The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The African Continental Free Trade Area (AfCFTA), which brings together 54 African countries in a $3.4 trillion economic bloc that aims to eliminate 90 percent of tariffs on goods, officially launched on January 1, but is struggling to gain momentum in part due to the pandemic.
Signatories include South Africa, Kenya, Morocco, Egypt and Ethiopia, all of which are either emerging or established manufacturing and sourcing hubs for the apparel and textile industries.
AfCFTA’s efforts to break up trade barriers between countries could take over six months to come into effect, as Covid-19 has forced some African countries to close their borders to people and certain goods. This means the economic benefits of a free trade agreement may not be felt by garment workers for even longer.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.