Novel Exit
Hong Kong–based textile producer Novel Denim announced plans to sell its African businesses, located in Mauritius and South Africa, citing ongoing losses from its African textile and apparel facilities. The company plans to shut down production in mid-February and has taken a $3.7 million charge in the third quarter to cover fabric inventories and severance payments. Once the African facilities are sold, Novel Denim’s only operation will be NDP, its fabric and dyeing business in Shenzhen, China.
