FW
Spinnova has partnered with Helsinki-based brand ASK Scandinavia to release a limited-edition, naturally dyed work tote bag in 2025. The bag, made from fabric containing 30 per cent wood-based Spinnova fibres and 70 per cent cotton, is dyed using a natural dye developed by Natural Indigo Finland from Paulig’s coffee waste. This marks the first time Spinnova fibres have been used with natural dyes for a commercially available product.
The bag blends ASK Scandinavia’s minimalist Nordic design with durability, ensuring practicality for everyday use. Each tote showcases the sustainable innovations of Spinnova’s low-impact fibres, ASK Scandinavia’s enduring design approach, and Natural Indigo Finland’s eco-friendly dyeing methods. Spinnova’s fibres reduce carbon dioxide emissions by 74 per cent and water usage by 98 per cent compared to conventional cotton, while the coffee waste-based dye is non-toxic and efficient.
Anette Cantagallo, Director of Design and Sustainability at ASK Scandinavia, expressed excitement about integrating next-gen materials for a sustainable fashion future. Shahriare Mahmood, Spinnova’s Chief Product and Sustainability Officer, highlighted the collaboration as an opportunity to explore Spinnova’s fibre versatility in new product categories.
Pre-orders for the tote bag will begin in late 2024, with availability in ASK Scandinavia’s online store in 2025. The design will be unveiled at the product’s official launch.
The EU has called on e-commerce platform Temu to provide detailed information regarding its efforts to prevent the sale of illegal products. Temu, which gained popularity in Europe after entering the market in 2023, currently has around 75 million monthly active users in the region.
The European Commission has asked Temu to clarify measures taken under the Digital Services Act (DSA) to stop traders from selling illegal goods. The commission also wants data on how Temu protects consumers and public health, alongside details of its personalized content systems and data protection practices.
Temu has until October 21 to respond, and failure to comply could lead to further investigation and possible fines.
This request is the second since Temu was listed under the EU's stricter regulations for major digital platforms in May. European consumer groups previously accused Temu of using manipulative techniques to boost user spending.
The US apparel imports market showed mixed results in Aug’24 with imports rising in volume but declining in value.
As per data from OTEXA, growing by 1.34 per cent in volume, US apparel imports reached 2,502.29 million SME (Square Meter Equivalent) in Aug’ 23, suggesting steady or increasing demand among US consumers.
However, the value of these imports declined by 0.86 per cent Y-o-Y to $7.67 billion, indicating a divergence between the volume and value of imports, reflecting changing market conditions.
On a Month-on-Month basis, US apparel imports declined by 2.68 per cent in value from July 2024, indicating either seasonal adjustments, more cautious consumer spending, or retailers managing inventory levels prudently.
In Aug’24, the average Unit Value Realisation (UVR) dropped by 4.73 per cent to $3.06 from $3.13 in July’24. This suggests a trend toward lower-priced goods or potential price negotiations between buyers and suppliers, contributing to the lower overall value despite higher import volumes.
China remained the largest apparel exporter to the US, accounting for 25.20 per cent of the total value share in Aug ‘24. Vietnam followed with 19.16 per cent, while Bangladesh (7.96 per cent), Indonesia (5.22 per cent), and India (4.76 per cent) emerged as the top five apparel exporters to the US.
The Q3, FY25 revenues of Italian luxury player Salvatore Ferragamo SpA declined by 9.6 per cent Y-o-Y to €221 million or about $240 million, The company’s year-to-date revenue declined by 11.9 per centY-o-Y to €744 million.
So far this year, Ferragamo reported revenue declines in every quarter. The company net profit in H1, FY24 by 73.2 per cent.In Q3, sales from the company’s wholesale segment contracted by 14.1 per centY-o-Y as demand weakened, particularly in the US market.
The company’s DTC net sales during the third quarter contracted by 7.5 per cent Y-o-Y despite a positive performance in Europe, Japan and Latin America.
Net sales in Asia Pacific declined by 21 per centY-o-Y as the region faced a low consumer confidence. Marco Gobbetti, General Manager and CEO says, the Asia Pacific region represented the biggest impact on the company’s overall sales performance.
Ferragamo’s net sales in the combined region of Central and South America fell by 8.2 per cent while sales in North America lowered by 7.4 per cent. The company’s net sales in the EMEA region net sales remained flat at 0.6 per cent.
However, driven by a double digit growth in DTC in the region, Ferragomo’s sales in Japan grew by 3.4 per cent.
Mirroring a larger trend in luxury fashion Ferragamo’s financial declines accompanied similar results reported by other brands including Kering, Burberry and Lanvin. However, brands like Prada and Hermes reported revenue rises during the quarter.
India's textile and apparel industry continues its robust growth trajectory, with exports witnessing a significant upswing in September 2024. According to recent data released by the Confederation of Indian Textile Industry (CITI), textile exports for September 2024 reached $1,813.27 million, a 9.56% increase compared to the same period last year. Apparel exports demonstrated even more impressive growth, surging by 17.30% to reach $1,110.11 million.
This positive trend extends to the cumulative export figures for the first half of the fiscal year 2024 (April-September). Overall, textiles and apparel exports for this period have grown by 5.13% compared to the previous year. Notably, apparel exports have recorded a strong 8.51% growth, highlighting the increasing global demand for Indian apparel products.
CITI Chairman, Rakesh Mehra, expressed his optimism about the sector's performance, stating, "India's textile and apparel exports continue to show strong momentum, with a 12.38% growth in September 2024 over the previous year. Apparel exports, in particular, saw an impressive rise of 17.30%, reflecting the global demand for quality Indian products. The steady growth of 5.13% in cumulative exports for the first half of FY24 reinforces our sector's resilience and potential in driving economic progress."
Apparel exports outshine despite global slowdown
The Apparel Export Promotion Council (AEPC) echoed CITI's positive outlook. AEPC Chairman, Sudhir Sekhri, emphasized the sector's resilience in the face of global economic challenges. "India's RMG exports have outshined despite the global slowdown and continued inflationary pressure," Sekhri stated. "Even major exporting countries witnessed a slowdown in RMG export growth, and the WTO also lowered its growth projection for world merchandise trade."
Sekhri attributed India's success to its unique advantages, including low import intensity, a complete textile ecosystem, and a young and abundant workforce. He further highlighted the sector's potential for job creation, particularly for unskilled and underprivileged workers.
Comprehensive Data Table: Exports(ValuesinUS$Mn)
|
Particulars |
Sep-23 |
Sep-24 |
%Change |
Apr-Sep'23 |
Apr-Sep'24 |
%Change |
|
CottonYarn/Fabs./made-ups, HandloomProductsetc. |
1,017.82 |
1,053.19 |
3.48% |
5,899.76 |
5,946.53 |
0.79% |
|
Man-madeYarn/Fabs./made- ups etc. |
372.76 |
415.28 |
11.41% |
2,336.25 |
2,405.06 |
2.95% |
|
JuteMfg.includingFloor Covering |
28.89 |
33.64 |
16.44% |
185.14 |
179.39 |
-3.11% |
|
Carpet |
113.79 |
130.78 |
14.93% |
669.35 |
745.74 |
11.41% |
|
Handicraftsexcl.handmade carpet |
121.8 |
180.38 |
48.10% |
791.99 |
878.76 |
10.96% |
|
Textiles |
1,655.06 |
1,813.27 |
9.56% |
9,882.49 |
10,155.48 |
2.76% |
|
Apparel |
946.35 |
1110.11 |
17.30% |
6916.44 |
7505.14 |
8.51% |
|
TextileandApparel |
2,601.41 |
2,923.38 |
12.38% |
16,798.93 |
17,660.62 |
5.13% |
|
AllCommodities |
34,407.98 |
34,582.15 |
0.51% |
2,11,079.42 |
2,13,222.29 |
1.02% |
|
%ofT&AinTotalExports |
7.56% |
8.45% |
|
7.96% |
8.28% |
|
Source:PIB
These figures paint a picture of a thriving and optimistic textile and apparel sector in India. The sector's continued growth is poised to contribute significantly to India's economic development.
Apparel brand Guess has partnered with textile recycling platform SuperCircle to launch a new online clothing recycling initiative titled, ‘Guess Again.’
Launched with an aim toprovide brands, retailers and customers a platform to exchange used clothing items and recycle textiles, the initiative involves customers sending used garments of any brand to SuperCircle for recycling and receiving a Guess credit amount/score for their future Guess purchases.
Chloe Marie Songer, CEO and Co-founder, SuperCircle, says, demand for easily accessible, worthwhile recycling programs is rising with 92 million tons of textile waste produced annually and 85 per cent of textiles ending up in landfills or burned.
The brand has also adopted an in-store customer recycling program policy specifically in the US and Canada in collaboration with Homeboy Threads, an enterprise offering reuse and recycling services for the apparel and textile industry.
Around 19 fashion companies from Bangladesh including suppliers, buying houses and manufacturers from the leather and clothing industries participated in this year’s Fashion World Tokyo (FaW) 2024 expo.
Held at Tokyo Big Sight, Japan, from Oct 15–17, 2024, the expo showcased a wide range of fashion clothing, bags, shoes, fabrics, leather, accessories, and global sourcing options.
All major exporters of leather and ready-made garments (RMG) participated in the event, with Bangladesh regularly represented through the Export Promotion Bureau (EPB). The Bangladesh Pavilion was inaugurated by Shah Asif Rahman, Chargé d’Affaires, Bangladesh Embassy in Japan.
Emphasising on the importance of Japan as a profitable market for Bangladeshi goods, Rahman encouraged local business owners to expand market share by launching new products catering to the tastes of Japanese customers.
Marking its first quarterly sales drop since the pandemic, amid weakening demand in China and Japan, French luxury giant LVMH reported a 3 per cent decline in sales during Q3, FY25. The company generated €19.08 billion ($20.8 billion) in revenuesduring the three months ending in Sep 2024.
This figure fell short of the consensus estimate of 2 per cent organic growth, as cited by Barclays. Analyst Luca Solca, Bernstein remarks, LVMH ‘badly’ undershot expectations, with ‘misses across the board.’
A first from a major luxury company for the quarter, the sales report comes after weeks of volatility in luxury stocks. Recent stimulus measures in China briefly sparked hopes for a recovery, but Chinese consumer confidence remains at historic lows, says Jean-Jacques Guiony, Chief Financial Officer, LVMH.
Along with a larger sales drop at Italian luxury brand Ferragamo, LVMH's report is likely to add to market uncertainty, opines Flavio Cereda, Co-Manager –Luxury Brands Investment Strategy, GAM.
The company's fashion and leather goods division, which includes iconic brands like Louis Vuitton and Dior, posted a 5 per cent sales decline, missing forecasts of 4 per cent growth and marking its first sales drop since 2020. This division accounts for nearly half of LVMH's total revenue and around three-quarters of its recurring profit.
In Asia, excluding Japan, where China is the dominant market, sales declined by 16 per cent from a 14 per cent in the previous quarter.Meanwhile, in Japan, the company’s sales growth slowed sharply to 20 per cent, from a 57 per cent increase in the previous quarter, partly due to the stronger yen.
The results reflect a more pronounced slowdown than expected in the luxury sector, with analysts like Piral Dadhania from RBC Capital predicting a negative market response. UBS had already forecasted that the third quarter would be the weakest for the luxury sector in four years, projecting a 1 per cent Y-o-Y decline in organic sales.
Despite a reduction in acreage, India's cotton production for the 2024-25 cropping season is expected to remain constant at last year’s levels as timely rainfall and lower pest pressure will compensate for the decrease in the area under cultivation.
Data from the Agriculture Ministry also shows, India’s cotton production improved to 325.22 lakh bales, each weighing 170 kg in 2023-24. Pest attacks were less severe this season, with pink bollworm (PBW) and sucking pests being significantly reduced. The use of hybrid cotton varieties resistant to sucking pests also aids in pest management, though PBW remains a potential concern in northern regions.
On the other hand, India cotton acreage decreased by 11 lakh hectares (lh) to 112.76 lakh hectaresfrom the previous year’s 123.71 lakh hectare.However, YG Prasad, Director, ICAR-Central Institute of Cotton Research, notes, the crop is in better condition than last year and continues to improve. Higher yields will lead to a production level comparable to the previous year, he anticipates.
Bhagirath Chaudhary, Director, South Asia Biotech Centre, highlights, reduced PBW infestation in the North has led to improved cottonseed quality with infestation in the Central and South regions coming under control. However, the issue of root rot requires immediate attention, he says, adding, the 2024 Kharif season would hopefully to reverse the losses experienced in recent years.
Anand Poppat, a broker from Gujarat, estimates, this year crop size could reach 361 lakh bales due to increased yields. Pradeep Jain, President, Khandesh Gin Press Factory Owners and Traders Development Association, Jalgaon, adds, crop conditions in the Khandesh region are excellent with better quality and yields this year.
Overall crop health remains promising across key cotton-producing states like Gujarat, Maharashtra, Madhya Pradesh, Telangana, Andhra Pradesh, and Karnataka. However, with the crop delayed by a month in some regions, final predictions on the total output are still premature.
A homegrown exporter of bed sheets, bed linen and quilts, Indo Count Industries has acquired its second overseas company within a month of acquiring a stake in Fluvitex USA Inc.
The company has bought a stake in another pillows and filled products manufacturer, Modern Home for $11.7 million. Registered in Delaware, Modern Home has a factory in Phoenix, Arizona produces nearly 8 million pillows annually.
Indo Count Industries had earlier bought an 81 per cent stake in the Ohio-based pillow and quilt manufacturer Fluvitex USA Inc for $19.63 million. It plans to buy the remaining 19 per cent shares of Fluvitex for $4.6 million over the next five years, taking the total deal value to $24.23 million. This acquisition adds a capacity of 5 million pillows and 1.5 million quilts to Indo Count’s portfolio.
Indo Count opines, these back-to-back acquisitions would help the company establish an integrated utility bedding business in the North American market. They would also increase Indo Count’s total manufacturing capacity in the US to 13 million pillows and an additional capacity of 1.5 million quilts annually.
Set up 25 years ago, Indo Count is led by Anil Kumar Jain, Promoter and Executive Chairman, Mohit Jain, Vice chairman and Kailash R Lalpuria, CEO.
The company owns a retail arm, Indo Count Retail Ventures in India which manages the home textiles brand ‘Boutique Living.’ It operates across several verticals in the textiles space including spinning, weaving and processing.
