A few weeks after signing a free trade agreement with the USA, Peru continued its international foray with a parallel agreement with China. With $2 million in exports in 2008, the Peruvian textile industry could also benefit from a similar agreement currently being negotiated with the European Union.
Hot Topic Inc, which had so far bucked weak trends in apparel, forecast a second-quarter loss due to a slowdown in traffic post Easter, sending its shares down as much as 9 percent in trading after the bell.
Clothing retailer American Apparel Inc swung to a first-quarter loss, cut its full-year outlook and said it may have to restate prior financial statements due to the classification of its revolving credit facility, triggering a 20% slide in its stock.
British fashion retailer Bay Trading has been bought out of administration by clothing wholesaler and retailer Rinku Group. However, Bay Trading is still cutting 1,230 jobs, or almost 70 percent of its workforce.
Nike Inc, the world's largest maker of athletic shoes and apparel, will slash 5 percent of its 35,000-strong global workforce, or 1,750 jobs, in the largest headcount reduction in the company's history.
Jefferies and Co upgraded Abercrombie & Fitch Co to "buy" from "hold," and said Wall Street has already drastically cut its earnings estimates for the teen clothing retailer and fundamentals are about to trough.
After having acquired Simmons Optics and Millett Industries last year, “in the framework of its growth through acquisition objectives”, Bushnell Outdoor has taken over Cébé, founded in 1892 and most recently held by Marcolin.
Apparel maker Warnaco Group Inc posted a higher-than-expected quarterly profit on Tuesday 12 May, helped by cost cuts, and raised the low end of its outlook for the year. Warnaco shares rose 7.5 percent in light premarket trade.
Private equity firm Axa sold the Lorraine based crystal producer Daum on the 11th of May to the holding company of businessman Prosper Amouyal, Financière Saint-Germain, which has already taken over the manufacturer Haviland and half of Lalique.
British mining group Anglo-American published a report on Thursday 30 April showing that iron ore is one of the only products for which production has increased in the first quarter, activity in general being strongly affected by the global slowdown.