DHAKA, Bangladesh — The apparel and textile industry here hasn’t been immune to the global recession, but Bangladesh’s position as one of the cheapest sourcing nations has shielded it from the worst and even allowed the country to pick up market share.
Bangladesh is the world’s fourth largest apparel exporter behind China, the European Union and Turkey. The country’s apparel exports totaled $12.35 billion last year and the government believes global economic conditions will make more gains possible. The country’s Export Promotion Bureau has set an apparel export target of $14 billion for the fiscal year beginning on July 1. The expectation is that the country will be more price competitive with other leading apparel manufacturing nations, particularly China.
“We have taken the existing situation in rival exporting countries China, Vietnam, Cambodia and India into consideration before fixing the target,” said bureau vice chairman Shahab Ullah.
However, the financial crisis has taken a toll on the industry. Leaders of the Bangladesh Knitwear Manufacturers & Exporters Association, representing some 5,000 factories, and the Bangladesh Garment Manufacturers & Exporters Association, with 1,600 members, said more than 100 factories have been forced to close because of the recession and thousands of others could shut. The groups are seeking government stimulus to support the industry.
“A decision on size of the fund and its usage would be made by October,” said Finance Minister AMA Muhith.
Exporters are looking to diversify their products and the markets they serve.The Japanese market has been a targeted for expansion.
“We are optimistic that Japan will increase buying from Bangladesh,” said Fazlul Hoque, president of the manufacturers and exporters association.
Exports of garments to Japan rose to $74 million in 2008-09 from $28 million of the previous year.
With a boost from Uniqlo, which intends to invest $100 million in Bangladesh for exports to its retail outlets in Japan, as well as its duty free trade status with that nation, Bangladesh hopes to ultimately export product worth $1 billion annually to Japan, Hoque said.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews