Continuing our weekly news snippets, here are some interesting ones for Week 27.
Levi’s profits Rise 198% in 6 months of 2021
Levi’s reported net revenues of $1.3 billion which were up 156% versus the Q2 of fiscal 2020 and net revenues in the U.S. and China exceeded Q2 of fiscal 2019. Importantly, Direct To Consumer (DTC) stores and e-commerce comprised 29% and 8%, respectively, of total company net revenues in the Q2.E-commerce grew at a blistering pace – up 42% versus Q2 of fiscal 2020 and net revenues through all digital channels grew 75%. Digital penetration as a percentage of total sales was approximately 23%.
Dutch Govt Initiative on Sustainability Attracts PVH
Called the Dutch denim deal, public-private collaboration and initiative for sustainable denim were launched by Dutch Govt following the EU Green Deal and Circular Action Plan. Including partners like Scotch & Soda, Kings of Indigo, Kuyichi, 247 Jeans, Garcia, Mud Jeans, Recyclers and others from the supply chain, A public-private initiative, the Deal was launched by the Dutch government, following the EU Green Deal and Circular Action Plan, The target is to produce collectively a total of 3 million pieces containing (min 20 per cent) post-consumer recycled cotton (POCR) by end of 2023, and individually, each brand to have a minimum of 5 per cent POCR content in weight across the denim collections.
H&M, Timberland, and OVS top Fashion transparency index
Italian retailer OVS topped the Fashion Transparency index created by Fashion Revolution by scoring 78% of a possible 250 points. With an increase of 44% compared over 2020 OVS disclosed some of its raw materials suppliers for the first time and published data on the number of workers in the supply chain that had been paid a living wage.H&M Group came in second scoring 68%, then Timberland and The North Face which both scored 69%. German fast-fashion retailers C&A and Vans both achieved 65%.
ISKO invests in HKKRITA’s Green Machine
ISKO, the prominent Turkish mill, has invested in Green Machine – a revolutionary and innovative method by HKRITA. This technology allows for the separation of cotton and polyester by decomposing cotton into cellulose powders. The polyester is hence separated and the process is closed-loop and uses only water, heat, and less than 5% biodegradable green chemicals. It’s an industry first and expected to play a big role in circularity.
Post Bankruptcy Rebounding Aeropostale Focuses on Gen Z
Aeropostale’s back-to-school product assortment, which launched recently is heavy on denim, with a variety of new fits and washes in men’s and women’s. According to Natalie Levy, president and chief merchandise officer at Aeropostale’s parent company SPARC’s sales ratio for tops-to-bottoms were three-to-one. Now, denim is the brand’s No. 1 category, with current sales 50% higher than in 2019. The company is focusing on social media channels like TikTok to create virality. Baggy and boyfriend jeans are among the high sellers!
Week 26 news can be found here.
