Wet Seal Formally Declares Bankruptcy Garment Industry Facing Crisis

According to reports, Wet Seal, an American clothing retailer, filed for bankruptcy protection in January 15th and formally declared bankruptcy.

Along with Wet Seal bankruptcy news followed by a sharp fall in its share price.

At present, its

It has dropped to 3 cents per share (equivalent to about 1 cents and 8 cents).

Last quarter, a huge loss of $36 million (224 million yuan) and a public complaint from some disgruntled employees finally knocked down Wet Seal.

Just last week,

338 stores have been closed and 3700 people have been laid off.

Now there are only 173 stores and e-commerce websites.

In addition, just before last month, another major young girl in the United States.

The brand Delia's also filed for bankruptcy protection.

In the face of fierce competition from online retailers, coupled with the slowdown in spending among young shoppers, including Wet Seal, four clothing retailers in the United States have filed for bankruptcy in the past two months.

It seems that the American clothing industry is suffering from bad rainy days.

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Recently, the Pitti Uomo exhibition of international men's wear was opened at the Fortezza Da Basso in Florence.

It is reported that there are over 1200 exhibitors in the exhibition, including 700 exhibitors in Italy. The exhibitors are highly competitive and cost-effective.

It is worth mentioning that in this exhibition, the Italy government has made unprecedented statements. In 2015, it will spend 261 million euros to support the "Italy manufacturing" project in order to promote the internationalization process of Italy's small and medium-sized enterprises.

Meanwhile, in 2015 - 2017, the Italian government allocated about 36 million euros to the textile and garment industry every year.

Previously, the Italy government invested an average of 40 million euros per year in promoting export trade, but only 4 million 500 thousand euros was used in the fashion industry.

In response, Carlo Calenda, Deputy Minister of economic development of Italy, said that the government now has a clearer understanding of how to allocate funds to different industries rationally and will give priority to the following two aspects:

First, support the Italy fashion industry by supporting large trade shows.

(famous exhibitions such as textile exhibition Milano Unica, men's wear children's Wear Exhibition Pitti, yarn exhibition FILO, leather leather exhibition Mipel and Linea Pelle, etc.)

As support for Pitti Uomo last year, the government will arrange funding for specific projects in major exhibitions.

This year, 2 million euros will be used to invest in menswear fair. At the same time, some money will be invested in the children's wear show at Pitti Bimbo exhibition and other exhibitions.

In order to make the project successful and enhance the popularity of the host city, the exhibition subdivision and location of every city will be more clear: Milan will hold the women's Wear Exhibition and the large-scale fashion show, Florence will hold men's wear and children's wear exhibition, and Rome will become the fashion center for the new designers to show the innovative design.

At the same time, the project will also strengthen inter regional ties and cooperation between Biella, Prato and C me.

Second, the government will pay attention to the links between exhibitions and foreign markets.

The Italy government believes that Milano Unica must be the best textile exhibition in the world. Therefore, in addition to organizing the Milano Unica exhibition in Milan and Shanghai, the Milano Unica exhibition will be introduced to the United States.

In addition to the US, the Italy government also attaches great importance to its ties with Shanghai, China. This year, the Italy manufacturer goalkeeper will display the Italy textile and footwear products on the The Micam Shanghai in Shanghai. It is also the first time to show the ready-made garments series in the same period with the exhibition.

For the first time, the complete supply chain made in Italy will be exhibited at an exhibition.

The same way of exhibition will be copied in the United States.

It is reported that Italy will launch a strong retail offensive overseas, especially in China, the United States and Japan, Italy products have not been fully excavated, there are still great potential market countries.