Most key apparel industry currencies remained stable in May, with a couple of notable exceptions.
The euro fell by by 1.75% against the U.S. dollar in the month, to $1.36, pushing it down a little over 1.2% on a year-to-date basis, though up 4.6% compared to this time last year.
Although strengthening a bit since the election in the country, the Indian rupee fell another 2 percent, bringing its year-to-date decline to 4.9%.
The Indonesian rupiah finished the month up negligibly from April, but is down by 4 percent for the first five months of the year. Its rate is more than 18 percent higher than May 2013, however.
Although flat in May compared to April, the Pakistani rupee has had a volatile ride in 2013, down almost 8 percent for the first five months of this year.
Among the more stable currencies, the Chinese yuan continued to climb against the dollar, finishing the month up almost 0.2% compared to April and almost 0.8% higher for the year so far.
Movements in the Bangladeshi taka and Vietnamese dong tend to be very small since both are pegged, though somewhat loosely in the case of the dong, against the dollar.
This week, the apparel industry encountered political promises, heightened personalization efforts and observed a need for more environmentally-friendly business models.Read more
When compliance problems arise, factories shouldn’t be the only ones to blame—the onus should fall on social auditors too.Read more
Oeko-Tex pledged to the Zero Discharge of Hazardous Chemicals (ZDHC) program on Jan. 19 to support the apparel industry's environmentally-friendly efforts.Read more
Nordstrom CIO Dan Little announced his retirement. Plus, Burberry tapped former Céline CEO Marco Gobbetti to take over as its new CEO.Read more
Nine West Holdings, Inc. announced it will acquire apparel manufacturer the Kasper Group.Read more
Our rainforests now have a host of new angels. Victoria Secret has taken steps to protect our forests.Read more