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Vietnamese textile companies save millions via sustainability initiatives

International Financial Corporation (IFC) has launched a US $ 9.9 million project to assist Vietnamese garment and textile companies in enhancing resource efficiency and thereby saving US $ 15 million by minimizing the consumption of water, energy and chemicals. IFC made this announcement at a recently concluded workshop held in Ho Chi Minh City. Also Read – How Indian apparel industry is moving towards sustainability Under the programme, the selected 28 suppliers of VF and […]

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Lingerie market gears up for momentous changes

Growing at a steady rate over the past few years, the dependency of lingerie for functional as well as fashion purposes has propelled its growth further resulting in the global lingerie market being valued at US $ 33.18 billion in 2015, which is expected to be worth US $ 55.83 billion by the end of 2024. The global market is estimated to rise at a CAGR of 6.4 per cent during the forecast period – […]

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Target to launch baby brand Cloud Island on May 28

US-based department store retailer Target Corporation has decided to launch new baby brand Cloud Island in Target stores and on Target.com on May 28. The decision was taken by the retailer to make setting up the nursery by expecting parents a simple, safe and stress-free task with the launch of baby brand. “We worked with our guests to design Cloud Island just for them. This guest-focused approach is one of Target’s key differentiators, and Cloud […]

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Target reports lower sales

US-based department store retailer Target Corporation has reported better financial reports than its expectations for the first quarter. During the period under review, its comparable sales decline 1.3 per cent, driven by small declines in both traffic and basket size. First quarter GAAP earnings per share (EPS) from continuing operations were US $ 1.22, compared with US $ 1.02 in first quarter 2016, which included US $ 261 million of pre-tax early debt retirement losses. […]

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Target’s Chief Innovation Officer to step down

Casey Carl, the Chief Innovation and Strategy Officer of discount retailer Target will step down next month. This has been announced by the company. The retailer has seen a series of exits from the company like heads of stores, marketing, human resources and its chief digital officer in the last 18 months. Target, which has been noting decline in its comparable sales for the last three quarters, is under pressure to improve its sales performance. […]

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Target collaborates with Avery Dennison for inventory management

Avery Dennison, world’s largest UHF RFID partner in the retail industry, has announced a global Radio Frequency Identification (RFID) partnership agreement with Target Corporation, a US-based department store retailer. Largest of its kind, the collaboration is a part of Target’s deployment of RFID technology to more than 1,600 stores to help maximize inventory availability and deliver an enhanced guest experience. RFID technology uses radio waves to identify and track tags attached to objects and the […]

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Target unveils US $ 10 billion investment plan for next 3 years

Target Corporation, the second-largest discount store retailer in the USA, has unveiled a series of initiatives designed to reverse the retailer’s same-store sales declines, including an investment of more than US $ 10 billion. The investment includes, US $ 2 billion of capital in 2017 and more than US $ 7 billion to overhaul its stores over the next three years. The company is also planning to use about US $ 1 billion of operating […]

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Target registers 4.3% decline in Q4 sales

US-based department store retailer, Target Corp., has revealed that its total fourth quarter sales declined 4.3 per cent to US $ 20.6 billion from US $ 21.6 billion in the same quarter last year, reflecting a 1.5 per cent decline in comparable sales. In the full fiscal 2016, the company’s sales stood at US $ 69.4 billion as against US $ 73.7 billion in the corresponding period prior year. As per the company release, comparable digital […]

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US department stores register worst results since 2008 recession

As per the Morgan Stanley analysts, department stores registered the worst result since the 2008 financial recession. In the wake of the disappointing holiday season, Macy’s and Sears are collectively closing more than 200 stores, and analysts also suggest that JC Penney could shut down as many as 300 stores within the next couple years. Department stores were hit due to their primary reliance on in-store sales. Target’s same-store sales fell 3 per cent, for example, […]

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Home furnishing industry positive for 2017, but was not so happy last year

The home industry has been in focus of late and amidst the extension of garment sector benefits to made-up units, dull market sentiments and shocking news of Target Corp. terminating business relationship with Welspun India for passing off cheap cotton sheets as made from premium Egyptian Cotton, for most of the exporters, 2016 was just about satisfactory. The good thing though is that a majority of them are enthusiastic about 2017 and clear about their […]

January 20, 2017

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American retailer Target’s sales tumbles 4.9%

Target Corporation, the US-based retailer, has reported a decrease of 1.3 per cent in comparable sales during the combined November/December period. In the reporting period, the company’s total sales declined 4.9 per cent. Comparable sales at Target stores dived more than 3 per cent, partially offset by digital sales growth of more than 30 percent. Transactions were flat compared to last year, as digital transaction growth of more than 30 per cent was offset by a […]

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Target aids startup with US $3.7 million to bring transparency in supply chain

Target Corp., the second-largest discount retailer in the United States, has invested US $3.7 million in one of the start-ups, Inspectorio, a firm that focuses on helping retailers keep closer tabs on factories through inspections and data analysis by making mobile applications. “They have a lofty purpose and ambition about bringing transparency to the supply chain and sourcing world. That aligns very well to our approach and philosophy around where we want to take our sourcing […]

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Welspun India trying to recreate ties with Target

India-based, home textiles manufacturer Welspun India Ltd., recently revealed that it is trying to recreate ties with US retailer Target Corp., which severed ties with Welspun following Egyptian Cotton controversy. The manufacturer was alleged to be selling cheaper sheets disguised as premium Egyptian cotton and eventually got E&Y on board to clean its supply chain. Welspun Group Chairman, B K Goenka told an Indian daily, “We did accept our mistake and voluntarily set up audit in place. Unfortunately, the […]

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Target’s sales down 6.7% in Q3 FY ’16

Target Corporation, the second-largest discount retailer in the United States, has stated that its total third quarter sales plunged 6.7 per cent to US $ 16.4 billion from US $ 17.6 billion in the same quarter last year, reflecting a 0.2 per cent decline in comparable sales. As per the company release, comparable digital channel sales however increased by 26 per cent. Segment Earnings Before Interest Expense and Income Taxes (EBIT), which is Target’s measure […]

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Welspun decides to closely monitor its Egyptian cotton business

India-based home textile manufacturer, Welspun India recently announced that it has initiated steps to closely monitor and control its Egyptian cotton business, which had come under suspicion earlier this year over quality issues. Welspun reportedly said in a statement, “The company is moving towards producing all the Egyptian cotton products in-house i.e., from procuring cotton to the finished product.” The statement further added that the steps to be taken by the company in order to […]

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