VF Corporation Announces Definitive Agreement to Acquire Iconic, Global Streetwear Brand Supreme®

DENVER — November 9, 2020 — VF Corp. and Supreme®, a privately-owned global streetwear brand, today jointly announced that they have signed a definitive merger agreement. Current investors, The Carlyle Group and Goode Partners, are selling their stakes in the Supreme brand.

The transaction is expected to be completed late in calendar year 2020, subject to customary closing conditions and regulatory approval. Additional details regarding the transaction and the strategic rationale supporting it will be reviewed during a VF conference call held at 8:30 a.m. Eastern Time today. The conference call will be broadcast live via the internet, accessible at ir.vfc.com. An investor presentation will also be available at the same location beginning at approximately 7:30 a.m. Eastern Time today and will be archived at the same location.

Supreme sells apparel, accessories and footwear under its namesake brand globally through direct-to-consumer channels, primarily digital. The Supreme brand’s founder, James Jebbia and the senior leadership team of the brand will remain with the company, headquartered in New York City.

“We are thrilled to welcome Supreme to the VF family and to build on our decades-long relationship as we create value for all of our stakeholders. VF is the ideal steward to honor the authentic heritage of this cultural lifestyle brand while providing the opportunity to leverage our scale and expertise to enable sustainable long-term growth,” said Steve Rendle, VF’s chairman, president, and CEO. “The acquisition of the Supreme brand is further validation of our vision and strategy to further evolve our portfolio of brands to align with the total addressable market opportunities we see driving the apparel and footwear sector. The Supreme brand will further accelerate VF’s hyper-digital business model transformation and will be a meaningful driver of VF’s commitment to top quartile total shareholder return and long-term value creation.”

“We are proud to join VF, a world-class company that is home to great brands we’ve worked with for years, including The North Face®, Vans®, and Timberland®,” said Jebbia. “This partnership will maintain our unique culture and independence, while allowing us to grow on the same path we’ve been on since 1994.”

Morgan Stanley provided a fairness opinion in connection with the transaction, and Davis Polk & Wardwell LLP served as legal advisor.

Posted November 9, 2020

Source: VF Corporation

Standard Textile Combats Homelessness With 80,000 Showers

CINCINNATI — November 9, 2020 — Standard Textile Co. Inc. announced today it is launching a national program to combat homelessness. The company is partnering with four non-profit organizations across the United States that provide mobile shower services to people living either on the streets or in insufficient housing, with a goal of supporting 80,000 showers by the end of 2021.

For 80 years, Standard Textile has been partnering with organizations to help bring comfort to those in need. Through product donations, financial support, and volunteerism, the company has continually supported efforts to make a meaningful impact in the communities where employees work, live, and raise their families. To honor the company’s legacy of inspiring care, comfort, and change in communities, it is expanding its commitment by launching “Standard Textile Cares.”

“Ending homelessness requires a comprehensive approach,” said Gary Heiman, Standard Textile’s president and CEO. “It begins by treating those experiencing homelessness with dignity and respect which are basic values that our partner organizations offer. And it begins with basic essentials such as a safe place to bathe and a soft towel and blanket to provide comfort. These simple acts have the potential of changing outcomes and creating a better future for those in need.”

It is estimated that 150 million people are homeless worldwide, according to UN-Habitat, an organization that monitors homelessness globally. In the United States, approximately half a million individuals experience homelessness each day, and that number is increasing due to the pandemic crisis.

“It takes a village to do this work, and we are honored that Standard Textile is partnering with us,” said Kris Kepler, CEO of LavaMaeX. “The towels, washcloths, and blankets they have donated will help our unhoused guests stay clean and warm this winter. The LavaMaeX staff and I are incredibly grateful for their commitment to helping restore dignity to our unhoused neighbors.”

Empowering and promoting the social and economic inclusion of all is a core value for Standard Textile. The company was founded in 1940 by Charles Heiman who escaped the Dachau concentration camp. Mr. Heiman sought refuge in Cincinnati, Ohio where he and his family began sewing pillowcases in their third-floor apartment and delivered them to local inns and hospitals. As the need for textiles grew, Charles hired other refugees seeking sanctuary in Cincinnati.

“We applaud the efforts of organizations such as LavaMaeX, Shower Up, Streetside Showers, and Hope Thru Soap,” said Gary Heiman. “Our mission is to create bed and bath products that provide comfort to all who use our products. We are pleased that we can extend this value to assisting individuals during a time in their lives when care and comfort are needed the most.”

Posted November 9, 2020

Source: Standard Textile

International Yarn Industry Exhibition Filo At Work For The 55th Edition

BIELLA, Italy — November 6, 2020 — Despite some uncertainties related to the resurgence of COVID-19, Filo does not give up its role as the leading international exhibition for the yarn industry and begins planning its 55th edition, scheduled for February 24-25, 2021, at MiCo – Milan Convention Centre.

In view of the 55th edition of Filo, the first step will be, as usual, the presentation of product development proposals, which will take place in December through a webinar.

Paolo Monfermoso, general manager of Filo, explained: “The presentation of product development proposals is a situation where digital tools are an added value for our fair. Even beyond the current traveling difficulties, the webinar enables us to reach, at one time and in a simple, efficient and quick way, all those people who are interested in participating, in Italy and abroad, from exhibitors to style department officers and journalists. Figures on the rate of participation in July webinar for the presentation of the 54th edition of Filo show how this channel allowed us to talk to a wider audience, compared to the one that traditionally participated in Biella, Milan and Prato meetings”.

Monfermoso added: “From our point of view, the opposite is true when we come to the presentation of exhibiting companies’ products: in this case, the show in attendance is essential. Virtual exhibitions, in fact, are not enough to show all the qualities of a textile product and the great creativity of our companies that is at the basis. In addition, virtual exhibitions fail to account for the flexibility and adaptability that exhibiting companies put at the service of their customers. In October Filo was a further confirmation of this concept, also for its ability to demonstrate the desire and tenacity with which the exhibiting companies intend to respond to the crisis caused by the pandemic, resuming together — from a supply chain perspective — the path of growth.

Posted November 9, 2020

Source: Filo

Global Chemical Producer Indorama Ventures Reports 2020 Third Quarter Results

BANGKOK, Thailand — November 9, 2020 — Indorama Ventures Public Co. Ltd. (IVL), a global chemical producer, has announced its third quarter 2020 financial results as follows.

3Q 2020 Performance Summary:

  • Reported net profit is 380 million Thai bahts ($12.5 million) in 3Q20 and 1,104 million Thai bahts ($36.4 million) for 9M 20. Our performance this year provided us significant insights into the growth of the future market, while the company remains on a path towards enhanced incremental performance progress, from 4 percent ROCE towards our target ROCE of 15 percent by 2023.
  • In 3Q20 we delivered record sales volume of 3.6 million tonnes, registering growth of 18 percent year-on-year (YoY). Sales volume grew to 3.2 million tonnes, or 4 percent YoY on a comparable basis. This continuous volume growth is a clear indication of the resilient nature of the company’s products and the global access we have to our customers.
  • IVL achieved an operating cash flow of $354 million in 3Q 2020 while operating cash flow for 9M 20 was $994 million, thus providing us ample liquidity of $2.5 billion in cash and cash equivalents as well as unused credit lines.
  • Project Olympus (a business transformation and cost excellence project) delivered a savings of $21 million in 3Q 20 and $64 million in 9M 20. Our full year budget of $76 million in savings is expected to exceed targets by more than 15 percent in 2020 with relentless focus on multiple initiatives.

Outlook:

  • IVL has embarked in 2020 on a transformation journey that will enhance its business excellence and aims to deliver $582 million of additional, sustainable, EBITDA by 2023. This target has been expanded from the $352 million announced at our Capital Markets Day at the start of 2020 after a rigorous analysis process and the support of relevant domain experts to validate our operating teams’ initiatives in all of our three major business segments globally.
  • We are making progress towards our ESG targets and our pledge to recycle 750,000 tonnes of post-consumer PET, with a commitment of $1.5 billion towards our ESG and recycling infrastructure globally by 2025.
  • We have strengthened our leadership and recruited both digital and Lean Six Sigma function leaders to support technological adaption across IVL.
  • IVL is well on its way to implement S4 Hana (ERP) across our global operations and introduced a Global Business Service (GBS) office which will hallmark the delivery of our transformation journey.
  • We have organized IVL leadership in a clear manner to leverage and deliver performance. Now in DK Agarwal, we have one CEO responsible for all our three reporting segments and we have moved all enabling functions under our chief strategy officer. Meanwhile, our CFO and chief human resources officer are making appropriate governance structures for organizational effectiveness.

Posted November 9, 2020

Source: Indorama Ventures

Archroma Releases Its Third Sustainability Report

REINACH, Switzerland — November 9, 2020 — Archroma, a global supplier of specialty chemicals towards sustainable solutions, today announced the release of its third Sustainability Report.

Prepared again in accordance with the Global Reporting Initiative (GRI) standards, and covering Fiscal Year 2019, the report outlines the company’s progress on its priority sustainability topics, such as human health and environmental safety, resource efficiency, sustainable sourcing and product stewardship, as well as diversity & inclusion, and talent management.

All activities described in the report support the three pillars of “The Archroma Way to a Sustainable World: Safe, efficient, enhanced. It’s our nature. This approach is the company’s guiding light in challenging the status quo to making its operations and its value chains sustainable.

“As our industries navigate through the COVID-19 pandemic, the temptation for some will be to push back on the urgent need to address the climate crisis. We cannot allow that. Because after all, it’s our nature”, Heike van de Kerkhof, CEO of Archroma, comments.

The report can be downloaded at: https://www.archroma.com/sustainability.

Posted November 9, 2020

Source: Archroma

Elections To The International Textile Manufacturers Federation Board For The Term 2020-2022: Mr. Ruizhe Sun (China) Elected ITMF President

ZURICH — November 9, 2020 — On October 22, 2020 during the Hybrid ITMF Annual Conference 2020 of the International Textile Manufacturers Federation (ITMF), the Committee of Management of the Federation elected the members of the Board for the term 2020-2022.

Ruizhe Sun, president of the China National Textile and Apparel Council (CNTAC), was unanimously elected as the new president of the Federation.

K.V. Srinivasan, India; and Juan Parès, Spain, were elected as vice presidents of the Federation.

Ernesto Maurer, Switzerland, was elected as the new treasurer.

Loek de Vries, The Netherlands; Michelle Tjokrosaputro, Indonesia; and Mohammad Kassem, Egypt, were re-elected as board members.

As new board members, the Committee of Management elected Mustafa Denizer, Turkey; Uday Gill, Thailand/Indonesia; Salman Ispahani, Bangladesh; Suchita Jain Oswal, India; Taejin Kang, Korea Rep.; and Yingxin Xu, China.

Rafael Cervone, Brazil; John Cheh, Hong Kong; Andrew Macdonald, Brazil; and Muharrem Kayhan, Turkey; were co-opted as board members.

Kihak Sung, Korea Rep., was elected Honorary Life Member of the Federation in recognition of his outstanding contribution to the Federation as vice president (2016-2018) and president of ITMF (2018-2020).

Posted November 9, 2020

Source: International Textile Manufacturers Federation (ITMF)

Duvaltex Launches Its New Ocean Waste CLEAN IMPACT TEXTILES™Technology In Partnership With Steelcase

QUEBEC CITY — November 9, 2020 — Duvaltex and Steelcase are introducing Intersection, an exclusive Steelcase screen and panel fabric. Co-created by Duvaltex and Steelcase, in partnership with SEAQUAL® initiative, which turns marine plastic waste into recycled products with full traceability, Intersection is the first Ocean Waste CLEAN IMPACT TEXTILES™. Offered in 17 colors, Intersection is available throughout the Steelcase surface materials distribution network and applicable on over 50 Steelcase screen and panel product lines.

Every year, several million metric tons of plastics enter our oceans. By partnering with Seaqual initiative, Ocean Waste Clean Impact Textiles transform ocean waste into amazing textiles, contributing to the collective effort to clean our oceans and reduce plastic pollution worldwide.

All Ocean Waste Clean Impact Textiles are made with post-consumer recycled polyester that include Seaqual Yarn made from plastic ocean waste. Seaqual initiative collaborates with fishermen, NGO’s, and several other stakeholders to collect waste and clean our oceans. The waste collected is subsequently categorized, separated, and cleaned. Plastics are processed and upcycled into polymer to be used as yarn, which is then transformed to create the industry-leading sustainable Ocean Waste Clean Impact Textiles. For every pound of textile produced, up to half a pound of waste is removed from our oceans.

Duvaltex CLEAN IMPACT TEXTILES™

Duvaltex has honed extensive expertise to become a leading manufacturer of sustainable textiles for over 20 years and has achieved several industry firsts in terms of sustainability. “As a sustainability pioneer, we have a responsibility to inspire our industry to preserve our planet for future generations.” said Alain Duval, CEO of Duvaltex.

Ocean Waste Clean Impact Textiles is the second advanced technology released under Duvaltex’s Clean Impact Textiles sustainability brand umbrella, following the ground-breaking NeoCon Award-winning 100-percent fully biodegradable textile in 2019. “Our aim with Clean Impact Textiles is to reduce the environmental impact of textile manufacturing as much as possible by innovating the way products are sourced, manufactured and disposed of at the end of their useful life. Every action with Clean Impact Textiles is designed with sustainability in mind,” Duval said.

Presenting Intersection

Intersection is the first Ocean Waste Clean Impact Textiles product to be launched and is the result of a collaboration between Duvaltex and Steelcase. Partnering with Seaqual initiative, Duvaltex and Steelcase worked together to transform ocean waste plastics into beautiful textiles. “When Duvaltex came to us, they had this incredibly beautiful fabric that not only met all of our technical needs as it relates to application and screen design, but also had this incredibly important environmental story,” said Kari Miller, product manager for Global Surface Materials at Steelcase.

Like every Ocean Waste CLEAN IMPACT TEXTILES™ developed, Intersection is designed and manufactured for recyclability, allowing designers to design without compromise.

Beyond its positive environmental impact, Intersection is designed with a small crisscross pattern woven alongside a subtle pucker, providing a unique three dimensional visual. Boasting a fresh and contemporary color palette, Intersection comes in 17 beautiful colors. Now available in North America, it can be applied to a wide range of screens and panels, including VIA, Mackinac and Steelcase Flex.

A rich history of collaboration

Duvaltex and Steelcase share a strong commitment to sustainability and environmentally consciousness. This has led Duvaltex and Steelcase to forge a rich history of collaboration over a span of 25 years. This includes a Cradle to Cradle™ product in 2005 and a Closed Loop program in 2011, as well as the more recent New Black textile collection, created entirely from Steelcase scrap fabric.

Posted November 9, 2020

Source: Duvaltex

Polartec Announces The Winners Of Its Annual Apex Design Awards Celebrating The Finest Products Made From Polartec Fabric Technologies

ANDOVER, Mass. — November 9, 2020 — Polartec announced the winners of its 2020 Polartec Apex Design Awards, an annual design award program celebrating the finest products made from Polartec fabric technologies. The winning products were selected based on skilled and creative uses of Polartec.

The winners are:

66 North Sudureyri NeoShell Coat — cut from soft, stretchy, durable Polartec® NeoShell®, the most breathable waterproof fabric technology. The fabric was chosen because it provides full waterproof protection with outstanding breathability that prevents moisture build-up inside. The coat comes with two front pockets and a two-colored belt which can be used to cinch the waist or worn loose.

Burton women’s [ak] Baker Hi-Loft Pants — made from a hybrid construction of ultra soft and compressible Polartec High Loft® fleece, and stretchy, sweat-wicking, contouring Polartec Power Stretch® Pro™ fabric, this undergarment is designed for the coldest days. High Loft is ultra soft and full of stretch while keeping a low profile for a seriously warm, comfy fit during cold, stormy riding.

Griffin Reversible Bomber Jacket — made from soft, warm Polartec Thermal Pro® fleece with a sherpa aesthetic, this reversible bomber jacket features mesh front pockets and Woolrich Buffalo Check wool. The particular Thermal Pro fleece was selected for its richness in texture, warmth without weight, and reversibility.

Gulch Inceptor Insulated Vest — made from highly breathable, fast-drying and compressible Polartec Alpha® Direct active insulation, the Inceptor is a hunting vest designed to provide optimal thermoregulation, eliminating the need to shed or add layers during start-stop activity.

Indygena Pecora — made of Polartec Shearling fleece for its warmth and breathable comfort, providing efficiency and versatility in cold conditions, this is a pullover designed to be worn in any circumstances.

Karpos Miage Jacket — primarily made with 90g Polartec Alpha Direct active insulation, which Karpos has printed on — and Power Stretch Hardface fleece on the under arms, side panels and hem for improved fit — the Miage is designed to incorporate the best technology, research, fabrics, fit and performance for ski mountaineering.

K-Way Cloto Skirt/Atropo Pant/Claude Jacket/Andersen Pant/Hans Crew Neck — made of Polartec Thermal Pro fleece to transform classic garments with a technologically advanced, high performance fabric, the new K-Way R&D collection is technology meets haute couture in a limited edition of unique pieces, handcrafted in Italy.

October’s Very Own OVO Polartec Power Stretch Zip Hoodie/Pant/Balaclava — made of warm, comfortable Polartec Power Stretch Pro fleece with four-way stretch and abrasion resistance, these pieces can be paired together for a completely cozy suit, or worn separately for added temperature regulation as needed.

prAna men’s Tri Thermal Threads Overshirt — made of Polartec Thermal Pro, this overshirt uses the advanced fleece technology to deliver a healthy dose of warmth, without the weight. On the outside of the fabric, densely knitted yarn creates a classic heather sweater look, while inside a soft velour finish adds extra coziness.

Santini Official UCI Rainbow Casual Jacket — as official producer of UCI race-wear and merchandise, Santini chose to use next-generation Polartec Power Air™ fabric to create a premium fleece product that was both performance oriented and ecologically friendly. Power Air provides extraordinary warmth and comfort with recycled yarn which is knit in an award-winning construction that dramatically reduces the shedding of microfibers.

Snow Peak Flexible Insulated Cardigan/Pullover/Shirt/Pants — made with Polartec Alpha insulation for lightweight, breathable warmth, these are the most iconic Snow Peak apparel items. Taking advantage of the flexibility of Alpha, these minimal designs are designed for maximum comfort.

Supreme Polartec® Overalls — Supreme chose Polartec 200 Series fleece for its functionality, employing it in a classic overall silhouette. Resilient, lightweight and warm, Polartec classic fleece is the original technical fleece, trusted for nearly 40 years.

Xenith Under the Lights Polartec® Delta™ Short Sleeve — made with Polartec Delta™ cooling fabric — which uses a unique composition and texture to disperse perspiration, reduce cling and increase airflow for evaporative cooling — this is an ultimate top for grueling workouts where sweat is inevitable and there is no room for distractions.

Every winner is an embodiment of Polartec fabric innovation and design inspiration, celebrating the science of fabric and the art of product design. The winners are being recognized with a Malden trophy and contribution of funds to promote their winning designs.

Posted November 9, 2020

Source: Polartec

Imports Set New “Peak Season” Record As Retailers Prepare For Holidays

WASHINGTON — November 9, 2020 — Imports likely saw their busiest “peak season” on record this summer and fall as retailers replenished inventories and stocked up for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

“Peak season is the Superbowl of the supply chain world each year as retailers make sure they have enough merchandise on hand to satisfy demand during the holidays, and this is the busiest we’ve ever seen,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Part of this surge was fueled by restocking after retail sales rebounded this summer and part could be making sure there aren’t shortages if we see panic buying again. The economic challenges of the pandemic aren’t over yet, but this clearly shows how an industry that has been under stress is fighting back in a positive way. Retailers don’t import merchandise they don’t think they can sell, so this is a good sign for the holiday season.”

“As we near the end of a difficult year in terms of health, trade and politics, we have witnessed record-breaking statistics that have been virtually unpredictable,” Hackett Associates Founder Ben Hackett said. “Imports hit all-time highs this summer and online shopping did the same. Whether similar patterns will continue in the coming months will be influenced to a large extent by the coronavirus pandemic and whether it will be brought under control by the arrival of expected vaccines next year.”

U.S. ports covered by Global Port Tracker handled an estimated 8.1 million Twenty-Foot Equivalent Units from July through October, the peak shipping season when retailers rush to bring in merchandise for the winter holidays each year. While subject to revision once October numbers become final, that would be an increase of 6.1 percent over last year and would beat the previous record of 7.7 million TEU set in 2018.

The peak season record includes a record 2.11 million TEU imported in September, the latest month for which after-the-fact numbers are available. That was a 12.5 per year-over-year increase and 0.1 percent higher than August’s previous record of 2.1 million TEU for the largest number of containers imported in a single month since NRF began tracking imports in 2002.

October imports were estimated at 2 million TEU, up 6.5 percent year-over-year and the fourth-highest month on record. With most holiday merchandise already in the country, November is forecast at 1.7 million TEU, up 0.2 percent year-over-year, and December is forecast at 1.58 million TEU, down 8.2 percent from last year.

Despite the new monthly records, 2020 is expected to total 20.9 million TEU, a drop of 3.4 percent from last year and the lowest annual total since 20.5 million TEU in 2017. The first half of 2020 totaled 9.5 million TEU, down 10.1 percent from last year.

January 2021 is forecast at 1.75 million TEU, down 3.7 percent from January 2020; February at 1.52 million TEU, up 0.9 percent year-over-year, and March at 1.59 million TEU, up 15.7 percent from March 2020 – the month the pandemic first fully hit the United States while factories in China remained closed by the pandemic there.

NRF is awaiting additional economic data before releasing its annual holiday spending forecast. But consumers surveyed for NRF by Prosper Insights & Analytics plan to spend an average $997.79, down $50 from 2019 as they focus on gifts rather than purchases for themselves. NRF is urging consumers to shop safe and shop early to avoid overcrowding stores and to take advantage of early holiday discounts.

Global Port Tracker, which is produced for NRF by the consulting firm Hackett Associates, provides historical data and forecasts for the U.S. ports of Los Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami and Jacksonville on the East Coast, and Houston on the Gulf Coast. The report is free to NRF retail members, and subscription information is available at NRF.com/PortTracker.

Posted November 9, 2020

Source: The National Retail Federation (NRF)

The United States Fashion Industry Association (USFIA) Statement on 2020 Election

WASHINGTON — November 11, 2020 — On behalf of the U.S. fashion industry, we applaud the historic number of Americans who voted in the 2020 election. Many brands and retailers supported get-out-the-vote initiatives, and gave our employees time off to vote. We are pleased that the turnout on November 3rd reflects our vibrant American democracy.

USFIA congratulates President-elect Joe Biden on his election as the 46th President of the United States. We also congratulate Kamala Harris on her glass-ceiling-shattering election as the first woman, Black woman and Indian-American to be the Vice President-elect. We look forward to working with the incoming Biden Administration and the Congress to find solutions to the challenges before us — especially solutions to stop COVID-19 and to support the economy. We believe that a fresh approach to trade policy and to American participation in global alliances will support the recovery today and for the future.

Posted November 9, 2020

Source: The United States Fashion Industry Association (USFIA)

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