Daily News: A Global Roundup

“Most of the remaining half-dozen or so houses that show haute couture scaled down their presentations this week: a nip here, a tuck there and a P.R. man explaining in a hushed tone that the designer wanted to ‘return to couture’s roots.”  (New York Times)

“Valentino SpA, the Italian fashion house owned by Permira Advisers LLP, may become profitable this year should it maintain sales growth at the pace of the first half.” (Bloomberg)

“Li & Fung Ltd., the biggest supplier to retailers including Wal-Mart Stores Inc., paid about $140 million for health & beauty, jeans and fashion accessories companies as it seeks expansion in the U.S., its biggest market.” (Businessweek)

“New York City will launch one of the biggest textile recycling initiatives in the nation, to make donating those barely used clothes easier than ever to eliminate landfill waste.” (Twirlit)