As demand for sustainable products rise, luxury re-commerce is emerging as a big opportunity for brands to capture the millennial audience. However, with brands being slow in catching up with this trend, third party platforms such as The RealReal, Vestiaire Collective, and ThredUp are fast emerging.
However, a Business of Fashion report suggests experts are now questioning the profitability of these platforms. They point out publicly traded companies like The RealReal are yet to make profits with increased competition, digital processing, authenticating and listing of thousands of unique items, impacting bottomline.
As per a Forbes report, Andy Ruben, Founder and CEO, Trove, however, believes, selling branded luxury items can help retailers like Dior, Louis Vuitton, and Valentino control their intellectual property and retain their newly acquired customers. Earlier reluctant to sell pre-owned luxury items, brands are now embracing the opportunities being offered by luxury recommmerce to retain customers and grow their client base. A recent survey by First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania shows, over 65 per cent American consumers preferred to buy products from brand-operated resellers against third party platforms.
Technology is helping brands and third-party platforms sell thousands of pre-loved fashion items every day. Third party platform Vestiaire Collective adds 140,000 new items to their online inventory each week to digitize the entire shopping process and offer consumers a seamless and pleasant experience. Technology also enables brands to position resale as additional revenue channel for fashion and luxury brands. It helps brands convey the benefits of buying pre-loved products to customers. .Trove has launched a technology that allows brands to expand their business without causing any harm to the environment.
With technology, brands can control their own resale channel to offer consumers a better shopping experience than third party sellers. They can form deeper ties with consumers offering them early access to new products besides offering discounts. Technology can also offer brands an invaluable insight into data, enabling them to strengthen their ties with consumers.
PVH Europe has entered into a multi-year partnership agreement with circular fashion technology group Infinited Fiber Company. As per the Spin Off report, the agreement aims to elevate the sustainability of products offered in Europe by its Calvin Klein and Tommy Hilfiger brands.
Infinited Fiber Company uses a new technology that allows textile waste to be regenerated into Infinna, a new textile fiber, that will be used to make Tommy Hilfiger products in Europe initially, and, in a second phase, for Calvin Klein as well.
This new partnership confirms with PVH Corp.'s long-term commitment to innovation, circularity and its Forward Fashion strategy to reduce all negative impacts to zero by 2030.
Infinna is a patented regenerated textile fiber with a soft, natural look and feel very similar to that of virgin cotton. Created using tried and tested technology, these premium fibers can be made from cotton-rich textile waste that would otherwise end up in landfills or be burned. Currently sourced locally in Finland by Infinited Fiber, the old fabrics are broken down at the molecular level and reborn as new fibers.
With consumers across the world focusing exercise and active lifestyle, performance apparel with a more business-casual style is emerging.
To best serve such needs, brands are also focusing on innovative raw materials Hyosung has launched Xanadu, a mechanical stretch fibre helps brands achieve the desired aesthetics. A multi-functional fibre, Xanadu is made from a blend of PET and corn-based materials.
The fibre’s spring-like structure provides comfortable stretch and recovery. Its additional benefits include rapid moisture transport and quick drying.
Besides, Xanadu is also wrinkle resistant and retains its colour, making it the perfect fibre for long-lasting, easy-to-care-for apparel.
Hyosung is also known for its various sustainability initiatives and with the popularity of its multi-functional, recycled yarns also increasing, the company was motivated to publish a Life Cycle Assessment (LCA) for its GRS-certified, 100 per cent recycled regen polyester fibres made from post-consumer PET.
The study, which was conducted by third-party certifier, discovered that regen polyester reduces carbon dioxide generation by 66.5 per cent compared to virgin polyester in the production of 1 kg.
As the first Korean company to establish a corporate affiliate research institute, Hyosung has been dedicating itself to creating a new lifestyle culture throughout the world in textiles, industrial materials, chemicals, heavy industry and information and communication.
Mango will launch a new NFTs collection based on artworks by Spanish artists Joan Miró, AntoniTàpies and Miquel Barceló at the brand’s new store in New York.
Located at number 711 of the renowned fifth avenue, the new Mango store will feature screens displaying the NFTs and will house the works of the three Spanish artists.
In collaboration with Farkas, the Argentine-Hungarian Creator, Adri Bonsai, Animation Director; Marcos Tamargo, Painter and 3D art specialist and Ferran Sanchez, IT Team Member, Mango, the brand reinterpreted two artworks by Miró (Oiseauvolantvers le soleil and Tète et Oiseau), another two by Tàpies (Ulls i Creu and Esgrafiats) and one by Barceló (Dilatation), on which they placed garments from the collection available in stores.
Mango's five artworks will be presented at the 16.78 coordinates of Decentraland’s Museum District and be uploaded to the non-fungible token marketplace OpenSea. They will synchronize the physical experience with the virtual one. Mango will also offer new wearables for sale, including garments and virtual glasses, as well as 100 souvenir T-shirts commemorating the store opening and a POAP (Proof of Attendance Protocol) wearable, which certifies attendance at an event and will be given to people present physically and virtually.
The Federation de la Haute Couture at de la Modehas announced the dates of all the Paris runway seasons for 2023.
As per a Fashion Network report, the menswear shows will be held from Tuesday, January 17 to Sunday, January 22; and from June 20 to Sunday, June 25.
Haute couture, the highest expression of fashion creativity, and a season unique to Paris, will be held from Monday, January 23 to Thursday, January 26; and Monday, July 3 to Thursday, July 6.
While women’s ready-to-wear shows – featuring stellar global marques like Chanel, , Christian Dior and Louis Vuitton, etc, will be staged from Monday, February 27 to Tuesday, March 7; and from Monday, September 25 to Tuesday, October 3.
Paris holds six runway seasons annually, two each for women’s ready-to-wear, menswear and haute couture.
Textile production in the US is rising with the surge in cotton yarn imports.
As per latest statistics released by OTEXA, cotton yarn imports by the US increased by 96.71 per cent Y-o-Y to $46.80 million during January-March ’22.
Cotton yarn imports by the US have been surging since the yearly slump in 2020.
Of total cotton yarns imported by the US, yarns worth $15.39 million were imported from South Korea registering a 249.74 per cent Y-o-Y growth.
Imports from India grew by 100.49 per cent Y-o-Y to $11.21 million during the period while that from Pakistan surged by 88.61 per cent Y-o-Y to $6.85 million.
Cotton yarn imports by the US valued $105 million in 2018 that declined to $83.19 million in 2019 and further contracted to $76.57 million in 2020. 2021 was the positive year as imports increased to $130.15 million during the year.
Since last week, Zara started charging fees from online shoppers returning its clothes. As per a Fashion United report, the retailer charges £1.95 from customers returning items via a convenient third party drop-off point. The policy is being criticized by a handful of customers. However, others are appreciating the move as a positive step in reducing carbon footprint of returns.
The fee will be deducted from the final amount the customer receives if their return is accepted. Shoppers can return their purchases within 30 days from shipping date of their order from Zara.com. The items must have all their labels intact and be in perfect condition. Besides Zara , high street retailer Next has also started charging £2 per return, both if collected by Next or via a third party drop-off location.
According to Returns Solution Company ReBound, one in three items bought online is returned. Data from Nshift, a returns management company, estimates it costs £20 for a retailer to process an online return. Some companies, including online behemoth Amazon, have banned ‘serial returners’, who deliberately and often buy multiple items and return them at a later date.
The Tiruppur Exporters’ Association (TEA) has approached all leading banks to tide over the financial crisis faced by small knitwear exporters in the city. The association has urged banks to help exporters saddled with rising yarn prices. Raja M Shanmugham, President, TEA said, the Tiruppur knitwear sector is currently going through difficult times due to the unprecedented rise in cotton and yarn prices that have almost doubled since last year. Tiruppur knitwear sector houses 95 per cent MSME exporters who largely depend on bank funds for their operations.
In FY2021-22, the cluster exported garments worth Rs 33,525 crore or $4.51 billion. Eighteen months ago, knitwear units in the cluster could buy one kg of yarn for Rs 200 but now they can buy only 400 gm with that amount, Shanmugham highlighted. He said, the TEA had earlier appealed to the textile mills associations SIMA Coimbatore, TASMA Dindigul and ITF Coimbatore to advise members to revoke cotton yarn price hike of Rs 40 per kg for all counts immediately and restore it to April 2022 price level.
Last week, the association also urged the Centre to ban cotton and cotton yarn exports immediately till the prices stabilize as the knitwear garment exporters fear that they would not be able to complete the orders taken already based on the previous input costs, Shanmugham added. He said, cotton and cotton yarn prices would soften only if the government bans exports till prices are regularized in the domestic market.
ISKO has expanded its Creative Room Services (CRS) division and opened its first product development centre in London. Creative Room London is the latest initiative of ISKO aimed at offering streamlined and simplified solutions for all denim requirements. In collaboration with machine technology partner Jeanologia, the CRS division will develop innovative washing and finishing techniques that meet the highest quality and sustainability standards, and have a significantly lower environmental impact.
The Creative Room London will also make the entire process agile and efficient. It will act as an education platform for the wider denim community and allow them to collaborate with local talent and universities for sharing knowledge and bringing ideas and concepts to life.
A part of Sanko Tekstil, the textile division of the Sanko Group, the premium denim brand Isko has a strong global presence in 35 countries with 60 international locations. It works to make the world a better place, bringing awareness to environmental as well as social aspects.
Denim Première Vision will debut in Berlin from May 17-18, 2022 at the Arena Berlin. As per a Sourcing Journal report, the denim trade show had initially planned to hold an event in Berlin in November 2020 but was forced to cancel due to the coronavirus. The show will have 82 exhibitors spanning denim mills, garment makers and trims suppliers from Turkey, Italy, Bangladesh, China, Japan, Pakistan, etc.
The event will offer visitors access to new collections, says Fabio Adami Dalla Val, Show Manager. It will include a new segment called the ‘fashion district’ that will offer local designers and brands a space to showcase their upcoming collections. Other attractions of the event include trend seminars, a panel discussion on German fashion’s environmental footprint and videos on sustainability and circularity and a cocktail party hosted in partnership with Naveena Denim (NDL).
The event will also mark Turkish mill Isko’s return to denim trade shows after vacating the previous Denim Première Vision several years ago. The mill will launch its new collections in collaboration with denim developer Paolo Gnutti.
The collections will combine the mill’s ‘advanced responsible denim technologies’ with Gnutti’s creative approach to high-end design. Denim Première Vision will also host the Digital Denim Week from May 16-20, 2022 to offer viewers an opportunity to hear from exhibitors.