Fashion Retailers Sidestepping Trump’s Trade War With China
For the first time in 30 years, Newage Group, a Bangladesh-based garment manufacturer, is sensing an opportunity to sell in the U.S. And it has President Donald Trump’s battle with China to thank. Newage, a supplier to Hennes & Mauritz AB, has been doing business with European companies for three decades but is now getting inquiries from Macy’s Inc. and Gap Inc., Asif Ibrahim, vice-chairman of Newage Group, said in an interview. Rival Viyellatex Group forecasts its annual exports to the U.S. will more than double to $25 million in the year that began July 1, buoyed by rising orders, according to Chairman David Hasanat. About 30% of Viyellatex’s clients, including PVH Corp.—the owner of American fashion labels Tommy Hilfiger and Calvin Klein—are from the U.S., compared with 20% a year ago. Read more at Fortune.