Scavi Joint Stock Company (Vietnam)

The subject - Scavi is a member of Financière B'Lao (formerly Corele International), a French group operating in Lingerie - Swimwear - Sportswear - Protective Clothing Industry. Besides subject, in Vietnam, this group has established many companies such as Scavi Hue Company, Scavi Med Company Limited, Scavi Quang Dien Limited Company, Scavi Quang Tri Limited Company, Corèle V. Company Limited… The total workforce of this group in Vietnam is about 30,000 people.Scavi specializes in manufacturing and trading underwear, nightwear, and sportswear for men and women... with labels "Corele-V", "Malefix Paris", "Marguerite" and some other garment products by fabric and leather. The subject is also an outsourcing company for Puma, Versace, and Millet…brands.Enterprises in the garment and textile industry put caution in their business plans for 2023 amid diminishing total demand and rising inventory. Many enterprises in the sector considered such worst-case scenarios, with a possible fall of between 30%-40% of order intake. In the first months of 2023, the shortage of orders and falling prices had a strong impact on business results. The industry faced challenges due to a sharp decrease in purchasing power from major traditional markets such as USA and EU.According to media information, in the fourth quarter of 2023, although export orders increased back, export order prices decreased by 20% to 30% compared to the same period last year, so the profits of many textile enterprises still dropped. However, textile enterprises are still trying to maintain income for workers and calculate Tet bonus plans. For the subject, in Dec 2023, workers worked overtime to fulfill export orders on schedule in the last months of the year. New orders have been placed, ensuring that workers have jobs and income until the end of May 2024.