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With inflation staying high and interest rates surging, consumers have become more cautious with their spending. As a result, many retailers have struggled to stay afloat, leading to a wave of store closures and bankruptcies since the 2020 shutdowns. The wedding industry has also faced lasting challenges, with many venues and vendors still grappling with fewer bookings even years after the pandemic disrupted large-scale celebrations.
David’s Bridal, once the dominant force in wedding retail, felt the impact firsthand. The shift toward smaller, budget-conscious celebrations and reduced demand for formal attire contributed to its second Chapter 11 bankruptcy filing in April 2023. After restructuring, the company was acquired by Cion Investment Corp., allowing around 200 stores to remain open.
Now, under new CEO Kelly Cook, David’s Bridal is transforming into a media-driven business. Its Pearl Media Network leverages content to attract customers and generate advertising revenue.
The company is also expanding its online marketplace beyond wedding dresses to include men’s suits, rentals, swimwear, and occasion wear through a drop-ship model. This strategy reduces costs by eliminating excess inventory and store expansions while enabling rapid scaling.
Although David’s Bridal serves 90 per cent of the US bridal market, it captures only a third of dress sales. By focusing on media and e-commerce, the company aims to strengthen its financial position and drive profitability, adapting to an evolving wedding industry.
Boohoo Group is rebranding as Debenhams Group and revamping its business model to navigate the challenging online retail landscape. CEO Dan Finley, who took charge recently, announced the transformation, inspired by the successful turnaround of Debenhams, which Boohoo acquired in 2021.
Debenhams now generates gross merchandise value (GMV) of 654 million pounds, with net sales of 205 million pounds and a 12 percent EBITDA margin. Finley aims to replicate this success by adopting a ‘stock-lite and capital-lite’ marketplace approach for the company’s youth brands, including Boohoo, PrettyLittleThing, and BoohooMan, which have a combined GMV of over 1.5 billion pounds.
The restructuring includes heavy discounting to reduce stock, shutting the US distribution center, selling London offices, and cutting costs. Karen Millen has been repositioned as a premium digital-first brand. Full-year GMV fell 10 percent, with revenue down 16 percent to 1.22 billion pounds.
Market analysts remain skeptical, citing Shein’s dominance and shifting consumer trends. Shares dropped 4.61 percent to 0.26 pounds following the announcement. The name change requires shareholder approval on March 28. Finley remains optimistic, calling the move a ‘defining moment’ for the company’s future.
Bizpando AG, in collaboration with the Aid by Trade Foundation (AbTF) and the International Cotton Advisory Committee (ICAC), has launched a project to promote carbon credits in cotton farming. The initiative aims to equip African smallholder farmers with sustainable agricultural techniques and digital tools to improve soil quality, sequester carbon dioxide, and generate additional income.
By implementing climate-smart practices such as biochar application, minimal tillage, and cover cropping, farmers can sequester up to 5.75 tonnes of carbon dioxide per hectare annually. This approach enhances soil fertility, reduces reliance on pesticides and fertilizers, and increases crop yields. Cotton growers certified under the Cotton made in Africa (CmiA) standard will benefit from selling carbon credits, creating new revenue streams while lowering costs.
"Our approach not only protects the environment but also boosts cotton farmers' productivity and income," said Tina Stridde, Managing Director of AbTF. ICAC’s Chief Scientist Keshav Kranthi highlighted biochar’s role in enhancing soil structure, water retention, and microbial activity, contributing to long-term carbon storage.
Bizpando will lead the digital implementation, developing a GPS-based system to accurately map farmland, prevent double counting, and ensure transparent carbon credit validation. The platform will facilitate the issuance and sale of credits, ensuring direct payouts to farmers. "By integrating digital solutions, we maximize financial benefits for farmers while cutting administrative costs," said Jasper Bhaumick, CEO of bizpando AG.
In the coming months, the partners will enhance the platform, secure certifications, and initiate training programs. The first carbon credits are expected by 2026, with groundwork already underway.
Consumption of cotton yarns by the UK is projected to increase at a 1.1 per cent CAGR to 7.7,000 tons from 2024-2035. This growth will mostly be driven by consistent demand, despite recent declines. The total value of the UK cotton yarn market is projected to grow to $43 million by 2035.
In 2024, UK’s total cotton yarn consumption declined by 6.7 per cent to 6.8000 tons while revenues in the market declined by 12.2 per cent to $38 million.
Domestic production of cotton yarn in the UK remains minimal, with approximately 32 tons produced in 2024, mirroring the previous year. Production has steadily decreased over the past decade.
To meet its cotton yarn demand, the UK relies heavily on imports. In 2024, its imports declined by 8.6 per cent to 7.8000 tons, valued at $45 million. Key suppliers include Pakistan, Spain, and Turkey, with Egypt, Turkey, and India leading in value. The majority of imports are non-retail cotton yarn, both containing less than and more than 85 per cent cotton. Import prices averaged $5,719 per ton, varying significantly by product type and country of origin, with Egypt commanding the highest prices.
Exports of cotton yarn by the UK declined by 19.9 per cent to 1,000 tons to $38 million in 2024. Major export destinations included the United States, Lithuania, and Turkey. Notably, France witnessed the most significant growth in exports. Despite recent downturns, the UK cotton yarn market is expected to experience gradual growth, driven by consistent demand and strategic import relationships. However, domestic production remains low, and the market is heavily reliant on international trade.
Turkey’s leading textile manufacturer, Yunsa’s net profit declined to 36.6 million lira in FY24 as against 785.8 million lira recorded in the previous year.
Yünsa’s annual revenues also contracted to 1.94 billion lira in FY24 from 3.16 billion lira in FY23. This substantial decline was an outcome of the ongoing challenges in the textile sector, including global demand fluctuations, inflationary pressures, and supply chain disruptions.
One of the largest integrated worsted fabric producers in Europe, Yünsa has a strong global footprint. The company controls various stages of the production process, potentially offering advantages in terms of quality control and efficiency. However, it is also exposed to risks across the entire supply chain.
The company faces the critical challenge of adapting its business model to navigate the current economic climate. This involves implementing measures to reduce operational expenses and improve efficiency, exploring new product lines or markets to reduce reliance on specific segments, collaborating with suppliers and customers to enhance supply chain resilience, closely monitoring market trends and adjusting production accordingly and modernizing equipment and processes to improve productivity and reduce costs.
Fueled by a global growth strategy mirroring Zara’s approach, Spanish fashion retailer Mango aims to increase sales to $4.3 billion by 2026. The brand registered a 8 per cent growth in sales to $3.62 billion during FY24.
In 2024, Mango also achieved a gross profit margin of 60.7 per cent while its profit expanded by 27 per cent. The company added 260 new stores with an approximate investment of $234 million during the year, taking its total store count to 2,800, with international locations accounting for 78 per cent of total sales.
Having re-entered the US market in 2022 with its flagship store in New York City, Mango plans to open over 60 additional stores in the United States by 2025-end, notes Tony Ruiz, CEO AND Chairman.
Rising costs, inflation, and economic uncertainty are challenging the global retail and fashion industry, leading to shifts in consumer behavior and company strategies. While a cyclical slowdown is evident, McKinsey’s 2025 State of Fashion report highlights an increase in ethical purchasing habits, growing consumer awareness, and evolving sustainability efforts by brands.
Julie Holt, Global Business and Exhibitions Director for the International Expo Group and organizer of the Global Sourcing Expo, emphasizes these changes, noting that shifting buying patterns are visible across major markets. “While year-on-year growth continues in key regions like the US and Europe in both luxury and non-luxury categories, the slowdown from the peak in 2021 is evident. Meanwhile, China is experiencing marginal growth in the non-luxury sector but a decline in luxury sales,” she says.
Economic confidence and reduced overseas spending have impacted China’s luxury fashion sector, with Bain & Company reporting an 18-20 per cent decline in 2024. In response to these market conditions, retailers and brands must understand generational preferences to attract consumers effectively.
How different generations shop
Baby Boomers (52-plus): Affluent and financially stable, this group spends more on fashion than younger consumers. They value quality and prefer in-store shopping but are increasingly adopting digital platforms. Reports indicate that over-65s also allocate significant spending to travel, leveraging higher interest rates to boost their disposable income. Holt highlights the need for retailers to prioritize user-friendly digital experiences to engage this audience.
Generation X (45-60): Known as ‘hybrid shoppers,’ Gen X values convenience and affordability. They balance online and in-store shopping and show interest in sustainable products if pricing is reasonable. Loyalty programs and personalized shopping experiences appeal to this group.
Millennials (28-43): Highly influenced by digital content, reviews, and peer recommendations, Millennials prioritize experiences over possessions. This generation is drawn to exclusive shopping destinations and subscription-based services such as fashion rentals and streaming. Holt notes that brands targeting Millennials should focus on curating unique and immersive shopping experiences.
Generation Z (13-28): Dominated by social media influence, Gen Z shops primarily via mobile devices and values convenience services like express shipping and free returns. They are price-conscious and less brand loyal, prioritizing quality and affordability. Thrifting and sustainable fashion appeal to them, as they seek unique, long-lasting pieces while supporting environmental causes.
Industry collaboration for future growth
Holt emphasizes the importance of industry collaboration in navigating these evolving trends. “Events like the Global Sourcing Expo play a key role in connecting brands, retailers, and industry professionals. They offer a platform for sharing insights, fostering partnerships, and addressing challenges together.”
With shifting consumer demands and economic pressures, adapting to generational preferences and fostering industry cooperation will be crucial for sustained growth in the retail and fashion sectors.
Lenzing AG’s Supervisory Board will see key changes following the company’s Annual General Meeting on April 17, 2025. Current Chairman Cord Prinzhorn will step down at the end of his mandate to focus on new and existing engagements within B&C Group.
Patrick Lackenbucher, Managing Director of B&C Group, has been nominated as a new board member and is designated to serve as interim Chairman. With over 15 years of experience supporting Lenzing’s strategic and financial initiatives, Lackenbucher aims to strengthen the company’s global market leadership in sustainable cellulosic fibers.
Prinzhorn reflected on his tenure, highlighting achievements such as strategic investments in Brazil, Thailand, and China, cost reductions, and debt management. He expressed gratitude to the Supervisory Board, Managing Board, and employees for their contributions to these initiatives.
Lackenbucher emphasized the commitment of Lenzing’s core shareholders, B&C and Suzano, to enhancing the company’s competitiveness. He stressed the importance of profitability in navigating global market challenges and sustaining investments in innovation.
Lenzing CEO Rohit Aggarwal acknowledged Prinzhorn’s leadership, crediting him for revenue and cost initiatives that have bolstered financial performance. He also welcomed Lackenbucher’s extensive experience and strategic vision.
Additionally, Leonardo Grimaldi, Executive Vice President at Suzano S/A, has been nominated to join the Supervisory Board, replacing Marcelo Bacci. Grimaldi, an expert in the global pulp market, holds board positions at Portocel and Veracel Celulose S/A.
Prinzhorn will remain Chairman until the conclusion of the AGM, after which the Supervisory Board is expected to elect Lackenbucher as his successor.
Karl Mayer has successfully defended its trademarks for Prowarp, Karl Mayer Prosize, and Prodye after a legal battle in Turkey. The company, known for its high-quality textile machinery, registered these trademarks between 2012 and 2018.
However, competitors Proteknik Tekstil San. ve Dıs Tic. A S and Prosmh Makina Pazarlama Sanayi ve Ticaret Anonim Sirketi attempted to exploit these names, leading to a court case.
Despite sending a cease-and-desist letter, infringement continued until a Turkish regional court ruled in Karl Mayer’s favor on 12 December 2024. The ruling prohibits the unauthorized use of these trademarks for manufacturing, sales, packaging, and online activities.
“We invested heavily and pursued this case for nearly seven years to protect our technology, customers, and reputation,” said Martin Fuhr, Head of Product Portfolio Management, Warp Preparation.
Karl Mayer continues to innovate, reinforcing its leadership in warp preparation technology. Recent advancements in Prosize include the Cascade system, which reduces steam consumption by 7 per cent, and the Smart Size Box, enhancing predictive maintenance while lowering size add-on by 10 per cent.
The Prowarp system integrates cloud-based Proactive Warping for superior warp quality, while Prodye’s specialized vat technology achieves deeper indigo shades with reduced chemical usage.
By safeguarding its intellectual property and driving innovation, KARL MAYER strengthens its market position and commitment to advancing textile technology.
At an event organized by BGMEA’s election-centric alliance, Forum in Dhaka, Bangladesh garment makers urged for a separate ministry for the garment and textile sector. Industry leaders at the event emphasised on the need for long-term policies to tackle the multifaceted challenges currently being faced by the sector both locally and globally.
Highlighting the urgency of establishing clear directives to ensure the sustainability of the garment industry, industry representatives warned, any failure to implement such measures could jeopardise the sector’s survival.
Emphasizing on the importance of policy support for a sustained period, Mahmud Hasan Khan Babu, Panel Leader, Forum, said, ongoing domestic and foreign conspiracies against the sector such as the recurrent labor unrest need to be investigated. The government needs to help alleviate the harassment faced by entrepreneurs from customs inspections, he adds.
Voicing concerns over the government’s lack of understanding of the business dynamics, Anisur Rahman Sinha, Former President, BGMEA, asserted, it is the association’s responsibility to engage with the Government to address these issues. The lack of attention to international trade challenges is leading to a growing frustration among business owners, he noted.
Anwar-ul Alam Chowdhury, Former President, BGMEA emphasised on the need for skilled leadership to navigate crisis situations in the industry. Urging for a comprehensive policy framework, Rubana Huq, Former President, highlighted the need for owners to enhance their bargaining power with foreign buyers to secure fair prices.
The event concluded with Rashid Ahmed Hosaini, Secretary General, Forum, emphasizing on the need for immediate action to support the industry. The health of the garment sector is closely linked to Bangladesh’s economic sustainability, he said.
