Held in Milan from Jan 30 - Feb 1, 2024,  Italian textile trade show, Milano Unica closed its 38th edition recording an 11 per cent increase in visitors and international buyers.

A total of 5,886 companies visited the event as against 5,304 in the corresponding 2023 edition, including 1,903 companies from abroad  and 3,983 Italian companies  attending.

Exhibiting companies increased by 7 per cent to 508 with them showcasing  high-end fabric and accessories collections for Spring/Summer 2025, dedicated to men's, women's and children's creations, in addition to 101 special areas, for a total of 609 exhibitors.

Alessandro Barberis Canonico, President, Milano Unica, says, the exhibition recorded an extraordinary increase in visitors from China accompanied by a 57 per cent growth in visitors from Japan and 15 per cent growth in visitors from Korea. There was also a positively homogeneous trend from Europe with France, Poland, Great Britain, and Germany. The North American presence was satisfactory, with visitors from Canada increasing by 48 per cent, while The US presence stable, with as many as 151 companies visiting, adds is Canonico.

Among the initiatives promoted by Milano Unica was the Back to School event that addressed the testimony of Sabato De Sarno, Creative Director, Gucci.

Indian hosiery giant Lux Industries has inaugurated its new manufacturing and warehousing facility at the Jagadishpur Hosiery Park in Kolkata. 

Spanning an impressive 4.5 lakh sq ft, the park houses over 5 acres dedicated to cutting-edge production, alongside extensive warehousing, storage, and finishing spaces.

This strategic move is poised to address the company's rising demand while simultaneously reducing reliance on third-party production. The park boasts a groundbreaking layout that optimizes efficiency, streamlines operations, and embodies Lux Industries' commitment to progressive manufacturing practices.

The park's 5-acre manufacturing space will house advanced equipment and machinery, ensuring top-quality production at scale.

The expansive warehousing and storage facilities will enable efficient inventory management and timely product distribution. The park’s dedicated finishing area will guarantee meticulous attention to detail and consistent product quality.

The park is expected to create substantial employment opportunities, both directly within Lux Industries and indirectly through ancillary services. Its design and operations will reflect Lux Industries' commitment to sustainability.

India's cotton consumption is expected to remain flat at 311 lakh bales for the 2023-24 season, according to the Cotton Association of India (CAI). However, CAI's total cotton supply projections remain at 345 lakh bales, suggesting a potential supply-demand imbalance.

Globally, despite a historic high in Brazil's cotton production, sluggish demand due to economic headwinds has led to oversupply and lower prices. However, a positive sign for India is the reported decline in pink bollworm infestation, a major cotton pest.

Technically, the cotton market is seeing renewed buying interest, with open interest rising 7.8 per cent. Cottoncandy has support at 57,240, with a potential test of 56,630 if breached. Resistance is expected at 58,220, a break above which could see prices reach 58,590.

In summary, cotton prices are on the rise due to a combination of supply and demand factors. While India's consumption is expected to remain stable, global oversupply concerns persist. However, positive developments like reduced pest infestation offer hope for the Indian cotton industry.

Despite the overall positive performance, turnover of the Textiles business of Century Textiles and Industries (CTIL) declined by 16 per cent in Q3 of current fiscal due to subdued global demand. 

The company’s restructuring efforts impacted production levels, further adding to the pressure. However, the company remains optimistic about a moderate sales growth in Q4, fueled by an expected revival in global demand and a shift towards sustainable practices in the industry.

CTIL reported a remarkable turnaround in its fiscal third quarter, with profit soaring 855.3 per cent to Rs 83.30 crore compared to last year. This impressive performance was driven by the company's Pulp & Paper and Real Estate businesses.

The Pulp & Paper business achieved a 24 per cent increase in sales volume and a 10 per cent increase in sales turnover. This success can be attributed to various strategic initiatives, leading to higher production levels and capacity utilisation. While challenges remain in the export market, the company expects stabilisation in writing and printing paper demand and a revival in tissue paper demand.

The Real Estate business also enjoyed a strong quarter, marking its maiden handover process with the Birla Alokya project in Bengaluru. Additionally, occupancy certificates were received for select phases in other projects, paving the way for further handovers in Q4. The launch of a new phase in Mumbai is also anticipated in the coming quarter.

The fourth edition of The India Fashion Awards (IFA) will be held from March 07-08, 2024 in Mumbai. This two-day event aims to highlight the incredible work of Indian designers and promote sustainable practices within the industry.

Sanjay Nigam, Founder, describes the event as a movement aiming to transform the fashion landscape. The event will bring together everyone involved, from designers and models to stylists and backstage managers, fostering collaboration and highlighting the interconnectedness of the fashion ecosystem. It will mainly focus on Sustainability with the theme ‘Fashion for Good’ emphasising responsible practices throughout the entire ‘farm to fashion"’journey.

To be held at the prestigious St Regis Hotel in Mumbai, the event will celebrate not only established names but also rising stars. The awards will be given in over 30 categories, including Designer of the Year, Fashion Influencer of the Year, Model of the Year, and Fashion Stylist of the Year. A renowned jury of fashion experts, including Rochelle Pinto, Raghavendra Rathore, Aditi Srivastava, and Lubna Adam, will be responsible for selecting the winners. 

Adidas is facing a double whammy of shipping delays and rising costs, impacting deliveries to retailers and potentially affecting profits.

Bjorn Guiden, CEO, revealed that shipments are currently delayed by three weeks due to security concerns in the Red Sea, leading to delivery issues, particularly in Europe. This delay is causing frustration, as some popular products are experiencing high demand that Adidas cannot currently meet.

Furthermore, shipping companies are avoiding the Suez Canal due to security threats, forcing them to reroute around Africa, which significantly increases travel time and costs. This translates to higher freight rates for Adidas, further squeezing their profit margins.

Despite these challenges, Adidas is confident of managing the impact on margins, says Guiden. The company has already factored the disruption into its 2024 profit forecast released recently.

This situation highlights the ongoing challenges faced by global supply chains, particularly in sensitive regions like the Red Sea. While Adidas expects to weather this storm, it serves as a reminder of the potential for disruptions and the need for flexible and adaptable business strategies.

Dubai's fashion giant, Apparel Group, plans to open 29 new stores in the UAE. This comes just after unveiling five new outlets at Al Reem Mall in Abu Dhabi, bringing their total store count in the mall to 34. Besides, the UAE, Apparel Group also plans to open stores in emerging markets like the Philippines and Hungary, hinting at further global expansion.

Currently boasting over 2,100 stores across 13 countries, the company acts as a retail haven for renowned brands like Tommy Hilfiger, Charles & Keith, Skechers, Aldo, and even food chains like Tim Hortons and Cold Stone Creamery. This diverse portfolio caters to a wide range of customers, making Apparel Group a major player in the fashion and lifestyle scene.

With these aggressive expansion plans, Apparel Group is poised to solidify its position as a retail powerhouse, not just in the UAE, but across the globe. Their move into new markets like the Philippines and Hungary highlights their commitment to reaching new audiences and catering to diverse preferences. It will be interesting to see how their strategy unfolds and what new brands and experiences they bring to these emerging markets.

Celanese and Under Armour have joined forces to develop a new fiber called Neolast for high-performance stretch fabrics. This innovation promises to not only improve garment performance but also address sustainability challenges in the textile industry.

Neolast offers a viable alternative to elastane (spandex), the industry standard for stretch. It boasts similar stretch, durability, comfort, and moisture-wicking properties as elite performance fabrics, but with a key difference: recyclability.

Traditionally, recycling fabrics containing elastane has been difficult. Neolast tackles this issue by using a solvent-free melt-extrusion process and recyclable elastoester polymers. This paves the way for a more circular economy in the apparel industry.

Kyle Blakely, Senior Vice President-Innovation, Under Armour, says, Neolast helps the brand to create sustainable, high-performance products for our athletes, and Neolast™ helps achieve that goal."

Beyond sustainability, Neolast offers increased production precision, allowing for more precise control over stretch levels and fabric specifications. Celanese plans to make the fiber available to the broader apparel industry, potentially reducing reliance on elastane.

Shipping disruptions are once again causing headaches for the cotton and textile sector, albeit not as severe as during the Covid-19 pandemic. Geopolitical tensions in the Red Sea region have sent shipping prices soaring, particularly affecting trade routes between West Africa and Asia, and Europe and Asia. This increase in costs is poised to inflict significant pain on merchants and mills, especially impacting finished goods more than raw cotton.

The repercussions are manifold: longer delivery times due to ship rerouting could trigger order delays and cancellations, exacerbating inflation with higher shipping expenses, and posing challenges for seasonal textile and apparel markets, as products take longer to hit shelves. Moreover, if elevated shipping costs proliferate to other regions, the entire cotton trade will suffer.

Amidst these challenges, there are glimmers of hope. The industry has weathered logistical storms before, as evidenced by its resilience during the Covid-19 crisis and the Suez Canal blockage. Additionally, despite the hurdles, global cotton trade has surged by over 10% compared to the previous season.

Looking ahead, projections for the season-average A index for 2023/24 span from 81.02 cents to 103.61 cents per pound, with a midpoint forecasted at 90.88 cents, reflecting the industry's cautious optimism amidst turbulent waters.

Teejay Lanka PLC has increased with impressive financial performance in the third quarter of 2023-24, showcasing a robust turnaround from the previous year's losses. The multinational textile giant reported a notable pre- and post-tax profit growth for the quarter ending 31st December 2023.

With a remarkable 2870% growth, Teejay Lanka recorded a pre-tax profit of Rs 677.7 million compared to a loss of Rs 24.4 million in the same quarter of the previous fiscal year. Similarly, the company posted a net profit of Rs 477.4 million, marking a significant gain of 230% over the preceding year's net loss of Rs 366 million.

Despite a 12% dip in revenue compared to the corresponding quarter of the previous financial year, Teejay Lanka witnessed a 2.2% improvement in its top line compared to the second quarter of 2023-24.

Chairman Ajit Gunewardene attributed the company's resilience to proactive measures taken to navigate through industry uncertainties. These strategies include tapping into new customer segments, diversifying product offerings, upgrading infrastructure, and enhancing workforce skills to adapt to market dynamics effectively.

CEO Pubudu De Silva highlighted the success of strategic initiatives, such as inventory management and cost reduction measures, which contributed to the positive outcomes. Additionally, the stability in yarn prices bolstered the company's profitability.

Teejay Lanka's commitment to sustainability and transparency has earned it accolades, including being ranked as the top corporate entity for Transparency in Corporate Reporting by Transparency International Sri Lanka. With a strong ownership structure and strategic partnerships, Teejay Lanka is poised to sustain its growth trajectory amidst evolving market conditions.