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Socks manufacturer and exporter Ritex Overseas aims to achieve a turnover of Rs. 300 crore before branching out into other verticals. The company also plans to expand its machines inventory from the current 3,000 to 4,000.
Ritex Overseas has an established research division focusing on socks. The division covers everything from design to yarn development. The company also exports its products to brands like the French luxury fashion house Balmain and plans to expand its export market.
Targeting the mass market, Ritex Overseas plans to produce high-quality products and offer them at lower prices to its customers. Although Ritex was incorporated in 1997, it began its journey in 1980 as Goswami Hosiery Works, initially specialising in socks dyeing before starting manufacturing in 1984. The company currently boasts a monthly production capacity of 2.5 million pairs of socks, utilising the latest knitting machines, according to Gopal Goswami, MD, Ritex Overseas.
Currently having a turnover of around Rs 60 crore -65 crore, the company plans to increase this Rs100 crore in this fiscal year.
Trützschler and Murata Machinery recently celebrated a major milestone in their enduring partnership, marking their 100th joint customer in China. This achievement highlights the success of their collaboration in advancing the IDF Vortex Spinning process, a cutting-edge solution that combines Trützschler’s Integrated Draw Frame (IDF) with Murata’s VORTEX machine.
Harald Schoepp, General Manager, Trützschler Textile Machinery Shanghai and Jiaxing, affirm, reaching this milestone with 100 joint customers in China showcases the strength of the partnership between the two companies. The innovative solution developed by these two companies together guarantees high-quality output and operational efficiency for their clients.
The partnership drives innovation within the Vortex spinning market, particularly in China, the largest market for this technology. By integrating the strengths of Trützschler’s IDF with Murata’s advanced Vortex spinning technology, the companies have successfully streamlined production processes, improved efficiency, and consistently delivered high-quality results.
This milestone stands as a testament to the collaborative spirit and dedication of Trützschler and Murata in pushing the boundaries of spinning technology, offering the industry a more efficient, integrated, and high-performance solution.
Approximately 44 exhibitors from seven countries—Bangladesh, India, Pakistan, China, Turkey, Spain, and Italy—will participate in the 17th Bangladesh Denim Expo, scheduled to be held from Nov 04-05, 2024 at the International Convention City, Bashundhara (ICCB) in Dhaka.
These exhibitors will represent diverse sectors including technology, garment manufacturing, fabric production, and washing services. Organised by the Bangladesh Apparel Exchange, the event will gather global buyers, suppliers, designers, and manufacturers to explore the latest advancements in the denim sector.
This year’s theme, ‘The Blue New World,’ highlights a strong focus on sustainable practices and ethical fashion in response to evolving demands in the global apparel market. The expo will feature a range of displays, talks, and workshops centered on key areas such as design, technology, and sustainability within the denim industry.
Additionally, four panel discussions featuring international experts will address critical topics in the ready-made garment (RMG) industry. These will cover resilience in the face of industry challenges, strategies for Bangladesh to lead the global garment market by 2030, the impact of the GSP+ and LDC transition on the RMG sector, and buyer perspectives in Bangladesh’s evolving RMG landscape.
In 2023, Turkey registered a 12.5 per cent decline synthetic yarns exports to approximately 111,000 tons from the previous year. Despite these fluctuations, the overall export volume of synthetic yarns by Turkey increased at an average annual rate of 1.1 per cent from 2013 to 2023.
In value terms, Turkey’s exports of synthetic yarnsdeclined to $650 million in 2023, according to IndexBox estimates. The total export value increased modestly at an average annual rate of 1.6 per cent from 2013 to 2023 though notable fluctuations were observed.
The United States, Italy, and Russia were the top destinations for Turkish synthetic yarn exports in 2023, each receiving 13,000 tons, 13,000 tons, and 9,000 tons, respectively. Together, these countries accounted for 32 per cent of total exports. Belarus, the UK, Georgia, Iran, Spain, and Germany followed, collectively representing an additional 28 per cent of exports. Among these markets, Georgia saw the fastest growth in shipments, with a CAGR of 69.7 per cent.
In terms of export value, the United States ($100 million), Italy ($79 million), and the UK ($45 million) were the largest markets for Turkish synthetic yarn exports, together comprising 34 per cent of the total. Russia, Belarus, Georgia, Spain, Germany, and Iran made up an additional 30 per cent. Georgia also recorded the highest growth in export value, with a CAGR of 74.9 per cent during the review period.
By product category, yarn (other than sewing thread) of synthetic staple fibers, not sold for retail, dominated Turkey’s exports, with 74,000 tons accounting for 67 per cent of total volume. From 2013 to 2023, exports of synthetic staple fiber yarn (other than sewing thread, not for retail) grew at an annual rate of 2.6 per cent.
In terms of value, synthetic staple fiber yarn (other than sewing thread, not for retail) led exports with $388 million in 2023, followed by man-made staple fiber yarn (not sewing thread, sold for retail) at $216 million, and artificial staple fiber yarn (other than sewing thread, not for retail) at $46 million.
Combined with a shift in consumer spending towards travel, electronics, and other services, the ready-made garments sector (RMG) in India is likely to be impacted by a sluggish domestic demand this year, as per a report by CRISIL Ratings.
Based on an analysis of over 140 RMG manufacturers with combined revenues of around Rs 43,000 crore, the reportprojects, this fiscal year, RMG exports will grow by 5 per cent -7 per cent. The report attributes this growth to the replenishing of inventories by US and EU retailers, although profit margins might remain flat due to anticipated lower cotton prices. Notably, exports contribute roughly 25 per cent of the industry's revenue.
Last fiscal year, domestic revenue rose by 10 per cent, while export revenuesdeclined by 7 per cent. This fiscal year, the trend is expected to reverse with exports rebounding exports and domestic apparel demand growth slowing down.
Gautam Shahi, Director, CRISIL Ratings, notes, RMG manufacturers faced revenue challenges in the first half of the fiscal year due to retailers' overstocking from the previous year. However, the sector is poised for a boost in the second half, driven by the festive season and an increased number of weddings.
Additionally, recent political unrest in Bangladesh may offer a short-term benefit to Indian RMG exporters. However, the advantage is likely to be limited due to the importance of RMG exports to Bangladesh's economy, differences in product offerings between the two countries, and favorable import duties that benefit Bangladesh’s RMG exports to the European Union.
Kering's revenue for Q3 2024 reached €3.8 billion, marking a 15 per cent decline as reported and 16 per cent on a comparable basis. This downturn includes a 1 per cent negative currency effect and a 2 per cent positive scope effect, driven by the Creed consolidation. François-Henri Pinault, Chairman and CEO, emphasized the group’s focus on long-term sustainable growth despite unfavorable market conditions impacting short-term performance.
Retail sales were down 17 per cent, largely due to reduced store traffic, particularly in Asia-Pacific and Japan. North America and Western Europe showed mixed results across Kering’s portfolio, while wholesale revenue dropped 12 per cent.
Gucci saw a steep 26 per cent decline in revenue, down to €1.6 billion, with retail sales falling 25 per cent due to tough market conditions, especially in Asia-Pacific. Gucci’s wholesale revenue fell 38 per cent, reflecting its strategic realignment.
Yves Saint Laurent reported a 13 per cent revenue drop to €670 million. Retail sales decreased 12 per cent, and wholesale sales fell 20 per cent, despite continued success in its leather goods and fashion shows.
In contrast, Bottega Veneta grew its revenue by 4 per cent to €397 million, with a 9 per cent increase in retail sales driven by strong performance in North America and Western Europe. Wholesale sales, however, were down 10 per cent.
Other Kering Houses, including Balenciaga and Alexander McQueen, generated €686 million in revenue, down 15 per cent. Balenciaga’s leather goods performed well, while Alexander McQueen’s rebranding received positive reception.
Kering Eyewear and Corporate segment revenue rose by 32 per cent, driven by a 4 per cent growth in eyewear sales and contributions from Kering Beaute and Creed.
Amid economic uncertainty, Kering expects its 2024 operating income to reach approximately €2.5 billion. The group remains focused on optimizing costs and driving long-term growth for its luxury brands.
Bangladesh's apparel exports to the European Union (EU) have seen a mixed bag in 2024. While August saw a 3.1 per cent increase, driven by knitwear and woven garment exports, the overall trend for the first eight months remains negative.
Knitwear exports from Bangladesh rose by 1.4 per cent in August, totaling €1 billion. Woven garment exports experienced a stronger growth of 6.2 per cent, reaching €602 million.
However, Bangladesh's total apparel exports to the EU for the first eight months of 2024 dropped by 3.51 per cent to €11.90 billion. Knitwear exports in this period fell by 6.51 per cent, while woven garment exports saw a slight increase of 1.05 per cent.
The EU's total apparel imports between January and August 2024 also decreased by 3.62 per cent. Despite these challenges, Bangladesh remains optimistic about future growth, citing improving EU economic conditions and government efforts to boost exports.
While Bangladesh's exports have fluctuated, China, the largest apparel exporter to the EU, has seen a steady increase. Turkey, the third-largest exporter, experienced a decline.
The overall trend in the EU apparel market has been a decline in imports, reflecting reduced apparel consumption. This has affected exports from various suppliers, including Bangladesh.
Moving forward, Bangladesh will need to navigate the challenges of fluctuating demand, competition from other suppliers, and the ongoing impact of global economic factors.
India's leading department store chain, Shoppers Stop, reported a second consecutive quarterly loss. The company attributed the decline to a combination of factors, including high inflation, reduced discretionary spending, and fewer wedding dates.
The department store chain's CEO, Kavindra Mishra, noted that subdued demand during the second quarter was primarily due to extended rains and a weak consumer sentiment. Rising inflation has forced consumers to prioritize essential goods, resulting in reduced spending on non-essential items such as apparel.
Despite the overall downturn, Shoppers Stop's beauty and personal care (BPC) segment continued to show growth, with sales increasing by 10 per cent during the quarter. This segment, which contributes over a fifth of the company's revenue, benefits from the growing Indian beauty market, which is expected to reach nearly $47 billion by 2032.
Overall, Shoppers Stop's revenue from operations rose 7 per cent to 11.15 billion rupees. However, the company's net loss for the quarter ended September 30 amounted to 205.9 million rupees, compared to a profit of 27.3 million rupees a year earlier.
As the Indian retail landscape continues to evolve, Shoppers Stop and its competitors are facing increasing pressure to adapt to changing consumer preferences and economic conditions.
Thai sportswear manufacturer Pilot Knit Garment, part of the Yong Udom Textile Group, has selected Coats Digital’s FastReactPlan to digitize its manual planning processes. The solution aims to enhance efficiency, optimize On-Time Delivery Performance (OTDP), and reduce lead times by improving planning and forecasting accuracy across departments.
Established in 1986, Pilot Knit Garment, headquartered in Samutsakorn, Thailand, manufactures sportswear for global brands like Nike, Converse, and Jordan, producing 200,000 pieces per month with over 660 employees. Despite having access to high-quality fabrics, the company faced challenges managing production with manual Excel-based planning, leading to under- or overcapacity issues and extended lead times.
Managing Director Ampon Ruayfupan expects FastReactPlan to be transformative, improving fabric management and capacity utilization. The solution, part of Coats Digital’s Manufacturing Solution Suite, offers dynamic, real-time production updates, enabling Pilot Knit Garment to plan months in advance and respond swiftly to last-minute changes. Coats Digital's Haruethai Phaleesem emphasized the seamless integration with Pilot Knit’s Tega ERP system, providing greater visibility and streamlining production planning. The company aims to enhance efficiency, reduce costs, and maintain its competitive edge in the market.
A year after Bangladeshi garment workers faced violent crackdowns during protests for higher wages, major fashion brands like H&M and Zara are under fire for not protecting workers rights. Around 40,000 workers still risk arrest due to blank arrest warrants issued during the protests.
Today, labor rights advocates launched an international campaign urging brands to demand the dismissal of 36 legal cases against workers and protestors. Anne Bienias of the Clean Clothes Campaign criticized brands, stating they profit from the current system and have not backed union-led wage demands.
The Clean Clothes Campaign linked 45 fashion brands, including Next, Levi's, and Matalan, to suppliers who filed charges against workers. Despite initial steps, none of the cases have been cleared. To raise awareness, the campaign introduced a new tool tracking brand involvement in the outstanding charges.
The legal cases have created a climate of fear, with union leaders like KalponaAkter emphasizing the need to drop these charges to safeguard workers freedom and ensure fair wages.
Unions are also pressing the interim government to issue an executive order dropping the charges, calling on brands to support this push.
