FW
Pure London x JATC, the highly anticipated fusion of fashion festivals, is set to return for its second season from July 14th to 16th, 2024, at the prestigious Olympia London. Following the resounding success of their inaugural collaboration in February, the event promises a captivating showcase of collections, with a spotlight on an impressive array of French brands poised to leave an indelible mark on the UK market.
Gloria Sandrucci, Event Director of Pure London, expressed excitement about the diverse representation of French brands, emphasizing the platform's significance in facilitating their expansion into the UK market. With a keen eye on innovation and market appeal, Pure London x JATC is primed to introduce an engaging lineup of French labels while welcoming even more in the upcoming weeks.
Among the standout showcases is Humility's collection, characterized by its clean lines and modern femininity, offering versatile pieces like the Riu trousers and chic apron dresses. La Fee Maraboutee, renowned for its fusion of global inspirations and vibrant hues, returns with meticulously crafted pieces that celebrate cultural diversity.
Highlighting Parisian charm, Leo & Ugo's knitwear collection dazzles with intricate details and rich colors, epitomizing timeless elegance. Terre Rouge, known for its fusion of French design and international craftsmanship, presents a summer collection inspired by warm locales, promising a wardrobe that exudes casual chic.
Olivier Richard, Managing Director of Terre Rouge, reaffirmed the brand's commitment to Pure London x JATC, underscoring its importance as a pivotal trade platform for showcasing their latest collections.
Chico Soleil and Zen Ethic further enrich the lineup with their distinct offerings, blending comfort, style, and ethical craftsmanship. Meanwhile, FP & Co's POP destination promises affordable yet stylish attire suitable for all occasions, catering to diverse fashion needs with elegance and flair.
As Pure London x JATC prepares to enliven Olympia London, fashion enthusiasts can anticipate a celebration of French creativity, craftsmanship, and style innovation, making it a must-attend event for industry insiders and fashion aficionados alike.
The Italian Trade Agency (ITA) has confirmed its participation in the upcoming ITM 2024 Exhibition in Istanbul, Turkey. Renowned for its leadership in the global textile industry, Italy will present its latest innovations in textile machinery at the event. With a focus on energy efficiency, sustainability, and digital transformation, Italian manufacturers aim to captivate attendees with its innovative technologies.
Scheduled from June 4-8, 2024, the ITM 2024 International Textile Machinery Exhibition promises a platform for industry leaders to converge under the theme "Discover the Future." Nearly 1300 companies, including domestic and international players, will converge to unveil cutting-edge solutions and forge new partnerships. Among them, the Italian Pavilion will showcase the versatility of 'Made in Italy' technology, highlighting its significance in the market.
Italy's decision to participate underscores its commitment to fortifying its presence in the sector, especially in Turkey, a vital market for Italian textile machinery. With Turkey surpassing China as Italy's largest foreign market in 2022, Italian exports to Turkey reached 309 million euros, signaling a promising trajectory for collaboration.
The ITA's involvement not only demonstrates support for Italian businesses abroad but also underscores the cohesion within the Italian textile machinery industry and its dedication to the Turkish market. As exhibitors prepare to engage with global customers, the ITM 2024 Exhibition anticipates record-breaking participation and substantial machine sales.
Organizers Tuyap Tum Fuarcılık Yapım A.Ş. and Teknik Fairs Inc. expressed enthusiasm for hosting the Italian Pavilion, emphasizing its role in showcasing the latest advancements in Italian textile machinery. The pavilion promises an immersive experience for visitors, offering insights into the forefront of textile technology.
The fast fashion market is experiencing significant growth, driven by consumers' desire for the latest trends. A report by Allied Market Research reveals that it was worth $103.20 billion in 2022 and is expected to reach $291.1 billion by 2032, with a remarkable compound annual growth rate (CAGR) of 10.7 per cent from 2023 to 2032. This rapid ascent highlights the industry's agility in meeting changing consumer demands with affordable and fashionable clothing.
Fast fashion epitomizes a business model that prioritizes agility and affordability. It revolves around the rapid design, production, and distribution of clothing and accessories to capitalize on the latest fashion fads. While this approach caters to consumers' desire for up-to-the-minute styles at pocket-friendly prices, it often raises concerns about ethical and sustainable practices within the industry.
Global Appeal: Factors driving fast fashion
In developing countries, fast fashion enjoys widespread popularity, driven by a confluence of economic, social, and cultural factors. Affordability and accessibility emerge as key attractions, particularly in regions where disposable incomes may be comparatively lower. The affordability of fast fashion brands allows consumers to indulge in trendy attire without straining their budgets, while the accessibility of these brands through physical and online channels ensures broad market reach.
For many, fashion transcends mere clothing; it serves as a vehicle for self-expression and identity articulation. In the age of social media dominance, influencers and celebrities wield unprecedented influence, shaping trends and garnering legions of followers enamored with their distinctive styles. Fast fashion adeptly taps into this phenomenon, swiftly translating international trends into accessible collections that resonate with consumers worldwide.
Marketing innovations driving demand
The fast fashion sector thrives on innovative marketing strategies designed to evoke urgency and excitement among consumers. Limited-time offers, flash sales, and exclusive collaborations create a sense of exclusivity, enticing consumers to make impulsive purchases and stay abreast of fashion trends. Particularly in developing countries with youthful, tech-savvy populations, these tactics resonate, aligning with their aspirations for individuality and trendiness.
The burgeoning pace of urbanization and globalization in developing nations dovetails with the ethos of fast fashion. As consumer lifestyles evolve, characterized by speed and convenience, fast fashion emerges as a natural fit. However, alongside its appeal, concerns loom regarding the industry's environmental and ethical ramifications, prompting a growing cohort of consumers to seek more sustainable alternatives.
Navigating market segmentation and regional dynamics
The fast fashion market is segmented by gender, end-user demographics, and distribution channels. With offerings tailored for men, women, adults, teens, and children, the industry caters to diverse consumer segments. Regionally, North America, Europe, Asia-Pacific, and LAMEA emerge as key markets, each characterized by distinct consumer behaviors and preferences.
Key players driving industry innovation
Leading the charge in the fast fashion arena are industry stalwarts such as Uniqlo, Forever21, The Gap, H&M, Primark, among others. These players leverage their global presence and brand recognition to capitalize on emerging opportunities while navigating evolving consumer sentiments.
Charting a sustainable future
As consumer awareness of sustainability mounts, the fast fashion landscape is poised for transformation. While the industry's growth trajectory remains robust, future success hinges on its ability to reconcile consumer demand for affordability and style with ethical and environmental imperatives. Adapting to shifting consumer priorities will be paramount for fast fashion brands seeking to maintain their competitive edge in a rapidly evolving marketplace.
In essence, the fast fashion phenomenon underscores not only the industry's capacity for innovation and adaptation but also the intricate interplay between consumer culture, social media influence, and global market dynamics. As the sector continues to evolve, its ability to strike a balance between commercial viability and sustainability will shape its trajectory in the years to come.
High Fashion/Dali China Limited, a leading vertically-integrated Chinese fashion manufacturer, has experienced a significant transformation in its production processes following the implementation of Coats Digital's FastReactPlan. This dynamic software solution has not only streamlined their operations but has also enhanced efficiency across various aspects of their business.
Prior to integrating FastReactPlan into their digital transformation program, High Fashion encountered considerable challenges in adapting to the rapidly changing global fashion landscape and meeting the evolving demands of customers. Siloed information across different departments hindered their ability to accurately assess capacity availability and respond swiftly to new orders and production requirements.
However, the adoption of FastReactPlan has marked a pivotal shift for High Fashion. The software has enabled them to reduce the time taken to confirm customer orders by an impressive 50 per cent. Additionally, overall capacity planning efficiencies have improved by 10 per cent, while production line efficiencies have seen a boost of 5-10 per cent, depending on the product.
Jinlan Ding, Master Planner at High Fashion/Dali China Limited, highlighted the transformative impact of FastReactPlan, stating that the software has facilitated smoother communication between departments and significantly reduced the need for extensive meetings. With real-time planning data readily accessible, the company now enjoys enhanced visibility and foresight, allowing them to preemptively address potential challenges and optimize their production processes.
Moreover, Miaofeng Que, IT Director at High Fashion/Dali China Limited, emphasized the software's role in aligning and scheduling garments effectively, thereby increasing production efficiency and reducing costs associated with overtime hours and outsourcing.
Kathy Zheng, General Manager of High Fashion, emphasized the broader implications of their digital journey, expressing gratitude for Coats Digital's support in navigating organizational change and fostering a transparent digital supply chain. Boris Lu, Customer Success Manager at Coats Digital, echoed this sentiment, affirming their commitment to supporting High Fashion in driving efficiencies and innovation towards manufacturing excellence.
In conclusion, the successful integration of FastReactPlan underscores High Fashion's commitment to staying at the forefront of innovation in the fashion manufacturing industry, with Coats Digital playing a pivotal role in this transformative journey.
Juki America and Coloreel have unveiled an innovative partnership to introduce Coloreel's innovative thread dyeing technology to the sewing industry. Coloreel, renowned for its on-demand thread-dyeing printer, enables Juki sewing machines to access a vast array of precise colors in real-time.
Torbjorn Back, CEO of Coloreel, hails this collaboration as a strategic milestone, expanding their technology beyond embroidery into the broader sewing market. The partnership with Juki America, leveraging their market presence and technical prowess, signifies a significant step forward.
Under the agreement, Juki's distributors gain exclusive rights to market and sell Coloreel for sewing machines across North and South America. The inaugural installation of Coloreel alongside a Juki sewing machine will take place at Fabric Incubator in Arizona, USA, a prominent fashion incubator and garment manufacturer supporting emerging designers.
Masanori Awasaki, President and CEO of Juki America, emphasizes that this collaboration aligns seamlessly with Juki's trajectory. By integrating Coloreel's thread dyeing with their sewing solutions, they are setting a new standard in the industry, unlocking fresh possibilities in stitch design and precise color matching for customers throughout the Americas.
China's luxury market, once stimulated by conspicuous consumption and a booming economy, is undergoing a significant transformation. The current economic scenario, marked by slower growth and a focus on domestic brands, is reshaping consumer preferences and forcing international players to adapt.
The market resizes
The market size of China's luxury market reached an estimated yen 4.7 trillion ($730 billion) in 2023 as per Bain & Company, reflecting a slight decline from the previous year. However, the Compound Annual Growth Rate (CAGR) remains positive, albeit at a slower pace. Experts predict a CAGR of around 6-8 per cent for the next few years, compared to the double-digit growth witnessed in the past decade. This indicates a maturing market with a focus on quality and experience over mere brand logos.
The share of international luxury brands in China is declining. In 2018, they held an 80 per cent market share. However, by 2022, this number dipped to 65 per cent. This trend is projected to continue, with domestic brands like Huili (jewelry) and Anerdam (apparel) capturing a growing portion of the market. Their CAGR is estimated at a robust 10-12 per cent. This decline coincides with the rise of domestic brands. Pushed up by national pride and increasing brand quality, domestic players are capturing a growing share, currently estimated at 30 per cent. Domestic brands like Shanghai Tang and Feng Chen Wang are experiencing significant growth, resonating with a more nationalistic consumer sentiment.
Table: Market share of international vs. domestic luxury brands in China (2018-23)
|
Year |
International brands |
Domestic brands |
|
2018 |
85% |
15% |
|
2019 |
82% |
18% |
|
2020 |
78% |
22% |
|
2021 |
75% |
25% |
|
2022 |
72% |
28% |
|
2023 |
70% |
30% |
Luxury giants like Louis Vuitton, Chanel, and Gucci remain at the forefront of the market. However, their growth rates have tempered. Here's a glimpse at some leading brands and their estimated sales in China (2023).
Table: Leading luxury brands and estimated sales in China (2023)
|
Brand |
Estimated Sales (¥ billion) |
|
Louis Vuitton |
50 |
|
Chanel |
45 |
|
Gucci |
40 |
|
Dior |
35 |
|
Hermès |
30 |
Shifting consumer behaviour beyond the logo
Chinese luxury consumers are evolving. Previously, brand logos and conspicuous consumption were the primary drivers. Now, factors like quality, craftsmanship, and brand storytelling are gaining importance. Today's savvy consumer seeks a personalized experience that aligns with their values. This shift is evident in the growing popularity of:
Sustainable practices: Consumers are becoming more environmentally conscious, demanding transparency and eco-friendly practices from luxury brands.
Cultural resonance: Brands that incorporate elements of Chinese heritage or collaborate with local artists are resonating strongly with consumers.
Digital savvy: Millennials and Gen Z are driving the rise of online luxury purchases, influencing brands to invest heavily in e-commerce platforms.
Navigating the digital wave
Luxury brands are actively adopting strategies to overcome these challenges. They are integrating online and offline experiences with features like virtual try-on and click-and-collect services. Also on their to do list is, engaging consumers through live product launches and influencer endorsements on streaming platforms. Building communities on social media platforms like WeChat to foster brand loyalty and personalized experiences is also one way. Implementing robust return and authentication policies to build trust and encourage online purchases.
China's luxury market is entering a new phase characterized by slower but more sustainable growth. Consumers are becoming more value-conscious, seeking meaningful experiences and brands that align with their evolving preferences. This presents both challenges and opportunities for international and domestic brands alike. By adapting to the changing landscape, embracing digital innovation, and prioritizing a customer-centric approach, luxury brands can navigate the shifting sands of the Chinese market and secure their place in this dynamic space.
India's Man-Made Fiber (MMF) textile industry has been a crucial contributor to the nation's economic growth. However, the export scenario presents a complex picture, with recent trends showing a decline compared to previous years.
Shifting gears from cotton to MMF focus
Traditionally, India's textile exports has centered around cotton. However, recognizing the global shift towards MMF, the government implemented the Production Linked Incentive (PLI) Scheme for Textiles in 2021. This scheme, with an outlay of Rs 10,683 crore ($1.34 billion), aims to incentivize production of MMF fabrics, apparel, and technical textiles. This strategic shift reflects India's ambition to become a global leader in MMF textiles.
Policy initiatives
The government's efforts include schemes like:
Remission of Duties and Taxes on Exported Products (RoDTEP): This scheme aims to make Indian MMF textiles more competitive internationally by reducing export costs.
Production Linked Incentive (PLI) scheme for textiles: This scheme offers financial incentives for companies manufacturing MMF fabrics and apparel, boosting domestic production capacity.
While these policies hold promise, export figures for 2022-23 depict a decline of 15.3 per cent compared to the previous year. This could be attributed to factors like global economic slowdown which economy might have dampened demand for Indian MMF textiles. Also, increased competition as like Vietnam and Bangladesh are emerging as strong competitors in the MMF textile market.
However, the government's initiatives may pay off in the long run. The PLI scheme, coupled with the abolition of anti-dumping duties on key raw materials like PTA and viscose staple fibers, has lowered manufacturing costs. This, in turn, is expected to enhance India's competitiveness in the global MMF market. The ambitious target is to increase MMF textile exports to $11.4 billion by 2030, marking a significant jump from $6.5 billion in 2021-22. Interestingly, the demand for MMF fabrics continues to be strong within the export basket, constituting 39 per cemt of the total exports in Apr-Nov 2023.
Destination-wise dynamics
The US remains the top export destination for Indian MMF textiles, followed by Turkey and Bangladesh. However, even these markets witnessed a decline in imports during 2022-23. Here's a possible breakdown of reasons. The decline in US imports could be due to factors like rising inflation and shifting consumer preferences. Meanwhile, Turkey and Bangladesh might be increasingly focusing on domestic MMF production, potentially reducing their reliance on Indian imports. However, some bright spots have emerged. Sri Lanka's imports of Indian MMF fabrics have grown, indicating potential for market expansion in this region.
The bottomline is, Indian MMF textile industry possesses immense potential. By strategically addressing factors like global competition and continuously refining government policies, India can regain its export momentum. A focus on product diversification, technological advancements, and exploring new markets can further propel India's position as a global leader in MMF textiles.
Underscoring the company’s continued recovery and solid retail performance, the operating profit of Japanese clothing brand United Arrows increased by 5.9 per cent to ¥6.74 billion from ¥6.362 billion in fiscal 2022, indicating effective cost management and operational efficiency. Similarly, the company’s ordinary profit rose by 8.5 per cent to ¥7.486 billion, compared to ¥6.9 billion the previous year.
The company’s total sales increased by 3.2 per cent to ¥134.269 billion (approximately $862.16 million) during FY23 from the previous year's ¥130.135 billion.
Net income attributable to owners of the parent company climbed by 12.3 per cent to ¥4.876 billion from ¥4.341 billion in fiscal 2022.
The company’s net income per share increased from ¥152.37 in fiscal 2022 to ¥175.43 in fiscal 2023. United Arrows maintained strong financial health, with net income as a percentage of net worth edging up to 14.2 per cent and ordinary profit as a percentage of total assets rising to 12.3 per cent. Operating profit as a percentage of total sales saw a modest increase to 5 per cent.
Having experienced a slowdown in 2023, luxury store openings across the world are expected to rebound in 2025. With consumer spending appetite returning during the year, more properties are expected to become available during the year, according to a forthcoming report from international estate agents Savills.
The report recommends, luxury brands expand beyond capital cities and popular leisure destinations, and consider opening stores in emerging affluent regions across China, India, and Dubai.
Anthony Selwyn, Co-Head-Global Retail, Savills, emphasises, widening of the global luxury landscape will uncover new opportunities for retailers, encouraging them to further engage with their customers.
Despite a 13 per cent year-over-year decline in global luxury store openings in 2023, certain regions showed resilience as brands mostly targeted domestic audiences.
Luxury store openings in the Asia-Pacific region increased 31 per cent Y-o-Y, accounting for 17 per cent of global openings, during the year. This growth was led by China with 41 per cent of the global store opening. However, this pace later slowed to 12 per cent Y-o-Y due to weaker demand and fewer real estate opportunities.
Driven by higher tourist spending, a weaker yen and relaxed visa restrictions for the Mainland Chinese tourists, Tokyo and Singapore together accounted for 40 per cent of the store openings in the Asia-Pacific region
New stores across North America also boomed with New York leading with 12 per cent Y-o-Y growth compared to the previous year. This was followed by store openings in Los Angeles and other affluent cities, and leisure resorts around Atlanta, Dallas, Chicago, and Aspen.
However, store openings across lagged with a 17 per cent Y-o-Y decline in openings, primarily due to limited availability in key luxury streets after an 83 per cent surge in 2022.
Marie Hickey, Director-Commercial Research, Savills, attributed the 2023 slowdown to a normalisation after a significant post-pandemic expansion, particularly in China. She noted weaker consumer confidence and spending in China, coupled with availability constraints in prime luxury locations in Europe, North America, and the Middle East. Hickey expects this trend to continue into early 2025.
Despite the challenges, luxury brands continue to optimise their real estate portfolios, particularly in future growth markets in Asia and the Middle East. However, larger luxury groups with mature store portfolios are expected to be more selective in their expansion strategies.
Savills identified cities underserved by luxury brands relative to their market size and wealth. In China, cities like Shenzhen, Hangzhou, and Wuhan offer significant potential due to their growing affluence and lower occupational costs, compared to more saturated markets like Shanghai and Beijing. Other promising markets include Mumbai, Delhi, Jakarta, Bangkok, and Dubai, which all exhibit significant growth and affluence yet remain relatively underrepresented by luxury brands.
Copenhagen Fashion Week has unveiled its lineup for the SS25 season, featuring 46 brands and institutions set to showcase their collections in August 2024. This edition promises to continue the momentum of previous seasons with a diverse range of runway shows and presentations.
Notably, for the first time, the official schedule will merge runway shows and presentations, allowing for more expressive formats and reflecting the evolving creative landscape of the Nordic fashion industry. This change underscores Copenhagen Fashion Week’s position as a leading global fashion event.
Among the highlights is the introduction of Berner Kühl to the CPHFW NewTalent program He joins Alectra Rothschild / Masculina, Stamm, and Rolf Ekroth, who will present his third and final showcase within the scheme. The schedule also includes established names like A. Roege Hove, Jade Cropper, Latimmier, and Rabens Saloner, alongside an exciting mix of new designers over the four-day event.
Sinéad O’Dwyer has been awarded the prestigious Zalando Visionary Award 2024. This annual award recognises exceptional creativity, social impact, and innovation in fashion design. O'Dwyer was chosen for her innovative and avant-garde creations that challenge traditional boundaries, celebrating themes of identity, body positivity, and self-expression.
As part of the award, O’Dwyer will receive a €50,000 prize and support from Zalando for her show production. Her collection will debut at Copenhagen Fashion Week in August 2024, marking her runway debut in Copenhagen. The recognition emphasizes her dedication to diversity and innovation in fashion.
