The global economic downturn has led to fewer textile orders in Bangalore, India's crowded industrial zone, and many workers have been laid off. But the situation is worse for textile companies outside the city, which are struggling to keep their factories running at all.
Brands seeking to overcome a sluggish economy should turn to Brazil, which has one of the strongest markets for Italian luxury goods in South America. The gross domestic product is expanding by between 6% and 7% a year.
Photo studio Olan Mills, which was founded in the US in 1932 and specialised in baby and family portraits, has collapsed, joining several other well-known retailers that have fallen into administration in the past few months. The studio also had 34 stores in England and Wales, many of them within baby-goods retailer Mothercare stores.
The Russian retail association said Wal-Mart has joined the group, the retailer's latest move indicating its interest in expanding into the country. "Wal-Mart is working on the Russian market," said Ilya Belonovskiy, executive director of the association. France's Carrefour and Auchan and Germany's Metro AG also belong to the group.