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Worldview: Chinese Exports Suffer Worst Fall Since Start of Pandemic

This week’s global markets round-up of fashion business news also features Advent to buy Zimmermann in a $1 billion deal, Amyris to shut down Costa Brazil and Onda Beauty and cotton yarn demand stagnant in north India.
Shipping containers at the port of Miami.
Chinese exports suffer the worst fall since the start of the Covid-19 pandemic. (Shutterstock)

🇧🇷 Amyris to shut Costa Brazil and Onda Beauty. The biotech and product manufacturing company is shuttering two beauty labels: Brazilian skin care, hair care and fragrance line Costa Brazil, founded by former Calvin Klein designer Francisco Costa, and clean beauty retailer Onda Beauty, co-founded by actress Naomi Watts, The Business of Beauty has learned. Thirty six employees across the shared service teams of Costa Brazil, Onda Beauty and Amyris in New York — not including its bases in California and Brazil — are set to be made redundant.

🇨🇳 Chinese exports suffer worst fall since start of pandemic. China’s exports and imports fell more sharply than expected in July amid an ongoing trade slump and feeding concerns for growth for the world’s second-largest economy. Exports declined 14.5 percent year on year in dollar terms while imports fell 12.4 percent. These are the biggest declines since the beginning of the Covid-19 pandemic in 2020.

🇮🇳 Cotton yarn demand stagnant in north India; pressures on cotton prices rise. In Delhi, Ludhiana and other parts of north India, demand from weavers for yarn is stagnant amid an increase in imports and decrease in export demand. As a result, spinners cannot increase prices, despite rising production costs.

🇦🇺 Advent to buy Zimmermann in $1 billion deal. Private equity giant Advent International said it has entered into a deal to buy a majority stake in the Australian luxury brand in a transaction whose weren’t disclosed. The deal would allow Zimmermann to accelerate expansion abroad, particularly in Asia and the Middle East, and boost its distribution network.


🇨🇳 Kenzo launches Spring/Summer 2024 collection for men and women in Shanghai. The luxury house’s artistic director Nigo presented the Spring/Summer 2024 womenswear and menswear collections in Shanghai’s Port International Cruise Terminal on the Huangpu River. This marked the brand’s first ever show in China.

🇯🇵 United Arrows’ sales surge 8.4% YoY in Q1 FY23. The Japanese clothing brand has reported total sales of 32.155 billion yen ($226.22 million) in the quarter ended June 30, up from 29.664 billion yen the same period a year ago, marking an 8.4 percent increase.

🇲🇲 Love Moschino and OVS face OECD complaint over Myanmar. Civil society group Italia-Birmana Insieme has accused the brands of flouting the intergovernmental organisation’s guidelines for multinational enterprises with business ties in Myanmar, such as upholding workers’ rights to organise and bargain. Since the junta in 2021, activists have reportedly been arrested, threatened or faced personal harm at Love Moschino’s and OVS’ supplier factories.

🇨🇳 Valentino re-opens store in Shanghai at Plaza 66. The concept store marks “an important step in the expansion of the brand’s worldwide retail network,” the company said in a statement. Spanning 475 square metres, the store includes a VIP room and an expanded space for menswear.

🇦🇪 Loro Piana re-opens flagship store at Dubai Mall. Following a renovation, the store is the first in the world to showcase the new Loro Piana concept that includes VIP salons. Located in Dubai Mall’s Fashion Avenue, the refurbished store has doubled in size.

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