Luxury Goods

‘Label Lovers’: The World’s Biggest Luxury Spenders!

Credits: Laura Chouette/ Unsplash
  • South Korea was ranked No. 3 in the world by active social media users, who make up 91.2 percent of the population.
  • Younger South Koreans despairing they would never get on the property ladder decided instead to spend their income on luxury treats. 
  • The importance of appearance can resonate more with South Korean consumers, with spending on cosmetic surgery appearing to start at a younger age.

When Ms. Kelly Yoon, a 38-year-old mother from the middle-class...

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Unilever opts for Maersk to manage its global ocean and air logistics

Maersk has signed a four-year contract with FMCG and food production giant Unilever to provide operational management of its global ocean and air freight transport.
The agreement will also see the carrier develop and manage Unilever’s International Control Tower Solution, which will build on the Virtual Ocean Control Tower debuted earlier this year and be underpinned by Maersk´s digital supply chain platform, NeoNav, a core part of the agreement.
“We are excited …

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Hopes high for post-Covid resurgence of cruise industry logistics sector

Recently, cruise ships have converged on the Caribbean island of St Vincent, but their passengers are not the customary pleasure-seekers – the vessels were dispatched for the evacuation of locals whose lives are threatened by the eruptions of the La Soufriere volcano.
This was not the restart the cruise lines anticipated, but they are hoping normal business will resume soon.
In the US, the industry has targeted 4 July, reported Maxine Krajniak …

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Aggressive carriers ‘biting the hand that feeds them’ as importers shun China

There are growing signs that the sky-high freight prices on the Asia-Europe trades may be beginning to structurally undermine it, as European importers begin to look for alternatives to sourcing from China.
Keith Gaskin, group commercial director of Seko Logistics in the UK, said: “I am seeing importers in the UK and Europe actively telling their merchandisers to look for near-shoring solutions, because the freight rates from Asia have reached such …

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Retailers sinking deeper as supply chain problems and cost challenges bite

Retailers are struggling to cope with the impact of the pandemic on their business – woes mirrored in their supply chains, which show serious deficiencies on multiple fronts.
But the overall pressure they are under affects their ability to overcome these challenges.
In a study published recently by LogiSource in partnership with Coresight Research, 88% of retail executives surveyed reported that the Covid-19 pandemic had at least a moderately negative impact on …

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UK shippers demand parliamentary inquiry into port congestion

Some of the UK’s largest shippers have written to MPs demanding a parliamentary inquiry into the port congestion crippling the country’s container supply chains.
A letter from the British Retail Consortium (BRC) and Food and Drink Federation (FDF) to Lilian Greenwood MP, chair of the Commons Transport Select Committee, and Angus Brendan MacNeil MP, chair of the Commons International Trade Committee, describes importers as facing “major challenges in building up stock …

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Retail begins its long fight back, but the shift is away from bricks and mortar

Citing surging online sales and the migration of its product portfolio to digital offerings, Microsoft announced on Friday it would close its retail stores.
On the same day, H&M revealed it would end 2020 with 40 fewer stores in its chain, and throttle back on new branch openings as it steps up its efforts in e-commerce.
The retail sector is witnessing a massive shift to online selling, in many cases hand in …

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More transatlantic blankings are unveiled as a new trade war threatens

2M partners Maersk and MSC have extended the suspension of their TA4/NEUATL4 transatlantic loop through to September.
The service, which deploys five vessels with an average capacity of 5,300 teu and has a rotation of Antwerp-Rotterdam-Bremerhaven-Liverpool-New York-Savannah-Port Everglades-Savannah, was originally suspended until mid-June and to mid-July.
Maersk attributed the new move to “continued market demand reductions in North America and Europe caused by the Covid-19 pandemic”. The...

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Global retailers cancelling orders threatens Bangladesh garment industry

Major retailers are cancelling or postponing orders, putting Bangladesh’s garment industry, the country’s top foreign currency earner and employer, in jeopardy.
The value of order cancellations up to yesterday reached $124m – but the industry expects more to follow.
The top buyers so far forced to cancel or withhold orders include C&A, Zara, Pull and Bear, Baby Shop, Blackberrys, Inditex and Primark.
Apparel manufacturers say that just after Covid-19 hit China, they faced …

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EU mulls tariffs on US exports to hit back at Trump threat

The trade war is escalating again. The EU is considering putting tariffs on more than $4bn of US exports, following President Trump’s threat to impose duty on $7bn of EU products, following the EU aid given to Airbus, reports CNBC. The WTO is set to authorise the US to impose tariffs on European goods because of allegedly illegal state aid for Airbus. The US tariffs will target planes, aircraft parts and luxury …

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