🇰🇪 Kenyan skincare model Uncover raises $1.4 million to broaden to the US. The Nairobi-based firm, launched in 2021 by Sneha Mehta and Jade Oyateru, has secured the funding in a spherical led by Dubai-based enterprise capital agency EQ2 Ventures and US-based IgniteXL Ventures, with participation from Chui Ventures, Samata Capital and Altree Capital. Uncover, which makes use of knowledge offered by customers on its app to have personalised skincare merchandise created by labs in South Korea and distributes the merchandise by means of its e-commerce platform and pharmacy retailers like Goodlife and Medplus in Kenya and Nigeria respectively, plans to make use of the funding to broaden into the US, Ghana and Uganda markets. In 2021, the agency reportedly raised $100,000 in a pre-seed spherical from VC agency Antler and $1 million in a seed spherical the next yr. [TechCabal, CNN]
🇾🇪 Alphaliner forecasts Crimson Sea disaster rerouting to proceed till 2025. The maritime intelligence platform has said that “most business stakeholders [are] now banking on continued Cape of Good Hope diversions till 2025 not less than.” Since December, assaults and threats by Yemen-based, Iran-backed Houthi militants have prompted Suez Canal-bound vessels carrying items between Asia and Europe, together with vogue merchandise, to take a a lot lengthier and costlier different route round Africa. The Houthis, who declare their actions are to indicate help for Gaza’s Palestinians within the Israel-Hamas warfare, have just lately escalated tensions by immediately placing Tel Aviv for the primary time, prompting retaliation from Israel. [Sourcing Journal, Guardian]
🇨🇳 Richemont’s Q1 jewelry gross sales are stable, offsetting drop in China demand. The Swiss group stated jewelry gross sales — which account for the majority of its income and revenue and embrace the Cartier, Van Cleef & Arpels and Buccellati manufacturers — confirmed resilience, rising 4 p.c. The group, which additionally owns watch manufacturers Vacheron Constantin, Jaeger-LeCoultre and Piaget, is dealing with slowing demand for its luxurious merchandise, notably in China. Gross sales in Larger China plunged 27 p.c throughout the quarter, the corporate stated. Gross sales in all areas past Asia Pacific had been larger. [BoF]
🇨🇱 UN requires improved regulation to cut back textile waste in Chile’s Atacama. “A partnership between the European Union and Chile might pioneer revolutionary approaches to control and scale back the influence of second-hand textile commerce, together with by setting international requirements for the commerce of used textiles, specializing in sustainability and social duty,” wrote the United Nations Financial Fee for Latin America and the Caribbean’s government secretary José Manuel Salazar-Xirinachs in a report in regards to the “mountains of [discarded] used garments seen from the moon” polluting Chile’s Atacama desert. [UNECE]
🇮🇱 Adidas pulls advert marketing campaign of Bella Hadid after Israeli criticism. The German sportswear model Adidas has eliminated photographs on social media of the American mannequin with Palestinian roots. The marketing campaign options footwear launched in 1972, the yr of the Munich Olympics when 11 Israelis had been killed in a terrorist assault by pro-Palestine militants. Israel’s embassy in Germany and antisemitism teams criticised the casting of Hadid who has been accused of chanting a controversial slogan that some say is used to name for the elimination of Israel. Explaining its “revising” of the marketing campaign, the model stated in assertion: “we’re acutely aware that connections have been made to tragic historic occasions — although these are utterly unintentional — and we apologise for any upset or misery brought on.” [Financial Times]
🇨🇳 Jay-Z’s backing of Chinese language watch buying and selling platform Wristcheck sparks curiosity. Asia-focused media retailers like Radii have been analysing the importance of the American hip hop musician’s latest funding within the Hong Kong-based firm based in 2020 by watch collector and Instagram star Austen Chu. Wristcheck costs a fee on gross sales of second-hand luxurious timepieces on its platform and supplies an authentication companies to patrons and sellers in Asia. To date, the corporate has raised roughly $13.6 million and is backed by the Alibaba Entrepreneurs Fund, Gobi Companions GBA and K3 Ventures. [Bloomberg, Radii]
🇮🇳 Indian division retailer Customers Cease reviews $2.7 million Q1 loss. The style and life-style retailer, which at present has 112 namesake shops promoting vogue, 22 multi-brand magnificence doorways, over 20 airport shops and over 20 Intune shops throughout 62 Indian cities, has posted a lack of 22.72 crore rupees for the quarter ended June 2024, in comparison with a 4.49 crore rupee revenue within the corresponding interval final fiscal yr. CEO Kavindra Mishra cited “subdued consumption resulting from extended warmth waves, elections, fewer weddings and inflation.” [Economic Times]
🇨🇳 Chinese language authorities crack down on daigou gray market sellers in Hainan. Throughout the pandemic, gray market brokers who purchase luxurious items abroad or in different beneficial tax jurisdictions ramped up operations within the duty-free Chinese language island however during the last yr the authorities have been attempting to discourage the commerce by publicising arrests and taking different measures. [Jing Daily]
🇪🇬 Egypt’s ready-made garment exports exceed $1 billion in Jan-Might interval. The sector’s general exports rose by 19 p.c yr over yr throughout the interval to succeed in $1.08 billion, together with $254 million (up 25 p.c) to European Union nations, $444 million (up 10 p.c) to the US and $217 million (up 38 p.c) to different Arab nations. [Fibre2Fashion]
🇨🇳 China Responsibility Free Group’s father or mother posts double-digit H1 gross sales decline. The father or mother of CDFG, China Tourism Group Responsibility Free Company (CTG), has posted a gross sales lower of 12.81 p.c year-on-year to 31.265 billion yuan ($4.3 billion) within the six months ending June 2024. Web revenue additionally declined at 14.94 p.c to three.288 billion yuan (453.5 million) within the interval. [The Moodie Davitt Report]
🇮🇳 India’s textile and attire exports enhance greater than 4% in April-June. The nation noticed exports rise by 4.08 p.c reaching $8.785 billion within the interval, based on the Ministry of Commerce and Commerce’s newest commerce figures, with the textile class alone growing 6.04 p.c to $4.935 billion. Rakesh Mehra, chairman of the Confederation of Indian Textile Business (CITI), attributed the expansion to an elevated share of Indian merchandise within the US market in comparison with its opponents. [Fibre2Fashion]
🇮🇳 India’s watch retailer Ethos companions with horological media Revolution. The multi-brand chain with greater than 65 boutiques promoting luxurious watch manufacturers comparable to Breitling, Jaeger-LeCoultre and Hublot throughout 26 Indian cities, will curate content material from Revolution journal to be featured in The Watch Information, Ethos’s digital journal. “We purpose to raise the extent of discourse… with compelling narratives from the forefront of watch journalism,” stated Ethos CEO Pranav Saboo in regards to the partnership with Revolution’s founder Wei Koh. [BoF Inbox]
🇨🇳 Hugo Boss plunges after slashing outlook on China, UK demand. Shares on the German high-end vogue model plunged to their lowest stage since 2021 after the corporate slashed its revenue steering for the yr. It now expects working revenue of round €350 million ($381 million) to €430 million in 2024, down from a earlier vary of €430 million to €475 million, based on a press release. The shares slid as a lot as 11 p.c on final Tuesday. [BoF]
🇮🇳 India’s eyewear retail chain Lenskart raises round $19 million from founders. The Gurugram-based firm based in 2010 has been infused with 160 crore rupees value of capital from co-founders Peyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi, Lenskart, which has over 1,100 shops throughout India, secured secondary funding final month from Singapore’s Temasek and US-based Constancy Administration and Analysis Firm. [Economic Times]
🌎 Highsnobiety goals for Iberian, US Hispanic and Latin American markets. The Berlin-based international streetwear media outlet has employed Spanish marketer Guillem Gallego, and Andrés Reymondes, an Argentine veteran of Vice media. “Their management will guarantee a holistic strategy that encompasses all points of the corporate’s engagement with the Hispanic group, together with cultural relevance, advertising and marketing initiatives, and enterprise progress,” the corporate stated. [BoF Inbox]
🇰🇠Cambodia’s attire exports enhance 18.5% in H1 2024. The Southeast Asian sourcing hub’s attire exports surged to $4.33 billion, accounting for 35.21 p.c of the nation’s complete international revenue. The knitted attire class noticed will increase of 13.0 p.c, whereas non-knitted attire rose by 30.1 p.c. [Fibre2Fashion]
🇰🇷 The inaugural Gucci Cultural Month can be introduced in South Korea in Oct. The Italian luxurious model is launching the initiative in Seoul to rejoice Korean tradition that includes filmmaker Park Chan-wook, artist Kimsooja, dancer Eun Me Ahn and pianist Seong-Jin Cho by means of exhibitions, performances and nonetheless and shifting photographs. [MK Maeil Business Newspaper]
🇮🇳 Indian womenswear model Newme raises $18 million from Accel and others. The youth-focused model co-founded by Sumit Jasoria in 2022, which raised 45 crore rupees ($5.1 million) earlier this yr, has secured the brand new funding in a Collection A spherical from Accel and present traders together with Fireplace Ventures and AUM Ventures. [Economic Times]
🇹🇠Louis Vuitton faucets Blackpink’s Lisa as its model ambassador. The French luxurious model has signed an endorsement cope with the Thai member of the Ok-pop lady band who was born Pranpriya Manobal and is called Lalisa Manobal in South Korea. [Elle]
🇰🇷 Diesel names South Korean singer Hoshi as model ambassador. The Italian denim label has inked an endorsement cope with Kwon Quickly-young, the lead vocalist of Ok-pop band Seventeen who is healthier identified by his stage identify Hoshi. [Sourcing Journal]
