Amid previous protests by workers in Bangladesh about wage increases, the Ministry of Labor and Employment (MoLE) recently announced a minimum monthly wage of 10,001 Tk ($91.06) for workers and employees in the cotton textile sector.
Sustainability
Grown Brilliance, which sells lab-grown diamonds, has opened a new retail store in Los Angeles.
On December 12, Prada Group announced its participation in the United Nations Global Compact Initiative.
Swedish fast fashion brand H&M will raise the price of garments produced in Bangladesh to compensate for higher wages for supplier workers.
On November 17, French resale e-commerce platform Vestiaire Collective announced the banning of 30 fast fashion brands from its platform, including Zara, H&M, Gap, Mango, and Uniqlo.
LVMH Métiers d’Art announced that it has entered into a partnership with Hosoo, the historic manufacturer of silk fabrics for kimonos in Kyoto, Japan. This announcement follows the conclusion with Okayama-based denim fabric manufacturer Kuroki in April 2023.
Fashionphile, a leading luxury bag resale platform, has announced that it has recently earned B Corp Certification (B Corp).
Jewelry brand Pandora is launching three new jewelry collections featuring lab-grown diamonds: Pandora Nova, Pandora Era, and Pandora Talisman.
On August 9, synthetic biotechnology company Amyris, Inc. filed for bankruptcy in the U.S. Bankruptcy Court in Delaware.
The Global Fashion Summit, the world’s largest fashion sustainability event, was held in Copenhagen from June 27-28. The event was attended by major conglomerates including LVMH and PVH, innovative startups such as Hilos and Circulose, charities like the Or Foundation, and prominent policymakers from Europe and the US.