Fashion

I Just Returned From Oslo and I’m Obsessed with These 7 Norwegian Brands

Scandinavia’s fashion scene is thriving. Ganni, CecilieBahnsen and Baum Und Pferdgarten all hail from Copenhagen. Filippa K, Acne Studios, Our Legacy and Filippa K are both strong enough to compete with the big style capitals. Despite its top talent and budding fashion weeks franchise, one Nordic country hasn’t received the same attention. Oslo Runway is a biannual event that showcases the best Norwegian designers and their latest collections. It’s held in Oslo, which is often referred to as the most sustainable place in the world. I was able to attend the presentations and shows in person this season. I discovered a lot of emerging brands that have the potential to explode on an international scale. I am sharing 7 of my favorite brands below because I have never been one to keep my gate open, no matter how tempting I might be. Like many of our favorite fashion brands, such as LouLou Studio and Musier Paris–Envelope1976, was founded by Celine Aagaard, an industry alum. Aagaard, in partnership with Pia Nordskaug (CEO of eco.logic), set out to create sustainable fashion that didn’t look like sustainable fashion, especially in the late ’10s. Envelope1976 was created by Aagaard’s fashion experience and her minimalist-cool aesthetic. The brand has seen great success in the four years since its launch. It was picked up by Net-a-Porter as part the luxury retailer’s “NET SUSTAIN” edit. It’s easy to see that Aagaard’s label is just four people strong, with the founders still working as the only employees. This season marks its first runway show. Aagaard decided to create something new for spring and instead released never-before-seen pieces that didn’t fit into fashion’s seasonal schedule. In an effort to show the versatility of each piece, she also decided to forgo what she calls “showpieces”. She explained that she wanted to show that you could mix them and wear them differently, as well as being seasonless and genderless so anyone can wear them throughout the year. According to Aagaard all pieces in the collection were designed “cool with an edge but still wearable,” which is exactly what Envelope1976 was. In 2015 Elisabeth Stray Pedersen purchased a 60-year old outerwear factory in Oslo to launch her own brand, ESP. Pedersen’s nameake label has been well-known for its wool blanket coats. She uses only Norwegian lambswool from Gol. Pedersen doesn’t just focus on outerwear. For spring, she chose a brighter palette, including vibrant shades of blue and pink, and innovative shapes. The collection was meant to reflect her desire for change and experimentation. Pedersen told me that her familial aesthetic, which she describes as “bochie Norwegian”, is a constant source of inspiration before the show. “But, coming from that, I think it’s possible to become a bit more rebellious as designer. I’m constantly trying to find myself and asking myself, “Am I this or can I be more experimental?” This season was a kind of a meeting of the worlds. According to her, S/S 23 was all about identity–who she is now and who she wants to be.Sister-and-brother duo Susanne and Andreas Holzweiler founded their eponymous brand in Oslo a decade ago, starting with luxurious scarves and ready-to-wear and eventually becoming arguably the biggest, most notable fashion brand in Norway. Holzweiler presented spring ’23 during Copenhagen Fashion Week. The team was focused on the human body and specifically how clothes move. The co-founders Holzweiler have entered a new stage ten years after their brand was launched. A generous investment from Sequoia Capital, a Chinese firm, has allowed them to continue the growth phase that they’ve been working on for a long time. Susanne says, “This is an exciting chance to accelerate our brand’s growth to the next level–what I am framing as Holzweiler 2.0.” Ilag, which means “together” in Norwegian, was founded by Renate Nipe in 2020. The brand is known for its bright colors and light, billowy forms. Its ethos is about easy, wearable, sustainable clothing that can be worn every day. However, Nipe’s S/S 23 collection was not lighthearted or fun. The collection, called VAERE ILAG (which means “be together”), was created in the aftermath of Russia’s invasion and occupation of Ukraine. This led to the designer having to find the beauty, joy, and inspiration to create the uplifting garments that she is now well-known for. With the support of her friends, Nipe decided to continue designing pieces that were antithesis of all the chaos. Nipe stated that she wanted to create a collection that was the antithesis of the world’s turmoil. She has a solid reputation and almost every Scandinavian editor and influencer was seen inside and outside her show. It took place in One and Other’s sunlit showroom in the city’s Acne Studios flagship. Henriksen stated that the perfect garment is high quality, paired with a minimal footprint, in a press release about her spring/summer collection. She also noted that it was inspired by balance. The release said that S/S 23 is built around unexpected opposites, reimagined fabrics techniques, and contrasting elements in shape and form. It aims to unify diverse themes and achieve a sense of calm through sensuality and tactility. The overall look is minimalistic and clean, but elements such as pleating, curved cutouts, and ruching add soft volume to the garment’s structure. Livid was founded by Jens Olav Dankertsen in 2010. He set out to make high-quality denim from the finest, most sustainable fabrics. It’s changed a lot since then, with an expansion into seasonal ready-to-wear collections for men and women, but the brand’s original values–“materiality, transparency, and unwillingness to compromise,” according to Dankertsen–have remained the same. Dankertsen focuses on balancing style and quality for Livid and making sure that customers are fully informed about the process of making their jeans. He says, “Our jeans are Japanese and all of our production is in Portugal.” “Every angle of our production has been considered.” Livid is the place to go if you are looking for jeans that you feel good about. One Cala Jade accessory or bag in Oslo will be followed by dozens more. Tina Cecilie Skaar, co-founder, says “That is so much fun that you noticed.” Skaar and Elise Kleiva Ugland launched the now-ubiquitous leathers brand in 2007 in the hope of creating accessories for everyday living. Cala Jade bags are a Norwegian staple because of their durability, style, and timelessness. Ugland and Skaar were inspired by oysters and hosted their spring presentation at Oslo’s newest oyster bar. There, their shellfish-shaped buckles (featured in both bags and belts), were on display. Their catchphrase for this collection? Skaar shared, “Smooth like a sea breeze and hopefully fresh as an oyster shot.” Skaar and Ugland are excited about the future. They plan to launch Cala Jade shoes soon. This will allow them to expand their reach beyond Oslo while still maintaining their home base. Skaar states that Cala Jade will continue to walk the streets in Scandinavia, but also take the leap and walk the streets of other cities. Next up: Emma Chamberlain’s $139 Ganni Bag will absolutely sell out

Fashion

India-China trade falls 0.9% in H1 2023; 1st signs of slowdown in year

Bilateral trade between China and India showed the first signs of slowing down in years, falling by 0.9 per cent in the first half (H1) this year.

China’s exports to India in H1 2023 were worth $56.53 billion compared to $57.51 billion during the same period last year–a decline of 0.9 per cent, according to Chinese customs data.

India’s exports to China during the same period totalled $9.49 billion compared to $9.57 billion during the same period last year.

India-China trade touched an all-time high of $135.98 billion last year, overtaking the $125 billion mark a year earlier by registering an 8.4 per cent rise.

The Asian giant’s trade deficit in H1 2023 declined significantly to $47.04 compared to $67.08 billion during H1 last year. The trade deficit reached $101.02 billion in 2022, up by 45 per cent from $69.38 billion in 2021.

China’s total trade in H1 this year fell by nearly 5 per cent from a year earlier in dollar terms. While exports slipped 3.2 per cent, imports declined by 6.7 per cent.

Its exports fell by 12.4 per cent year on year in June this year amid weakening demand following rising interest rates by central banks to curb inflation, a news agency reported.

Fibre2Fashion News Desk (DS)

The trade between China and India displayed the first indications of a sluggish progression in recent years, diminishing by 0.9% in the first six months of this year. China’s exports to India decreased from $57.51 billion in the first half of 2022 to $56.53 billion in the same period of 2023. Meanwhile, India’s exports to China decreased from $9.57 billion to $9.49 billion.

Fashion

Asia-Pacific expected to contribute 70% to global growth in 2023: IMF

The International Monetary Fund (IMF) predicted a downturn in global growth to 2.8 per cent in 2023 from 3.4 per cent in 2022, with over 70 per cent expected to come from the Asia-Pacific region. High-frequency indicators show manufacturing weakness contrasting with resilient services across G20 countries and robust labour markets in advanced economies. Meanwhile, financial instabilities revealed by strict monetary policy need careful handling.

Though global headline inflation appears to have peaked and core inflation has somewhat eased, particularly in India, it remains significantly above central banks’ targets in many G20 countries. Policymakers have been warned against premature celebrations, as easing policy too soon could undo progress on inflation, according to an IMF blog titled ‘Weak Global Economy, High Inflation, and Rising Fragmentation Demand Strong G20 Action’ by Kristalina Georgieva.

Against this backdrop, a persistent monetary policy approach is needed until inflation is reliably reduced to target. Fiscal policy also has a role to play in supporting disinflation, rebuilding buffers, and enhancing debt sustainability. Meanwhile, consolidation efforts should protect growth-boosting investments wherever possible.

However, the medium-term economic outlook is not promising, with IMF projections for global growth over this period hovering around 3 per cent, considerably below the 2000-2019 historical average of 3.8 per cent. Economic fragmentation risks undermining growth and addressing global challenges, such as rising sovereign debt crises and the existential threat of climate change.

Significant progress has been made, as evidenced by the breakthrough on Zambia’s debt restructuring, a testament to international collaboration. The G20 also recently announced reaching its $100 billion target in special drawing rights (SDRs) pledges, which will be directed from wealthier to poorer nations, demonstrating international solidarity.

Despite these achievements, more support is required to confront the challenges. Climate change, high living costs, and high interest rates are causing disproportionate hardships, pushing more countries towards debt distress and threatening developmental prospects. Therefore, strong multilateral institutions, like the World Bank and the IMF, are crucial in providing this support.

As we face a fresh set of transitions, the IMF pledges to continue to adapt and respond with agility through timely policy changes and stronger resources. Prioritising a quick and successful completion of the 16th quota review and replenishing the IMF’s concessional resources for vulnerable nations are fundamental steps towards ensuring a robust global finance safety net, added the blog.

Strong leadership from the G20 is required to guarantee an international financial architecture that is fit for purpose. A global response of a scale commensurate with the world’s challenges is paramount to ensure all nations are placed back on a sustainable path to growth and prosperity.

Fibre2Fashion News Desk (NB)

The International Monetary Fund anticipates a decrease in worldwide economic expansion to reach 2.8 percent by 2023, largely thanks to outcomes in the Asia-Pacific region. G20 countries are displaying a strong service sector and labor markets despite adversity in the manufacturing sector. Given the current economic ambiguities, working together globally is essential, such as Zambia’s accomplishment in dealing with their debt and the G20 alliance agreeing to donate $100 bn in Special Drawing Rights.

Fashion

Euro area & EU’s industrial production sees modest rise in May 2023

Euro area and European Union’s (EU) industrial production saw a modest increase in May 2023, according to Eurostat, the statistical office of the EU. Euro area saw a seasonally adjusted rise of 0.2 per cent, while the EU observed a 0.1 per cent increase compared with April 2023. The previous month saw more significant growth, with industrial production increasing by 1 per cent in the euro area and 0.6 per cent in the EU.

However, when compared to the previous year, industrial production declined in May 2023, dropping by 2.2 per cent in the euro area and 1.8 per cent in the EU.

Breaking down these figures by category, the euro area experienced a growth in the production of intermediate and durable consumer goods by 0.5 per cent, and non-durable consumer goods by 0.3 per cent. However, there was a 1.1 per cent decrease in energy production. Similar trends were observed in the EU, with energy production seeing the largest decline at 1.8 per cent, as per Eurostat.

Among the member states, Slovenia recorded the highest monthly increase in industrial production at 7.9 per cent, followed by Croatia at 4.3 per cent, and Slovakia and Finland, both at 2.5 per cent. Conversely, Ireland saw the most significant decrease at 4.9 per cent, with Lithuania declining by 2.8 per cent, and Romania and Belgium both recording a 1.2 per cent drop.

On a year-on-year basis, energy production in the euro area and the EU fell by 6.2 per cent and 7.5 per cent respectively. Durable consumer goods saw a decrease in production as well, with the euro area and EU recording drops of 5.0 per cent and 6.4 per cent respectively.

Finally, among member states, Ireland registered the largest annual decrease in industrial production at 16.2 per cent, followed by Estonia at 12.8 per cent and Bulgaria at 11 per cent. In contrast, Malta, Denmark, and France witnessed the highest increases at 12.2 per cent, 7.8 per cent, and 2.9 per cent respectively.

Fibre2Fashion News Desk (DP)

Eurostat reported that in May 2023, industrial production shifted up slightly in the euro region and the entire EU, in comparison to the reached result in April. Year over year, industrial output decreased by 2.2% in the euro zone and by 1.8% in the European Union. The largest reduction was seen in energy production. Slovenia, Croatia, and Malta saw the greatest expansion among the participating countries.

Fashion

UK announces up to ?25 mn in funding to back economic growth in ASEAN

UK foreign secretary James Spencer Cleverly recently announced up to ?25 million in funding to support economic growth of members of the Association of Southeast Asian Nations (ASEAN) and reduce their poverty, by bringing UK expertise in trade, regulation and financial services to the region over the next five years.

He was visiting Jakarta to meet ASEAN partners to advance cooperation on the shared priorities of security, stability and prosperity.

Total UK-ASEAN trade in goods and services was worth ?46.5 billion at the end of 2022.

Later this month, the United Kingdom will begin its formal accession to the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), further strengthening British trade and investment links in the region, an official release said.

“The UK and ASEAN are working together to deliver the Plan of Action 2022 to 2026 to improve lives across the region, such as ensuring girls across southeast Asia can access quality education. This is in addition to UK work in the wider Indo-Pacific, such as the Climate Action for a Resilient Asia programme, which is upgrading homes and infrastructure to withstand the impacts of climate change,” Cleverly said ahead of the visit.

Fibre2Fashion News Desk (DS)

80 million in aid money for the Rohingya people in Bangladesh

UK foreign secretary James Spencer Cleverly declared that around ?80 million will be contributed to the Rohingya people in Bangladesh as aid. A sum of 25 million dollars will be invested over the next five years to facilitate the development of ASEAN countries through trade, regulation and financial assistance, resulting in economic growth and the alleviation of poverty. The UK will initiate its membership of the CPTPP at the end of this month, further developing its connections with the area.

Fashion

Swiss firm EMS’ net sales at CHF 1,183 mn in H1 FY23

Swiss-based EMS Group, a leading firm in high performance polymers and specialty chemicals, has reported net sales of Swiss franc (CHF) 1,183 million in the first half (H1) of fiscal 2023 (FY23), 7.9 per cent down from CHF 1,284 million the previous year. This represented a 1.9 per cent decrease in local currency terms.

The net operating income (EBIT) in H1 FY23 was CHF 280 million, compared to CHF 324 million during the same period the previous year, the company said in a press release.

Despite these setbacks, due to its robust positioning in the specialty segment and decisive actions, EMS succeeded in maintaining an EBITDA margin of 25.9 per cent, though lower than the previous year’s 27.5 per cent.

The company’s H1 FY23 EBIT margin reached 23.7 per cent, compared to 25.2 per cent the previous year. The operating cash flow (EBITDA) came to CHF 306 million, a drop from the previous year’s figure of CHF 354 million.

EMS forecasts net sales and net operating income (EBIT) for the entirety of 2023 to fall below the previous year’s levels.

Fibre2Fashion News Desk (DP)

For the first six months of FY23, EMS Group saw a decrease in net sales and operating income, indicating figures of CHF 1,183 million and CHF 280 million, respectively. Despite sales dropping and forex issues, the EBITDA margin was a notable 25.9%. The company anticipates that their sales and earnings before interest and taxes for the financial year of 2023 will be lower than they were in 2022.