The Central Planning Office expects the Dutch economy to grow by about 4 per cent this year. Moreover, sustainable clothing company Ziel went bankrupt, and fast-fashion online store Shein launched and aired a design competition. You can read this and more in the news overview for August 20th.
CPB Estimate: Economy will grow by about 4% in 2021
The Central Planning Office (CPB) expects the Dutch economy to grow by 3.8 per cent this year. The European Central Bank expects growth of 3.2 percent for next year. This is slightly lower than in previous forecasts, when the planning agency came in at 3.3 per cent for 2022. The planning agency remains cautious in its forecasts, due to the uncertainty surrounding the path of Covid. If the number of coronavirus infections rises sharply in the coming period and the Cabinet decides on a new closure, it will directly affect economic development, according to the CPB in its August estimate.
Sustainable fashion company Zell is bankrupt
The Dutch subsidiary of sustainable clothing company Ziel has been declared bankrupt, RTL Nieuws reports. Last year, investors poured $4 million into entrepreneur Marilyn Vogellar, who wanted to give fashion brands the opportunity to produce locally and in smaller versions in order to prevent waste. The capital injection was intended, among other things, to build a garment factory in Groningen, but it has largely disappeared in the direction of the United States, where the Zell factory was forced to close due to the epidemic. Investors were shifting their millions over several tranches. The first $2.2 million has already been paid. But when it turned out that this part of the money went to the United States, they demanded it be returned,” curator Rene Luinstra told RTL Nieuws. The liquidity problems that arose then killed the company. Luinstra expects the intellectual property to be sold and can be developed further.
SHEIN Launches Design Contest & Stream
Webshop Shein (She-In) is launching a four-part series in which emerging designers compete for $100,000 and a chance to sell their designs through the fast-fashion giant’s platform. The jury includes stars such as Christian Siriano, Law Roach, and Khloé Kardashian. The series begins August 22 and can be streamed on the Shein app and social media platforms, according to Business of Fashion. Over the course of the show, the contestants will be reduced to five contestants, with the winner announced at the end of the season on September 12. Shein has become a major international player this year, including in the Netherlands, thanks to fast fashion, ultra-low prices, and an algorithm-driven gaming approach to content. Customers can earn loyalty points to spend on the site by simply logging into their account, watching live broadcasts, or participating in fashion challenges.
Hey women’s fashion store opens a new website
Hello, a new site opens in Breda. The women’s fashion concept already has stores in Den Bosch and Nijmegen and sells brands such as Loavies, Dr Denim and Ydence. The new store is located at 60 Veenmarktstraat, Hey reports, and is scheduled to open in October.
Photo: Rotterdam shopping street[credit] www.flickr.com – Hendrik Siggins
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