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“Varying customer preferences in terms of style, design, and comfort are fuelling the demand for customised cufflinks globally. In response to the changing needs and demands of consumers, many manufacturers have introduced customized cufflinks, incorporating photos, monograms, and so on. The growing demand for customization is expected to drive the global cufflinks market in the forecast period.”
A latest report titled ‘Global Cufflinks Market Analysis 2015-2019’ by Research and Markets covers the growth prospects of the global cufflinks market with segmentations based on product types and retail formats. The report says that increasing online retailing is driving the sales of cufflinks, and the market is expected to reach a CAGR of over 9.87 per cent during the forecast period.
Reason behind rapid growth and key players
According to the report, the growth in online retailing has contributed to market growth and the rise in urbanization and per capita expenditure in developing countries also contribute to market growth. For instance, according to the Ministry of Statistics and Program Implementation, India's total disposable personal income grew by 5.7 per cent and reached $2,097.23 billion in 2014. This rise in GDP led to an increase in purchasing power among consumers.
The author recognises companies such as Louis Vuitton, Tiffany, Paul Smith, Cartier and Montblanc as the key players in the global cufflinks market. Other prominent vendors in the market include Armenta, Burberry, Chanel, Cufflinks.com, Dolce & Gabbana, Giorgio Armani, Gucci, Hugo Boss, Prada, Ralph Lauren, and Tateossian.
Customisation is the key to success
Commenting on the report, an analyst from the research team said, “Varying customer preferences in terms of style, design, and comfort are fuelling the demand for customised cufflinks globally. In response to the changing needs and demands of consumers, many manufacturers have introduced customized cufflinks, incorporating photos, monograms, and so on. The growing demand for customization is expected to drive the global cufflinks market in the forecast period.”
There is also a newfound demand for customised cufflinks that incorporate photos and monograms. Newer product ideas have also refreshed the demand for cufflinks. Further, the report states that as this is a niche market, competition is rife among vendors and often results in price wars.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
www.researchandmarkets.com
March 2016 will see the global yarn and fibre industry gather in Shanghai for the next edition of Yarn Expo Spring. Taking place from March 16 –18, 2016, the fair will be held across 10,000 sq. mtrs. in the National Exhibition and Convention Center. Following the success of the 2015 edition, a larger India pavilion will be organised by the Cotton Textiles Export Promotion Council (TEXPROCIL).
Alongside the India Pavilion, neighbours Pakistan will also feature with their own zone, showcasing competitively priced cotton yarns. Furthermore, following the successful first-time participation of a number of Uzbekistan exhibitors at this year’s Yarn Expo Autumn, where the competitiveness of their products in the Chinese market was emphasised, an increased participation is expected in 2016.
A feature of the 2015 Spring Edition was the increasing participation of synthetic and knitting yarn suppliers, particularly from Indonesia, Thailand and Singapore. In 2016, it is expected that more exhibitors of these products from China, Korea, Portugal and Taiwan will also feature at the fair to take advantage of the potential in the domestic market.
With four concurrent textile fairs under one roof, both exhibitors and buyers of Yarn Expo Spring can benefit from business opportunities at this unique industry event. The fairs, which will also run from March 16 – 18, 2016 include Intertextile Shanghai Apparel Fabrics – Spring Edition, Intertextile Shanghai Home Textiles – Spring Edition, PH Value and the China International Fashion Fair (CHIC).
www.messefrankfurt.com
VDMA member companies received an encouraging response at the recent ITMA 2015 trade fair that concluded in Milan last month, with 96 per cent of them expressing satisfaction over both the quantity and the quality of visitors to their booths.
Three out of four VDMA German companies were able to ink new deals during the show, which was the prime motive behind participating in the fair. The company demonstrated that sustainable textile production continues to be a major issue for the industry. According to the VDMA survey, energy and material efficiency were the topics in which customers showed highest interest. 72 per cent of the respondents said that it was a topic of high interest for the customers. Material efficiency ranked number two in the list.
Visitors from Bangladesh, India, Mexico, Pakistan and Turkey showed high demand for VDMA solutions. The company is continuing its series of conferences in dedicated markets. It is planning a forum based upon the theme of ‘German Technology meets Vietnamese Textiles’ in Hanoi on July 5, 2016 and Ho-Chi-Minh-City, on July 7 and 8, 2016, during which VDMA member companies will present their updated technologies to Vietnamese textile producers.
VDMA initiated official German pavilions will make their presence felt at INDO Intertex in Jakarta that takes place from April 27-30, 2016 and Techtextil North America to be held from May 3-5, 2016 in Atlanta. VDAM also expects a strong participation of German manufacturers in the leading textile machinery show in Asia ITMA ASIA + CITME 2016 that is scheduled to take place from October 21-25, 2016 in Shanghai.
www.vdma.org
IGATEX Pakistan 2016- the 9th International Garment, Textile Machinery & Accessories Exhibition will be held from April 20 to 23, 2016 at Expo Centre Lahore. Pakistan’s benchmark event showcasing latest innovations in the garment and textile industry is a pioneer and trendsetting exhibition that has been introducing textile machinery and technology in Pakistan.
The event has developed itself into one of the largest and well established garment, textile and leather machinery and accessories exhibition and conference in the South Asia and has emerged as an established platform in the textile industry which provides demonstrations of various cutting edge industry tools and technology.
Located at the crossroads of Asia, Pakistan has become a focal point for investors and has in recent years, gained recognition as an important market among other textile manufacturing countries of the region. Considered as one of the top 10 textile exporting countries of the world, Pakistan is the 4th largest producer of cotton yarn and cloth, and the 3rd largest player in Asia with a spinning capacity of 5 per cent of total world production. It also ranks 2nd in the export of yarn, 3rd in the export of cloth and contributes 3 per cent to the total textile trade of the world.
www.igatex.pk
India’s textile exports are expected to grow to $18 billion by the end of 2015 and $20 billion by 2016, says a Investment Information and Credit Rating Agency (ICRA) report on global textile positioning of Indian and other textile giants of the world. However, the depreciated rupee is unlikely to remain as a sustainable advantage in the long term as India’s market share in world trade has not significantly changed during the last three years. India’s share in global trade was four per cent last year and has increased by only three per cent in 2004. Reasons for the slow growth include: fragmented nature of weaving, processing and garmenting industries.
Reliance on imported machinery across the textile chain limits India’s exports growth. TUFS benefits have been availed of mainly by the spinning sector, limiting the participation of weaving, processing and garmenting sectors. So, while exports have taken a back seat, domestic textile industry has been growing at a mean annual growth rate of 10 per cent over the last five years.
India is among the largest producers of cotton and manmade fiber, equipped with the second largest capacity for spinning and weaving. Meanwhile China remains the largest exporter as a result of its huge global capacities across the textile value chain.
Cambodia wants its exports to the US to be given duty- free and quota-free access. Cambodia wants the US to provide Generalised System of Preferences to at least 97 per cent of its commodities, with tariff exemptions and quota-free access, in accordance with the previous agreement under the WTO framework.
At a 2005 meeting of the World Trade Organisation, developed nations had pledged to provide extend duty-free and quota-free status to at least 97 per cent of products originating from less developed countries. Many developed economies, including Australia, Canada and the EU, have enacted special programs that extend duty- and quota-free treatment to all imports from LDCs with the exception of arms.
The US currently provides duty-free status to over 5,000 types of products produced in Cambodia as part of its Generalised System of Preferences program. It granted Cambodia GSP trade privileges in 1996 along with the Most Favored Nation (MFN) status, which reduces tariffs on eligible products.
The combination of GSP and MFN has allowed many Cambodian products to access the US market, making them more price competitive against the products of countries that do not enjoy the privileges. However, the GSP program does not cover Cambodia’s largest export category by value -- garments. They are covered under the MFN scheme, which requires importers to pay a tariff of around 10 to 15 per cent.
Myanmar’s currency kyat has been witnessing a constant fall against the US dollar, which is making a negative impact not only on the country’s domestic market but even export oriented businesses. The currency has fallen by more than 25 per cent against to the dollar this year to 1,300 kyat on Tuesday this week, its weakest. In the unofficial market, the rate reached up to 1,315 kyat.
The players have called for immediate measures to control further fall. Since the US dollar prices are rising, traders are not able to import as much quantities they ordered before, leading to rise in the local prices. Experts point out that the Ministry of Commerce, the central bank, Myanmar Investment Commission and the Ministry of Finance have to take instant action to tackle this issue.
While weakening of kyat against the dollar should help exporters like farmers, since the country depends upon imports of farming machinery and fertilisers, they are not able to benefit. Export volumes were already impacted by the nationwide flooding earlier this year. Since most of the raw material required is imported, Myanmar is not able to control the production cost resulting in the rise of final product price. The only materials produced domestically are cotton balls and high-density poly- ethylene bags, which are also made from imported materials.
In late June, the Central Bank of Myanmar increased the volume of US dollars it sells to the market in its daily auctions. A new reserve requirement ratio is expected to be implemented in local banks by January. The central bank is also working with organisations including the International Monetary Fund, the World Bank, the Asian Development Bank and the Japan International Cooperation Agency to find a way out.
The COSATU-affiliated Southern Africa Clothing and Textile Workers Union (SACTWU) has called for the clothing industry to submit a report on actions taken to implement the commitments made under the Youth Employment Accord (YEA).
The decision was taken after recently concluded COSATU Congress decided that the federation’s affiliates must step up the fight against youth unemployment. SACTWU tabled the matter at the final executive meeting of the Clothing Industry Bargaining Council, held in Cape Town. It was agreed that by February next year, a report would be prepared to take further a call. The report is expected to indicate what the trade union and employers in the industry have respectively done to implement the commitments made in the YEA.
The YEA was signed on April 18, 2013, at the historic Hector Pieterson Memorial in Soweto, by representatives of government and social partners. SACTWU is of the view that instead of just complaining about the problem of youth unemployment, it is time that every signatory of the YEA must take accountability for what they have done to meet their commitments.
Sactwu.org.za
Karnataka Rajya Raitha Sangha (KRRS) has asked the state government to make sure that Bt cotton companies aptly compensate farmers whose crops were destroyed by corn earworm across the state. Addressing a media conference, state president of the organisation Chamarasa Malipatil said that nearly half of the Bt cotton crop was destroyed due to the Helicoverpa pest.
“At the time of introducing Bt cotton in India a few years ago, there was a big propaganda that it was pest-resistance. Now, we find that the genetically modified organism, Bt cotton, is vulnerable to corn earworm. A vast majority of cotton growers cultivated Bt cotton this time and over 50 per cent of cultivated Bt cotton of all brands have now been destroyed by the pest attack. The seed companies that sold Bt cotton seeds to farmers are liable to pay compensation and the government should ensure that they do,” he said.
He also informed that Bt cotton fields in Andhra Pradesh were also destroyed by the corn earworm, suspecting sub-standard supply of seeds by the seed companies. Malipatil further said that no officials of the Department of Agriculture or the agricultural scientists from the University of Agricultural Sciences, Raichur visited the Bt cotton fields hit by the corn earworm to take stock of the situation. Talking about the power shortage, he also warned that his organisation would direct farmers to take power from Niranthara Jyothi villages to their pumpsets, if the government doesn’t act upon the issue immediately.
English Fine Cottons, a trading arm of Tameside-based engineering textiles manufacturer Culimeta-Saveguard, is investing £4.8million to bring cotton spinning back to the UK.
The company has already placed orders for installation of required equipment as well as begun recruiting staff with an aim to restart cotton spinning in the UK by mid- 2016. English Fine Cottons will base its new production facility in the refurbished Tower Mill at Dukinfield in Tameside. The company will spin some of the most luxurious yarn in the world using the finest raw materials from Barbados, India, USA and Egypt. The yarn will be used to create high-end fashion collections both domestically and globally.
More than 100 new jobs are expected to be created by the project. According to Andy Ogden, General Manager of English Fine Cotton's parent company Culimeta-Saveguard, , there is a strong demand across the world for luxury goods with the 'Made in Britain' stamp, and English Fine Cottons has the pedigree for the job. Our roots are in technical textile manufacturing and we are in the perfect location – able to draw on a local workforce with the necessary skills and expertise.”
