Latest news with #EoinTonge
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
UK relaxes import rules, boosting retailers & developing nations
British consumers and businesses are set to benefit from a new package of trade measures unveiled on July 10, designed to simplify imports from developing countries and support global economic growth. The measures are part of an upgrade to the UK's Developing Countries Trading Scheme (DCTS), which aims to lower prices on everyday goods while promoting trade with some of the world's poorest nations. They will give UK consumers greater access to competitively priced imports, such as clothing. The UK has upgraded its Developing Countries Trading Scheme to simplify imports and boost trade with developing nations. The reforms include relaxed rules of origin, supporting tariff-free access for goods like garments from countries such as Bangladesh and Sri Lanka. Retailers like M&S and Primark are set to benefit from lower costs and stronger supply chains. Key reforms include simplified rules of origin, allowing more products from countries such as Nigeria, Sri Lanka, and the Philippines to enter the UK tariff-free — even when made using components from across Asia and Africa. Countries like Bangladesh and Cambodia will continue to enjoy zero tariffs on goods such as garments and electronics, British Embassy Phnom Penh said in a release. 'The world is changing. Countries in the Global South want a different relationship with the UK as a trading partner and investor, not as a donor. These new rules will make it easier for developing countries to trade more closely with the UK. This is good for their economies and for UK consumers and businesses,' said Minister for International Development Jenny Chapman. Retailers such as M&S and Primark are expected to benefit significantly, gaining improved access to competitively priced imports and more resilient supply chains. Over £16 billion (~$ 21.52 billion) worth of UK imports have already benefitted from tariff savings under the DCTS since its launch in June 2023. 'We welcome the changes to the DCTS rules of origin for garments which remove the potential cliff edge when a country graduates from Least Developed Country status. This will help us to maintain our existing supply chain strategy in our key sourcing markets in Asia, such as Bangladesh and Cambodia,' interim chief executive at Primark, Eoin Tonge said. The changes also include new support measures to help exporters in developing nations meet UK import standards, alongside efforts to ease trade in services like digital, legal, and financial sectors. These steps are part of the UK's broader 'Trade for Development' agenda and its newly published Trade Strategy, aimed at growing the economy, supporting households, and strengthening international partnerships. The announcement was made at a joint reception hosted by the Department for Business and Trade (DBT) and the Foreign, Commonwealth & Development Office (FCDO), attended by British business leaders and foreign ambassadors. 'UKFT welcomes these additional changes to the Rules of Origin under the DCTS, which will bring real benefits to the fashion industry in the UK and in DCTS countries,' added Adam Mansell, CEO, The UK Fashion & Textiles Association. 'We warmly welcome the UK's Trade Strategy. The new rules allowing greater regional sourcing for garments while retaining duty-free access to the UK are a game-changer,' stated Yohan Lawrence, secretary general of the Joint Apparel Association Forum (JAAF), Sri Lanka. Fibre2Fashion News Desk (HU)
Fashion United
5 days ago
- Business
- Fashion United
UK government introduces new trade measures for developing countries
The UK government has introduced new measures that intend to simplify imports from developing countries. The changes come under the Developing Countries Trading Scheme and, according to a press release, aim to 'lower prices on everyday goods while supporting growth in some of the world's poorest nations'. The measures particularly address imports from countries like Nigeria, Sri Lanka and the Philippines, for which rules of origin have been simplified, allowing goods from such regions to enter the UK tariff-free. Updates also reaffirm the zero tariff policy already in place for countries such as Bangladesh and Cambodia, covering products like garments and electronics. Such changes intend to allow UK consumers to have greater access to "competitively priced imports'. For businesses, meanwhile, the government hopes to encourage the building of resilient supply chains, investments in emerging markets and opportunities in fast-growing economies. UK ministers briefed British business leaders and global ambassadors on the updates at a reception in London on July 10. The updates have been welcomed by executives at notable UK retailers and fashion trade organisations. Both the director of sourcing at Marks & Spencer, Monique Leeuwenburgh, and Primark's interim CEO, Eoin Tonge, backed the changes, expressing support for a scheme that will help each company to maintain relationships with their existing supplier network, they both noted in respective statements. Commenting on the news, the CEO of the UK Fashion & Textile Association (UKFT), Adam Mansell, said: 'UKFT welcomes these additional changes to the Rules of Origin under the DCTS, which will bring real benefits to the fashion industry in the UK and in DCTS countries. The new rules demonstrate a genuine commitment from the government to modernise trade policy to support global economic growth. At a time of such uncertainty in international trade, these reforms are especially welcome.'
Fashion Network
09-05-2025
- Business
- Fashion Network
Primark to start opening stores in Kuwait and Dubai this year under Alshaya deal
The expansion announcements are coming thick and fast from Primark at the moment. After unveiling growth plans for Italy earlier this week it has now confirmed plans to debut in the Middle East. It will do so in partnership with leading international retail franchise operator Alshaya Group. Following the announcement of the strategic partnership in September 2024, Primark and Alshaya have confirmed plans to open the first of its new stores before the end of this year in the Gulf Cooperation Council (GCC). The rollout will begin with Kuwait at The Avenues in October and will continue with Dubai in early 2026 with it debuting in the Dubai Mall, the Mall of the Emirates and City Centre Mirdif. Four openings in a relatively short period is a fairly ambitious aim given the large size of the retailer's stores. But the four locations shouldn't be the end of the story. Primark and Alshaya will also 'continue to work together to consider future stores in other markets across the region,' we're told. Interim CEO of the Anglo-Irish business, Eoin Tonge, said: 'We know there is already a strong cohort of shoppers ready and waiting for us and we believe the wider region holds a lot of potential for Primark and our value proposition.' The 56-year-old retailer currently operates over 460 stores across 17 markets, all selling its affordable fashion, beauty and homewares. And as mentioned, this week it also announced another €40 million (£34 million) investment in Italy with five new stores coming in Rome, Biella, Perugia and Naples (one each in three cities and two in Naples). The company first invested in the country nine years ago and as recently as 2023 unveiled a €50 million programme that saw it adding more stores. The newly-announced five-store plan will take it to 26 locations across the country in total.
Yahoo
09-05-2025
- Business
- Yahoo
Primark to debut in Middle East with four new stores
Fashion retailer Primark has unveiled plans to launch in the Middle Eastern market via a collaboration with retail franchise operator, Alshaya Group. This follows a strategic partnership between the bodies announced in September last year. The partners will open the first Primark store at The Avenues in Kuwait, United Arab Emirates (UAE), in October this year, followed with more locations in Dubai, namely the Dubai Mall, Mall of the Emirates, and City Centre Mirdif, early next year. In addition to these four stores, Primark and Alshaya Group are actively evaluating opportunities to further extend their reach into other regional markets. Primark interim CEO Eoin Tonge said: 'We're excited to be taking the next step in our global expansion journey, creating new stores for more customers to enjoy shopping with us. It's fantastic to be preparing for our first stores to arrive in the Middle East in partnership with Alshaya Group. We know there is already a strong cohort of shoppers ready and waiting for us and we believe the wider region holds a lot of potential for Primark and our value proposition. "We can't wait to bring them their first Primark later this year in The Avenues, Kuwait, before we continue to expand with more stores planned for Dubai next year.' Primark operates more than 460 stores across 17 markets worldwide, offering budget fashion and essentials. The new stores in the UAE and Kuwait will represent Primark's entry into its 18th and 19th international markets, respectively. Alshaya Group CEO John Hadden said: "Since we announced our partnership a few months ago, we've seen how excited our customers are for Primark's fantastic stores to open in the region. We are incredibly proud of our partnership with Primark, and we are all looking forward to much anticipated first stores in the next few months.' Recently, Primark unveiled a €40m ($45m) investment in Italy as part of its international growth plans to expand across new and existing markets. "Primark to debut in Middle East with four new stores" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
09-05-2025
- Business
- Fashion Network
Primark to start opening stores in Kuwait and Dubai this year under Alshaya deal
The expansion announcements are coming thick and fast from Primark at the moment. After unveiling growth plans for Italy earlier this week it has now confirmed plans to debut in the Middle East. It will do so in partnership with leading international retail franchise operator Alshaya Group. Following the announcement of the strategic partnership in September 2024, Primark and Alshaya have confirmed plans to open the first of its new stores before the end of this year in the Gulf Cooperation Council (GCC). The rollout will begin with Kuwait at The Avenues in October and will continue with Dubai in early 2026 with it debuting in the Dubai Mall, the Mall of the Emirates and City Centre Mirdif. Four openings in a relatively short period is a fairly ambitious aim given the large size of the retailer's stores. But the four locations shouldn't be the end of the story. Primark and Alshaya will also 'continue to work together to consider future stores in other markets across the region,' we're told. Interim CEO of the Anglo-Irish business, Eoin Tonge, said: 'We know there is already a strong cohort of shoppers ready and waiting for us and we believe the wider region holds a lot of potential for Primark and our value proposition.' The 56-year-old retailer currently operates over 460 stores across 17 markets, all selling its affordable fashion, beauty and homewares. And as mentioned, this week it also announced another €40 million (£34 million) investment in Italy with five new stores coming in Rome, Biella, Perugia and Naples (one each in three cities and two in Naples). The company first invested in the country nine years ago and as recently as 2023 unveiled a €50 million programme that saw it adding more stores. The newly-announced five-store plan will take it to 26 locations across the country in total.
