Wachovia, couple of days ago, reported an almost 9 billion dollar loss in its second quarter and says it will cut more than 6,300 jobs. Wachovia is the nation's fourth-largest bank by assets. The company reported a loss of the equivalent of $4.20 per share in the period from April to June. Wachovia's financial outlook is a sample of what we are seeing across all industries including retail/fashion.
With retail sales down, high gas prices and a sagging economy, what does this slow economy mean for how the fashion world does business? The Herald has an inetrview where fashion industry expert addresses this issue and suggest the USA look to strong and emerging fashion markets such as Russia, China and India to do business. Africa is not mentioned in the video but financial investors, you ought to think about Africa in cutting manufacturing costs and trying fresh ideas that will resonate in the marketplace. Try countries that are showing a track record of delivering and having efficient supply chain logistics in place: Ghana, South Africa and Kenya are a few samples of Africa's emerging fashion markets. Watch Video HERE!
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