🇸🇦 Turmeric Capital invests in Saudi Arabian fashion brands Abadia and 1886. The private equity firm led by former L Catterton Asia head Ravi Thakran will invest in the two brands, according to an announcement made at a New York roadshow by the Saudi Fashion Commission ahead of the inaugural edition of Riyadh Fashion Week later this month. Turmeric, a Singapore-based firm whose growth fund targets companies in the Middle East, India and Southeast Asia, made its maiden investment last year in Dubai’s sustainability-focused brand The Giving Moment after Thakran had secured $500 million from Saudi backers to set up the fund, according to Bloomberg. [Zawya, BoF Inbox]

🇨🇳 Alibaba unit denies Belgian allegations of ‘possible espionage’ for China. The Chinese e-commerce giant’s logistics arm Cainiao issued a statement denying allegations made by Belgium’s intelligence agency VSSE that it could be involved in spying from its base at the country’s Liège cargo airport. The allegations revolve around Alibaba Group’s software systems that collate sensitive economic information and legislation forcing Chinese companies to share data with the Chinese government. The dispute has emerged as the group prepares for an IPO spin-off of Cainiao, the unit that handles shipments for overseas e-commerce platform AliExpress. [CNN, FT]

🇦🇪 Dubai Fashion Week launches Mega Showroom after event rebrand. The second edition of the fashion week that rebranded earlier this year is running from Oct. 9-15, featuring regional brands such as Dima Ayad, Lama Jouni, Mrs Keepa, The Giving Movement, Emergency Room and Michael Cinco. Co-founded by the Dubai Design District (D3) and Arab Fashion Council (AFC), the showcase has attracted 25 designers from 12 countries including Middle Eastern nations like Lebanon, Egypt and the UAE and countries across Asia and Europe. Organisers have launched a hybrid B2B, B2C sales showroom called Mega to complement the runway shows. [Zawya, BoF Inbox]

🇮🇳 Pacific India expands its shopping centre network in north India. Also known as Pacific Group, the real estate and retail firm based in Nalagarh, Himachal Pradesh state will this month open an 87-store mall in the city of Faridabad in neighbouring Haryana state, adding to its portfolio of malls where brands like Decathlon, Marks & Spencer and Nykaa operate stores in Delhi as well as the cities of Ghaziabad in Uttar Pradesh state and Dehradun in Uttarakhand state. [Economic Times]

🇰🇭 Cambodia increases minimum wage for garment workers. The monthly minimum wage for the southeast Asian manufacturing and sourcing hub will be $204 in 2024, up from the current wage of $200. The move will affect an estimated 800,000 workers in the sector across 1,077 factories, according to the Ministry of Labour and Vocational Training. [The Cambodia Daily]

Jewellers note 1% rise in gold prices as Israel-Hamas war prompts safe-haven asset buying. The latest chapter of the long-running Israeli-Palestinian conflict has seen more than 1,500 deaths on both sides since the Oct. 7 terrorist attacks in Israel by Hamas led the Israeli military to retaliate in Gaza where Hamas rules. The violence has heightened geopolitical uncertainty in the wider Middle East region, increasing global investor demand for safe-haven assets like gold and the price of oil on Oct. 9. [Reuters]

🇧🇷 Brazilian sportswear and streetwear chain Kings Sneakers expands south. The retailer with more than 140 multi-brand outlets across the country has opened a new location in Florianópolis, the capital of Santa Catarina state in the southern region, where it will sell brands such as Nike, Adidas, Vans, Converse and Puma. Also known as Lojas Kings, the company was founded in São Paulo in 2007 by Igor Morais, an entrepreneur who has since taken on the CEO role. [Fashion Network Brazil]

🇲🇦 Moroccan clothing and textile exports hit record high. Exports surged in 2022 to reach 44 billion Moroccan dirhams ($4.25 billion), surpassing pre-pandemic levels. Despite constraints from the Pan-Euro-Mediterranean trading zone and fierce competition from the likes of Turkey, Morocco is now Europe’s eighth-largest supplier in the sector, with fast fashion accounting for 52 percent of production, according to a recent report by the World Bank’s International Finance Corporation. [Financial Times]

🇧🇩 Bangladeshi ready-made garment exports surge but miss target in Q1. In the first quarter of the fiscal year 2023-24 (Jul-Sep), exports rose by 13.07 percent to $11.617 billion, missing the official target by 1.49 percent. The knitwear category outpaced woven apparel during the period. [Fibre2Fashion]

🇨🇳 Yanlord Land Group opens Cangjie luxury retail district in Suzhou, China. The Singapore-based real estate developer has opened a new shopping district in the cultural quarter of Suzhou, the traditional centre of China’s silk trade and a booming city in Jiangsu province, not far from Shanghai. In an area that already has stores from Maison Margiela, Jimmy Choo and Vivienne Westwood, Yanlord Cangjie is projected to feature over 200 brands in the district’s streets. [Dao Insights]

🇰🇷 South Korean actress Park Gyu-young is named Gucci brand ambassador. The K-drama star of TV series like “It’s Okay to Not Be Okay”, “Sweet Home”, “Dali & Cocky Prince” and “Celebrity” is the latest Korean to partner with the Italian luxury brand, joining fellow actors Lee Jung-jae and Shin Min-a and musicians Lee Ji-eun (also known as ‘IU’), EXO’s Kai and NewJeans’ Hanni. [Rolling Stone India]

🇮🇳 India’s Reliance Brands Limited (RBL) buys Superdry’s south Asia licenses. Through its wholly owned subsidiary RBUK, the Mumbai-based retail conglomerate said it will acquire the troubled British brand’s intellectual property assets for the India, Sri Lanka, and Bangladesh territories for £40 million ($48 million). RBUK and Superdry will own 76 percent and 24 percent of the joint venture entity, respectively. In 2012, RBL inked a long-term franchise agreement with Superdry, introducing it to the India market. [BoF Inbox, Reuters]