38 of 2016

Newsletter No.38     21 October  2016

Lesotho government to localise textile manufacturing

The government of  Lesotho aims to localise the textile manufacturing industry of the country which is currently dominated by foreign investors. For this purpose, Joshua Setipa, Lesotho’s minister of trade and industry has promised to provide subsidised factory spaces as well as credit lines to local garment manufacturers.

The textile sector of Lesotho is the largest employer in the country’s private sector with over 40,000 workers and the government aims to make it sustainable for the long term. Foreign investors may shift base to other countries like Cambodia after 10 years and thus Lesotho will not be able to achieve the sustainability that it wants, believes Setipa.

Agreements like the US Africa Growth and Opportunity Act (AGOA) encouraged foreign firms to invest in the garment manufacturing industry of Lesotho. Introduced in the year 2000, the agreement allows more than 6,400 products manufactured in sub-Saharan African countries to be exported duty-free to the US.

Lesotho benefitted from the agreement and increased its garment exports to the US from $140 million in 2000 to $330 million in 2015. Currently, the country exports close to 80 per cent of its textiles and garments to the US, said African media reports. It produces over 100 million garments annually.

The minister also promised a bigger factory space for Afri Expo, a small business that produces garments for major South African retailers.

This move is likely to help local manufactures like Afri Expo to expand their business and take a major share in the country’s textile and garments exports.

Fibre2Fashion

Quality, Affordable Active Wear for Women

Z-Fit is a stylish and unique, quality active wear range blending comfort and functionality with clever design and flattering, beautiful items that will inspire you to live an active life….and not break your budget.

An active lifestyle should not be restricted to gym only. Z-fit believes that active wear should be a flexible and beautiful extension of an active life. When you are fit, look good, and feel good in your clothes, the chance is good that you will be more motivated to maintain an active lifestyle.

Elzette Swart, the founder of Z-fit, an active lady herself, with several years’ experience in the clothing industry, handpicked her garments utilising only the best items that are comfortable, figure-flattering and maintains form.   Clothes are made from imported material, designed with ultimate comfort and functionality in mind, like figure-flattering leggings with higher front panels to prevent it from falling down, and a shirt with a slight cuff for those that are sensitive about their upper arms.

Z-Fit’s range offers variety, consisting of a selection of four different lengths of tights, a variety of tops (racer backs and t-shirts) in five different colours, crop tops, yoga pants, and long sleeve tops, as well as accessories like caps and a stretchable arm pocket.

When you are fit, look good, and feel good in your clothes, chances are good that you will be more motivated to maintain an active lifestyle the Z-Fit way.

Z-fit will be available online, as well as in selected retail outlets.

Messe Frankfurt entering Africa with three textile fairs.

Messe Frankfurt is entering the African market and will organise its three textile fairs, Texworld, Apparel Sourcing and Texprocess at the Africa Sourcing & Fashion Week in Ethiopia in 2017. For these three show formats, Messe Frankfurt has inked an agreement with Trade and Fairs East Africa, the organiser of Africa Sourcing & Fashion Week.

The seventh edition of Africa Sourcing & Fashion Week takes place next year in Addis Ababa, Ethiopia and serves as a meeting place for garment manufacturers and the East African textile industry.

At the 2016 event, around 160 international exhibitors presented their products, who came from Turkey, Kenya, UAE, Tanzania, Sri Lanka, India, Italy, Germany and also Ethiopia.

Fibre2Fashion  
Edcon Announces the Occurrence of the Effective Date of the Lock-Up Agreement in Support of its Comprehensive Restructuring

Johannesburg, South Africa, October 13, 2016: The Edcon Group previously announced, on September 20, 2016 (the “Transaction Announcement”), that certain entities in the Edcon Group and certain of the Edcon Group’s creditors, accounting for 80% of the outstanding principal amount of the secured debt of the Edcon Group, had provided signatures in respect of a lock-up agreement (the “LUA”), pursuant to which the parties to the LUA would agree to the key terms of a comprehensive restructuring of the Edcon Group’s entire capital structure (the “Restructuring”), including a significant decrease in the outstanding amount of third-party debt of Edcon Limited and a transfer of control over the Edcon Group’s operating companies from its current sponsor to certain of the Edcon Group’s existing creditors. Today, the Edcon Group announced that, as of October 13, 2016, the various conditions precedent to the occurrence of the effective date of the LUA have been satisfied, such that the LUA became binding on all parties thereto. The Edcon Group will now proceed to implement the Restructuring pursuant to the terms and conditions of the LUA.

For more details on the terms and conditions of the LUA and the Restructuring, please refer to the Transaction Announcement, which is available on the Edcon Group’s website, http://www.edcon.co.za/.

Did you know….

A woman was actually arrested in Boston in 1907 for wearing a formfitting one-piece on the beach.

Bathing suits were so scandalous that the Quakers created a bathing machine with a “modesty tunnel” that allowed women to enter the sea or ocean and retain their modesty.

Designer Rudi Gerneich took the bikini to the next level in the 1960s with the monokini, which was a one-piece swimsuit with a completely exposed top.

To Advertise………………….. Click here to see fact sheet.

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