Gloria Jeans is a Russian clothing and footwear manufacturer, recently planned to close some of production facilities in Russia.

These measures will mainly affect the infrastructure of Rostov Oblast. A sewing workshop in Salsk has closed and employees have been hired by other factories.

Gloria Jeans, which now has 18 factories in Russia, declined to comment on the matter.

The company is reportedly considering shifting production to Vietnam, Bangladesh or Uzbekistan, where cotton farming provides a steady supply of raw materials and where industrial facilities are well established. This means that there are no material supply issues, and the costs arising from exchange rate fluctuations are also low.

The shortage of skilled workers in Russia's garment industry is worsening.

In addition to manpower constraints, Russian manufacturers must to meet the challenge of inferior local materials and accessories. As a result, firms are forced to source their products elsewhere. The purchase of sewing equipment also faced difficulties due to international payment problems caused by sanctions.

Staffing levels in Russia fell again in the third quarter of 2024, dropping to the lowest point on record.

Youngor 7.4 billion officially took over Intime Department store

On December 17, Alibaba announced that the company and another minority shareholder agreed to sell 100% of Intime's equity to the buyer consortium composed of Youngor Group and members of Intime's management team. Alibaba's total proceeds from the sale of Intime are about 7.4 billion yuan. Due to sale Intime, it's expected to record about loss of 9.3 billion RMB.

Looking back, Alibaba made a strategic investment in Intime in 2014 and gradually became its controlling shareholder.

However, with the continuous changes in the market environment and the adjustment of Alibaba's strategic direction, Intime Department store was finally regarded as a non-core asset by Alibaba focusing on e-commerce and AI, so it was on the road of being sold.

In recent years, with the adjustment of the real estate industry, Youngor has invested less in real estate, while increasing investment in the fashion industry.

At present, Youngor has built a brand matrix integrating business, leisure, home, outdoor, sports, luxury and other scenes. Intime Department Store's rich digital retail experience and brand influence provide new development opportunities.