Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers.
The destructive weight of the COVID-19 pandemic is expected to contract the US$2.5 trillion global fashion industry by up to 30per cent in 2020, according to investment bank Bryan, Garnier & Co. Stores have opened in most of the United States and Europe, and while lines formed outside some, many consumers are staying at home, with almost 60per cent in the United States surveyed by Coresight Research on June 24 saying they were avoiding malls.
New orders are down by as much as 45per cent on the year, said Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association, and factories in the world's second-largest garment maker are operating at around half their capacity in the country.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cycling fever hits as Jakarta residents avoid congestion, public transportJAKARTA: It was a regular workday and Danny Siwu, head of store for bicycle shop Build A Bike in South Jakarta, Indonesia, was busy tending to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Big Oil confronts possibility of terminal demand declineAlthough crude prices have rebounded from coronavirus crisis lows, oil execs and experts are starting to ask if the industry has crossed the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Hangzhou first major Chinese city to curb property deals after post-outbreak demand spikeHANGZHOU, China's answer to Silicon Valley, has imposed new restrictions on property transactions after cheap credit and a relaxation of residency permits fed a demand surge. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Big Oil confronts possibility of terminal demand decline[PARIS] Although crude prices have rebounded from coronavirus crisis lows, oil executives and experts are starting to ask if the industry has crossed the Rubicon of peak demand. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Formula 1: Hamilton slams reports of increased salary demandsSPIELBERG, Austria: Lewis Hamilton hit out on Saturday (Jul 4) at reports claiming he is seeking a big salary increase to re-sign with Mercedes ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Samsung's Q2 chip sales unlikely made up for smartphone weaknessSEOUL: At Samsung Electronics Co Ltd , demand for its chips from data centres bulking up to meet a surge in work-from-home traffic was not likely ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »