Tag: clothing

Chinese fast fashion giant Shein denies low prices due to forced labour

PARIS, May 5, 2023 (AFP) – Chinese cut-price fast-fashion giant Shein defended its business model in an interview with AFP, saying demand-based production accounted for its low prices and not forced or cheap labour. Founded in China in 2008, Shein has swiftly claimed a top place in the global fast-fashion marketplace, offering young social-media-savvy customers low-priced collections that turn over at a steady clip. The Singapore-based firm’s strategy chief Peter Pernot-Day told AFP that Shein […]

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Zara owner’s profits rise despite inflation

Madrid, Spain (AFP) Zara owner Inditex reported Wednesday a jump in profits in the third quarter of its fiscal year despite soaring inflation and the war in Ukraine impacting business costs. The group, which also owns Massimo Dutti, said it pulled in a net profit of 1.3 billion euros ($1.4 billion), between August 1 and October 31, compared to 1.23 billion euros in the same period last year. Analysts surveyed by financial information service Factset […]

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British retailer Marks and Spencer exits Russia

British clothing-to-food retailer Marks and Spencer on Wednesday announced a full exit from Russia following the country’s invasion of Ukraine. After halting product shipments to Russia at the start of March, Marks and Spencer said it had decided “to fully exit” its Russian franchise run by Turkish conglomerate Fiba Group. The exit, plus disruption to M&S operations in Ukraine run also by franchisee Fiba, is costing the British company £31 million ($39 million, 36 million […]

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Chile’s desert dumping ground for fast fashion leftovers

by Paula BUSTAMANTE Agence France-Presse ALTO HOSPICIO, Chile (AFP) – A mountain of discarded clothing including Christmas sweaters and ski boots cuts a strange sight in Chile’s Atacama, the driest desert in the world, which is increasingly suffering from pollution created by fast fashion. The social impact of rampant consumerism in the clothing industry — such as child labor in factories or derisory wages — is well-known, but the disastrous effect on the environment is […]

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Nike earnings rise, bullish on China

NEW YORK, United States (AFP) — Nike reported higher second-quarter earnings Tuesday behind increased sales in key markets, including China, and said it was making progress in cutting inventory in North America. Executives gave an upbeat outlook on China, where sales jumped 12 percent to $1.1 billion. Net income for the quarter ending November 30 rose seven percent to $842 million. Sales rose six percent to $8.2 billion. Participation in the Shanghai marathon was 38,000 […]

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