In the News | 15 June 2023

SARS targets adidas for alleged unpaid tax, Growth & Truth talk series announced and global fashion-tech partnerships deepen.

Partner Content | Growth & Truth: An African fashion talk series brought to you by Merchants on Long; produced by AFWeekly.

South Africa

SARS accuses adidas global and its South African entity of underpaying customs duties for 8 years, BROKE Streetwear to collaborate on capsule with Old Khaki, DRIP Footwear's Lekau Sehoana to liquidate 10-month-old Kiddies Republic business, TFG publishes financial results with loadshedding losses and value brand wins, the Karoo Winter Wool Festival announces speakers and AFWeekly produces an SAFW emerging designer webinar series for Merchants on Long — our first piece of partner content.Sign up today to attend the first of 3 weekly sessions at 3 pm (SAST).

SARS is going after Adidas for R1.9 billion in unpaid taxes

The underpayment is said to be over an eight-year period, from 2007 to 2013

BROKE x Old Khaki collaboration 2023

Cape Town-based streetwear label BROKE is linking up with Old Khaki in what appears to be a footwear and apparel capsule collab.

Lekau Sehoana's Kiddies Republic clothing store closes it doors

It was announced on Wednesday that Kiddies Republic Clothing would shutting down.

R1.5 billion lost to load shedding – at just one company

The Foschini Group (TFG) says load shedding weighed heavily on its operations for the twelve months ended 31 March 2023.

TFG’s Bash contributes over a third to online sales

Retail giant continues to report double-digit online sales growth in its Africa business.

TFG’s margins take a knock on SA’s tough trading conditions

The group has adopted a prudent approach to credit approvals as credit demand reportedly reaches record levels.

Turnaround Helps South Africa's Jet Brand Win Market Share

The Foschini Group Ltd.’s turnaround of South African discount clothing chain Jet is grabbing the attention of a larger rival as competition for the lower end…

Karoo Winter Wool Festival - 2023 Speakers

They will be speaking about agricultural economics, regenerative farming, the future of farming in South Africa and the importance of natural fibres in South African fashion.

Elsewhere,

Google introduces new AI-powered virtual try-on tools, LVMH partners with Epic Games to build virtual experiences, The New York Times profiles the new LVMH Prize winner, Australian government introduces circularity initiative, Gucci celebrates 102-year heritage with new exhibit, fashion continues expanding into hospitality, and the US' House of Representatives tackles 4 global companies on forced labour allegations.

Google Shopping introduces new AI modeling feature

Users can now view how clothing looks on a range of diverse models.

EXCLUSIVE: LVMH Partners With Epic Games on 3D Technology for Immersive Experiences

The company also announced during the VivaTech conference in Paris that it will roll out contactless payment in the U.S.

Satoshi Kuwata of Setchu Wins the LVMH Prize, Fashion’s Biggest Young Designer Award

The brand celebrates cross-cultural communication and bridge-building.

Nike, Adidas, Shein, Temu Sent Letter From House China Committee About Forced Labor

Rep. Mike Gallagher, Chairman of the House Select Committee on the CCP goes after Nike, Adidas, others.

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