On Tuesday, April 17 Primark announced that it has become the first British company in history to declare a billion dollars’ profit from retailing clothes. Being Primark, of course, it didn’t say anything that boastful: but if looked hard enough you could work it out.
Primark announced on April 17 it had made $1,069 million in the previous year from selling clothes: the most any British clothing retailer has ever made.
Primark’s H1 results, announced on April 17, make it the first British retailer to achieve over a billion dollars’ annual profit from selling clothes. All without a single online sale.
Fast Retailing sales grew 17% year on year to Y1.12 trn ($11 bn) in the six months ending February, yielding $1.6 bn in pre-tax profit. Internet sales accounted for 7.5% of sales
Tadashi Yanai, chairman and president of Fast Retailing, said on March 28 that there is “no chance” of US production for the company – probably the first time any Top 20 global apparel retailer has come out and denied the possibility of US production.
Sae-A, the Korea-headquartered global rival to China’s Dishang Group as the world’s largest independent apparel exporter, revealed in a press release about its philanthropy that it now has 10,000 employees in Haiti, where it first opened in 2012.
Sears admitted in its March 21 10-K filing for 2016 that it had “substantial doubt over its own future.
Britain’s Marks & Spencer topped apparel companies listed on March 13 in a benchmark ranking assessing 98 of the largest publicly traded companies in the world on 100 human rights indicators.
JC Penney CEO believes a border tax would be equivalent to paying the US government 170% of its profits.
Fast Retailing published its “core supplier list” on February 28. The list includes 146 suppliers in Bangladesh, Cambodia, China, Indonesia and Vietnam, but no indication of how the company defines “core”, or what kind of supplier relations have not been disclosed.
Reuters reported on March 3 that Canada’s Hudson’s Bay , owner of the Lord & Taylor and Saks Fifth Avenue retail chains, has yet to line up equity financing for a bid for Macy’s, over a month after approaching its US peer
Burmese media reported on February 28 that around 500 workers at the H&M-supplying, Chinese owned, Hundred Tex garment factory in the Shwe Lin Ban industrial zone, Yangon, had been locked out after the factory was “temporarily closed to carry out repairs on equipment and furniture” damaged in a worker riot.
VF Corp announced on February 27 a Forest Derived Materials Policy.
Speaking on Gildan’s 2016 earnings call on February 23, the company’s executive vice president Rhodri Harries said Gildan has, since acquiring American Apparel, begun “leveraging our manufacturing network, while at the same time working on a supply chain to also support Made in the USA product”.