Fashion / July/August Fashion Scoop: Our Roundup Of The Buzziest News From The South Asian Fashion Scene And Beyond!

July/August Fashion Scoop: Our Roundup Of The Buzziest News From The South Asian Fashion Scene And Beyond!

Fashion Jul 25, 2019

It’s time for the scoop! Textile mills are protesting in Pakistan. Is luxury retailer Barney’s heading towards bankruptcy? And, East meets West with Angel Chen x H&M.  Check out our July/August Fashion Scoop: our roundup of the buzziest news from the South Asian fashion scene and beyond! 

 

Faisalabad, Gujranwala, Karachi & Lahore, Pakistan

 

 Textile Mills In Pakistan Protest Increase Sales Tax

 

A 17 percent tax has been imposed on the textile processing mills in four major cities in Pakistan. Mill textile owners in Faisalabad, Gujranwala, Karachi, and Lahore are protesting the imposed sales tax.

According to SAMAA TV, board members of the All Pakistan Textile Processing Mills Association and All Pakistan Textile Sizing Association have reported better profits with a sales tax of two percent.

 

July/August Fashion Scoop
July/August Fashion Scoop: Textile mill in Pakistan. Photo Credit: www.ifc.org

 

Exporters currently have a three to four percent profit margin and cannot afford the 15 percent increase in sales tax.

The APTPMA and APTSA are demanding the government meet with stakeholders of the textile industry to negotiate and decrease the tax to a single figure of four to five percent.

“The government sees us as easy targets,” a mill owner told SAMAA TV. “There is no country in the world where the export industry is taxed.

Unemployment in the textile sector is set to increase should the strike continue. Currently, over 20,000 workers are out of work.

 

New York, New York

 

Barney’s Seeking Buyer To Avoid Bankruptcy

The retail industry is abuzz as luxury retailer Barney’s is in danger of filing for bankruptcy.  According to the New York Post today, Barney’s CEO, Daniella Vitale is seeking a fashion-minded investor to purchase the luxury chain.

Last week a statement was released to the press that the retailer is “actively evaluating opportunities” to strengthen their balance sheet.

 

June/July Fashion Scoop: Luxury Retailer Barney’s New York. Photo Credit: www.vanityfair.com

 

International and North American investors who have expressed interested in acquiring the department store have been cautious due to the soaring rent fees on Madison Avenue.

The luxury retailer has suffered a $70 million net loss for the fiscal year that ended in February, according to Debtwire and has hired law firm Kirkland & Ellis LLP to determine their financial options.

This story is continuing to develop…

 

 Toronto, Canada

 

East Meets West With Angel Chen x H&M Collection This Fall.

Fast-fashion retailer H&M has announced it’s the first collaboration with Chinese designer Angel Chen.

Chen will design a 45- piece capsule collection set to release this fall. She is deemed one of the brightest young fashion talents and has notably listed on the Business of Fashion’s 500 List.

 

June/July Fashion Scoop: Angel Chen, Spring/Summer 2019 Collection. Photo Credit: www.angelchenstudio.com

“I am grateful and privileged to have this opportunity to work with H&M to launch its first Chinese designer collaboration collection,” says Chen. “I hope that through this collaboration, more people will pay attention to Chinese designers, and also the Chinese culture and spirit behind their designs.”

The collection is set to release on September 2019.

 

Main Image Photo Credit: www.angelchenstudio.com; www.ifc.org

Tessa Johnson

Tessa Johnson

Author

Tessa (@tessajstyle) holds a diploma in Fashion Business Management from George Brown College and has Fashion Coordination and Styling certification from Ryerson University. She has been ANOKHI Magazine’s Fashion Editor for the last four years covering the runways from Toronto to India. Her love...

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