PVH leads a promising sessionThursday, 09 September 2010
Yesterday the FashionUnited Top 100 closed the session with a noticeable increase of 7.74 points
that led the Index to a final position of 1073.19 points.
Wednesday’s unarguable protagonist was Phillips-Van Heusen Corp. The company swung to a fiscal second-quarter loss as the retail-apparel giant reported more charges related to its acquisition of Tommy Hilfiger, which again masked higher revenue and improved margins. Shares rose 3.3% to $52.16 in pre-market trading as results topped expectations and the company lifted its outlook for the year. Within the index, these results earned the company a hike of 4.45 points.
While the stock is surging today on better-than-expected second-quarter earnings and raised guidance, the apparel maker, which owns big-named brands like Tommy Hilfiger and Calvin Klein, isn't often viewed as a back-to-school play.
Regarding the most hit values, Puma AG kept on losing positions, with a final drop of 10 points, whereas Next climbed 9 points and Warnaco Group jumped 1.3 points. Other positive values were Asos, with an increase scratching the 12 points; Polo Ralph Lauren, closing the day with nearly two extra points or Burberry Group, which increased its performance by 2.5.
Generally speaking, yesterday was a highly positive day for the majority of values comprehended in the index. Neither sector outcome to be weakened, more on the contrary, with the athletic shoe-wear and apparel recovering extremely highly from the previous day losses.
Also the jewellery-luxury goods offered positive figures during the last session, with slight increases with almost no exception, from LVH to Tiffany’s.Following the increasingly present eco-trend, and as a commitment to the health and safety of workers across the apparel industry, Levi Strauss & Co. and Hennes & Mauritz AB (H&M) today announced plans to implement a global ban on sandblasting in all of their future product lines. The two companies are encouraging others to join this ban in a move toward eliminating sandblasting as an industry practice.Bangladesh said Wednesday exports leapt more than 25 percent year on year in July, with manufacturers linking the jump to a shift in orders from China to the low-cost South Asian country. One month ago, coinciding with the first month of its financial year, Bangladesh shipped 1.82 billion dollars of goods - the highest export figure in the country's 40-year history, the Export Promotion Bureau said.
This was due to a sharp rise in apparel exports as firms chose to buy from Bangladesh instead of China in a bid to keep costs down, Jalal Ahmed, the head of the EPB, told AFP. EPB figures showed shipments to new markets such as Turkey, Japan, South Africa and China grew 200 percent, although Western Europe and the United States still account for nearly 90 percent of Bangladesh's export market.
Apparel exports rose nearly 30 percent year-on-year, with overall shipments up 25.5 percent, Ahmed said, adding that exports of eco-friendly jute -- known as hessian in Europe or burlap in the United States -- have also surged.