GENEVA — The Cambodian economy is forecast to grow 6.7 percent in 2013, up from last year’s 6.5 percent, driven by resilient exports, largely of apparel, an International Monetary Fund report said.
The report said apparel exports “continued to expand by 10 percent (year-to-year) during the first three quarters of 2012, in part thanks to improved access to the European Union.”
Apparel accounts for more than 80 percent of Cambodia’s exports of goods. Overall, the IMF projects exports to grow 10.7 percent in 2013 to $6.3 billion and inflation to average 3.8 percent.
The IMF country assessment cautions the outlook is subject to considerable risks stemming from the fragility of the world economy, and from some domestic factors, including potential labor unrest. In a risk assessment, the IMF said, “Prolonged labor disputes and strikes could erode Cambodia’s competitiveness over the medium term.”
It also warns that spillovers from a deterioration of the euro zone financial crisis could be significant for the Southeast Asian nation of 14.5 million people. But the IMF noted that the impact, so far, “has been relatively contained, given Cambodia’s special zero-tariff access to the European Union.”
The IMF concluded that growth in Cambodia could reach 7.5 percent by 2017, but said this depends on a pick-up in the global economy and continued structural reforms, including the modernization of infrastructure.
Der Jiun Chia, a member of the IMF executive board from Brunei, in a presentation on behalf of Cambodia, said 1,015 megawatts of electricity generation capacity would be added in 2012-13 from the operation of six hydro power projects. The provision of more affordable electricity would also help boost export growth, especially in the manufacturing and apparel sectors, the official noted.
The Garment Manufacturers Association of Cambodia has often singled out higher electricity costs, along with lower productivity, as key factors why total manufacturing costs in the country, despite lower wages, are about 20 percent higher than in neighboring Vietnam.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion