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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.
The Tanzania Agricultural Research Institute (TARI) and the Tanzania Cotton Board (TCB) have teamed up to implement a project to promote cotton cultivation in the Morogoro region.
A part of the Cotton Victoria Project (CVP), this project aims to transform the area into the country's leading cotton hub, impacting over 600 farmers so far. James Shimbe, Acting Director, TCB notes, funded by the Brazilian government in partnership with TARI Ukiriguru, the project's launch has spurred many farmers to begin cultivating this economically significant crop.
Shimbe assures, TCB would continue to collaborate with TARI to boost cotton production across all eleven Tanzanian regions with potential for cultivation. Dr. Paul Saidia,Project Director and Director, TARI Ukiriguru Centre, notes, the ten essential principles for professional cotton cultivation include soil fertilisation management, new planting spacing, and overall plant management from planning to harvesting.
One significant change introduced by the project includes the adoption of new planting spaces—90 centimeters between rows and 30 centimeters between holes—allowing for approximately 44,444 cotton plants per acre. This method has led to bumper harvests and has attracted more farmers to cotton cultivation.
The project aims to establish multiple demonstration plots to help extension officers practically teach farmers the recommended cultivation practices. Thomas Tiluhongelwa, Project Head, CVP, highlights, the new planting techniques has enabled farmers in the region to achieve yields of up to 2,000 kg per acre. This impressive productivity has further encouraged more farmers to engage in cotton farming, he adds.
For the first time, the business of KhadiGramodyog has surpassed Rs 1.5 lakh crore, emphasisingthe significant growth in the sales of Khadi and handlooms in India, highlighted Prime MinisterNarendraModi in his monthly radio address, Mann Ki Baat.
Modiemphasised, the increasing demand for Khadi products is creating numerous job opportunities, particularly benefiting women associated with the industry. Many people who previously did not wear Khadi now do so with pride, contributing to a 400 per cent rise in sales, he noted. He encouraged listeners to include Khadi in their wardrobes if they haven't already, emphasising its growing appeal.
Khadi Gram UdyogBhavan, also known simply as KhadiBhavan, is a key establishment under the Khadi and Village Industries Commission (KVIC) in India. It serves as a prominent outlet and showcase for Khadi and village industry products.
The primary objective of KhadiBhavan is to promote Khadi (a hand-spun and hand-woven fabric) and other village industries, providing a platform for artisans and rural entrepreneurs to market their products.
In a recent meeting in Dhaka with representatives of global apparel buyers, leaders of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) requested the buyers' forum to avoid demanding discounts for shipment delays caused by factory closures and the violent curfew.
Arshad Jamal Dipu, Vice President, BGMEA, emphasisedon the need for support from buyers, noting that factories and production schedules have been disrupted due to closures and communication outages. Dipu specifically requested the forum to refrain from imposing 'system-generated' discounts on member factories for delayed shipments, as these discounts, ranging from 5.0 to 10 percent, are automatically triggered by major buyers' systems if there is a 15-day delay. Additionally, the BGMEA urged buyers to consider reducing air shipments.
Dipu, who is also the Chairman of Tusuka Fashions, highlighted the costly nature of air shipments needed to meet deadlines. He mentioned,his company had to spend Tk 35 million on air shipments to send 80,000 pieces of garments. Industry insiders noted that the peak season for sweaters and winter garments is particularly affected, with substantial losses anticipated if air shipments are required.
An exporter pointed out that air shipment costs to the European Union have risen to $5.00 per kg of garments, compared to $1.70 per kg in India. This significant cost increase poses a particular challenge for winter garments like jackets, which are more expensive to ship than other items like denim jeans.
Exporters are concerned that next season's work orders may shift to other countries due to the internet shutdown, potentially sending a negative message to buyers and undermining their confidence. Although export-import activities have resumed at ports, exporters now face a shortage of containers and additional demurrage charges at Chattogram port due to the internet shutdown. Currently, around 37,000 containers are stranded at ports, including 13,000 ready-made garment containers, resulting in approximately Tk 100 million in port demurrage charges.
India’s textile and apparel market is projected to grow at a CAGR of 14.59 per cent to $387.3 billion by 2028 from $172.3 billion in 2022, as per a report by the Indian Brand Equity Foundation (IBEF) established by the Ministry of Commerce and Industry.
As per aCRISIL report, in 2024, growth in the Indian textile industry will be driven by consistent domestic demand improvement, a gradual recovery in exports, and lower cotton rices.
Driven by a rising demand from the Commonwealth of Independent States (CIS) and South Asian markets, India’s textile exports increased by 4.15 per centin Q1, FY25.Data from the commerce ministryindicates,India’s textile exports rose to $8.78 billion from $8.43 billion during the quarter from the corresponding quarter last year.
Exports to the CIS region, including countries such as Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, the CIS region grew by 113.33 per cent to $64 million during the quarter from $30 million in the same period last fiscal year. Exports to the South Asian markets also increased significantly by 35.65 per cent to $898 million.
India’s textile exports to Latin America grew by 15 per cent to $346 million in the first quarter. This increase can be attributed to strengthened trade relations and heightened demand for Indian textiles in Latin American markets.
However, exports to North East Asia (NEA) and Africa declined by 28 per cent and 15.74 per cent to $298 million and $423 million respectively, indicating the need for strategic adjustments to tackle specific market challenges.
The first quarter of FY25 shows some upward movement in apparel exports, a welcome shift from the downward trends seen in recent years,says Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI). Mehta attributes this to slightly improved sentiments in the US economy and a shift in buyer preference away from China and Bangladesh. However, the growth remains minimal and from a low base, he cautions.
The apparel and textile industry contributes approximately 2.3 per cent to India's GDP, 13 per cent to industrial production, and 12 per cent to total exports. India stands as the world's sixth-largest exporter of textiles and apparel.
After two months of contraction, Sri Lanka’s earnings from the apparel sector increased by 4 per cent Y-o-Y in June 2024, shows data released by the Joint Apparel Association Forum (JAAF).
As per this data, Sri Lanka’s export earnings from the sector rose to $ 417 million Y-o-Y in June 2024 from $401 million in corresponding month of the previous year. This growth can be attributed to a rise in exports to the United States, which rose by 12.78 per cent Y-o-Y to $174 million. In contrast, Sri Lanka’s exports to the European Union and the United Kingdom declined by 12.65 percent Y-o-Y and 3.52 percent Y-o-Y to $ 116 million and $55.91 million respectively. Exports to other markets grew by 27 percent Y-o-Y to $ 71 million.
Despite the positive signs in June, the overall performance of the Sri Lanka’s apparel sector declined during the first half of the year. Earnings from the sector declined by 1.18 per cent Y-o-Y to $ 2.2 billion and by 19 percent compared to the first half of 2022. From Jan-June 2024 period, exports to the US and EU fell by 2.87 percent and 4.42 percent Y-o-Y, to $857 million and $659 million, respectively. However, exports to the UK and other markets increased by 7 percent and 1.84 percent Y-o-Y.
As per a recent analysis by Capital Alliance (CAL), having struggled due to global economic challenges, Sri Lanka’s textile and apparel sector ison a slow recovery mode. According to CAL, three key factors contributing to the sector's improvement include.
As per US data from the first quarter of 2024, apparel inventory levels are at their lowest since 2022, suggesting a need for increased orders to replenish retail stocks. Second, there has been an uptick in US retail sales for clothing, accompanied by an increase in apparel imports, reflecting a rise in demand. Third, cotton prices have dropped by nearly 27 percent since their peak in February 2024. This decrease is attributed to strong supply from countries like Brazil and the US.
These factors are collectively contributing to a promising outlook for the apparel and textile industry in Sri Lanka, adds CAL.
From August 04-10, 2024 apparel retailer Target will host its first-ever chain-wide Denim Take Back Event, inviting consumers to bring used denim of any brand to any Target store for recycling. In return, participants will receive a 20 per cent discount code through Target Circle, which can be used toward the purchase of new denim apparel. The discount applies to all denim apparel, including Target-owned brands like Universal Thread, Wild Fable, Goodfellow& Co, and Cat & Jack, as well as national brands like Levi's.
To receive the discount code, customers must be Target Circle members. The event is strategically timed to coincide with the back-to-school shopping season. Target's fall denim collection features a variety of styles, from baggy and cargo silhouettes to wide-leg and flare fits.
Gena Fox, Senior Vice President, Merchandising-Apparel and Accessories states, the new Denim Take Back Event enables families to give their used denim a new life. The Target Circle deal makes it more affordable for guests to update their denim wardrobes while contributing to waste reduction and keeping used denim out of landfills, she adds.
Customers can bring up to five denim items, regardless of condition, and drop them off in designated in-store boxes. The collected denim will be recycled by Target's trusted partners to create new products such as housing insulation, packaging, and appliances.
The event addresses the increasing consumer interest in sustainable products and waste reduction initiatives, as per a Target spokesperson, It also aligns with Target's commitment to fostering inclusive and sustainable brands and experiences. Since launching the Car Seat Trade-in Program in 2016, Target has recycled 2.6 million car seats and 39.7 million pounds of materials.
Parent company of Donna Karan and Karl Lagerfeld, G-III Apparel Group has expanded its stake in AWWG to 19 per cent from the current 12 per cent. This will enable the Spanish Group, which owns brands like Pepe Jeans London, Hackett, and Façonnable, maximise its growth opportunities in Europe, says Morris Goldfarb, Chairman and CEO, G-III Apparel.
As part of the new agreement, AWWG has become the official agent for DKNY, Donna Karan, and Karl Lagerfeld in Spain and Portugal. This partnership allows AWWG to leverage G-III's operations in North America to expand its market presence, while G-III will strengthen its foothold in the Iberian Peninsula and capitalise on AWWG's extensive network in India, a rapidly growing fashion market.
The investment is a critical component of AWWG's growth plan, supporting the international expansion of its own brands and aligning with its multi-channel strategy initiated in early July. Owned by M1 Group, L Catterton, and founder Carlos Ortega, AWWG recorded sales of €604 million for the FY 2022/2023 and projects revenues of €633 million for 2023/2024. By 2027, the group aims to reach €850 million in sales, leveraging its presence in 86 countries and a network of over 3,500 sales outlets. AWWG employs around 4,500 people worldwide, with offices in major cities including Madrid, Barcelona, London, and Mumbai.
The global trading and distribution arm of the Tata Group, Tata International has unveiled a new eco-friendly product under its Earthcare Leather range, Phoenix Leather.
Developed in partnership with the Central Leather Research Institute (CLRI) in Chennai, Phoenix Leather marks a significant advancement in sustainable leather technology.
Phoenix Leather is produced using the patented ‘Genocorium’ process, which transforms trim waste from leather production into high-quality reconstituted leather sheets. This innovative technology repurposes corium waste, significantly reducing water pollution, depletion, and greenhouse gas emissions typically associated with traditional leather manufacturing.
Featuring Phoenix Leather alongside bio-based and chrome-free/metal-free/aldehyde-free options, the Earthcare Leather range underscores Tata International's commitment to circularity and sustainability in the leather industry. Phoenix Leather stands out for its eco-friendly production process and high quality, meeting the stringent requirements of leather product manufacturers.
PRajasekaran, Business Head-Finished Leather Business, Tata International, states, the newEarthcare Leather range aims to lead the sustainable development of the leather industry. The company plans to increase the percentage share of Earthcare Leather from the 27 percent of its total production to 50 per cent in the next four years.
