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The thrift market, once relegated to dusty, cluttered stores with questionable finds, has undergone a change over the years. It's now a flourishing industry, driven by a number of factors: economic pressures, environmental consciousness, and a desire for unique fashion.
The rise of conscious consumerism
At the heart of the thrift market's resurgence is a shift in consumer mindset. A growing awareness of the environmental impact of fast fashion has propelled second-hand shopping into the mainstream. Consumers are increasingly seeking sustainable alternatives to new clothing, and thrifting offers a compelling option.
Environmental impact: The fashion industry is a significant contributor to pollution, water consumption, and waste. By opting for second-hand clothing, consumers can reduce their carbon footprint and conserve resources.
Economic benefits: Thrifting can be a cost-effective way to build a wardrobe. With economic uncertainties looming, consumers are looking for ways to save money without sacrificing style.
Affordability: With rising living costs, thrifting offers a cost-effective alternative to purchasing new clothing.
Uniqueness: Thrift stores provide a treasure trove of one-of-a-kind pieces, allowing shoppers to curate distinctive wardrobes.
Anti-fast fashion sentiment: A growing awareness of the ethical implications of fast fashion has led many consumers to seek out more sustainable and ethical alternatives.
Global thrift market landscape The thrift market is a global phenomenon, with varying levels of development in different regions.
North America: The US and Canada have a mature thrift market with established chains like Goodwill and Salvation Army. Online platforms like ThredUp and Poshmark have further expanded the reach of second-hand fashion.
Europe: Countries like the UK and Germany have a strong tradition of charity shops and vintage boutiques. The market is growing rapidly, with online platforms gaining traction.
Asia: While still in its nascent stages, the thrift market in Asia is showing significant potential. Countries like Japan and South Korea have a thriving resale culture, and platforms like Depop and Mercari are gaining popularity.
The thrift market is characterized by a diverse range of players, includingNon-profit Organizations like Goodwill, Salvation Army, and other charitable organizations that operate thrift stores to generate revenue for their missions. Then there are for profit thrift stores where companies like Plato's Closet and Buffalo Exchange specialize in buying and selling second-hand clothing.Online resale platforms like ThredUp, Poshmark, Depop, and Vinted have revolutionized the way people buy and sell second-hand items.Andconsignment shops too act as intermediaries between sellers and buyers, charging a commission on sales.
The future of thrifting
Despite its growth, the thrift market faces challenges. Supply chain disruptions, inconsistent product quality, and the potential for counterfeit items are some of the issues that need to be addressed. However, these challenges also present opportunities for innovation. For example, some companies are developing technology to authenticate secondhand items, ensuring the quality and authenticity of products. Others are focusing on creating a more seamless and enjoyable shopping experience through improved online platforms and personalized recommendations.
The thrift market is poised for continued growth as consumers become increasingly conscious of sustainability and affordability. As the industry matures, we can expect to see further innovation, expansion into new product categories, and a stronger integration of second-hand shopping into the mainstream retail landscape. By embracing the circular economy and promoting sustainable consumption, the thrift market has the potential to become a driving force in shaping a more environmentally responsible future.
The introduction of the bipartisan ‘Fighting for America Act’ has put the global e-commerce industry in a quandary, particularlyChinese giants like Shein and Temu. The legislation aims to close a loophole that has allowed millions of low-value goods to enter the US duty-free, a practice that has significantly benefited these companies.
Experts point out the potential impact of this act on Chinese e-commerce is profound. "This is a game-changer," opines Steve Dennis, CEO,SageBerry Consulting, a renowned e-commerce analyst. "It directly challenges the business models of companies that have thrived on low prices and fast shipping."
The act, if passed, will eliminate de minimis exemptions for most textile and apparel imports, including those from China. This means that these products will now be subject to customs duties, significantly increasing their cost for US consumers. "This could force a radical shift in the strategy of Chinese e-commerce companies," explains Mary Ellen Proulx, President, Retail Globalization, Inc.
Chinese e-commerce imprint on US market
Chinese e-commerce platforms have rapidly gained market share in the US, leveraging low prices, fast shipping, and a vast product assortment. A report by Coresight Research highlights, the US market for fast fashion, dominated by Chinese players, is expected to reach $112 billion by 2025.
However, this rapid growth has raised concerns about labor practices, intellectual property theft, and unfair competition. A Peterson Institute for International Economics study found Chinese e-commerce has resulted in a trade deficit of $375 billion for the US in 2022.
While the full implications of the Fighting for America Act are yet to be determined, potential outcomes include:
• Price hikes: To offset increased costs, Chinese e-commerce platforms might be forced to raise prices, potentially impacting their competitive edge.
• Supply chain adjustments: Companies may explore sourcing products from countries with existing free trade agreements with the US or invest in domestic production to mitigate the impact of tariffs.
• Business model overhaul: Some companies might need to rethink their business models, focusing on higher-value products or niche markets to remain profitable.
• Increased competition for US retailers: With higher costs for Chinese imports, US retailers could see a surge in demand for domestically produced goods, levelling the playing field.
However, the Chinese e-commerce industry is known for its resilience and adaptability. "These companies have shown remarkable agility in the past," noted Neil Saunders, Managing Director of GlobalData Retail. "They might find innovative ways to navigate these challenges, perhaps by focusing on product differentiation or premiumization."
While the Act is still to be passed, the e-commerce industry is closely watching the legislative process. If enacted, it could mark a turning point in the global e-commerce landscape, with far-reaching consequences for both consumers and businesses.
The Clothing Manufacturers Association of India (CMAI) has voiced concerns about the recent instability in Bangladesh, which has disrupted the supply chain for several weeks. However, the CMAI remains optimistic that the disruptions may not severely impact Bangladesh's garment industry due to strong business relationships and existing orders.
Despite this optimism, the CMAI warns that prolonged instability could have lasting effects on Bangladesh's industry and could also impact India. Indian exporters might see opportunities as international buyers seek alternative sources, and Indian brands currently sourcing from Bangladesh might shift some of their orders to domestic manufacturers. Conversely, India's exports of raw materials to Bangladesh could suffer.
Retailers and brands with franchise stores in Bangladesh have already experienced disruptions, which are expected to continue for another two weeks before normalcy is restored.
Rajesh Masand, President of CMAI, acknowledged the disruptions but expressed confidence that the garment industry, which makes up 80 per cent of Bangladesh's exports, is too crucial for the government to allow prolonged disturbances. He believes that with the new leadership and the military's influence, stability will return quickly. Masand noted that the newly appointed Prime Minister’s intellect and maturity would likely ensure the swift restoration of normal operations.
The National Council of Textile Organizations (NCTO) President and CEO, Kim Glas, has praised the introduction of the bipartisan "Fighting for America Act," a bill aimed at eliminating De Minimis exemptions for import-sensitive products, particularly textiles and apparel.
The legislation, spearheaded by Senators Ron Wyden (D-OR), Sherrod Brown (D-OH), Bob Casey (D-PA), Susan Collins (R-ME), and Cynthia Lummis (R-WY), seeks to tighten regulations on millions of low-value, duty-free shipments entering the US daily. The NCTO believes this measure will help level the playing field for domestic manufacturers who have been severely impacted by the influx of such imports.
Glas highlighted that the bill specifically targets textile and apparel imports, especially those from China, which have been taking advantage of the De Minimis loophole. The growth of e-commerce platforms like Shein and Temu has exacerbated this issue, flooding the US market with low-cost, often illegal imports that threaten domestic production and consumer safety.
The proposed legislation includes provisions to impose new penalties, require additional data reporting, and introduce small customs fees on De Minimis packages. Glas expressed confidence that the bill would protect the US textile industry, which employs over 501,000 workers and generates $64.8 billion in annual output.
Glas emphasized that this comprehensive approach is essential for protecting the domestic manufacturing supply chain.
The 15th edition of South Asia’s leading textile sourcing platform, Intex Sri Lanka, began yesterday at BMICH, Colombo, and will run until August 9. The event has been pivotal in advancing Sri Lanka’s textile and apparel industry over the past decade, fostering trade, innovation, and business growth.
Key figures at the Grand Opening included Satyanjal Pandey, Deputy High Commissioner of India in Colombo, and Bernard Kingsley, Chairman & CEO of the Export Development Board of Sri Lanka. Exhibitors from over 12 countries, including China, India, Japan, and the USA, are showcasing the latest in natural and synthetic fibers, fabrics, accessories, and software solutions across four exhibition halls.
International buyers from more than 20 countries, including Russia, Mexico, and the UAE, are in attendance, alongside major Sri Lankan companies like MAS Holdings and Brandix, eager to explore new industry trends.
ArtiBhagat, Executive Director of Worldex India and organizer of Intex Sri Lanka, highlighted the event's significant impact on the global textile and apparel industry. She noted that Intex Sri Lanka is establishing new industry standards by linking local manufacturers with international stakeholders, fostering a supply chain that is resilient, efficient, and sustainable.
The event also features theTextile Association India(TAI) Overseas Conference, organized by the Textile Association India, and the Trendz Now Innovation Zone by the University of Moratuwa, highlighting the future of fashion and technology. Additionally, InMac, an international garment machinery and technology show, debuts this year, offering solutions to enhance Sri Lanka's global competitiveness.
Europe's leading responsible sourcing events, Source Home & Gift and Source Fashion, have launched an Intelligence Series in partnership with Retail 100, aimed at providing crucial guidance on international sourcing.
The Intelligence Series, recorded in Source studios, offers practical advice for navigating the complexities of home and gift sourcing. Retail 100, with over a century of retail experience, brings expertise across various sectors, including fashion, homeware, and beauty.
The collaboration begins with a “Beginner’s Guide to Sourcing,” featuring insights from former John Lewis buyers Anna Berry and Sara Allbright. This video covers essential topics such as planning sourcing routes, creating a critical path, and understanding the nuances of sustainable and responsible sourcing.
Following this, the series delves into “Sourcing Intelligence - Country Focus” videos, which explore the specifics of sourcing materials from regions such as Turkey, India, Africa, Bangladesh, China, Pakistan, and Portugal. Each video provides expert knowledge on the challenges and opportunities unique to these regions, empowering businesses to make informed sourcing decisions.
Suzanne Ellingham, Sourcing Director at Source, expressed excitement about the partnership, emphasizing the value of Retail 100’s insights. Sara Allbright of Retail 100 highlighted the importance of sharing their extensive experience to educate those interested in global sourcing, particularly in the home, gift, and fashion sectors.
Turkey’s premier event for the textile industry, Texhibition Istanbul will bring together 500 local manufacturers from fabric and textile accessory companies.
To be hosted by İTKİB Fuarcılık AŞ from Sep 11-13, 2024, the exhibition will be organised under the auspices of the Istanbul Textile Exporters' Association (ITHIB). It will attract over 25,000 qualified buyers from across the European Union, the UK, the US, North Africa, and the Middle East.
With a strong focus on sustainability and design, Texhibtion Istanbul highlights the expertise of participants in creating new collections and their capacity to export products. In addition to the wide array of products on display, the trade show will include seminars, workshops, and B2B programs, providing a comprehensive and enriching experience for attendees.
A special highlight of the event will be the Innovation Hub Trend Area featuring international creative and innovative projects from participating companies, technoparks, and innovation firms. This area will showcase wearable technologies and sustainable fashion, demonstrating the advanced capabilities of the Turkish textile industry in innovation.
Additionally, the event will feature the Blue-Black Texhibition, a special section dedicated to Turkey's robust denim sector. This section will present the best in product quality, design, and craftsmanship, underlining the expertise of Turkish manufacturers in the global denim market.
Teejay Lanka PLC, Sri Lanka's leading multinational textile manufacturer, has reported a significant turnaround in its first quarter of 2024-25. The company posted a profit before tax of Rs 273.7 million, a sharp contrast to the Rs 701 million loss recorded in the same period last year. Revenue grew by 10 per cent to Rs 15.4 billion, with gross profit surging by 357 per cent to Rs 1.3 billion.
This recovery led to an operating profit of Rs 382 million, reversing the previous year's operating loss of Rs 582 million. Net profit for the quarter reached Rs 158.3 million, compared to a net loss of Rs 853 million in the corresponding period of the previous year. The company also reported a strong balance sheet, with cash and cash equivalents of Rs 8.9 billion.
Chairman AjitGunewardene credited the positive results to strategic initiatives, including a focused ESG framework and digitalization efforts. CEO Pubudu De Silva highlighted a shift in orders to the Asian region and higher volumes due to offloading from Bangladesh. Teejay Lanka continues to innovate, expanding its synthetic product lines and maintaining a growth trajectory aimed at reaching US$ 300 million in revenue.
Teejay Lanka remains a key player in the industry, recognized for its transparency and sustainability efforts.
Best known as Jin, South Korean singer and songwriter Kim Seok-jin from the globally renowned K-pop group BTS, has been named as new global brand ambassador by fashion brand Gucci.
Having gained further international recognition as an Olympic torchbearer for South Korea at the 2024 Paris Olympics, Jin is the eldest member of BTS at 31 years old. He recently completed his mandatory military service in June, making him the first member of the group to do so.
Joining Gucci's roster of Korean ambassadors, which includes Hanni, Lee Jung Jae, Park Gyu Young, and Jay Park, Jin’s appointment reflects the brand’s growing ties with South Korea. This October, Gucci will launch its ‘Gucci Cultural Month’ initiative in Seoul, a project dedicated to celebrating the heritage of Korean culture.
Featuring four globally renowned talents: conceptual artist Kimsooja, filmmaker Chan Wook Park, contemporary dancer Eun Me Ahn, and pianist Seong Jin Cho, the initiative will highlight their contributions through photography, videos, exhibitions, special performances, and cultural lectures.
With trucks stranded at Petrapole in West Bengal along the Bangladesh border amid the turmoil in the neighboring country, yarn manufacturers in Punjab are reporting losses worth crores of rupees, with payments stuck for many.
Triggered by violence in Bangladesh, the international border closure has left over 1,000 trucks, including several from Punjab and Gujarat, stranded. These states are primary exporters of cotton and synthetic yarn to Bangladesh.
Typically, 450-500 trucks move from India to Bangladesh through Petrapole, the largest land port in South Asia, daily, with about 150-200 trucks returning the other way.
AmitThapar, Owner, Ganga Acrowools and Head, CII-Northern Region Export Committee, notes, Punjab has significant stakes in Bangladesh, with total yarn exports exceeding Rs 4,000 crore annually.
Cotton yarn has the biggest share in the state’s exports, followed by acrylic wool. Many agents and companies have offices in Bangladesh. Goods worth over Rs 200-300 crore from the state are estimated to be stuck at the border, affecting orders worth Rs 1,000 crore.
Thapar states, goods worth about Rs 2 crore from his firm are stuck with orders worth Rs 4-5 crore being affected.
Transporter Bajrang Sharma, Goel Roadways, and Member, Management Committee, All India Motor Transport Congress, states, traders have instructed their drivers to park trucks in warehouses near the Petrapole border and return, while others are stranded in queues.
AseemHanspal, Managing Director, Skope and a Strategy Consultant on the advisory board of several textile organisations in both countries, notes, Bangladesh procures more than 50 per cent of its yarn from India for garment manufacturing. The turmoil has disrupted the supply and demand chain, leading to canceled orders.
However, a few garment manufacturers believe the current situation might benefit the industry in the state. Some garment orders are expected to shift to India from Bangladesh to fill the gap caused by the disruption. Garment exports from Bangladesh account for 85 per cent of its total exports. Both government and the industry need to act swiftly as India's garment manufacturers already face stiff competition from Vietnam, Myanmar, and Cambodia, says Sudershan Jain, President, Knitwear and Apparel Manufacturers Association of Ludhiana (KAMAL).
