FW
In November 2023, Bangladesh witnessed a 27per cent month-on-month surge in earnings from apparel exports, reaching $4.05 billion compared to $3.16 billion in October 2023. However, on a year-on-year basis, there was a decline from $4.38 billion in November 2022.
For the July-November 2023-24 period, Bangladesh's Ready-Made Garment (RMG) exports dropped 2.75per cent year-on-year, from $18.83 billion to $18.33 billion.
Specifically in November, the country experienced a 7.45per cent decline in apparel exports, attributed to decreases in both woven and knitwear garments. Knitwear exports during the five-month period grew by 8.66per cent year-on-year to $10.98 billion, while woven garment exports declined by 4.52per cent year-on-year to $7.84 billion.
In November 2023, exports of woven garments saw a significant decline of 12.59per cent, while knitwear garment exports dipped by 3.18per cent.
WoolProducers Australia is in talks with the Indian Government and woolen textile officials to expand its market presence in India. CEO Jo Hall visited India in October 2023 to explore trade opportunities and hosted a roundtable conference on October 25, 2023, seeking collaboration in the wool sector.
The growing demand for wool in India presents significant opportunities for Australian wool manufacturers. Hall highlights, coupled with the Australia-India Economic Cooperation and Trade Agreement (ECTA), this positions Australia as a reliable wool supplier, contributing to India's woolen sector growth.
As the world's second-largest wool consumer, India is witnessing increased demand for both raw wool and woolen products, producing 40 million kg annually, according to Hall. The Indian government has invited Australia to attend Bharat Tex 2024 in February 2024 to explore business opportunities, expressing interest in visiting Australia in 2024 for mutual dialogue and farm visits.
Hall emphasizes that this collaboration fosters mutually beneficial trade relationships between Australia and India.
Trident is planning significant expansion in its spinning, bath linen, and chemicals businesses, allocating Rs 1,450 crore for the project. The plan involves the addition of around 100,000 spindles and 42 looms, requiring an investment of Rs 1,350 crore.
In tandem, Trident will also boost its chemicals business with an additional infusion of Rs 100 crore. The ambitious expansion initiative, set to be completed by March 2024, underscores Trident's strategic business approach, emphasizing collaborations within the industry.
Recently, Trident achieved a milestone by commencing commercial production at its bed-line and co-gen plants, valued at Rs 400 crore. These projects have significantly increased the brand's sheeting capacity and co-generation capabilities. Specifically, the sheeting capacities have witnessed a daily expansion of 55,009 meters, involving an investment of Rs 228 crore. This expansion drive has contributed to a notable increase in the brand's revenues, reaching Rs 17,755 million in Q2FY24.
As a vertically integrated textile and paper manufacturer, Trident holds a prominent position as the flagship company of the Trident Group, a key player in the Indian business landscape with a global footprint. Renowned for its excellence in the home textile business, Trident has earned numerous accolades from customers, vendors, and government entities, recognizing its commitment to high-quality products, social responsibility, and environmental stewardship. The company operates across various segments, including yarn, towels, bed sheets, and paper and chemicals.
SIMA’s head S K Sundaraman has highlighted the urgent concerns of spinning mills Telangana, Tamil Nadu, and Andhra Pradesh and has appealed to both central and state governments for immediate action due to financial strain caused by global recession and sluggish business.
The groups are asking both the central and state governments to take two main actions: reduce electricity prices and exempt them from some extra charges when buying power. They're also worried about too many products coming in from other countries like China, Bangladesh, Vietnam, and Sri Lanka. This is making it tough for local businesses to grow, especially in the textile industry.
The groups are grappling with additional challenges, such as heightened taxes on cotton and man-made fibers, hindering their ability to export. They urgently request extended loan repayment periods and simplified access to financial aid.
Sundaraman emphasized the critical need for the government to eliminate taxes on cotton and address other pressing issues to ensure the survival and growth of local businesses.
Prominent sports brand Puma, is actively contributing to the reduction of the fashion industry's reliance on plastic bottles for polyester. The company is expanding its textile recycling innovation, Re:Fibre, to replace recycled polyester in all its football club and Federation replica jerseys.
Since its launch in 2022, Re:Fibre technology has been instrumental in the production of recycled training jerseys for Puma's football clubs. In the coming year, Puma plans to extend the use of Re:Fibre to manufacture all its football replica jerseys, including those designed for prestigious tournaments such as the Euro and Copa América. These jerseys will be made from recycled materials sourced from old garments and factory waste, aligning with Puma's commitment to reducing textile waste and establishing a sustainable, long-term recycling solution.
Anne-Laure Descours, Chief Sourcing Officer at Puma, emphasizes the brand's goal to achieve 100 per cent polyester production from textile waste. Puma aims to streamline its sustainability initiatives and enhance transparency by releasing a video with computer-generated imagery. This video will guide consumers through the Re:Fibre process, providing insights into the molecular chemistry at work during the recycling process.
By implementing these initiatives, Puma is not only contributing to environmental conservation by reducing dependence on plastic bottles but also educating consumers about the sustainability efforts and processes involved in their products. This marks a positive shift towards more responsible and eco-friendly practices within the sports and fashion industry.
The decision by a US clothing retailer to reject transactions involving any entities sanctioned by the UN, US, or UK has raised concerns among garment factory owners in Bangladesh. The Bangladeshi mission in Washington has alerted the Commerce Ministry about the potential risk of trade sanctions being imposed on Bangladesh due to labor rights issues.
Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has emphasized the critical nature of this issue. He urged BGMEA members who receive Letters of Credit (LC) with such clauses to seek clarification from retailers, specifically inquiring whether the restriction applies only to Bangladeshi suppliers. Hassan suggested that buyers imposing such restrictions should face business bans, but also advised members not to interpret the inclusion of such clauses by a single retailer as a form of sanction. BGMEA has not received any official information from diplomatic missions regarding this matter, according to Hassan.
Andritz has broadened its commitment to recycling with the opening of a new facility situated at the Sfilacciatura Negro plant in Biella, Italy. This tearing plant specializes in processing post-consumer textile waste by autonomously eliminating rigid components.
Engineered for maximum efficiency and energy conservation, the facility incorporates automated systems for separating hard points while ensuring an excellent material yield. Additionally, it is equipped with an automated filtration unit to manage airflow and dust. Notably, the entire plant can be efficiently operated by a single operator. The cutting-edge recycling line, a culmination of a decade-long collaboration between Andritz and Sfilacciatura Negro, is the outcome of extensive trials at Andritz's technical center and on-site visits to customer lines in Spain and Portugal.
This collaboration signifies Sfilacciatura Negro Biella's entrance into the recycling of post-consumer clothing waste. Leveraging their expertise as operators of two tearing lines, the company brings considerable experience in recycling industrial textile waste.
Tiziano Negro, CEO of Sfilacciatura Negro, expressed confidence in Andritz's support for their ambitious diversification project, highlighting Andritz's proficiency in both textile recycling and nonwoven materials.
Chip Bergh, the current CEO of Levi Strauss & Co, will step down from his role in January 2024, passing the baton to his successor, Michelle Gass, who currently serves as the CEO of Kohl's. Having joined Levi Strauss & Co in September 2011, Bergh will continue to serve as the executive vice-chairman until his retirement in late April. Additionally, he will stay on as an advisor to the company until the end of the fiscal year.
Throughout his tenure, Bergh has made significant contributions to Levi Strauss & Co's growth, transitioning the brand from a focus on men's wholesale pants business in the US to becoming a global, direct-to-consumer company. Under his leadership, he successfully revived the company's womenswear business and played a crucial role in taking Levi Strauss & Co public with its IPO in March 2019. Furthermore, his strategic acquisition of Beyond Yoga in 2019 expanded the company's brand portfolio.
Michelle Gass, who started her journey at Levi Strauss & Co as the president, has been instrumental in leading various functions, including product development, merchandising, and marketing. She has also spearheaded the company's e-commerce and global commercial operations, driving international growth initiatives. Gass's appointment as the new CEO reflects her significant contributions to Levi Strauss & Co's success and growth in recent years.
India’s Ministry of Textiles in India is taking significant steps to enhance the circular textile industry and monitor the trade of recycled textiles within the country. One of its key initiatives involves the establishment of a comprehensive record-keeping system. To achieve this, the Ministry has introduced Harmonized System of Nomenclature (HSN) codes specifically designed for categorizing recycled textile products. These codes will be expanded to cover various products, including yarn, fabric, garments, and waste.
The implementation of HSN codes is expected to empower the government in regulating and modernizing the flow of recycled textiles, ensuring adherence to sustainability standards and certifications. Additionally, the government plans to conduct a thorough study on the generation of both pre- and post-consumer waste to assess the volume of recycled textiles produced domestically. Furthermore, there are plans to collaborate with other nations to introduce six to eight-digit HSN codes encompassing recycled yarn, fiber, and fabric.
Representatives from the Confederation of Indian Textile Industry have commended the government's initiative, stating that these measures will position India as a leader in the management and regulation of recycled textiles trade. According to estimates by the IMARC Group, the textile recycling market in India is projected to witness substantial growth, increasing from the current $8308.7 million to $375 million by 2028. This growth is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 3.4% between 2023 and 2028.
Luxury fashion conglomerate LVMH has ambitious plans for COP 28, starting with a collaboration with UNESCO's 'Man and the Biosphere' (MAB) program and the Foundation for Amazon Sustainability (FAS). The initiative focuses on addressing deforestation and achieving a balance between environmental protection and sustainable development within local cultural contexts. Key areas include biodiversity and ecosystem conservation, education, capacity building, and the promotion of sustainable supply chains through investments in production infrastructure and distribution channels within existing local supply chains.
Additionally, LVMH is extending its commitment to environmental sustainability through continued partnerships with shopping centers to minimize the ecological footprint of its stores. The brand aims to reduce scope GHG emissions per unit added value by 55 per cent by 2030 and cut energy consumption-related emissions by 50 per cent by 2026.
At COP 28, LVMH is forging two new partnerships with commercial landlords. The first involves collaboration with the top five local real estate developers in the United Arab Emirates. Furthermore, an agreement will be inked with the Miami Design District (MDD) to develop 15 LVMH Maisons, including renowned brands like Louis Vuitton, Dior, Fendi, Berluti, Tiffany & Co., Bulgari, and Hublot. The overarching goal is to elevate the customer experience across LVMH's global network of 5,600 stores.
