert retained by the ad hoc equity committee, based his conclusion on a calculation of hard assets such as real estate, cash and inventory at $6.6 billion and $7 billion of estimated debt and liabilities. The $1.4 billion in cash on Penney’s balance sheet looks attractive, but it might be the product of unpaid rent it’ll eventually have to part ways with.
There’s plenty of guesswork at play, too.
Much of the valuation stems from estimations on Snyder’s part. He extrapolated what Penney’s revenue might look like five years out from bankruptcy, based on the retailer’s projections for years three and four of a five-year plan.
Snyder projects the pre-petition equity value in the range of $1.2 billion and $3.2 billion.
Based on that analysis, Snyder wrote in his court filing, Penney’s is not, in fact, “hopelessly insolvent.” He also emphasized his belief that the proposed $1.75 billion purchase agreement “materially undervalues the assets,” and that his valuation “indicates a return to equity interest holders is reasonable.”
Of course, Snyder’s goal is the recoup as much money as possible for the equity group, so it makes sense that he might take a rosy view of Penney’s potential valuation, while first-lien lenders or other buyers might opt for a conservative, low-end figure of any range.
In the bankruptcy totem pole, secured creditors get priority in terms of who gets paid back first. Different creditor classes follow, and then comes the group of unsecured creditors. Their claims often are paid back on a pro rata basis, presuming there are even funds left over to go around. Equity holders usually get nothing, and find their shares extinguished when the company actually emerges from bankruptcy.
Snyder is also relying on company sales estimates from a business plan and other summarized projections, based on the retail calendar, to determine Penney’s total revenues. Those estimates have revenues hitting $6.89 billion this year, climbing to $9.20 billion next year, $9.49 billion in 2022, $9.74 billion in 2023, $10.06 billion in 2024 and $10.40 billion in 2025. The bottom line estimates include a net income of $989 million in 2020, and a net loss of $29 million in 2021. Snyder projects net income in the following years of $374 million in 2022, $502 million in 2023, $589 million in 2024 and $609 million in 2025.
While those numbers look great on paper, just how realistic they are in the real world remains to be seen. Numbers on paper don’t take into account hiccups that come up in business operations, such as a pandemic, or the possibility of another lockdown, partial, or otherwise, to stave off a second wave of infections. And if the Democratic presidential nominee Joe Biden wins the November election, he’s already indicated that he would do “whatever it takes” to combat the virus, including another lockdown.
So where does this leave Penney’s?
The grossly conflicting valuations set the stage for a showdown between the ad hoc equity committee and creditor groups in the weeks ahead. This scenario is not that far off from what happened in the Neiman Marcus bankruptcy as creditors fought for a piece of the MyTheresa asset. The intellectual property and other assets had been transferred to holding company untouchable by the bankruptcy proceedings before the luxury department store filed its Chapter 11 petition. That dispute was settled and Neiman is now expected to emerge from bankruptcy in a few days. In the Penney’s bankruptcy, the parties likely will also figure out a settlement at a mutually agreed upon dollar amount for equity shareholders.
And that’s presuming nothing else pops up to cause the joint venture between the two landlords from having second thoughts on their planned purchase of Penney’s going-concern operation.
Source: www.sourcingjournal.com (24 Sep 2020)
11、Ralph Lauren Sheds 3,600 Jobs in Corporate Reorganization
Ralph Lauren Corp. is streamlining global operations to accelerate its Next Great Chapter plan for sustainable long-term growth, one that involves a headcount reduction of 15 percent.
The $6.16 billion apparel giant has been evaluating the company’s cost structure, focusing on team organizational configuration, real estate footprint including distribution centers and corporate offices, and its brand portfolio. President and CEO Patrice Louvet said in May during the company’s fourth-quarter call to Wall Street that Ralph Lauren will emerge from the coronavirus outbreak leaner and more agile. In August, during the company’s first-quarter call, Louvet said the firm was taking the opportunity during the disruption to accelerate its core strategic focus areas and “realign our resources accordingly.”
Following its review, the company on Tuesday said the streamlining includes a 15 percent reduction in its workforce, or about 3,600 employees from a total headcount of 24,000. The reductions in its global workforce is expected to be completed by the end of Fiscal 2021.
The company also said its Fiscal 2021 Strategic Realignment Plan anticipates future additional actions connected with initiatives disclosed on Tuesday.
More importantly for its future, the company is including a number of enhancements to its technology platforms, in addition to creating a flatter team structure that consolidates its global marketing and branding functions. Other initiatives involve the creation of a new Consumer Intelligence and Experience organization focused on leveraging consumer insights and predictive analytics to drive personalized consumer experiences at scale, as well as reorganizing its corporate merchandising teams. The company said it also continues to integrate Global Citizenship and Sustainability into every aspect of its business, “making it a key responsibility for all leaders.”
The company said it is also transforming how it operates with new technology platforms across several key areas of its business, including a cloud-based human resources and planning system and elevating how it delivers for consumers through its company-wide Digitizing the Value Chain project to better connect teams and digitize the product journey to enable faster decision-making from design to market. The aim of the changes is to support and elevate the Ralph Lauren vision and voice globally, while maintaining strong local capabilities and expertise, as well as enable strong consumer insights and empowering teams to make faster decisions, the company said.
Like others in the apparel and retail sector, the company was hit by the pandemic that saw temporary store closures, resulting in staff furloughs in April, and a slowdown in future orders as companies adjusted to the new normal coming out of the initial virus outbreak. While the company was able to leverage the talent of its employees by reassigning some across other areas to high-need functions, Tuesday’s disclosure of its new strategic plan is the first time the company has announced permanent layoffs post-Covid-19.
The workforce reduction is expected to result in annualized pre-tax expense savings of $180 million to $200 million, with savings realization mostly beginning in Fiscal 2022. The company also will incur estimated pre-tax charges of $120 million to $160 million.
“The changes happening in the world around us have accelerated the shifts we saw pre-COVID, and we are fast-tracking some of our plans to match them–including advancing our digital transformation and simplifying our team structures,” Louvet said. “These steps will enable us to progress our brand elevation journey and deliver Ralph’s vision in today’s dynamic environment–inspiring our consumers around the world and creating value for all of our stakeholders.”
“Over 53 years ago, this company started with a single tie and a dream that made it into a way of life….Through it all, our commitment to stay true to who we are, while evolving with the world around us, has helped to secure our future and our place as one of the world’s most beloved and inspiring brands,” Ralph Lauren, chairman and chief creative officer, said.
The apparel firm has done some restructuring prior. After Stefan Larsson joined the company in September 2015 as CEO, the first made changes to its management team. A month later, the company trimmed full-time headcount by 8 percent as part of his “Way Forward” turnaround plan. Larsson exited the company in May 2017 following reports of a clash with founder Ralph Lauren. He has been president of PVH Corp. since May 2019. Larsson was succeeded at Ralph Lauren by Louvet in July 2017, who implemented the follow-up five-year “Next Great Chapter” plan in June 2018.
Source: www.sourcingjournal.com (22 Sep 2020)