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Kraig Biocraft Laboratories, Inc.("Kraig Labs") has entered the rapid growth rearing phase for its third spider silk production cycle of the season. During this phase, the silkworms experience exponential growth in preparation for spinning the company's proprietary recombinant spider silk cocoons.
To support this growth, Kraig Labs has expanded its production space. The company is closely monitoring the health and performance of the silkworm colony, with reports indicating that the BAM-1 Hybrids are the most robust strain to date.
Kraig Labs has adopted a batch-rearing process to minimize overcrowding and manage the need for fresh, dry mulberry during the rainy season. This approach supports silkworm health and ensures optimal conditions for rearing and cocooning.
COO Jon Rice stated that Kraig Labs has made significant advancements in spider silk production capacity, attributing these achievements to strategic investments in facilities, equipment, silkworm genetics, and a knowledgeable team. The company is experiencing breakthroughs nearly every week as they advance their production capacities for cost-effective, commercially scalable spider silk.
This progress underscores Kraig Labs' commitment to leading the industry in spider silk production, positioning the company for continued success and innovation in the field.
From September 11 to 14, 2024, Tashkent, Uzbekistan, will host the upcoming edition of Central Asian International Textile Machinery Exhibition (CAITME), featuring 16 Italian textile machinery manufacturers. These exhibitors will showcase their innovations in a dedicated area organized by the Italian Trade Agency and ACIMIT.
Participating companies include ACIMIT members Bonino, Brazzoli, Caru, Erhardt+Leimer, Guarneri Technology, Ima, Laip, Lgl, Martex, Mei, Mesdan, Pinter Caipo Italia, Pugi Group, Sicam, Stalam, and Ugolini.
Uzbekistan, a major cotton producer and exporter, relies heavily on its textile industry for economic growth. The country's abundant raw materials and low production costs create favorable conditions for industrial development. Upgrading existing equipment is a key strategy to enhance this sector.
Italian textile technology is highly regarded by Uzbek companies. In 2023, Italy's textile machinery exports to Uzbekistan reached €21 million. Weaving machines comprised 32 per cent of these exports, followed by finishing machines at 30 per cent, spinning machines at 17 per cent, knitting machines at 14 per cent, and accessories at 7 per cent.
At CAITME 2024, Italian exhibitors will present cutting-edge textile technologies, focusing on efficiency, cost savings, and sustainability. This event underscores Italy's significant role in advancing Uzbekistan's textile industry through innovative machinery and expertise.
American fashion companies are actively diversifying their apparel-sourcing base to India amid growing risks and market uncertainties in Bangladesh, as per a study by the United States Fashion Industry Association (USFIA).
Conducted in joint venture with the University of Delware, the study, titled, ‘2024 Fashion Industry Benchmarking Study,’ highlights issues such as shipping delays, supply-chain disruptions, and geopolitical instability as top concerns for US brands and retailers in 2024.
According to this study, nearly 60 per cent of respondents plan to expand apparel sourcing from India over the next two years, surpassing plans for any other Asian country. India's advanced local textile-manufacturing capability allows for less reliance on imported components, a significant advantage over countries like Bangladesh, Cambodia, and Vietnam. Additionally, India's strategic partnership with the United States is seen as involving relatively lower geopolitical risks.
Conversely, interest in expanding apparel sourcing from Bangladesh has decreased, with only 48 per cent of respondents expressing such plans, down from 52 per cent in 2023. High social-compliance risks, including labor protests over minimum wage increases, remain a major concern. One respondent noted that while Bangladesh is known for its price competitiveness, its export potential is limited by a lack of product diversification beyond basic cotton items and knitwear.
Conducted from April to June 2024, the study surveyed executives from 30 leading fashion brands, retailers, importers, and wholesalers. It also shows increased sourcing from other Asian countries like Cambodia, Indonesia, and Pakistan, with narrowing gaps in utilization rates compared to top-tier countries.
Expressing concerns over Bangladesh losing business to competitors, FazlulHoque, Former President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), says, factors like high production costs, energy shortages, increased wages, and rising interest rates are eroding Bangladesh's competitive edge. Additionally, lack of duty benefits in the US market and political instability are further complicating the situation.
As per official figures from the Office of Textiles and Apparel (OTEXA), Bangladesh's RMG exports to the US fell by 12.31 per cent to $2.90 billion during the first five months of FY24. In contrast, India’s apparel exports to the US declined by just 2.06 per cent to $2.08 billion during the period.
Despite its FY 23 revenues increasing by 4 per centto €2.45 billion in 2023, the Armani Group is experiencing a slowdown its Asia market, which is affecting the group’s sales this eyar.
Having experienced a single-digit slowdown in the second half of 2023 and 2024, the Armani Group attributed it to adjustments within the luxury market, particularly in the Asia ex-Japan region and the more accessible segment of their offerings. This decline was evident in H2, FY23 and continued into the H1, FY24, contrasting with an exceptionally strong H1, FY23.
The slowing of growth in China, the world's second-largest economy and a crucial market for luxury goods, has impacted sales for major fashion brands. For instance, the world's largest luxury group, LVMH recorded 14 per centdecline in net profit during H1, FY24 amidst an uncertain economic environment.
Despite these challenges, the Armani Group's pre-tax net profit rose by 4.4 per cent to €224.5 million in FY23, with adjusted profit amounting to €523 million, compared to €519 million in 2022. The company deliberately sacrificed some margin points to avoid significantly raising retail prices, despite inflationary pressures, states Giuseppe Marsocci, Deputy General Manager
Giorgio Armani, Founder, CEO, and Chairman, emphasisedon the company's preparedness to navigate a market slowdown without prioritising maximum year-on-year profit at all costs. This cautious approach aims to sustain the brand's long-term stability and reputation in the luxury market.
One of India’s leading knitwear manufacturers and exporters, Tiruppur-based Eastman Exports, has appointed Ritesh Kumar as its new CEO.
Armed with over 25 years of experience in the garment industry, Kumar is expected to drive the growth of Eastman Exports and strengthen its position in the global market. He has previously served as Senior Vice President at Shahi Exports.
Known for supplying garments to luxury brands worldwide, Eastman Exports began its operations in the 1970s as a small dye house. The company eventually expanded into exports in 1983 and rebranded itself as Eastman Exports. Over the years, it has evolved into one of the largest vertically integrated textile manufacturers in India, offering end-to-end production capabilities.
The company boasts 35 garment manufacturing units, which collectively produce over 100 million knitted garments annually. This extensive production capacity enables Eastman Exports to cater to a wide range of high-quality apparel demands, from casual wear to luxury fashion.
The appointment of Kumar as CEO marks a significant step in the company's continued expansion and commitment to excellence in the textile industry.
With its share rising to 39 per cent of overall leasing activities, the fashion and apparel segmentdominated retail leasing in Indiaduring H1, FY24.
As per a report by CBRE South Asia, retail leasing activities in India soared to a five-year high in the first half of the current year.
From Jan-June’24, retail leasing increased to 3.1 million sq ft. across eight cities compared to the H1 period in the last five years. Retail leasing activities in the country grew at the rate of 7 per cent during the period.
The absorption was led by Bengaluru, followed by Chennai and Delhi-NCR, which accounted for nearly 59 per cent of the total leasing.
In the coming quarters, the influx of investment-grade mall supply will influence primary leasing trends with leading malls across key cities continuing to witness strong demand for secondary spaces.
Indian cities are also attracting global retailer from Switzerland, America and Japan looking to expand their presence in India, the report highlights. In H1, FY23, about 0.5 million sq ft. of retail space was added across Tier-Ii cities, as per the report. Tier-II cities witnessed an overall space take-up of 0.4 million sqft in H1, with the absorption dominated by Indore and Kochi, accounting for a joint share of 56 per cent, followed by Lucknow and Chandigarh, each with a 17 per cent share.
Ram Chandnani, Managing Director, Advisory and Transactions Services, CBRE India affirms, with a growing number of direct-to-consumer (D2C) brands recognising the importance of establishing a physical presence, the ongoing introduction of quality supply is expected to continue stimulating an uptick in overall space absorption in the coming quarters.
Valued at $140.12 billion in 2022, the global functional textiles market is projected to expand at a CAGR of 7.7 per cent from 2023-31 to reach a value of $273.18 billion by 2031.
As per a report by Textile Today, the rapid growth of these textiles will be fueled by technological advancements, increased consumer demand for high-performance fabrics, and the expanding applications of these textiles across various industries.
Designed to perform specific functions beyond the traditional properties of textiles, functional textiles possess added properties that make them smart, protective, customisable, and flexible. They can be controlled or adjusted according to the requirements of the end user, with a single piece often featuring multiple functional properties, allowing it to serve diverse purposes.
The functional properties of these textiles are integrated at various stages of manufacturing, including fiber, yarn, fabric, and garment production. The focus during their production is on the integration of functional features rather than aesthetics, ensuring that the textiles meet specific functional requirements.
Sustainability is a significant trend in the functional textile market, with a growing emphasis on eco-friendly materials and processes. There is an increasing use of recycled fibers, biodegradable materials, and sustainable manufacturing practices, reflecting the industry's commitment to environmental responsibility.
Customisation is also becoming more prevalent in the functional textiles market with consumers and businesses seeking tailor-made solutions that meet specific needs and preferences. This trend is particularly notable in the sportswear and healthcare sectors, where functional textiles are often required to meet specialised performance criteria.
Looking ahead, the functional textile market is poised for continued growth across various segments. Key drivers include technological advancements, increased consumer awareness, and the expanding range of applications. Sustainability and customisation are expected to remain central trends, influencing the development and adoption of functional textiles.
To capitalise on the opportunities in this dynamic market, manufacturers and industry stakeholders will need to prioritise innovation, cost management, and regulatory compliance.
Collaboration across the value chain—from material suppliers to end-users—will be crucial in developing high-performance, functional textiles that meet the evolving needs of consumers and industries.
Sluggish demand for yarn and garments has caused cotton prices in India to fall below Rs60,000 per candy (356 kg), with expectations of a potential rebound from mid-August. The situation has worsened due to the recent student unrest in Bangladesh that resulted in around 150 deaths. The unrest led to a haltin India’s cotton exports to Bangladesh, notes Ramanuj Das Boob, a Raichur-based sourcing agent for domestic mills and multinationals and Vice-President, All India Cotton Brokers Association.
The decline in demand has also prompted the Cotton Corporation of India (CCI) to reduce its sale price by Rs1,800 per candy. CCI holds around 20 lakh bales (170 kg) of cotton procured under the minimum support price (MSP) scheme.
On the domestic front, Shankar-6, the export benchmark is priced at Rs56,800 per candy. The spot price for kapas (unprocessed cotton) on MCX is Rs1,506.50 per 20 kg, while it is being quoted at Rs7,505 per quintal in the Rajakot Agricultural Produce Marketing Committee Yard (APMC). Globally, cotton prices have dipped below 70 cents per pound, with December delivery on the InterContinental Exchange, New York, priced at 69.01 cents (Rs 45,800 per candy).
K Selvaraju, Secretary-General, Southern India Mills Association (SIMA), points out, cotton imports that attract an 11 per cent Customs duty, are more expensive by Rs5,000-6,000 per candy. This is impacting the industry's competitiveness. Though 2024 is not so bad a year as 2023, the textile sector is yet to recover to the strength seen in 2018-19, he adds.
Globally, demand for cotton remains subdued as yarn and garment offtakehas slowed, notesAnandPopat, a Rajkot-based cotton, yarn and cotton yarn trader. No one wantsto hold supplies in the pipeline asinterest rates are quite high, he adds.
Cotton sowing has decreased by almost 7 per cent, avers Das Boob. This may compel CCI to procure cotton under the MSP program next season, he adds.
The Istanbul Fashion Connection (IFCO) is set to become the new epicenter of the international fashion industry. Expected to attract over 30,000 visitors from more than 100 countries, the sixth edition of IFCO will be held from August 7-9, 2024, featuring 300 exhibitors at Europe's largest fashion trade fair. Mustafa Pasahan, Vice President of IFCO, expressed pride in the brand, highlighting its establishment as an indispensable part of the international fashion industry.
Turkiye's fashion industry has become a significant force in the global fashion scene, known for its blend of traditional and modern design elements. Turkish designers and brands are celebrated for their innovative styles, high-quality textiles, and exceptional craftsmanship, making the country a key destination for fashion buyers and enthusiasts. Istanbul, as a vibrant fashion center, influences global trends with its creative ideas.
Turkiye's unique position between Europe and Asia allows it to integrate diverse cultural influences, enhancing its standing in the international market. Istanbul, a city rich in cultural inspiration, serves as a bridge between different cultural expressions, contributing to the global appreciation of Turkish fashion.
Covering 30,000 square meters across four halls, top designers and brands will showcase the latest trends in womenswear, menswear, kidswear, denim, activewear, and shoes. The Core, the exclusive designer area, will feature over 20 designers, including ArzuKaprol, MeltemÖzbek, and Tuba Ergin. Market leaders such as Naramaxx, B&G Store, and Jakamen will use IFCO to network with international industry leaders and expand their customer base.
IFCO will continue its collaboration with the Fashion Designer's Association MTD for the IFCO Trend Area, themed "Ascension SS 26," designed by IMA Istanbul ModaAkademisi. WGSN will present the latest international fashion trends for A/W 25/26, while industry experts will discuss digital art in fashion, fashion exports, and the evolution of Turkish fashion. A panel on denim will explore pioneering solutions for the new century.
The IFCO B2B event will facilitate efficient networking sessions between manufacturers and buyers, fostering successful business relationships and collaborations. This format aims to maximize engagement and productivity, enabling participants to explore potential partnerships and expand their professional networks.
A recent analysis by Confederation of Indian Textile Industry (CITI) has revealed a growing disparity between domestic and international prices of Polyester Staple Fiber (PSF) and Viscose Staple Fiber (VSF) in India for the month of July. This widening gap has ignited concerns among industry stakeholders, potentially impacting the domestic textile sector.
Domestic prices a cause for concern
The data shows, the average domestic price for PSF for MSME spinners in July was Rs 112 per kg, whereas the international price (based on CCF China Chemical Fiber website) was Rs 75.61 per kg, reflecting a substantial difference of Rs 36.39 per kg. This translates to a staggering 48.13 per cent premium paid by domestic players compared to the international market. Similarly, the domestic price for VSF stood at Rs 156 per kg, while the international price was Rs 128.21 per kg, resulting in a price difference of INR 27.79 per kg or 21.68 per cent.
This trend persisted throughout the month, with the price gap showing little signs of narrowing. In the second week of July, the difference for PSF widened to 45.90 per cent, while for VSF, it was 21.27 per cent. The third week saw a slight moderation, with the gap for PSF at 45.53per cent and VSF at 20.50per cent.
Reasons for the gap
The reasons behind this widening gap are multifaceted. Industry experts attribute it to a combination of factors, including high input costs, supply chain disruptions, and exchange rate fluctuations. Additionally, the government's policies and import duties on raw materials have also contributed to the inflated domestic prices.
The burgeoning price differential poses a significant challenge for the Indian textile industry. Domestic manufacturers are facing increased production costs, making their products less competitive in the global market. This could potentially lead to a decline in exports and job losses in the sector.
Also, the higher prices are being passed on to consumers, resulting in increased costs for textile products. This could dampen domestic demand and impact the overall economy.
Need for policy intervention
To address this issue, the government needs to take immediate steps to reduce input costs, improve supply chain efficiency, and rationalize import duties. Additionally, promoting domestic production of key raw materials can help mitigate the impact of global price fluctuations. Industry stakeholders are urging the government to intervene and implement measures to bridge the gap between domestic and international prices of PSF and VSF. This will not only safeguard the interests of domestic manufacturers but also ensure the long-term sustainability of the textile industry in India.
