• furniture retailer struggle with depleted inventories after Vietnam lockdowns
    December 30, 2021 furniture retailer struggle with depleted inventories after Vietnam lockdowns
    Regarding vietnam furniture and vietnam furniture inspection inspection Vietnam became one of the major furniture manufacting regions after tariffs were imposed on China, but recent Covid lockdowns mean furniture retailers are seeing a large backlog of orders which could last into 2022. Furniture companies face delayed orders and depleted inventories as factories in Vietnam work to ramp up production and address a backlog of orders following months of coronavirus lockdowns. Pottery Barn parent company Williams-Sonoma is experiencing inventory delays, particularly in children's home furnishings, as suppliers in Vietnam work to boost production, CEO Laura Alber said during the company's Q3 earnings call. La-Z-Boy expects a temporary decline in sales in its casegoods business due to shipping and manufacturing delays, CFO Bob Lucian told analysts in November. The two companies are working to shift manufacturing and sourcing to bypass transportation delays and other bottlenecks, executives said. La-Z-Boy is increasing production in plants in the U.S. and Mexico, while Williams-Sonoma is expanding its supplier base outside of Vietnam. Dive Insight: High demand for furniture and a slow manufacturing rebound in Vietnam is expected to keep inventory levels low well into 2022, executives said. Factories in Vietnam reopened Oct. 1 after nearly three months of coronavirus lockdowns, and manufacturers face a large backlog of orders in addition to a steady stream of new ones. La-Z-Boy is only now shipping out orders it placed with suppliers in July. "Our biggest challenge is the fact that, everything that we had ordered from them in July is all pretty much gone," Lucian said. "We received that and we're now shipping that out. It'...
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  • How to make fragile global supply chains stronger and more sustainable
    November 22, 2021 How to make fragile global supply chains stronger and more sustainable
    How to make fragile global supply chains stronger and more sustainable In 2019,global supply chains moved more than US$19 trillion in exported goods. The production and sale of many items we need and use — including toys, clothes, food, electronics and home furniture — depend on global supply chains. For most of us, supply chains are no longer an abstract concept. The COVID-19 pandemic raised our awareness about the interdependence of our economic systems. We now understand the many ways these chains directly shape and impact our lives. The pandemic has also revealed the fragility of global supply chains as U.S. President Joe Biden and others warn of the impact on the world economy of continuing supply-chain bottlenecks. A supply chain is a set of organizations — like suppliers, manufacturers, distributors and retailers — that work together to provide end customers with a specific product or service. The supply chain becomes global when the product or service crosses multiple international boundaries. Global supply chain organizations are directly and indirectly dependent on each other. Supply chain problems cascade Global supply chains have conventionally been focused on achieving financial efficiency above all else. The result is messy and fragile global supply chain systems. In practice, the decisions made and actions taken by each organization affect the performance of the entire supply chain. A problem at any point feeds other problems at different stages of the chain. A product shortage at a retail store, for example, might be caused by unsuspected problems such as labour issues, raw material shortages or clogged ports. Semiconductor shortages are disrupting the automobile industry. Meanwhile, the cost of moving a container from China to the west coast of North America is estimated to have increased by 650 per cent since before the pandemic. Race to the bottom The pursuit of financial efficiency has shifted global production to low-cost regions, increased the flows of freights, caused port congestion and eroded the resilience of supply chains. Cutting costs above all else became a race to the bottom. It resulted in global economies with limited redundancies, contingencies and safeguards. Fragile global supply chains are exacerbated by the fragmentation of decision-making processes, limited collaboration between buyers and suppliers and transactional management. There is no obvious centralized business or authority commanding and controlling these chains. Instead, several companies co-operate and compete for the value created. Global supply chains also account for large contributions to greenhouse gas emissions and have an impact on air, land and water biodiversity and geological resources. A typical company’s supply chain is responsible for 80 per cent of its greenhouse emissions and more than 90 per cent of its contribution to air pollution generated in the production and distribution of a consumer product. One billion metric tonnes of emi...
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  • Power of 3? South Asian Nations Look to Link Up
    November 22, 2021 Power of 3? South Asian Nations Look to Link Up
    Sourcing from Asia, putting aside petty rivalries and long-held jealousies, India, Bangladesh and Sri Lanka are beginning to realize a combined force could grow the apparel and textile business for all three countries. More than just politics and rhetoric, industry leaders are looking at the bigger picture and seeing how working together could yield greater success than going . India, Bangladesh and Sri Lanka's government and apparel and textile leaders believe that they might be stronger than on their own. from sourcingjournal.com
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  • IKEA to shift more production to Turkey to shorten supply chain
    October 27, 2021 IKEA to shift more production to Turkey to shorten supply chain
    IKEA to shift more production to Turkey to shorten supply chain Sweden's flat-pack furniture giant IKEA is planning to move more production to Turkey to minimise problems with global supply chains and increased shipping costs, the company's chief financial officer for Turkey said. Products it expects to make and then export from Turkey, including armchairs, bookcases, wardrobes and kitchen cabinets, are currently shipped thousands of miles from east Asia to Middle East or European markets. "Due to shipment problems we faced during the (Covid) pandemic, we are attempting to have more manufacturing in Turkey," chief financial officer Kerim Nisel told Reuters, declining to estimate how much capacity might be moved. "We all saw in the pandemic that diversification is so important," Nisel said. "It might not be a good strategy to produce items in one country and then try to transport them all around the world". The company has seven stores in Turkey and already exports three times as much as it imports into Turkey, where it currently produces textile, glass, ceramic and metal products for global export. Nisel said the cost of a container from east Asia had leapt to $12,000 from $2,000 before the COVID-19 outbreak last year. "It is more rational to have them manufactured closer where they are sold. That's why we want to have them manufactured in Turkey". IKEA's move follows similar steps by other European brands such as Benetton, which is bringing production closer to home by boosting manufacturing in Serbia, Croatia, Turkey, Tunisia and Egypt with the aim of halving production in Asia.  CURRENCY CHALLENGES Straddling Europe and the Middle East, Turkey says it is well placed to benefit from changes to global supply chains. "Turkey with its strategic location, has posed a strong alternative to pre-Covid era's single-centred and Asian-based production network," Turkey's Vice President Fuat Oktay said on Monday. While Turkey's strategic location and strong manufacturing base may be a plus, Nisel said hedging against moves in the lira - which fell close to a record low on Wednesday - remained a major challenge for retailers, while high interest rates pushed up financing costs for investors. "It is really difficult to hedge FX positions when interest rates are above 20%," he said, adding the company was using 3- to 6-month hedging contracts to offset currency volatility. Reporting by Ceyda Caglayan; Editing by Dominic Evans and Elaine Hardcastle from  reuters.com
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  • Bangladesh Snatches Back No. 2 Garment Exporter Title
    October 15, 2021 Bangladesh Snatches Back No. 2 Garment Exporter Title
    Bangladesh has overtaken Vietnam to reclaim its position as the 2nd largest clothing exporter behind China. Bangladesh has come out ahead in the race for the world’s No. 2 clothing exporter after China—at least for the moment. After ceding ground to Vietnam in 2020, the South Asian nation clawed back its lead in the first seven months of 2021, dispatching $18.8 billion worth of apparel exports versus its rival’s $16.9 billion,… from sourcingjournal.com
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  • Supply Chain Disruptions Limited Global Production Growth in September
    October 15, 2021 Supply Chain Disruptions Limited Global Production Growth in September
    The J.P.Morgan Global Manufacturing Producers Manufacturing Index , produced by IHS Markit in association with the Institute for Supply Management (ISM), was subdued by supply chain disruptions and material shortages in September. Although output growth accelerated for the first time in five months, it remained among the slowest during the current 15-month sequence of expansion…. from sourcingjournal.com
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