FW
Both the Export Promotion Bureau (EBP and the Bangladesh Bank have presented contrasting data on apparel export earnings by Bangladesh during the period spanning July-May ’23-24.
While the Export Promotion Bureau (EPB) reported a 2.85 per cent growth in apparel exports earnings during the period, figure from the Bangladesh Bank (BB) indicate a 5.2 per cent decline in RMG earnings for the same period.
According to BB's corrected data, Bangladesh earned $33.04 billion from RMG exports in the first eleven months of FY 2023-24, compared to $34.86 billion in the previous year. This represents a significant downward revision from EPB's earlier estimate of $43.85 billion for the same period. Compared to $42.63 billion the previous year, The EPB's figure indicates a 2.86 per cent growth.
Conversely, BB's calculations show a 5.3 per cent decline in net income from garment exports to $17.60 billion from $18.58 billion the previous year. Additionally, revenues from woven products decreased by 5.1 per cent to $15.40 billion from $16.22 billion the previous year, as per the BB data.
Exporters believe, various factors contributed to the decline in income from the garment industry. One of these includes the significant decline in the unit cost of garments, alongside a slight downward trend in work orders due to global political unrest and the Russia-Ukraine war.
Mohammad Hatem, Executive President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), affirms, rising fuel, electricity, and gas prices have increased production costs. However, buyers have failed to raise their product prices. Consequently, exporters have been unable to secure orders, he explains. Alack of cooperation from banks and harassment by customs and revenue officials is further weakening the competitiveness of these exporters, he adds.
Global political unrest, the Russia-Ukraine war, and the economic slowdown are also leading to a negative growth in export earnings in Bangladesh, adds Hatem.
SM Mannan Kochi, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), adds, issues like increased production costs, including higher worker wages and electricity and fuel prices, are making it challenging for exporters to compete on price. Compounding this issue is the reduction in product prices by buyers, leading to a decline in exports.
To sustain positive growth in export earnings, the government needs to ensure uninterrupted gas and power supply, adds EPB.
The Government aims to set up seven PM Mega Integrated Textile Region and Apparel (PM MITRA) parks in Greenfield/Brownfield siteswith world-class infrastructure including plug and play facility. To be set up with an outlay of Rs. 4,445 crore by 2027-28, each of these parks will generate 1 lakh direct and 2 lakh indirect jobs on completion.
One of these parks is being set up in Virudhanagar Tamil Nadu. A Special Purpose Vehicle (SPV) i.e. ‘PM Mega Integrated Textile Regions and Apparel Park, Tamil Nadu,’ has already been incorporated for the project with the Government of Tamil Nadu holding 51 per cent stake in the SPV and remaining 49 per cent being held by the Government of India. The project has achieved both the environmental Clearance as well as layout approval from Directorate of Town and Country Planning. The government has also signed MoUs worth Rs 1,200 crore for investment in the park.
The Textile Ministry had earlier introducedthe Scheme for Integrated Textile Park (SITP) to support the development of textile parks across the country with world-class, state-of-the-art infrastructure. The scheme was in implementation up to March 31, 2021. However, the Scheme the government has now subsumed the scheme under the umbrella Scheme of Textile Cluster Development Scheme (TCDS) and allotted an outlay of Rs.568.15 Crore for completing ongoing projects only.
The cabinet aims to soon extend the benefits of production-linked incentive (PLI) schemes in the textiles sector. The government’s plans include lowering the investment threshold for the textile PLI for man-made fabric (MMF) garments and technical textiles, and expandingthe range of MMF products covered. Additionally, the government also plans to include apparel in the scheme. The schemeis yet to gain momentum, as per a government official.
Separately, the commerce and industry ministry proposes to invest Rs2,600 crore in the leather and footwear sectors.
Currently, the PLI program spans 14 sectors, including mobile manufacturing and specified electronic components, medical devices, automobiles and auto components, pharmaceuticals, specialty steel, telecom and networking products, and white goods. The total budgetary allocation for various PLI schemes has been increased by 88 per cent to Rs 16,092 crore for FY25. All these 14 PLI schemes were approved with an outlay of Rs1.97 lakh crore, and by the end of May, the cumulative disbursement to beneficiaries had reached around Rs9,700 crore.
The cabinet is set to decide on extending the ProductionLinked Incentive (PLI) schemes to additional products in textiles, food processing, and pharmaceuticals, according to sources. Currently, the PLI programme spans 14 sectors, including mobile manufacturing, electronics, medical devices, automobiles, and pharmaceuticals.
The budget for PLI schemes has been significantly increased by 88 per cent to Rs 16,092 crore for FY25. While the PLI schemes for electronics and white goods have gained traction, those for textiles and steel are lagging.
To address this, the textile PLI for man-made fabric (MMF) garments and technical textiles may see a reduced investment threshold and the inclusion of more MMF products. The government is also considering adding apparel to the scheme.
The initial outlay for the 14 PLI schemes was Rs1.97 lakh crore, with cumulative disbursements reaching approximately Rs9,700 crore by the end of May.
In addition, the commerce and industry ministry has proposed new PLI schemes worth Rs3,489 crore for toys and Rs2,600 crore for leather and footwear, which are pending cabinet approval. A token provision for these plans was included in the budget announced on July 23.
A leading innovator in textile printing solutions, Zydex has been selected for the Apparel Impact Institute’s (AII) Climate Solutions Portfolio (CSP). This prestigious recognition underscores the company’s commitment to reduce the environmental footprint of the fashion industry through innovative and sustainable solutions.
Dr Ajay Ranka, Chairman & Managing Director, Zydex Group, says, this selection reflects the company’s dedication to providing detailed impact data and sustainable solutions.
The CSP serves as the industry’s premier clearinghouse of vetted implementation programs and partners, aiming to activate a registry of sustainable solutions that encourage collective action and widespread implementation. Zydex’s vetting as a CSP Registrant highlights its reduction potential in various use cases and its dedication to providing detailed impact data.
Zydex’s Epricon printing system represents a groundbreaking advancement in textile printing, utilising co-polymer acrylic binder chemistry to deliver ultra-soft prints with depth, brightness, and a feel comparable to reactive prints. This innovative technology eliminates the need for washing processes, reduces print rejections, and enhances productivity and profitability. Extensive trials have confirmed its performance on cotton, viscose, and their blends, positioning it as a viable alternative to traditional reactive printing methods for light and medium shades.
The Madhya Pradesh Government has signed new agreements with the Tiruppur Exporters’ Association (TEA), the Southern India Mills’ Association (SIMA), and the Indian Cotton Federation (ICF) to encourage the cultivation of Extra Long Staple (ELS) cotton.
Madhya Pradesh is known to grow the best kind of ELS, says J Thulasidharan, Chairman, ICF. Most of its ELS is sold in the Tamil Nadu market. The federation also aims to establish a Cotton Development Boardto boost cotton productivity and acreage in the state, he adds.
SIMA also plans to establish demonstration farms for certain kinds of cotton seeds pursue commercial distribution of the crop.
The TEA will encourage the development of cotton crop in Madhya Pradesh by facilitating more investments in the industry. It will also work on the skill-development facilities in the state and provide consultancy, assistance with plug-and-play facility setup, and boost the designing of garment clusters design.
Skechers projects its sales for the fiscal year 2024 will range between $8.875 billion and $8.975 billion.
The brand achieved record-breaking results during Q2, FY24 with sales rising by 7.2 per cent to reach $2.16 billion. It attributes this growth to a strong performance across all markets and channels, including a 7.7 per cent increase in domestic sales and a 6.9 per cent rise in international markets. Despite sales declining by 2.6 per cent decline in the APAC region, a 10.3 per cent gain in the Americas and a 3.9 per cent rise in the EMEA contributed to a 5.5 per cent growth in wholesale sales. The brand’s direct-to-consumer sales rose by 9.2 per cent, driven by a 40.6 per cent increase in EMEA, a 4.1 per cent expansion in the Americas, and a 5.8 per cent uptick in APAC.
The brand’s net earnings for the quarter declined to $140.3 million, compared to $152.8 million in the same period last year. John Vandemore, Chief Financial Officer, notes, the robust sales growth achieved by the company' despite significant operational and foreign exchange challenges, underscoreits position as a leader in comfort technology. It also encourages the company to raise its full-year guidance, adds Vandemore.
The Office of the Development Commissioner (Handloom), Government of India, is implementing the National Handloom Development Program and the Raw Material Supply Scheme to provide financial assistance to handloom agencies and workers. This would help them procure raw materials, upgraded looms and accessories, solar lighting units, constructworksheds, develop new products and designs, technical and common infrastructure, and market handloom products both domestically and internationally.
The government is also implementing the National Handicrafts Development Program and the Comprehensive Handicrafts Cluster Development Scheme to offer support in areas such as marketing, skill development, cluster development, direct benefits to artisans, infrastructure, and technology support.
While it has not established specific export targets due to the complexity of factors such as geopolitical situations, international market trends, market dynamics, and industry feedback, the Government continuously monitors export performance and takes various measures to boost textile exports.
Victoria's Secret has unveiled its latest collection, 'Victoria's Secret Dream,' featuring ForeeverStretch Lac-the softest lace to date.
Combining elegance with everyday comfort, the collection introduces Marshmallow Memory Foam bra padding for unparalleled relaxation.
The comprehensive collection includes bras, panties, and alluring sleepwear such as corsets, slips, babydolls, bodysuits, cami-sets, etc. Prices for the collection start at $44.95 for bras, $16.95 for panties, and $69.95 for sexy sleepwear. Sizes range from XS to XXL, with bra sizes covering bands 32-40 and cups A-G.
The collection offers beautiful intimates manufactured using the latest technologies, says Janie Schaffer, Head - Design and Creative Officer, Victoria's Secret & Co. It launched along with a captivating campaign featuring Candice Swanepoel, Devyn Garcia, Mayowa Nicholas, Taylor Hill, and BehatiPrinsloo. Shot by photographer Angelo Pennetta and styled by Emmanuelle Alt, the campaign was shot at the Longleat House in England.
Wrangler alongwith one of Europe’s largest vintage retailers, Beyond Retro has unveiled a new collection ofupcycled denim garments. A part of the Wrangler Reborn initiative, the collection features reworked pieces including the Greensboro straight leg jean, reworked shorts, the iconic jacket, and a heritage shirt.
Crafted from discarded Wrangler denim sourced by Beyond Retro, garments in the collection highlight the durability and longevity of Wrangler's fabrics. Each of its pieces is unique, with distinctive denim panel variances and fading. The collection is priced between $90 and $180.
Launched in 2022, Wrangler Reborn offers a curated selection of vintage and preloved denim dating from the 1950s to the 2000s. The collection’s launch coincided with Wrangler's 75th anniversary, emphasising the brand's rich heritage.
Known for its collaborations with brands to utilise used textiles and deadstock, Beyond Retro has previously launched collections with Converse, YMC, Gina Tricot, and Stuart Trevor, Founder, All Saints. The retailer also owns its own label, Beyond Remade, which is entirely made from discarded garments.
This partnership with Beyond Retro is part of a series of sustainable projects by Wrangler, which is owned by Kontoor Brands. In April, Wrangler joined Accelerating Circularity, a Walmart Foundation-funded non-profit focused on commercial-scale textile-to-textile recycling systems, to develop a new 5-pocket jean from upcycled denim. Additionally, Wrangler upcycled denim scraps and cardboard tubing to create a shade structure for a Texas sandlot baseball team.
Such partnerships are a part of Wrangler's ongoing strategic effort to prevent denim waste from ending up in landfills through systemic circularity practices, states Vivian Rivetti, Vice President-Global Design. These projects reaffirm the company's commitment to durability and longevity, he adds
