2020.10.30
INDUSTRY NEWS - 2020.10.30
1、【轉戰網上】GAP 將關閉共 350分店 香港得返3間 將重組轉戰電貿加盟業務
受女疫情影響，美國服飾品牌 GAP 宣布重組計劃，並關閉同名品牌 GAP 和旗下品牌 Banana Republic 共 350 間門市，未來集團將會著重發展電子商務及購物商場外的門市經營。
網店用戶大增 實體銷售大跌
集團早前公布第 2 季的業績顯示，實體店面的銷售額下跌 48%，但電子商貿銷售額比起去年同期大增 95%。GAP 執行長 Sonia Syngal 指，消費者因新冠肺炎疫情無法外出購物，改用網購購買大量 T 恤、健身短褲和睡衣等居家服飾，令 GAP 第 2 季的網上顧客增加 350 萬人；旗下辦公服飾品牌 Banana Republic 銷售額則大跌 52%，即使網上銷售上升 26%，實體店卻慘跌 71%。
GAP 宣布的 3 年重組計劃中，將在 2023 年前，關閉北美洲約 3 成 GAP 及旗下 Banana Republic 共約 350 間門市，預計在 2021 年財年結束前，能順利完成 75%，至於歐洲分店，集團還在評估其業務情況，但預料需關閉全數 129 間直營店。香港亦只留下 3 間分店。
GAP 指出，重組計劃主要關閉購物商場內的門市，並加強發展電子商貿和購物商場外的門市的經營，預計在 2023 年結束時，能佔總收入 8 成。
1969 年成立的 GAP ，是美國最大的服裝公司之一。曾在全球擁有 4,200 多間分店，年營業額超過 130 億美元，品牌在 2000 年巔峰時市值更一度達到約 400 億美元。
資料來源：香港經濟日報 (2020年10月28日)
2、內地工業利潤升10.1% 連揚5個月 生產需求漸恢復
內地工業企業利潤連續5個月錄得按年增長。國家統計局公布，9月份規模以上工業企業實現利潤總額6464.3億元（人民幣．下同），按年上升10.1%，但增速較8月份回落9個百分點。今年首9個月，全國規模以上工業企業實現利潤總額4.37萬億元，按年下降2.4%，跌幅較首8個月收窄2個百分點。
國統局工業司高級統計師朱虹發表解讀，指數據反映生產需求逐步恢復，產業循環持續改善，工業企業利潤穩步回升。其中，第三季利潤增長15.9%，增速較第二季加快11.1個百分點。
國統局：第三季增長加快
朱虹稱，第三季規模以上工業增加值按年上升5.8%，營業收入增長4.8%，呈現逐季回升態勢；工業企業利潤增速由首季的跌36.7%，到次季的增長4.8%，再到第三季的上升15.9%，呈現出「由降轉升、增長加快」的走勢。季內，規模以上工業虧損企業虧損額按年跌21.4%，第二季為增長13.1%。
今年首9個月，規模以上工業企業中，國有控股企業實現利潤總額11303.1億元，按年下降14.3%；股份制企業實現利潤總額30681.1億元，減少3.6%；外商及港澳台商投資企業實現利潤總額12443億元，增長2.6%；私營企業實現利潤總額12748.3億元，下降0.5%。
專用設備製造業勁漲22%
在41個工業大類行業中，21個行業利潤總額按年增加，20個行業減少。其中，專用設備製造業利潤增長22.3%；農副食品加工業上升16.7%；電腦、通訊和其他電子設備製造業漲15.5%，通用設備製造業上揚10.7%，紡織業增加4.8%，汽車製造業升3%，石油、煤炭及其他燃料加工業則下降66.2%。
截至9月底，規模以上工業企業應收賬款16.24萬億元，按年增長14.3%；產成品存貨額達4.53萬億元，上升8.2%；產成品存貨周轉天數為18.9天，增加1.7天；應收賬款平均回收期為54.6天，按年多7.1天。
朱虹表示，儘管首三季工業企業利潤持續穩定恢復，但當前累計工業企業營業收入和利潤增速均尚未轉正，應收賬款和產成品存貨增速仍然較高，企業利潤持續向好基礎仍需鞏固。
資料來源：信報財經 (2020年10月28日)
3、東莞長安智造中心vivo藍廠
東莞長安智造第三期，主持人實地探秘全球手機排行前五的智造中心vivo藍廠，體驗vivo員工的一天生活，一起跟著主持人來看看吧！
按此觀看https://weibo.com/tv/show/1034:4562905933479967?from=old_pc_videoshow
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vivo新製造中心啟用：年產手機超7000萬 助力“中國智造”
~ 新華網 2020年7月15日
位於廣東省東莞市的長安鎮，曾在改革開放的浪潮下，以智能手機製造業聞名於世界。如今，隨著5G時代的來臨，這座小鎮迎來了新的機遇，“中國製造”向“中國智造”轉型的故事正在當地上演。這其中，vivo即將留下濃墨重彩的一筆。
7月15日下午，vivo的新智慧製造中心召開竣工剪綵儀式。該中心位於長安鎮，毗鄰vivo全球總部，總占地面積約21.6萬㎡，建築面積約34.5萬㎡，項目總投資額約20億元。
如果說vivo過去的生產線讓行業看到了vivo嚴格的品質標準，那麼新智慧製造中心的啟用，則是在向世界證明著“中國智造”的實力。
以生產為核心，實現高品質發展
前不久發佈的vivo X50系列，業內首創微雲台拍攝，讓人們看到了vivo研發實力的冰山一角。事實上，產品創新能力也離不開科學高效的生產管理，從產線設備到工藝流程，作為目前頭部品牌中少有的自產自研手機廠商，vivo從未停止過對於生產創新的追求。
為了打造領先於行業的生產環境，vivo沒有選擇在舊產線上裨補闕漏，而是重新建設一個高度智慧化、現代化的智慧製造中心，讓企業實現從“制造型企業“向”智造型企業”的轉變。
走進vivo的新智慧製造中心，給人最直觀的感受就是“人性化”和“精細化”。
整個智慧製造中心由包括廠房、辦公樓、員工宿舍、動力中心等單體建築組成，實現了生產管理高度集約和精細化，同時也讓生產效率大幅提升。根據vivo的規劃，新製造中心的月產能將達到600萬台，即年產能超7000萬台，配合其他四大智慧製造中心，vivo具備年產近2億智慧終端機設備的生產能力。
作為一貫奉行“以人為本”的vivo，在確保產能的同時，也為2萬員工打造了齊全的基礎設施，位於園區中央的生活廣場、宿舍中的多重庭院、籃球場、健身房，以及一系列配套場館設施，共同組成了一個人文生活系統，為vivo員工緊張的工作之餘，提供一個極富生活氣息的環境。
儘管vivo智慧製造中心承擔著生產、研發、倉儲、生活等職責，但憑藉vivo強大的精細化管理，讓生產生活得以有序化進行。
vivo智慧製造中心以生產為核心，遵循工業製造的邏輯，合理、高效地組織功能和空間，充分利用園區高度自動化、生產高度集約化的優勢，讓整個園區如同一台精密的機器有條不紊地運轉著。
針對環境問題，vivo摒棄了過去行業內“粗放型“的發展路徑，對生產所帶來的環境問題進行重點整治，廠區內單獨設立了1棟工業垃圾回收倉，2棟生活垃圾房，將節能環保的理念貫穿於製造中心的生產經營當中。
儘管新智慧製造中心投入巨大，但vivo堅信，基礎設施建設的投入將會對未來科技創新的推動起到重要作用，新中心的啟用就是vivo實現走向“智造型企業”的第一步。
以研發為導向，實現“中國智造”
作為中國 “自研自產”的智慧手機製造商，vivo的研發與生產互為表裡，在生產技術提高的同時，vivo也在持續加大研發上的投入。
vivo影像技術總經理于猛此前接受媒體採訪時表示，5G、雲計算、大資料、AI等前沿技術能夠為傳統製造業賦能，實現由“中國製造”到“中國智造”的轉變。
作為最早啟用5G研發的國內手機企業之一，早在2016年，vivo便成立了北京研發中心。在5G領域，vivo已累計申請了2000多項5G發明專利，向3GPP標準化組織提交5G提案超過3800篇，位元列國內終端公司第一。
除北京研發中心外，vivo還在深圳、南京、上海、東京以及聖地牙哥等地設立了8個研發中心，佈局涵蓋5G、AI、影像、軟硬體等智慧手機研發的多個領域。同時vivo還擁有5大智慧手機製造中心，分佈於東莞、重慶、印度、孟加拉和印尼，滿產的情況下，每年能擁有2億台的終端設備產能。
資料顯示，2019年vivo的全年研發投入已超過100億元，在研發投入這個問題上，vivo也曾明確表示，vivo的技術投入不設上限。
如何為製造業賦能，vivo在這一問題上做足了準備。於猛表示希望通過對智慧終端機研發上的長線佈局，讓智慧終端機被越來越多的消費者所接受，同時通過智慧終端為智慧製造增添色彩，同時vivo也會跟上下游產業鏈去協同，完成全行業的智慧升級。
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資料來源：長安微視頻 (2020年10月23日)
4、十四五建設製造與網絡強國
一連4天的中共第十九屆五中全會昨日閉幕，會議由中央政治局主持，聽取和討論了中共總書記習近平受中央政治局委託所作的工作報告，並通過了《中共中央關於制定國民經濟和社會發展第十四個五年規劃和二〇三五年遠景目標的建議》。根據大會公報，由明年開始的「十四五」（2021至2025年），經濟社會發展主要目標包括經濟發展取得新成效，國內市場更加強大，創新能力顯著提升，並「堅定不移建設製造強國、網絡強國」；同時提出2035年的遠景目標是經濟實力、科技實力、綜合國力大幅躍升，關鍵核心技術實現重大突破，進入創新型國家前列。
會議回顧了「十三五」的成果，指規劃目標任務即將完成，全面建成小康社會勝利在望，經濟實力、科技實力、綜合國力躍上新的大台階，預計今年國內生產總值（GDP）突破100萬億元人民幣。
今年GDP破100萬億人幣
「十四五」涉及約12項目標，其中一半關乎經濟建設，包括國內市場更加強大、經濟結構更加優化，並要堅持創新在現代化建設全局中的核心地位。
在產業發展領域上，要堅定不移建設製造強國、質量強國、網絡強國、數字中國，推進產業基礎高級化、產業鏈現代化，發展戰略性新興產業。
內需方面，堅持擴大內需這個戰略基點，加快培育完整內需體系，以創新驅動、高質量供給引領和創造新需求。要暢通國內大循環，促進國內國際雙循環，全面促進消費。
至於2035年遠景目標主要有9項，除要成為創新型國家前列，也須建成現代化經濟體系、實現國家治理體系和治理能力現代化、形成對外開放新格局，以及人均國內生產總值達到中等發達國家水平等，中等收入群體顯著擴大。
2035年成中等發達國家
在新華社約6300多字的公報中，「創新」共出現達15次、「科技」有10次，表明要把科技自立自強，作為國家發展的戰略支撐，深入實施科教興國戰略、人才強國戰略、創新驅動發展戰略，完善國家創新體系，加快建設科技強國。同時要強化國家戰略科技力量，提升企業技術創新能力，激發人才創新活力，完善科技創新體制機制。
澳新銀行大中華區首席經濟學家楊宇霆表示，「中國製造2025」惹美國不安，儘管爆發貿易戰之後已不再提及，但創新及科技作為發展主線，不論如何包裝，其理念仍如出一轍，故就算由民主黨的拜登勝出美國總統大選，中美關係仍會處於微妙競爭關係；五中全會提到要加快建構國內國際雙循環，意味在不放棄國際市場的同時擴大內需，迎接新時局。
有別於此前的五年規劃，「十四五」未有提出經濟增長預期目標，楊宇霆稱，即使沒有具體目標，但仍設定在2035年人均GDP達中等發達國家水平，這需要維持GDP高增長才可實現。
資料來源：信報財經 (2020年10月30日)
5、人幣穩中升值 內循環新格局重要條件
無論是官方的說法，還是民間市場的研究，基本上都認為，2015年「811」滙改之後，人民幣對美元滙率基本上是在合理均衡水準上，保持雙向波動及穩定，人民幣滙率開始有漲有跌，市場化程度已經全面提升。比如，「811」滙改到2016年年底，人民幣兌美元總體貶值了13.4%；2017年年初至2018年3月底，人民幣兌美元總體升值了9.4%；2018年3月底人民幣兌美元由6.24貶值到5月底的7.13，貶值了14.2%。9月份之後由此升值，到10月23日升值到6.68，升值幅度達6.4%。
但實際上，這種觀察僅看到表象，2015年以來人民幣滙率的波動，政府因素可能要比市場因素要大，與經濟的基本面關係其實不是太大。比如2017年底到2018年3月，人民幣對美元滙率的升值，更多的是各種政策干預的結果；而2018年4月初以來的人民幣對美元滙率的貶值，更多的是中國政府對冲美國強行增加徵收出口到美國的中國商品關稅的結果；而最近人民幣兌美元的升值，則更多的是美元滙率貶值的結果。今年以來，人民幣對美元滙率升值4.5%，美元滙率下跌4.3%，歐元兌美元升值5.9%，日圓兌美元升值4.1%。
新措施增外幣需求 人幣升值減壓
不過，面對市場因素引發最近人民幣滙率持續升值，中國人民銀行10月10日突然宣布，自10月12日起，把遠期售滙業務的外滙風險準備金率由20%降至0%，以減輕購滙成本，理論上讓投資者購買更多的外幣。由於外幣需求增加，人民幣升值的壓力自然會降低。但市場並沒有順着政府這種政策意圖，人民幣只是跌了一天便反彈，而且近日對美元滙率升值到更高水平。
又有消息說，國家外滙管理局擬把合格境內機構投資者（QDII）額度增加100億美元，藉此釋放出政府不願意人民幣滙率快速升值的訊號。
當市場預期人民幣升值時，持有人民幣的企業及居民是不願意用人民幣購買外幣的，政府推出的這些措施，對阻止人民幣滙率升值起不了多少作用。盡管這樣，政府還是要推出阻止人民幣升值的措施。可見，中國這種以市場為基礎、有管理的滙率制度，對於人民幣滙率更多的是管理，而不是市場，政府希望通過適當干預，不願意人民幣滙率快速升值的意圖，是十分明顯的。
就算在那些滙率完全自由浮動、市場化程度較高的國家，政府干預滙率市場也是常見的事情。這方面的例子在國際上很多，比如日本在2003年為了避免日圓升值，一次性買入了1,500億美元，此前日圓已經完成了滙率市場化；2010年，歐債危機爆發以後，避險資金大量流入瑞士，瑞士法郎被大幅高估，導致通貨緊縮，瑞士央行於2011年9月設定瑞士法郎兌美元滙率上限，以緩解通縮壓力。即使實行自由浮動滙率制度的國家，在必要時也會進行市場干預。但是，「811」滙改之後，人民幣滙率出現有漲有跌的雙向波動，更多是政府干預的結果，特別是2018年4月中美貿易摩擦不斷惡化之後，人民幣滙率持續貶值，更多的是政府行為的結果。
可以說，在以信用貨幣美元為主導的國際貨幣體系下，一國貨幣與另一國貨幣的比價關係，既與實體面的因素相關，也有非實體面因素滲透，最為重要的，是如何保證國家利益最大化。所以，在現代經濟生活中，政府通過政策引導一國貨幣滙率，是無可厚非的。問題就在於，人民幣滙率應該錨定在一個甚麼樣的水平上更為合適，更能夠達到國家利益最大化。
人幣持續弱勢 削國際市場信心
「811」滙改之後，人民幣滙率的雙向波動不僅沒有讓滙率形成機制的市場化程度提升，促進國內經濟持續增長，也沒有增加人民幣國際化程度；反而這幾年人民幣國際化的程度在收縮，作為國際儲備貨幣及貿易結算貨幣，所佔國際市場的比重逐年下降。所以，就國家經濟的重大發展戰略來說，人民幣滙率錨定在一個穩定中持續走強的水平上，是一個重要選擇，也是人民幣滙率未來好的選擇。
中國作為全球經濟第二大國，如果人民幣滙率持續處於弱勢甚至貶值的態勢下，要成為全球經濟的第二強國是不可能的。目前人民幣佔全球儲備貨幣1.67%，說明全球各國對人民幣的認可程度是相當低的。這不利於人民幣的國際化、不利於中國企業走向國際市場，也不利於增強國際市場對中國經濟的信心。
其中重要原因，在於全球市場對人民幣的信心不足、在於人民幣經常處於貶值狀態、在於人民幣滙率更多的是受政府影響與干預。要改變這種狀態，中國政府既要給國際市場一個可信的承諾，增加人民幣滙率形成機制的透明度及市場化程度，也要保證人民幣滙率持續穩定，以及穩定中升值。
人民幣滙率的持續穩定及走強，也是「以國內大循環為主體」新發展格局的重要條件。人民幣在穩定中升值，不僅可以讓國內資金留下而不是外逃（「811」滙改之後，大量資金逃出中國，就是因為人民幣滙率大幅貶值）、擴大進口，提升中國出口產品的質量及品位，為國內市場提供更多投資與消費機會，也可能吸引更多國際市場資金流入，促進中國金融市場的繁榮，亦有利於引進國際上的先進設備和技術等。
改政策老路 重點支持經濟發展
可以說，就目前中國經濟發展新格局來看，以內需為主導的循環經濟，是人民幣滙率政策調整的一個重要時機。人民幣滙率政策應該改變以往「鼓勵出口創滙」的老路，轉向重點支持經濟發展的新格局。因此，人民幣滙率應該錨定在一個「穩中升值」的水平上。這有利於中國採購全球優質商品、設備及相關技術，促進居民消費增長，提升居民生活水平，促進國內企業技術創新等，從而增強國內經濟體質；也有利於縮減中國貿易順差規模、協調中外經貿關係，減少日後再發生貿易摩擦的機率，同時也是人民幣國際化最為重要的一步。所以，目前中國政府的人民幣滙率政策，應該是一種戰略性的抉擇，而不是一種應對市場的短期措施。
資料來源：香港經濟日報 (2020年10月30日)
6、貿發局藉實體＋網展 為企業助攻 升級網上採購平台 加強配對分析營銷
疫情下，展覽業進入冰河時期，不少展方將綫下展覽轉至綫上，香港貿發局也抓緊此新趨勢，不斷優化其網上平台功能。貿發局副總裁周啟良認為，實體和網上混合模式將成為未來展覽新路向，強調當局日後也會雙軌並行，為企業締造更多商機。
新冠肺炎疫情幾乎打亂了全球所有的經貿往來，面對外遊限制、封城等措施，B2B（企業對企業）展覽難以舉行，故貿發局自4月起，也陸續將實體展移師至網上。
周啟良認為，疫情已改變採購常態，料日後許多展覽將會結合綫上和綫下，但就不認為實體展已無存在價值，廠家同時也需增強網上推廣技巧。他引述貿發局7月進行的調查，有近7成受訪買家表示，在可行的情況下，未來一年都會選擇參與實體展；另有47%買家指，會繼續結合綫上綫下進行採購。
隨着香港與新加坡之間的「旅遊氣泡」即將開通，他希望此模式可複製至其他國家，互相增建更多氣泡，以締造良好條件令本港可重啟B2B實體展覽。「屆時即使某些國家未能開通旅遊氣泡，我們可針對這些市場以綫上補足。」
擬推「虛擬攤位」 低價惠展商
至於B2C（企業對消費者）展覽方面，只要本港疫情維持穩定，包括書展及美食展的B2C展覽可如期舉行，周啟良對此不太感到擔心。
對於參展廠商而言，要在綫上洽商難免帶來「距離感」。為令網上展覽更貼近實體展性質，該局亦即將推出「虛擬攤位」功能，展商更可因應預算選擇不同方式演繹，如標準及特級攤位等。他解釋，在實體展覽中，除了個體公司外，亦有不少外國團體或組織參展，他們一般有指定設展預算，故希望藉「虛擬攤位」予展商更多選擇，讓他們更善用手上資源。由於網上展覽概念對亞洲廠家而言仍然較新穎，故有關服務會先以低價作招徠，但長遠而言，他希望以用者自付形式操作，同時建議廠商宜把握網上展覽趨勢，內部調撥資源作網上推廣。
此外，貿發局亦全面升級其「貿發網採購」平台，透過使用人工智能及機器學習技術，新增不同功能，以加強配對效率及分析營銷效用，例如建議關鍵詞、個性化專頁、產品頁面統計數據，亦推出「推廣點數」增加產品曝光。
資料來源：香港經濟日報 (2020年10月29日)
7、JCP Bankruptcy: How Much Will Unsecured Creditors Get?
There are plenty of fireworks behind the scenes in the J.C. Penney bankruptcy.
On Monday, new developments in the mass merchant’s bankruptcy saga detailed the bitter fighting between lenders and hinted at what kind of recovery unsecured creditors might expect to receive.
At the virtual conference, Seth Van Aalten from Cole Schotz, representing the committee of unsecured creditors, told bankruptcy Judge David Jones, who is overseeing the JCP case, that “unsecured creditors will receive very little, if any, value for their ongoing support.”
Among JCP’s top five unsecured trade claims, the fashion firms high up on the list include: Nike Inc., Beaverton, Ore., $32.1 million; Alfred Dunner Inc., New York, N.Y., $14.2 million; Byer California, San Francisco, Calif., $12.6 million; Adidas Distributing, Portland, Ore., $7.1 million, and Haggar Clothing Co., Farmers Branch, Tex., $6.1 million.
Van Aalten added that Simon Property Group and Brookfield Asset Management, the mass merchant’s two largest landlords, are pushing to own the operating component of JCP before the holiday season is fully under way.
The current plan is to sell the real estate assets to a majority group of first-lien lenders, with 160 stores placed into one real estate investment trust and the six distribution centers into another REIT, the component call PropCo. Simon and Brookfield would purchase the operating component of JCP, which runs the stores and is referred to as OpCo. The transaction, which includes a credit bid, is valued at $1.75 billion, with the landlords contributing $300 million and assuming $500 million in debt.
JCP bankruptcy counsel Joshua Sussberg of Kirkland & Ellis told Judge Jones that the parties are working on the final documentation of the master lease now that outstanding issues have been resolved through mediation and the assistance of bankruptcy Judge Marvin Iskur. The attorney emphasized that the parties have been focused on “maximizing the value of this enterprise. Under these circumstances, that means one thing and one thing only—achieving a going-concern transaction.” He emphasized such a resolution would help to save 60,000 jobs, provide a tenant for many landlords and maintain a trade partner for many vendors.
But the status conference was also fraught with two different lending factions fighting over recovery rates.
Late in the bankruptcy, a group of minority first-lien lenders who were dissatisfied with their recovery under the proposed PropCo-OpCo plan of sale elected to submit an $750 million offer of their own for the PropCo component of JCP’s real estate assets. Sussberg addressed the offer at the status conference, noting that the proposal is “not consistent” with the fiduciary duty to maximize value and that “they think they can plug into the Simon and Brookfield transaction.” Sussberg emphasized to Judge Jones that the complicated deal is actually one transaction, even though it is referred as two components.
He referred to the disagreement between the two lending groups as an inter-lender dispute. Sussberg also gave a reason why the minority group’s bid for PropCo stands little chance for success. The key claim is that the OpCo sale can only be approved on Monday, Nov. 2, together with a master lease, the document that the landlords are finalizing with the group of majority first-lien lenders, led by H/2 Capital Partners, which provided the retailer with its debtor-in-possession financing.
Philip Dublin from Akin Gump Strauss Hauer & Feld, representing the minority group, disclosed that his clients learned before the status conference that neither Simon nor Brookfield would do a transaction with them, and that it now has just six days until the Nov. 2 sale hearing to find itself an operating partner. He sought to convince the judge that the PropCo-OpCo deal was an “artificially integrated bid” to help members of the DIP lending group to “line their own pockets,” noting that the motive was “greed, greed, greed.”
Documents filed with the court suggested that the minority group bid led by Aurelius Capital provides the DIP lenders with a 100 percent recovery, instead of the 162.4 percent it calculated was in the proposed plan, a recovery that Dublin described as “exhorbitant.” He also went as far as calling the dispute between the opposing majority and minority first-lien groups as “lender-on-lender violence.”
“Lender-on-lender violence couldn’t be further from the truth….What we see here is economic terrorism,” said Andrew Leblanc, the partner at Milbank representing the majority first-lien group. “We tried for five months to get a transaction that works. We would have loved for the debtors to have an alternative that didn’t require us to step in and operate as a PropCo-Opco, one of the most complicated deals in the retail space. The last 32 days we’ve engaged in mediation with Judge Iskur [and have been] on the phone on a daily basis, sometimes throughout the night to put forth a transaction to salvage jobs.”
Leblanc emphasized that the minority group of lenders are looking for a payout and not trying to save jobs, using the threat of liquidation to extract a premium. “We encourage the court to go through with the sale process and allow the sale to go through,” he said.
Sussberg, given the opportunity to respond, said: “We will not let this company liquidate and we have said this over and over again to anyone who will listen.”
As for other bidders who were circling around JCP, which over the summer were identified as Sycamore Partners and Hudson’s Bay CEO Richard Baker, Sussberg said they simply wanted to be an operator to the lenders. “If someone had a better alternative, they had plenty of time to raise it,” the JCP attorney said.
Source: www.sourcingjournal.com (27 Oct 2020)
8、H&M’s Transparency Efforts Shine Light Into Opaque Supply Chains
The fashion supply chain is a convoluted, opaque mess. But H&M is working to shine a light on where its clothes are made—and by whom.
“We believe that transparency is a way of doing business and it’s a tool that drives positive change towards a more sustainable fashion future,” said Pascal Brun, head of sustainability for the Swedish retailer. “We have been committed to increasing our level of transparency for many years.”
In 2013, H&M made public for the first time the names and addresses of nearly 800 of its cut-and-sew and processing suppliers across Asia, Africa and Europe, a hitherto uncommon move for any brand, let alone one of its size and scale. Last April, H&M took the concept further, attaching consumer-facing “transparency layers” to all garments and most H&M Home interior products sold on hm.com.
Customers who click on “product background” on any item page are able to pull up not only the country where the coat, dress or T-shirt was manufactured but also the name of the factory, its physical address and the number of workers it employs. The same tab offers additional information about the materials used and how to recycle the garment when it’s no longer wanted.
“By being open and transparent about where our products are made we hope to set the bar for our industry and empower customers to make more sustainable choices,” Brun said.
Transparency alone, labor-rights advocates say, does not automatically result in improved working conditions, higher wages or greater accountability, but it’s a necessary vantage point from which to effectively campaign for these other goals. H&M is a signatory of the Transparency Pledge, a “minimum standard” for supply-chain disclosures that asks companies to publish “standardized, meaningful information” on all factories in the manufacturing phase of their supply chains.
The 2020 Fashion Transparency Index, published in April by grassroots group Fashion Revolution, gave H&M its highest score of 73 percent based on social and environmental metrics such as animal welfare, biodiversity, chemicals, climate, due diligence, supplier disclosure and working conditions.
H&M plans to uncover more of its operations beyond its first tier, including mapping all of its viscose and manmade cellulosic fiber suppliers by the end of 2020 and publishing 100 percent of its fabric dyeing and printing partners by 2021. For certain materials, like organic cotton, it works with third-party certifiers and standards organizations to split the load, but the work is never completely finished, Brun said, because the supply chain is constantly shifting, which means that one-time mapping is not enough.
“Thanks to our local presence in our production countries, we have been able to build long-term relationships with our suppliers based on trust and transparency,” he said. “It has also given us the possibility to engage with local trade unions, NGOs and civil society groups to ensure that we understand the local perspective in each country. But in a complex supply chain like ours, there is still a need for joint industry solutions, third-party certification systems and trustworthy supply-chain data.”
Looking ahead, Brun says H&M wants to share even more information with its customers, including environmental performance data on the product level. The retailer has teamed up with Higg Co, a spinoff of the Sustainable Apparel Coalition that manages the Higg Index suite of sustainability assessment tools, to test and launch something to that effect “in the near future.”
“We have always understood transparency to be a tool for positive change and that increasing our level of transparency will be an ongoing part of our journey towards a more sustainable fashion industry,” Brun said. “At the same time, we know that customer expectations are increasing and transparency helps us to raise our customers awareness, empower them to make more informed choices and build trust.”
Source: www.sourcingjournal.com (25 Oct 2020)
9、Nordstrom to Open Two New LA Local Stores Ahead of Holiday Rush
Nordstrom is expanding its fleet of local service hubs with the addition of two new locations in the Los Angeles area.
On Tuesday, the Seattle-based department store chain announced that it would be opening Nordstrom Local stores in the SoCal towns of Newport Beach and Manhattan Beach. The Newport Beach store, opening Nov. 6, will span 1,193 square feet, while the 1,886 square-foot Manhattan Beach location will debut sometime in the coming months. The new doors represent the fourth and fifth Nordstrom Local locations in the Los Angeles area, following Melrose, Brentwood and Downtown Los Angeles.
New York City boasts the retailer’s two other Local storefronts, on the Upper East side and in the West Village.
At both new L.A. locations, Nordstrom customers will be able to pick up orders from Nordstrom.com, NordstromRack.com and Hautelook.com through contactless curbside pickup. They can also drop off returns from those online retail channels and others, like Trunk Club, which Nordstrom acquired in 2014.
The Nordstrom Local model revolves around offering easy access to in-person services like styling and alterations. Simple repairs like hemming, sleeve shortening and minor sizing adjustments can be done same-day on purchases from Nordstrom, other retailers or even a shopper’s own wardrobe. They can also drop off their unwanted duds to be donated to local non-profit groups.
“Opening Nordstrom Local service hubs in the Los Angeles area is part of the continuation of our market strategy in one of our largest markets to provide customers with greater access to merchandise selection and faster delivery while increasing convenience and connection through our services,” said Ken Worzel, chief operating officer at Nordstrom. “Nordstrom Local customers who engage with our services at a Local including curbside pick-up, returns, alterations and styling spend more than two-and-a-half times compared to other customers.”
It appears that the company is also looking to entice shoppers ahead of the holiday rush by touting its complimentary gift-wrapping services, combined with the omnichannel option of curbside pickup. Purchases from other stores can also be wrapped for an $8 fee.
The department store retailer also debuted new services for L.A.-area shoppers, including the ability to pick up purchases from Nordstrom.com, NordstromRack.com and HauteLook.com orders at any Nordstrom Rack store. Consumers can shop digitally across all brands and choose their preferred next-day pickup location when checking out online. Nordstrom has 14 stores in the L.A. area, along with 30 Nordstrom Rack locations.
And, in a bid to increase efficiency for holiday shoppers, Nordstrom will offer free, two-day home delivery to all card members beginning on Nov. 5.
Source: www.sourcingjournal.com (28 Oct 2020)
10、Ralph Lauren Sees China Returning to Pre-Covid Growth
Ralph Lauren’s second quarter results show balance-sheet strength, with revenues reflecting recovery from Covid-19 and second-quarter average unit retail up 26 percent.
In a Nutshell: The company’s restructuring drove an improvement in speed to market despite ongoing global supply chain challenges. Twenty-five percent of orders are now completed in three months or less, compared to a single-digit penetration last year, Ralph Lauren said.
Second quarter sales in the Chinese Mainland increased more than 30 percent to last year in constant currency, reflecting a recovery to “pre-Covid trends,” the company said. Overall performance also saw improvement sequentially across all regions led by digital channels, despite further disruptions from Covid-19 and cautious consumer behavior, it added.
Digital sales increased by “mid-teens to last year, with double-digit growth in all regions.” Ralph Lauren saw North American digital sales accelerate in the quarter, with sales to domestic customers up in the high-teens. The company’s “Connected Retail” capabilities include virtual clienteling, buy online and ship-to-store, buy online and pickup in-store, curbside pickup, appointment scheduling, and mobile checkout and contactless payments.
Among its brand mix and product assortment changes, Ralph Lauren evolved its lines to align with changing consumer preferences by region, including a return to pre-Covid categories in Asia and Europe and more casual assortments in North America. Second-quarter average unit retail rose 26 percent, with strong double-digit growth in North America and Europe. The company also partnered with Zalando, Asos and Urban Outfitters for exclusive capsule collections in the quarter to help drive strong engagement with Gen Z consumers.
“The strength of our timeless brand and the values that have always been our touchstone continue to anchor us through this period of change and uncertainty,” Ralph Lauren, executive chairman and chief creative officer, said. “While this is a very trying time for the world, I am eternally optimistic about our ability to take the great learnings and creativity that have emerged from this time to become even stronger.”
The company is still reviewing options as part of its Fiscal 2021 Strategic Realignment Program, which includes team organization structures, real estate footprint and distribution centers, direct to consumer retail and wholesale doors and brand portfolio.
As part of its brand portfolio review, Ralph Lauren said it will transition its Chaps brand to a fully licensed model, inking a multi-year licensing agreement with 5 Star Apparel LLC, a division of the OVED Group, to manufacture Chaps apparel for men’s wear and women’s wear. The agreement will begin on Aug. 1, after a transition period, with products sold at existing channels of distribution and the potential to expand into additional channels and markets globally, the company said.
Net Sales: Total revenues for the three months ended Sept. 26 fell 30 percent to $1.19 billion from $1.71 billion. The company said the decline was attributable to Covid-19.
By region, North American sales fell 38.4 percent to $542.9 million from $881.2 million. Retail comparable store sales were down 32 percent, with a 40 percent decrease in brick-and-mortar stores partly offset by a 10 percent increase in digital commerce. Wholesale revenue in the region was down 46 percent. Sales in Europe were down 25.1 percent to $359.5 million from $480.2 million. Comps were down 29 percent, with a 35 percent decrease in physical stores partly offset by a 26 percent increase in digital commerce. Sales in Asia were down 7.3 percent to $236.6 million from $255.3 million. Comps fell 11 percent, with a 12 percent decline in brick-and-mortar stores partly offset by a 32 percent increase in digital commerce. Sales in other non-reportable segments decreased 39.1 percent to $54.5 million from $89.5 million.
Inventories declined 12 precent in the quarter.
Earnings: The company posted a loss for the quarter of $39.1 million, or 53 cents a diluted share, against net income of $182.1 million, or $2.34, in the year-ago period. On an adjusted basis, net income was $107 million, or $1.44 a diluted share.
Wall Street was expecting adjusted diluted earnings per share of 90 cents on revenue of $1.21 billion.
The company ended the second quarter with $2.4 billion in cash and investments and $1.6 billion in total debt, compared with $1.6 billion and $693 million, respectively, in the year-ago period.
In the second quarter, Ralph Lauren recorded most of the $160 million in pre-tax charges related to job cuts.
Given the uncertainty that remains with the Covid-19 pandemic and potential for second waves of outbreaks across various markets, the company said it expects financial results for both the third quarter and full year Fiscal 2021 to continue to be adversely impacted by the pandemic.
CEO’s Take: “Looking across the first half of the fiscal year, we continued our elevation journey while fast-tracking Connected Retail and our company-wide digital transformation,” Patrice Louvet, president and CEO, said. “We also began the hard but necessary work of simplifying our organizational and cost structures to position the company for future growth. Looking ahead, we will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders.”
Source: www.sourcingjournal.com (29 Oct 2020)
11、Carter’s to Close 200 Stores, Open 100 ‘Co-Branded’ Locations
Carter’s is reshuffling its store deck, with the infant and children’s wear company set to close approximately 25 percent—or more than 200—of its 850 U.S. stores as leases expire. Alongside these closures, the kid’s wear specialist has plans to open nearly 100 new co-branded stores with sister brand OshKosh B’gosh over the next five years, chairman and CEO Michael D. Casey said in a third-quarter earnings call.
Nearly 60 percent of the closures could occur by the end of 2021, while 80 percent are planned by 2022. Casey noted that these are generally “older, low-margin stores in declining centers and less likely to support our focus on high-value omnichannel customers.”
In a Nutshell: Despite an 8.3 percent net sales decline the third quarter to $865.1 million, Casey noted that the company exceeded both sales and earnings goals in the period.
“The quarter got off to a strong start with our Fourth of July holiday retail sales up 7 percent,” Casey said. “We saw less robust demand in August during the back-to-school shopping period with many children beginning their school year at home and learning virtually. We had the strongest level of demand in September with our Labor Day holiday retail sales up 15 percent, our best performance in three years.”
While store traffic was lower due to the Covid-19 restrictions and overall decline in store traffic, both in-store conversion rates and units purchased per transaction improved.
Casey said in the earnings call that the lower store performance in the quarter was “largely offset by stronger growth in e-commerce sales,” which improved 17.2 percent year over year.
“Given the mix and level of e-commerce inventories, we were less promotional than last year,” Casey said. “And as a result, we significantly improved price realization and e-commerce profitability in the quarter.” Stores fulfilled 24 percent of e-commerce orders in the period, with Carter’s now offering same-day and curbside pickup in 600 stores.
Another common theme throughout the call was the company’s heavy curtailing of inventory in anticipation of its partners running leaner. Total inventories at Carter’s totaled $646.6 million in the third quarter, a 10.6 percent drop from the $723.2 million on hand at this point last year.
“The wholesale performances (which declined 14.2 percent year over year) reflects more curtailment of inventories. I’d rank that higher than the conservative planning by our wholesale customers,” Casey said. “We cut fall and holiday inventories for our wholesale customers back some portion of 30 percent or more earlier this year but I’m glad we did.”
Carter’s launched its Little Baby Basics product offering in late June to coincide with its store openings, which is now the core of its baby product offerings and the best-selling newborn apparel in the U.S., according to Casey.
Given the current market disruption caused by the Covid-19 pandemic, recent spikes in confirmed cases of the virus and related uncertainty on the timing and extent of the market recovery, Carter’s is not providing fiscal 2020 sales and earnings guidance.
During the quarter, Carter’s repaid $244 million in outstanding borrowings under its $750 million secured revolving credit facility using cash on hand.
The retailer’s total liquidity at the end of the quarter was $1.6 billion, comprised of cash and cash equivalents of $831 million and approximately $740 million in available borrowing capacity on its secured revolving credit facility.
Carter’s continues to believe it has sufficient liquidity for the foreseeable future to maintain its operations and manage through the disruption caused by the Covid-19 pandemic.
Net Sales: In the third quarter, net sales decreased $78.2 million, or 8.3 percent, to $865.1 million, compared to $943.3 million in the prior-year quarter.
Carter’s says the decline reflects decreased sales to certain wholesale customers, decreased traffic to company-operated stores, and decreased back-to-school sales (all a result of ongoing disruptions related to the Covid-19 pandemic), partially offset by strong e-commerce channel growth.
U.S. retail segment comparable sales declined 3.5 percent, reflecting a retail store decline, partially offset by e-commerce growth of 17.2 percent. E-commerce continues to be our fastest-growing and highest-margin business.
U.S. retail generated $449.1 million in sales, or 51.9 percent of total net sales, which surpasses the 2019 third-quarter’s percentage of 49.2 percent.
U.S. wholesale, on the other hand, generated $302.1 million in the quarter, or 34.9 percent of sales, well below the 37.3 percent mark it held in the third quarter last year. Wholesale’s decline was attributed to the cancellation of fall and winter inventory early in the pandemic, and many of the retailer’s partners choosing to run leaner on current inventory.
While wholesale sales declined 14.2 percent year over year, sales of Carter’s exclusive brands through its biggest wholesale partners, Amazon, Walmart and Target, actually improved a combined 10 percent. E-commerce growth from brands through all wholesale customers was up more than 40 percent, with “triple-digit growth rates” with some of the exclusive brands.
International sales, which includes sales in Canada and Mexico as well as wholesale orders in both countries, decreased 10.3 percent from $126.9 million to $113.8 million.
Net Earnings: Net income increased by $21 million, or 34.8 percent, to $81.2 million, or $1.85 per diluted share, compared with $60.3 million, or $1.34 per diluted share, in the third quarter last year.
Adjusted net income increased 2.3 percent, to $85.9 million, compared with $83.9 million in the prior-year period. Adjusted earnings per diluted share increased 4.8 percent year over year to $1.96 from $1.87 last year.
Operating income increased 35.4 percent, to $113.5 million in the third quarter, compared with $83.9 million in the year-ago period. Operating margin increased 420 basis points (4.2 percentage points) to 13.1 percent.
Adjusted operating income increased 4.2 percent, to $119.5 million, compared to $114.7 million. Adjusted operating margin increased 160 basis points (1.6 percentage points) to 13.8 percent, reflecting improved gross margin and strong management of spending.
Gross profit reached $383.7 million in the third quarter, with gross margin representing 44.4 percent of total net sales. The gross margin is an improvement over the company’s $402.2 million gross profit, which was 42.6 percent of sales last year.
CEO’s Take: Casey further elaborated on the store closures, noting that the consumer has responded strongly to the co-branded store model.
“In the past, we’d say, ‘As long as its cash flow breakeven or better, why close them?’ But you have to look at where the arrow is pointing. The performance of the standalone Carter’s and OshKosh stores—we made a decision a year ago to exit those stores,” Casey said. “A lot of times when we’re closing a store it’s because a better center has opened up in an adjacent market. So we’ll open co-branded stores closer to the consumer at better centers with better margins. Our focus is fewer, better, more profitable stores located close to the customer.”
Source: www.sourcingjournal.com (23 Oct 2020)
12、What Gerber’s Next-Gen Cutting Room Can Do for Apparel Production
Gerber Technology is taking the flexible materials processing industry to the next level with the launch of its end-to-end solution for mass production: the Atria digital cutting room.
The Gerber Atria Digital Cutter will be unveiled at the company’s annual technology conference, Ideation, on Nov. 4-6. The connected platform features the new Atria digital cutting solution and the just-released AccuMark 2D and 3D, AccuNest and AccuPlan. The technologies combine for a next-generation, digital mass production solution Gerber said will offer “the best throughput, quality and price per piece in the market.”
The Atria digital cutting room leverages Industry 4.0 and IoT to seamlessly integrate with Gerber’s pattern design, cut planning and nesting solutions, which connects the entire mass production process from CAD to the cut room. Gerber said this delivers what manufacturers need to succeed in the post-Covid world by integrating data management, improving efficiencies, reducing material waste, optimizing nesting and cutting production costs.
“We designed the Atria to be the most intelligent, integrated and high-performance cutter the mass production market has ever seen,” Lenny Marano, chief commercial officer at Gerber Technology, said. “The new normal Covid era is a challenge for many manufacturers and requires them to be agile and innovative. The Atria is backed by Gerber’s end-to-end solution that will allow companies to easily adapt and respond to consumer demands and market challenges.”
The Atria digital cutting room builds on the innovative spirit of Joseph Gerber, the company’s founder and the pioneer behind the first automated cutting solution. Gerber said as “the industry’s smartest machine to date,” the Atria promises to transform mass production by improving overall throughput by 50 percent, reducing consumable usage by more than 30 percent and improving material yield 5 percent, with zero buffer cutting in many applications at full speed.
The intuitive solution will be a game-changer for the workwear, denim, furniture, transportation and personal protective equipment (PPE) markets as it utilizes powerful algorithms to eliminate errors, reduces costs and ensure data integrity at every point in the process, Gerber said.
“Fashion and transportation industries were two of the industry segments most impacted by COVID-19, which meant manufacturers in these industries had to quickly adapt their processes, accelerate e-commerce and look for new ways to connect with customers and maintain a competitive edge,” Ron Ellis, director of hardware product management at Gerber Technology, said. “The Atria’s state-of-the-art control technology and intelligent sensors enable versatility and make it the perfect solution for a variety of markets including apparel, transportation and furniture.”
Gerber Technology delivers software and automation solutions that help apparel and industrial customers improve their manufacturing and design processes and more effectively manage and connect the supply chain, from product development and production to retail and the end customer. With customers in 134 countries, Gerber Technology has a global team of experts to support companies in apparel and accessories, PPE, home and leisure, transportation, packaging and sign and graphics industries.
Source: www.sourcingjournal.com (27 Oct 2020)
13、Led by Repreve Recycled Yarns, Unifi Sees Sales and Profits Spinning Upward
Unifi said its quarterly results reflected strong sequential growth, driven by an agile global business model and a culture of innovation.
In a Nutshell: Unifi Inc., a manufacturer of recycled and synthetic yarns, said its seeing a gradual improvement in all aspects of its business and even made an acquisition to boost polyester production capabilities.
Unifi noted that at the end of the quarter, debt principal was $95.4 million, while cash and cash equivalents were $78.1 million, resulting in net debt of $17.3 million, a reduction from $23.6 million on June 28 and a record low for the company in more than 20 years.
In October, Unifi completed a strategic acquisition of the air-jet texturing assets of Texturing Service LLC to enhance and expand the company’s existing textured yarn capabilities. Customers and production activity will transition to Unifi’s polyester segment operations in North Carolina during the second quarter of fiscal 2021. Financial terms were not disclosed.
For fiscal 2021 ending June 30, assuming no further significant disruptions to global markets or further adverse impacts from Covid-19, the company said the initial recovery in net sales and profitability in the first quarter of fiscal 2021 appears consistent with the improvements in the apparel industry, in spite of the lingering challenges of the pandemic.
Entering the second quarter of fiscal 2021 this month, Unifi said net sales trends are encouraging and are expected to continue to improve. Should these trends remain, growth in profitability is expected to follow at commensurate rates.
Sales of Repreve and value-added products are expected to continue recent growth rates and increase as a percentage of net sales, and $22 million to $25 million of capital expenditures are expected for fiscal 2021.
Sales: Net sales for the first quarter ended Sept. 27 fell a year-over-year 21 percent to $141.5 million, but increased 64 percent compared to the previous quarter.
The decline was primarily the result of lower global demand, lower selling prices in connection with lower raw material costs, and unfavorable foreign currency translation. This was partially offset by volume growth in Brazil due to the operation’s strength and ability to quickly respond to pandemic-related demand fluctuations.
Revenue from its Repreve fiber products represented a quarterly record of 35 percent of net sales compared to 31 percent in the prior-year period.
Earnings: Net income dipped to $3.4 million, or 18 cents per share, and included a $1.2 million income tax benefit resulting from a $2.7 million net benefit in connection with recently passed high-tax exception rules. This compared to year-ago net income of $3.7 million, or 20 cents per share, which was adversely impacted by a $1.2 million loss from a minority interest investment the company sold in April.
Gross profit decreased to $14.6 million from $17.4 million in the period, mainly due to the expected lower sales and production volumes in the U.S. However, Unifi’s gross margin increased to 10.3 percent compared to 9.7 percent thanks to improvements in Asia and Brazil.
Operating income for quarter was $2.9 million compared to $6.3 million for the year-ago period.
CEO’s Take: Eddie Ingle, CEO of Unifi, said, “Our first quarter of fiscal 2021 results were better than anticipated and demonstrated the resilience of our business and the agility of our global model. We experienced sequential improvement in revenue during each month of the quarter and the pace of our recovery has been reassuring. We also achieved an expansion of gross margin by 60 basis points year-over-year, which was quite an achievement given ongoing pandemic-related volume pressures.
“Interest in our sustainable solutions remains high, as exemplified by Repreve fibers reaching 35 percent of our net sales,” Ingle added. “In the quarters ahead, our team will remain intently focused on the customer experience, driving new and innovative sustainable solutions, and returning to long-term growth. I am confident that our diverse global operations, strong management team and solid financial position will enable us to regain our momentum throughout fiscal 2021.”
Source: www.sourcingjournal.com (27 Oct 2020)