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Renowned Italian premium denim manufacturer, Candiani Denim and a veteran in workwear and technical fabric manufacturing, Grassi are set to launch TRC, a contemporary men's no-season workwear brand, at the upcoming June edition of Pitti Uomo. This collaboration aims to redefine workwear with a modern twist, emphasising both durability and sustainability, core values embraced by both companies.
Named after Candiani's historical designation, Tessitura di Robecchetto Candiani, the TRC collection features innovative designs that blend vintage and futuristic elements. Comprising approximately 50 pieces, the collection includes pants, jackets, shirts, and outerwear, all inspired by traditional workwear in their construction, details, and treatments.
The collection offers a variety of trousers, including a loose-fit 5-pocket style available in four fabrics, two of which are selvedge denims offered in a diverse range of washes. The tops range from a classic work shirt to a mandarin-neck shirt and a short-sleeved bowling shirt.
A standout in the outerwear category is the classic trucker jacket, which honors denim heritage while functioning as a utilitarian uniform. The collection also includes 5-pocket jeans and a selection of garment-dyed t-shirts and sweatshirts.
Materials used in the TRC collection include denims made from post-consumer recycled cotton and regenerative cotton. Additionally, the collection features Batavia fabrics enhanced with innovative materials such as Blue Seed—a unique hybrid regenerative cotton—and Graphite, a cotton fabric integrated with graphene.
At Pitti Uomo, TRC will unveil Mineral, a capsule collection crafted from Candiani's new Mineral Denim. Made from Blue Seed cotton and developed in collaboration with Gowan Seed Company, this fabric is enriched with minerals and reinterpreted with Grassi’s technical expertise. The TRC Mineral capsule collection will be available for purchase starting October 2024 at the Candiani Denim concept store in Milan and online.
Debuting at the Florentine event, the TRC collection will showcase pants, outerwear, and shirts designed with advanced technical features and environmentally conscious technologies. These garments will boast high durability, water resistance, antimicrobial properties, and temperature regulation. The TRC collection will be available from January 2025, both online and in selected stores.
For the fourth quarter ended March 31, 2024, Siyaram Silk Mills reported a significant increase in total income to Rs 654.18 crore from Rs 514.46 crore in the previous quarter ended December 31, 2023. The net profit for Q4 FY2024 surged to Rs 69.03 crore from Rs 44.44 crore in Q3 FY2024.
On a year-on-year basis, the company's total income for Q4 FY2024 decreased by 7.31 per cent to Rs 654.18 crore from Rs 705.77 crore in Q4 FY2023. The company’s net profit declined by 21.68 per cent to 69.03 crore from Rs 88.14 crore in the same period the previous year.
For the financial year ended March 31, 2024, Siyaram Silk Mills reported a 6.3 per cent increase in to total income to Rs 2,129.65 crore from Rs 2,272.77 crore for the year ended March 31, 2023. The net profit for FY2024 declined by 26.39 per cent to Rs 184.75 crore from ₹250.99 crore in FY2023.
Property consulting business and retail real estate specialist Anarock reported a 36 per cent Y-o-Y rise in revenues to Rs 566 crore in FY24 to total Rs 566 crore. The business plans to continue to invest to maintain its growth trajectory.
The company aims to penetrate more key markets this year with a vastly amplified services bouquet, says Santhosh Kumar, Vice Chairman, Anarock. The expansion will be supported by the growth in Indian economy.
In FY2023, Anarock’s revenues increased to Rs 416 crore with all its business verticals contributing to the growth. The business is keen to continue its growth momentum in the 2025 financial year and plans to increase its employee base to achieve this. At present, Anarock counts over 2,200 employees across both India and the Middle East.
Anarock was launched by Anuj Puri in April 2017. The business works in residential, commercial, and retail real estate, including shopping malls.
In a groundbreaking move, leading fashion and lifestyle player, Apparel Group has inked a franchise agreement with premium located based virtual reality experiences provider, Sandbox VR.
The partnership will kick off with 25 locations across the Middle East. The foundation for this collaboration is laid by Apparel Group’s extensive reach spanning over 85 brands and more than 2,200 stores in 14 countries.
This alliance follows Sandbox VR’s recent accolade, being named to Fast Company’s prestigious list of the World’s Most Innovative Companies of 2024. Ranked second in the Augmented and Virtual Reality category, Sandbox VR is celebrated for delivering fully immersive virtual reality experiences to a global audience.
Neeraj Teckchandani, CEO, Apparel Group, says, more than just capacity expansion, this collaboration focuses on crafting groundbreaking experiences that blend technology and entertainment. Together, the two companies aim to set new benchmarks in the retail and entertainment industries.
KPR Mill registered a mixed performance in Q4, FY24 as its topline revenue decreased notably but profitability increased marginally year-over-year
The company's total revenue declined by 12.9 per cent Y-o-Y to Rs 1696.72 crore during Q4 from Rs 1,949.66 crore in the corresponding quarter previous fiscal. However, on a Q-o-Q basis, the company’s revenue grew by 36.69 per cent to Rs 1,241.31 crore from the previous quarter.
KPR Mill’s net income increased by 1.94 per cent Y-o-Y to Rs 213.61 crore from Rs 209.55 crore in the previous fiscal. On a Q-o-Q basis, the company profit rose substantially by 14.19 cent from Rs 187.06 crore.
Selling, general, and administrative expenses decreased by 0.88 per cent Q-o-Q to Rs 152.24 crore but increased by 6.56 per cent Y-o-Y from Rs 142.87 crore.
The company’s operating income rose by 28.16 per cent Q-o-Q to Rs 285.71 crore from Rs 222.94 crore and by 4.2 per cent Y-o-Y from Rs 274.2 crore.
Patagonia, a well-known outdoor clothing company, is challenging the current throwaway culture in a new film titled ‘Shittropocene’. The film argues that most products today are poorly made and designed to break quickly, leading to overconsumption and environmental damage. It highlights, the current era is defined by mass-produced, disposable crap and calls for a reduction in consumption. However, the film is produced by Patagonia, a clothing company that sells expensive, high-quality clothing. This creates a tension between the film's message and Patagonia's business model.
In fact, the film's message is somewhat contradicted by Patagonia's own business model. The company is still a for-profit business that needs to sell products to survive. And while Patagonia's clothes are built to last, the film itself is a marketing tool designed to drive sales.
Is Patagonia's message genuine?
Patagonia's commitment to sustainability is undeniable. The company offers repair services, upcycling programs, and a resale site to extend the lifespan of its products. These initiatives are commendable and should be emulated by other brands. But Patagonia is also a growing company, which means it's producing more and more clothing. This raises the question of whether any clothing company can truly be sustainable in a system that relies on constant consumption.
The film's message about curbing consumption is undeniably important. However, it's difficult to separate this message from Patagonia's goal of selling more clothes. The film might backfire by encouraging viewers to buy less overall, including from Patagonia.
Patagonia's struggle with its message
Patagonia isn't the first company to grapple with this contradiction. In 2011, the company ran a famous Black Friday ad that said, "Don't Buy This Jacket." The ad was intended to spark a conversation about overconsumption, but it also resulted in a rise in sales for Patagonia. Patagonia acknowledges this internal conflict. The company believes it can be a force for good by encouraging people to consume less and buy higher-quality products. However, it remains to be seen whether this approach can be truly sustainable in the long run.
Patagonia is in a difficult position. The company wants to sell clothes, but it also knows that the fashion industry is a major contributor to climate change. The company's message is to encourage people to consume less, but it is not clear if this message is compatible with its goal of growing as a business.
A new report by Cotton Inc. highlights, US garment prices witnessed their largest monthly rise since late 2021 in March 2024. This uptick comes despite a slight year-over-year increase of only 0.2 per cent. However, it's important to note that apparel import costs remain 4.8 per cent higher than pre-COVID levels. Cotton Inc's ‘Executive Cotton Update: U.S. Macroeconomic Indicators & the Cotton Supply Chain - May 2024’, also highlights a concerning trend of declining consumer confidence for the third consecutive month. This could potentially dampen spending habits and impact the retail apparel industry.
While Cotton Inc, highlights a slight increase, the Bureau of Labor Statistics (BLS) data reveals a different picture. As per BLS the December 2023 price index for US apparel imports remained almost flat compared to January 2023 (106 vs. 100, January 2019 baseline) with a minor fluctuation since the beginning of that year. There was even a slight decline in the price index for imports from China, a major apparel supplier to the US. The BLS data suggests there wasn't a significant increase throughout 2023, but the March 2024 data from Cotton Incorporated indicates a possible shift
So, what's causing the confusion?
There are a couple of reasons why the data might seem contradictory. First, the BLS data is based on a broader range of apparel imports, including different types of clothing and materials. Cotton Inc's report might focus specifically on cotton apparel, which could be experiencing a different price trend.
Second, there's a lag between import price fluctuations and their reflection in retail prices. The recent surge in shipping costs due to the Red Sea crisis, for instance, might not be fully captured in the December 2023 import price data, but it could soon affect what consumers pay for clothes.
Reasons for the increase
Several factors could be contributing to the recent rise in apparel import prices, as per industry experts:
Increase in global cotton prices: Cotton is a major material used in apparel manufacturing, and its price fluctuations can significantly impact the final cost of garments.
Rising transportation costs: Shipping costs have been on the rise in recent months, due in part to the Red Sea crisis that disrupted global shipping routes earlier this year. These increased costs are likely being passed on to consumers.
Disruptions in the textile supply chain due to geopolitical issues: The ongoing trade tensions between the US and China, as well as the war in Ukraine, have caused disruptions in the global textile supply chain. This can lead to shortages of materials and higher prices.
Weakening US dollar: A weaker US dollar can make it more expensive to import goods, as foreign products become more expensive to purchase.
Should it cause concern among US consumers?
The current situation is a double-edged sword. While apparel import prices haven't seen a significant surge yet, there are underlying factors that could lead to future increases. This, coupled with a slight decline in consumer confidence, might put pressure on US fashion retailers. They could be forced to either absorb the rising import costs or pass them on to consumers, potentially leading to higher clothing prices.
It's important to note that the apparel industry is constantly evolving, and these trends can change rapidly. Staying informed about developments in the global cotton market, transportation sector, and geopolitical situations will be crucial for understanding the future trajectory of US apparel import prices.
Labor markets in the US, the UK, and the Eurozone continue to remain under strain with the Eurozone being particularly vulnerable due to its poor labor productivity, as highlighted in a new report by Fitch Ratings. Companies in the
Eurozone have been engaging in labor hoarding—retaining staff despite only a modest increase in aggregate demand. This strategy can lead to rapid workforce reduction in absence of anticipated demand. This can further raise unemployment levels in the region.
In contrast, demand across the US has recovered, expanding labor demand too. However, this rise in demand for labor occurs amid subdued supply and declining participation rates, prompting businesses to enhance productivity by maximising output per worker hour, according to the report titled, ‘Labour Market Resilience in the US, Eurozone, and UK.’
Labor demand in the UK remains weak, compounded by very low growth in labor supply as participation rates continue to fall. Despite this, the unemployment rate remains low, reflecting a stagnant economy and a constrained labor market. The employment rate is currently 2 percentage points below pre-pandemic levels, highlighting ongoing challenges.
India’s cotton exports are projected to increase by approximately 27 per cent to 28 lakh bales during the 2023-24 crop year ending in September. According to the Cotton Association of India (CAI), during the previous 2022-23 crop season spanning October-September, India’s cotton exports totaled 22 lakh bales.
Atul Ganatra, President, CAI, states, the rise in demand for cotton is a result of prices declining to 8-10 per cent lower than international prices from December 2023 to March 2024. India exports its cotton to primarily to countries such as Bangladesh, China, and Vietnam.
CAI also estimates cotton production to remain stable at 309.70 lakh bales during the April 2024 season at 309.70 lakh bales. However, this figure is lower than the 318.90 lakh bales produced in the prior season.
The total cotton supply by the end of April 2024 is projected to be 315.86 lakh bales. This includes 281.96 lakh bales from pressing, 5 lakh bales from imports, and an opening stock of 28.90 lakh bales.
Cotton consumption up to April 2024 is estimated to be around 192.50 lakh bales, with exports pegged at 21.50 lakh bales. The stock at the end of April is anticipated to be 101.86 lakh bales, comprising 40.50 lakh bales with textile mills—equivalent to over 45 days of consumption—and the remaining 61.36 lakh bales held by the Cotton Corporation of India, the Maharashtra Federation, and other entities (including MNCs, MCX, traders, ginners, and undelivered sold cotton).
CAI has also retained its total cotton supply estimate for the 2023-24 season at 359 lakh bales. This total includes an opening stock of 28.90 lakh bales, estimated cotton pressing of 309.70 lakh bales, and imports of 20.40 lakh bales. Cotton imports are projected to increase by 7.90 lakh bales during the year compared to the previous year, CAI notes.
Techno Sport, a leading Indian sportswear brand headquartered in Tiruppur, India, has made waves by becoming the first brand in the country to join bluesign as a system partner. This strategic move underscores the brand's commitment to sustainable practices in the textile industry.
Offering a diverse range of products including Men’s T-shirts, Gym Vests, Jackets, Women’s tights, pants, and Kids’ shorts, Techno Sport not only prioritizes functionality but also provides a plethora of colors and styles for consumers.
Sunil Jhunjhunwala, Managing Director of Techno Sportswear India Pvt. Ltd, hailed bluesign as the gold standard for sustainable textiles, emphasizing its collaborative efforts with brands, manufacturers, and chemical suppliers to create environmentally friendly products and workplaces. Expressing pride in being among the 150 global brands in the bluesign System Partner network, Jhunjhunwala highlighted the brand's eagerness to embrace sustainability.
Joining the bluesign System enables Techno Sport to elevate its commitment to environmental responsibility and innovation. By leveraging bluesign's expertise in evaluating processes and materials, the brand aims to streamline operations while reducing its environmental footprint.
Daniel Rufenacht, CEO of bluesign technologies ag, commended India's textile industry for transitioning into a responsible player in sustainable production. He welcomed Techno Sport's decision to champion sustainability and lead this transformative journey.
Katharina V Mayer, Director CRM, Sub Indian Continent, lauded bluesign as a comprehensive solution for sustainable chemistry in the textile value chain. She expressed delight in having Techno Sport as a bluesign system partner, signaling a collective effort to enhance environmental performance and working conditions.
In addition to this partnership milestone, bluesign introduced its Impact services tailored for the Indian markets, further reinforcing its commitment to sustainable solutions across the global textile supply chain.
