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As announced by Pitti Immagine, MM6 Maison Margiela will be the guest designer at the upcoming edition of Pitti Immagine Uomo, scheduled to be held in Florence from Jan 14-17, 2025.
During this trade show, the avant-garde label will launch its exclusive menswear collection at an event to be hosted at a yet-to-be-disclosed location in the city. MM6 will also showcase its womenswear collection at the Milan Fashion Week in February.
Francesca Tacconi, Special Events Coordinator, Pitti Immagine, says, each of MM6’s garment pieces evokes a deliberate sense of provocation, reflecting the brand’s core essence. Symbolising nonconformity, the different perspectives and behaviors explored by MM6 celebrate the customers’ individuality. Conceived specifically for Pitti Uomo, the collection offers a contemporary approach to sartorial deconstruction and character-driven fashion.
Launched in 1997, MM6 Maison Margiela is known for its irreverent take on contemporary fashion. The brand consistently reinvents itself with collections that reference its archives while remaining distinct. Its designs playfully overturn traditional clothing codes, often featuring unique fabric treatments to create a distinctive, unisex wardrobe. From ready-to-wear to accessories, footwear, and leather goods, MM6’s apparel pieces are marked by its iconic horizontal white stitching, a visible identifier affixed to the back of each garment.
Green yarn and fibre platform returns
Yarn Expo Spring 2025 is set to take place from March 11-13 at the National Exhibition and Convention Center in Shanghai, aiming to build on the success of its previous edition. This globally recognized event continues to serve as a major platform for sustainable yarn and fibre producers from around the world. The 2024 edition saw nearly 22,000 buyers connecting with 515 exhibitors from 11 countries and regions, with international exhibitor numbers doubling from the previous year. Domestic exhibitors also saw a 27 per cent rise, demonstrating the growing interest in sustainability within the textile industry.
Organized by Messe Frankfurt (HK) Ltd and the Sub-Council of Textile Industry, CCPIT, the expo will again be held alongside key industry events such as Intertextile Shanghai Apparel Fabrics - Spring Edition, Intertextile Shanghai Home Textiles - Spring Edition, CHIC, and PH Value, ensuring participants can maximize their business opportunities. This strategic collaboration enables Yarn Expo to maintain its position as Asia's leading platform for the yarn and fibre sector.
Sustainability at the core
A critical focus of Yarn Expo Spring 2025 will be sustainability, as evidenced by the Texpertise Econogy initiative launched by Messe Frankfurt to promote greener practices across the industry. Wilmet Shea, General Manager of Messe Frankfurt (HK) Ltd, remarked that the 2024 edition provided exhibitors with unparalleled access to a global customer base and emphasized the show's role in pushing for sustainable growth and innovation.
Looking ahead to the 2025 edition, Wilmet Shea highlighted expectations for a larger international turnout, driven by the industry's ongoing efforts to promote sustainable practices. Yarn Expo's strong focus on sustainability is anticipated to align well with the increasing demand for eco-friendly products and solutions.
Market growth and future prospects
The global cotton yarn market, a significant sub-sector of the textile industry, is projected to grow to $120.4 billion by 2032, with a compound annual growth rate (CAGR) of 7.5 per cent from 2023 to 2032. Key factors driving this growth include rising consumer demand for sustainable products, growing awareness within the fashion industry about environmental impacts, and government policies that support sustainable development.
At the 2024 fair, exhibitors presented a diverse selection of green products, including eco-friendly cotton yarns, as well as recycled and regenerated fibres. Sharad Sanghai, Director of Texperts, highlighted the industry's growing focus on sustainability, noting its commitment to eco-friendly practices and the well-being of people, positioning the industry on a positive trajectory.
Insights through concurrent events
In addition to the main exhibition, Yarn Expo Spring 2025 will host a series of informative concurrent events, designed to provide valuable insights into industry trends, technologies, and market developments. Attendees will have the opportunity to explore a variety of sessions, including the China Yarn Fashion Trends, Textile Materials Innovation Forum, and China Fibers Fashion Trends Forum. Product launch conferences will further showcase the latest developments in sustainable textile technologies.
Dou Juan, Vice Director of the China Chemical Fibers Association, expressed her appreciation for the 2024 event's strong international presence and emphasis on sustainability. During her visit, she explored new materials and functional yarns, noting the relevance of the exhibition's themes to current industry trends and important topics.
Maximizing business opportunities
The strategic alignment of Yarn Expo Spring 2025 with other prominent events within the textile industry enhances the synergy between exhibitors and buyers, allowing them to expand their business networks and explore collaborative opportunities. The continued focus on sustainability, paired with the fair’s growing international reach, positions the expo as a vital platform for the industry's future growth.
With sustainability as a central theme, Yarn Expo Spring 2025 is expected to showcase the textile sector's ongoing efforts to balance economic growth with environmental responsibility.
The ITMF Global Textile Industry Survey (GTIS) for September 2024 shows the best business conditions since September 2022, driven by recoveries in South America and Africa. Despite this improvement, other regions showed little progress.
Business expectations have remained optimistic, with sentiment stable around +25pp since November 2023, although the business situation has yet to fully reflect this optimism. Order intake remains negative but has been improving steadily for 10 months, particularly in South America and Africa.
The global order backlog saw a slight positive trend, reaching an average of 2.2 months in September 2024, up from 1.9 months in March. Capacity utilization rose to 75 per cent in September, recovering from 68 per cent in November 2023.
While weak demand continues to affect 66 per cent of businesses, order cancellations have fallen to a record low, with 63 per cent reporting no cancellations, particularly in South America. Inventory levels along the textile value chain remained average, with 55 per cent of companies reporting typical levels.
In the USA, rising apparel inventories at both retail and wholesale levels suggest the market may be stabilizing.
Afreximbank’s Canex’s Africa initiative took center stage at Paris Fashion Week's Tranoi, held at the Palais Brongniart from September 26-29. Over 20 leading fashion brands from Africa and the diaspora showcased their designs, offering a global platform to highlight the continent’s diverse creative talent and innovative designs to an international audience.
The exhibition featured standout brands, including Mafi Mafi from Ethiopia, Kenya's Adele Dejak, We Are NBO, and Katush, Zanzibar’s Doreen Mashika, Nigeria’s Emmy Kasbit, Wuman, and Bloke, and South African designers Judy Sanderson, David Tlale, and Thebe Magugu. Brands from Zimbabwe, Cote d'Ivoire, Ghana, Morocco, Trinidad and Tobago, and Burundi also participated, representing a broad spectrum of African creativity.
The event culminated with a runway show curated by Artistic Director Jenke Ahmed Tailly, spotlighting designers Sukeina, Lagos Space Programme, and Thebe Magugu. Their collections combined bold, avant-garde designs with traditional African craftsmanship, celebrating the synergy between modernity and cultural heritage.
Afreximbank’s Executive Vice President, Kanayo Awani, expressed pride in the initiative’s role in elevating Africa’s creative industries, emphasizing that this marks the first time three designers have graced the Paris Fashion Week runway. She highlighted the event’s significance in expanding Africa's presence in global cultural trade and providing emerging designers with international exposure.
The Canex initiative supports the creative economy as a catalyst for development and job creation across Africa. Since its launch in 2021, the programme has aided 80 designers from 27 African countries, offering both financial support and skills development. Through this initiative, Afreximbank aims to empower African designers to scale their businesses and thrive on the international stage.
Nike, Inc announced its fiscal 2025 first-quarter results, revealing revenues of $11.6 billion, a 10 per cent decline from the previous year, with a 9 per cent decrease on a currency-neutral basis. Nike Direct revenues fell 13 per cent to $4.7 billion, while wholesale revenues decreased by 8 per cent to $6.4 billion.
Despite the revenue drop, gross margins improved by 120 basis points to 45 per cent, driven by reduced product costs and effective pricing strategies. However, diluted earnings per share fell 26 per cent to $0.70, with net income down 28 per cent to $1.1 billion.
The results were announced during a pivotal time for the company, as it prepares for the transition to new CEO Elliott Hill, effective October 14, 2024. Nike’s Board of Directors emphasized its commitment to addressing guidance during the upcoming conference call and noted the postponement of its Investor Day.
Matthew Friend, Executive Vice President and CFO, stated that Nike's first-quarter results largely aligned with expectations. He emphasized that achieving a comeback of this magnitude requires time, but noted early successes, highlighting momentum in key sports and an increased focus on innovation and new product offerings.
As of August 31, 2024, Nike's inventories totaled $8.3 billion, down 5 per cent from the prior year, while cash and equivalents increased to $10.3 billion. The company maintained its commitment to shareholder returns, distributing approximately $1.8 billion, including $558 million in dividends and $1.2 billion in share repurchases under its $18 billion buyback program.
NIKE continues to demonstrate resilience and strategic planning as it navigates its transition and aims for future growth.
The upcoming BRICS+ Fashion Summit in Moscow is set to be the largest event in the fashion sector, attracting delegations from over 30 African countries, including South Africa, Ethiopia, Egypt, and Nigeria. This summit, hosted by Russia, aims to create a unified platform for industry players from emerging markets to exchange ideas and experiences.
Stephen Manzini, Founder and CEO of Soweto Fashion Week, emphasizes the summit's significance as a historic opportunity for emerging economies to come together. He notes that collaboration among these markets could facilitate major trade agreements and prompt dominant economies to recognize trends originating from the global South.
Alongside the summit, South African brand Tshegofatso By Design will showcase its innovative collection at Moscow Fashion Week, featuring fresh interpretations of traditional African motifs.
The Business Program will explore key themes, including the role of fashion in economic development, cultural dialogue, decolonization of fashion, and export opportunities to BRICS+ nations. Esteemed lecturers from Russian and international fashion institutions will participate, while designers will present their work at the grand International Exhibition 'Heritage,' celebrating cultural traditions and craftsmanship.
The BRICS+ Fashion Summit is poised to become a pivotal event for the fashion industry, building on last year’s inaugural summit that saw collaboration among leaders from 60 countries. Participants will address the common challenges faced by fashion brands in emerging markets, advocating for greater diversity and the promotion of local brands that reflect their cultural heritage. This strategic initiative aims to enhance global fashion interactions and support new talents in the industry.
Bangladesh's recent political unrest, has tested the resilience of its garment industry, a cornerstone of the nation's economy. While some brands have shifted orders, a significant number, including major players like Adidas, H&M, and Inditex, have maintained their commitments to the country, highlighting the complex interplay of factors that influence sourcing decisions. This commitment to Bangladesh's garment industry comes as a relief to many, but challenges remain, and the long-term impact on the sector is yet to be fully understood.
Brands stay put, show their commitment
A recent survey by the Business and Human Rights Resource Centre (BHRRC) revealed 12 out of 20 global apparel buyers have not shifted their orders from Bangladesh despite the disruptions. These brands, including Adidas, ASDA, C&A, H&M, Inditex, Marks & Spencer, Next, Puma, PVH Corp, Tesco, Primark, and Walmart, have demonstrated a commitment to order stability, even in the face of challenges.
Several factors contribute to this steadfastness. Primarily, Bangladesh enjoys duty advantages with many countries and zones, making it a cost-competitive sourcing destination. For instance, the European Union's Everything But Arms (EBA) initiative grants duty-free access to Bangladeshi exports, excluding arms and ammunition. This preferential treatment has played a crucial role in attracting and retaining international brands.
In fact, C&A and Primark, two of the brands that maintained orders, have even offered financial and non-financial support to their suppliers in Bangladesh. C&A provided low-interest or no-interest financing and covered the cost of air shipments to mitigate delivery challenges. Primark extended production and delivery timelines, allowing suppliers to manage disruptions without facing penalties.
Challenges remain
However, the situation on the ground is not without challenges. While bigger brands have weathered the storm, smaller factories, particularly those reliant on orders from smaller buyers, have faced difficulties. The BHRRC's findings reveal that order placement has slowed down, potentially indicating a shift away from smaller factories. Additionally, airfare costs have soared, putting further strain on suppliers. Fazlee Shamim Ehsan, Executive President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told the Financial Express that airfreight costs have skyrocketed from $2.50 per kg to $6.0-7.0 per kg. These increased costs are squeezing profit margins and creating further challenges for the industry.
The unrest has also had repercussions for workers, with reports of mandatory overtime, increased production targets, and delayed wage payments. Smaller factories, particularly vulnerable to order fluctuations, may struggle to recover from the disruptions. Some factories have struggled to pay wages on time, leading to worker agitation and demands for improved conditions.
The way forward
While Bangladesh's duty advantages have undoubtedly played a role in retaining brands, the country also needs to address underlying issues to ensure the long-term sustainability of its garment industry. This includes improving worker conditions, ensuring timely wage payments, and fostering a stable business environment.
The recent unrest serves as a reminder of the delicate balance between economic interests and social responsibilities. Brands, suppliers, and the government must work together to create a more resilient and equitable garment industry in Bangladesh, one that benefits both businesses and workers.
As the global fashion industry prepares to embrace greener practices, manufacturers in low-income countries are feeling the heat of the European Union's Corporate Sustainability Due Diligence Directive (CSDDD). The directive, aimed at making global supply chains more sustainable, has manufacturers worried about bearing the brunt of the cost and complexity.
The cost of going green
The financial implications of the CSDDD are significant. The fashion industry will need to invest over $1 trillion to transition to net-zero emissions. The Apparel Impact Institute (Aii) has created the Fashion Climate Fund to help suppliers with energy and water efficiency, but smaller producers might struggle to meet specific brand benchmarks.
Pressure on suppliers
These regulations, aimed at making global supply chains more sustainable, are expected to significantly impact garment factories and textile mills across Asia, which are often cited as major contributors to the industry's pollution.
Bangladesh, the world's second-largest clothing exporter, is particularly vulnerable, given its ongoing political transition and the economic challenges faced by its garment industry. Abdullah Hil Rakib, Managing Director, Team Group, a major Bangladeshi clothing supplier, stressed the need for support from both global buyers and the government to achieve a successful green transition.
For the fashion industry, this translates into a significant onus on factories in countries like Bangladesh, Pakistan, and Cambodia to address gaps in labor rights, human rights, and environmental protection. International brands will need to collaborate closely with these suppliers to meet the new requirements.
The CSDDD requires major European brands to ensure their suppliers are conducting due diligence to protect workers and communities from the adverse effects of their operations. Failure to comply could result in significant financial penalties. Industry associations and government agencies can encourage a collaborative approach between brands and suppliers. Bangladesh's garment makers' association, BGMEA, has taken the initiative by setting up the Responsible Business Hub and creating a platform for data collection and sharing.
Challenges and concerns
Financial burden: Manufacturers in developing countries often operate on thin margins and may struggle to finance the necessary investments in green technologies and practices.
Legal and regulatory complexities: The CSDDD will necessitate a raft of legal changes in producing countries, which could be a lengthy and complex process.
Capacity building: Smaller producers may lack the knowledge and resources to understand and implement the necessary changes.
Worker protection: The directive also aims to improve labor conditions, but ensuring effective implementation and enforcement remains a concern.
Meanwhile union leaders in Bangladesh are awaiting the implementation of the CSDDD to assess its impact on workers. They are demanding clear channels for addressing grievances and upskilling programs for workers. Kalpona Akter, executive director of the Bangladesh Center for Workers Solidarity, also highlights the need for support in dealing with climate impacts like flooding and heat.
Despite the challenges, the CSDDD also presents an opportunity for manufacturers to push for ethical commercial practices and more favorable contracts from international brands. Bangladesh, with its experience in improving worker safety and environmental standards, sees the directive as a way to maintain its position as a key sourcing choice.
China, once a seemingly insatiable consumer of luxury goods, is experiencing a change in its relationship with high-end brands. Interest in high-end Western labels like Burberry, Prada, and Louis Vuitton is waning, replaced by a burgeoning interest in ‘pingti’ o domestically produced ‘dupes’ that are replicas that offer comparable quality at a fraction of the price. Economic headwinds, evolving consumer values, and the rise of high-quality dupes are reshaping the luxury market in unexpected ways. This is leaving international brands scrambling to adapt while domestic players and pingti producers seize the opportunity.
The rise of pingti
While concrete figures for the pingti market remain elusive due to its nascent nature, anecdotal evidence and expert opinions point to explosive growth. Social media searches for dupes have tripled from 2022 to 2024, according to Laurel Gu, a market research analyst. This is primarily being driven by factors like the economic slowdown in China.
Table: The rise of pingti
|
Metric |
2022 |
2023 |
2024 (Projected) |
|
Social Media Searches for "Dupes" |
1x |
3x |
5x+ |
|
Youth Unemployment Rate |
16.70% |
18.80% |
20%+ |
|
Luxury Market Growth |
10% |
5% |
2-3% |
The data paints a clear picture: as economic pressures mount and youth unemployment soars, Chinese consumers, especially Gen Z, are becoming more price-sensitive and discerning. They are actively seeking value and questioning the traditional association of luxury with exorbitant price tags.
And this shift in consumer behavior has dealt a blow to international luxury brands. Burberry reported a 21 per cent year-over-year sales decline in the previous quarter, while Swatch cited a sharp drop in demand in China and Southeast Asia. Even luxury giants like LVMH have experienced a slowdown in growth.
Table: Luxury brands sales drop
|
Brand |
Sales change (year-on-year) |
|
Burberry |
-21% |
|
Richemont |
-10% |
|
Hugo Boss |
-8% |
|
LVMH |
+5% |
These figures highlight the challenges faced by international brands. Many have resorted to offering discounts and promotions, but even these efforts are proving insufficient to stem the tide. A recent Fortune report revealed that several brands are grappling with high return rates and purchase cancellations.
While international brands struggle, domestic players and pingti producers are capitalizing on the changing landscape. Domestic brands like Chando in skincare are offering comparable products at lower prices, resonating with value-conscious consumers. Pingti producers, meanwhile, are attracting buyers with near-perfect replicas of luxury goods, often using the same suppliers and materials as the original brands.
Emerging trends
Economic slowdown: China's economic downturn is a major factor. Rising unemployment, particularly among young people, and wage stagnation are forcing consumers to reconsider luxury spending.
Luxury shaming: A reluctance to flaunt expensive items in a time of economic uncertainty is contributing to a decline in conspicuous consumption.
Shifting values: Consumers are prioritizing value and functionality over brand names and status symbols. This is due to increased awareness of quality dupes or pingti that offer comparable quality at a fraction of the price.
Rise of domestic brands: Chinese consumers are increasingly supporting homegrown brands that offer high quality and competitive pricing.
E-commerce and social media: Online platforms are facilitating the discovery and purchase of pingti brands, further driving their popularity.
Therefore, the future of the luxury market in China hinges on several factors. Will the economic slowdown persist, further boosting the pingti trend? Will international brands successfully adapt their strategies to cater to the evolving Chinese consumer? Will domestic brands continue to gain market share?
The answers to these questions remain uncertain. However, one thing is clear: the luxury market in China is undergoing a profound transformation. Brands that can understand and respond to the new consumer values of quality, value, and authenticity will be best positioned to succeed in this evolving market.
The fashion division of the global trade show organiser, GL Events plans to organise the first Canadian edition of the textile supply chain event, Première Vision from Apr 22-23, 2025. To be held at the Grand Quai in Montreal, this new event will connect local manufacturers with global fashion brands, with approximately 100 exhibitors, mainly from Canada, expected to attend it.
The show’s launch in Canada marks an expansion of Première Vision's presence in North America, complementing its established events in New York, which take place in January and July. Première Vision Montreal will specifically cater to the needs of Canadian fashion brands, with a focus on products that meet the country’s climate demands, such as knitwear and outerwear.
According to Florence Rousson, Head-Première Vision, the Canadian edition will not only supplement the New York shows but also offer a unique value proposition tailored to the local market.
Through its diverse portfolio of events, GL Events plans to unite the global fashion ecosystem under one roof. According to Rousson, the organiser aims to foster connections between different segments of the fashion industry, from production to retail, without diluting the individual identities of the events. The company envisions creating synergies between shows in different regions, such as combining Denim Première Vision with Tranoï in Tokyo.
The February and September editions of Première Vision Paris will focus on distinct themes with the company strengthening partnerships with fashion schools to enhance its role in training and skill development within the industry.
Launched in 2018, the Première Vision B2B marketplace will be discontinued. Instead, data collected from the platform will be integrated into three key tools: the mobile app for matchmaking and networking, the website for company information, and Première Vision magazine. These resources will continue to support business connections before, during, and after the physical shows.
In the coming months, Première Vision will hold the Denim industry show in Milan on Dec 04-05, 2024 followed by Blossom Première Vision in Paris on Dec 11-12, 2024. Première Vision New York will be held on Jan 14-15, 2025, and Première Vision Paris is scheduled for Feb 11-13, 2025. Prior to these events, GL Events will organise the Tranoï designer show in Paris from Sep 26-29, 2024.
