FW
A new report from UK-based card payment provider Dojo shows, the UK consumers’ online searches on reopening on IKEA stores increased by 984 per cent in April compared to February.
As per Fashion Network, consumers also searched for stores like Stores Direct, Homesense, JD Sports, The Body Shop, Waterstones and TK Maxx.
According to Dojo, one reasons for the increase in searches for Primark stores is because the retailer does not have a webstore. Matalan on the other hand, benefited from the fact that it sells school supplies, homewares and many household items, as well as fashion and Clarks is in demand due to kids returning to schools and parents wanting to wait until stores were open to find the best-fitting shoes.
Based on data between April 12 and 29, Dojo says, Portsmouth emerged as top apparel spender with £132 per person. This was followed by Coventry on just over £116, Stockport and West London on just over £106, Guildford on almost £94 and Slough and Manchester on almost £92. Meanwhile shoppers in Derby spent just under £86, in Southwest London they spent just over £84 and in Blackburn they spent almost £81.
Searches for charity shops also increased by 469 per cent while those for nail salons increased by 474 per cent.
US’ Customs and Border Protection department plans to collect antidumping duties in the amount equal to cash deposit rates for imports from Indonesia, Malaysia, Thailand and Vietnam. The US Department of Commerce has accused these countries of unfairly selling imports of polyester textured yarn below the fair value in the US at margins ranging from 2.67 percent to 56.08 percent.
The department has directed importers to post duty deposits at AD rates on the date the preliminary determinations are published in the Federal Register. These deposits will be collected until the Commerce Department and US International Trade Commission (USITC) conclude their investigations later this year. At that time, the duties could change, reports Sourcing Journal. Imports of polyester textured yarn from China and India are currently subject to significant double- and triple-digit AD and countervailing duties as a result of prior investigations that concluded in January 2020.
Two major US synthetic yarn producers – Unifi Manufacturing and Nan Ya Plastics Corporation America – filed petitions with the Commerce Department and the USITC in October alleging dumped imports of polyester textured yarn from Indonesia, Malaysia, Thailand and Vietnam were causing material injury to the domestic industry.
The Commerce Department initiated the investigations in November and the USITC preliminarily determined in December that imports from the four countries were causing injury to the U.S. domestic industry.
Oerlikon has acquired he leading components’ provider Coeudor. This acquisition helps Oerlikon meet the needs of its customers in the luxury market, says Markus Tacke, CEO Oerlikon Surface Solutions Division.
A well-established brand, Coeurdor provides the entire services for design, manufacturing and coating of metallic components to world-leading luxury brands. The company’s accessories form parts of leather bags, belts, watches and other luxury goods. Coeurdor is headquartered in France and has production facilities in Italy and Portugal, employing a skilled workforce of more than 220 employees.
Oerlikon provides innovative surface solutions, such as PVD (physical vapor deposition) coatings for metal and plastic components, diamond-like coatings (DLC) and surface coating systems, as well as additive manufacturing powders and printing services. These solutions serve customers in the aerospace, automotive, medical and tooling markets, and are also used in high-end deco, consumer and white goods. Coeurdor’s expertise lies in designing and manufacturing components and using PVD and sustainable electroplating for the finishing of luxury goods.
Modefabriek transferred its live trade event, that was scheduled to take place from July 11-12, 2021, to a digial platform, reports The Spin Off. Brands and retailers can participate in the Digital Fashion Week Europe, which Modefabriek is organizing in collaboration with Copenhagen fashion trade show CIFF and digital wholesale platform Fashion Cloud from 6-8 July.
Dutch brands like Summum, Ichi, Goosecraft, Scotch & Soda, Juffrouw Jansen and Petrol Industries have already confirmed participation in the digital event. Modefabriek also plans to hold another live event in autumn 2021. Its next regular edition of Modefabriek will be held in January 2022.
Recognized as a procreative and inspiring fashion trade event, Modefabriek is a mash-up of brand presentations, expos, stores, talks, food and drinks, music and more. The event prides itself on creating a relaxed and friendly festival that unites fashion professionals in their desire to connect with each other and their customers.
The government has modified the Emergency Credit Line Guarantee Scheme to extend ECLGS including borrowed credit to eligible MSMEs’ under ECLGS 1.O to five years. According to Cotton Textiles Export promotion Council (Texprocil), this will help micro, small and medium enterprises (MSMEs), including textile MSMEs.
As per the new rules, borrowers who are eligible for restructuring as per RBI guidelines as of May 5, 2021 and had availed loans under ECLGS 1.0 of overall tenure of four years comprising of repayment of interest only during the first 12 months with repayment of principal and interest in 36 months can now extend their ECLGS loan repayment tenure to five years
The new scheme also provides an additional ECLGS assistance of up to 10 per cent of the outstanding as on February 29, 2020 to borrowers covered under ECLGS 1.0 has also been extended.
The current ceiling of Rs 500 crore of loan outstanding for eligibility under ECLGS 3.0 has also been removed, subject to maximum additional ECLGS assistance to each borrower is being limited to 40 per cent or Rs 200 crore, whichever is lower. Further, the validity of ECLGS extended to September 30, 2021 or till guarantees for an amount of Rs 3 lakh crore are issued. Disbursement under the scheme is permitted up to December 31, 2021.
The removal of the ceiling and extension of ECGLS will enable more units to avail benefits, opines Manoj Patodia, Chairman, Texprocil
New partnerships can help the textile sector in Lesotho recover from the impact of COVID-19, says a new report by Private Sector Foundation of Lesotho (PSFL). As per this report, textile and apparel companies in Lesotho are suffering owing to lack of customers, high rentals, closing of borders and rising prices of fabrics amid the pandemic.
Border closing has also led to an increase in prices of raw materials in local markets. This forces production units to use low-quality materials for production. Manufacturers also have to deal with lack of funds as deposits were not paid. They failed to receive institutional support.
The report recommends stabilizing industry-wide structures and embracing new partnerships to reconstruct the textile industry. The recommendations include establishing Textile and Apparel Association (TAA) at national and district levels for dealing with issues related to the textile industry.
The TAA can ensure that all textile and apparel companies are licensed by One Stop Business Facilitation Centre (OBFC) to encourage investors to provide financial resources.
The report also urges the government to make policies and introduce special programs for the textile and apparel industry with the help of development partners like Aid for Trade. It also urges the government to make provisions for training, mentoring and providing technical assistance for the members of the TAA through Business Development Services.
Some other recommendations include: encouraging partnerships between corporates and MSMEs; using the Third Industrial Development Decade in Africa (IDDA 3) to uplift the textile and apparel sector; developing sustainable textiles and boosting production capabilities; and introducing new financial schemes to help manufacturing units to invest in technology.
Textile chemical management authority Bluesign Technologies has appointed Daniel Rüfenacht new CEO. As per Eco Textile, Rüfenacht will replace Jill Dumain, who has been promoted as the Global Vice-President for Sustainability Solutions, SGS Group, of which Bluesign is a member.
After over a decade of experience in the textile industry, Rüfenacht joined SGS as the Vice President-Corporate Sustainability in 2008. He was promoted as the Group Vice President-Corporate Communications and Sustainability in 2017. In his new role, he aims to galvanize suppliers, manufacturers and brands to reduce the overall footprint of the textile industry and enable a better, safer and more interconnected world.”
Based in St. Gallen, Switzerland, Bluesign works with the entire textile value chain to eliminate harmful substances within the manufacturing process to minimize the impact on people and the environment. Established in 2000, Bluesign, has become the leading sustainability solutions provider for environmentally friendly, safe and resource-efficient textile production with a global system partner network of chemical suppliers, manufacturers and brands.
Published by Global Industry Analysts, a new report ‘Denim Jeans-Global Market Trajectory & Analytics’, estimates global denim market to grow at 4.7 per CAGR from 2021-2026 to reach $83.2 billion by 2026. It projects the offline segment will grow at 4.2 per cent CAGR and reach $71.8 billion by the end of the analysis period. Growth in the online segment is readjusted to a revised 7.4 per cent CAGR for the next 7-year period. China, the world`s second-largest economy, is forecast to reach a projected market size of $18.4 billion by the year 2026, trailing a CAGR of 7.5 per cent over the analysis period.
Among the other noteworthy markets, Japan and Canada are forecast to grow at 3 per cent and 3.8 per cent respectively over the analysis period. In Europe, Germany is forecast to grow at approximately 3.1 per cent CAGR. The US represents the biggest consumer of denim jeans worldwide and has the world’s largest per capita consumer of jeans. Increasing disposable income levels, higher fashion consciousness, and the shift towards casual dressing in the workplace are major factors driving demand for denim jeans in these regions.
A major portion of future growth in the denim jeans market is likely to emanate from developing nations such as China, India, South Korea, Brazil, Mexico, Turkey, the UAE, and Saudi Arabia.
Faruque Hassan, President, BGMEA, hopes increased vaccinations in the US and reopening of retail markets will revive Bangladesh’s garment exports by October this year. Hasan also hopes store reopening in Europe will fuel demand for Bangladesh made garment items. In first 10 months of current fiscal year, Bangladesh’s apparel exports increased by 6.24 per cent year-on-year to $26 billion, he informs.
Of this, knitwear exports accounted for $13.99 billion registering a 15.34 per cent year-on-year growth while woven exports declined by 2.71 per cent to $12 billion, Hassan adds. Demand for knitwear is increasing as people are spending more time indoors, he adds further. Currently, Bangladesh exports $6.5 billion worth of garment items to the US annually. And to the EU it exports garments worth $21 billion annually.
Gap Inc has increased its outlook for the year. Driven by e-commerce growth, the American fashion retailer expects sales to increase by 20 per cent this year. The retailer saw a massive surge of 89 per cent in first quarter sales to clock $4 billion in revenues. Of this, revenues from online sales accounted for 40 per cent in Q1. As per Sonia Syngal, CEO, Gap Inc, indoor malls accounted for only17 per cent of the company’s overall sales in the first quarter. Hence, the retailer has decided to close Gap and Banana Republic Stores.
The retailer also plans to expand Athleta and Old Navy brands as they accounted for $166 million profits in Q1. Old Navy, the retailer’s biggest brand, earned $7.5 billion in revenue last year globally, while Athleta remains the company’s highest-margin business. Going forward, Gap plans to open at least 30 Old Navy locations and 20 Athleta stores this year.
