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Hong Kong Polytechnic University (PolyU)'s Chinese Culture Festival kicks off with the "Splendid China Embroidery - Traditional Chinese Embroidery Crafts and Ou Embroidery Works Exhibition," running until April 23. The opening ceremony, co-organized with the Wenzhou Municipal Culture, Radio, Television and Tourism Bureau, and the Zhejiang Industry and Trade Vocational College, was graced by distinguished guests including PolyU Council Chairman Lam Tai-fai and Wenzhou Municipal Culture, Radio, Television and Tourism Bureau's Zhang Zhihong.
Lam Tai-fai emphasized PolyU's dedication to promoting Chinese culture, highlighting its significance for both Hong Kong and the nation. Zhang Zhihong expressed hope for enhanced cultural ties between Wenzhou and Hong Kong through the exhibition. Wang Yan, Vice President of the Zhejiang Industry and Trade Vocational College, spoke on the importance of cultural exchange and cooperation.
The exhibition showcases Ou embroidery, a national intangible cultural heritage, known for its intricate artistry and economic value. To enrich the visitor experience, innovative technologies, including light and color techniques by Tommy Minchen Wei, are employed to accentuate the beauty of the embroidery. Augmented reality enhances certain exhibits.
The event offers lectures, workshops, and guided tours led by experts like Zou Shengzhu, providing insights into Ou embroidery's skill and cultural significance. Free for all, these activities aim to foster appreciation for craftsmanship and artistic sensitivity.
Upcoming is the "Indigo Dyeing from the Blue - The Silk Road Textile Dyeing Enters Hong Kong" exhibition, featuring silk dyeing artworks from Guan Lansheng. In collaboration with the College of Art of Beijing Union University, this event further enriches PolyU's cultural offerings.
Overall, PolyU's Chinese Culture Festival serves as a platform for cultural exchange, fostering deeper understanding and appreciation for traditional Chinese crafts while promoting collaboration and innovation.
In a recent interview, Lovis Kneisel, CEO of Fuse, shed light on their project aiming to develop an alpine ski using hemp-based composites, a move set to revolutionize sustainability in the industry. Collaborating with Karl Mayer Technische Textilien, Fuse seeks to significantly diminish the carbon dioxide footprint in ski production by transitioning to a circular economy model and harnessing hemp as a renewable material.
When asked about the rationale behind this project, Kneisel highlighted the ski industry's receptiveness to sustainability innovations, coupled with the sector's rapid feedback mechanism. Notably, Fuse's collaboration with Spurart has enabled them to replace 100% of glass fiber while maintaining exceptional performance, impressing professionals both on and off the slopes.
Discussing the advantages of hemp over flax in composite materials, Kneisel emphasized hemp's ecological and economic benefits, including its pesticide-free cultivation and wider availability. By leveraging secondary fibers, Fuse can ensure a competitive cost structure for their products.
Regarding the manufacturing process, Kneisel underscored the efficiency of producing tapes directly from fibers, streamlining production and enhancing impregnation behavior. He also expressed optimism about the project's potential impact across various industries, including construction and logistics, citing ongoing collaborations to develop innovative solutions such as circular Euro pallets.
Despite the industry's burgeoning interest in bio-based materials, Kneisel acknowledged challenges in ensuring consistent quality and reducing supply costs. However, he remained optimistic, emphasizing the industry's commitment to decarbonization and innovation.
Reflecting on their partnership with Karl Mayer, Kneisel commended the company's innovative ethos and openness to experimentation, highlighting their fruitful collaboration throughout the project's evolution.
Despite expecting a slight dip in organic sales in Q1, Ermenegildo Zegna Group remains optimistic about reaching its sales target of €2 billion in 2024. The group’s average annual sales are projected to grow by 10 per cent and adjusted EBIT by 20 per cent, showcasing its dedication to ongoing success and innovation.
Looking forward, the Zegna group has unveiled plans for a cutting-edge production center for luxury footwear and leather goods in Sala Baganza, Italy, slated to start operations in 2026. Spanning nearly 12,000 sq m and employing 300 individuals, this advanced facility will not only strengthen the group’s production capabilities but also serve as a research and development hub to enrich the its customisation offerings.
In 2023, the group achieved remarkable success across its various brands and segments. Following the announcement of sales rising by 27.6 per cent from previous year to €1.9 billion in January, the renowned Italian fashion conglomerate reported outstanding financial results. Its net profit more than doubled, soaring from €65.3 million in 2022 to €135.7 million in 2023, showcasing a notable margin expansion from 4.4 per cent to 7.1 per cent.
Listed on the New York Stock Exchange and known for its Zegna and Thom Browne brands, as well as its management of Tom Ford's pre-porter collections under license, the group witnessed a robust surge in adjusted operating profit (EBIT), which rose by 40 per cent to reach €220.2 million.
Within the Zegna segment, including the flagship brand and the conglomerate's textile activities, sales reached €1.32 billion, rising by 12.4 per cent increase, while the adjusted operating profit increased by 36.7 per cent to €193.5 million. This segment also saw a notable margin improvement to 14.6 per cent, attributed to strategic adjustments in distribution channels and a heightened focus on Zegna-branded products.
Moreover, the group's retail network, responsible for 85 per cent of total sales, experienced improved profitability, further contributing to the stellar results. Efforts to optimise Thom Browne's wholesale distribution also yielded positive outcomes, with sales rising by 14.9 per cent to €380.3 million in 2023and an impressive adjusted operating profit margin of 15.5 per cent.
The integration of Tom Ford Fashion, completed in April 2023, significantly expanded the group's luxury portfolio. Despite initial operational challenges resulting in an adjusted operating loss of €1.7 million, the segment, covering various fashion categories and managed directly by the group, recorded promising sales figures of €235.5 million within eight months.
Subdued demand from domestic consumers and challenging year-over-year comparisons with last year’s surge post lifting of COVID restrictions are expected to dampen the sales of luxury brands in mainland China during the first quarter.
The world’s largest luxury group, LVMH is set to report financial results for the first quarter on April 16, followed by competitors Kering, Prada, and Hermès a week later. Burberry and Richemont are expected to follow suit in May.
JPMorgan predicts, overall sales for LVMH are expected to remain flat during the first quarter, with the fashion and leather goods division growing by 2 per cent. Figures from UBS analyst shows, organic sales growth for LVMH are expected to remain at 3 per cent organic sales growth for LVMH during the first quarter ending in March, with projections for other luxury players varying.
Kering forecasts first quarter sales to decline by 10 per cent decline as against the 3 per cent anticipated by analysts. The company attributes this decline to a sharp drop in sales in Asia, particularly from its flagship label Gucci. This underperformance has raised concerns that other high-end fashion brands may also be facing challenges in the Chinese market.
Analysts at HSBC note that Chinese tourists in Hong Kong, Macau, and Singapore are showing less inclination towards lavish spending, further exacerbating the situation.
Kering's struggles in China have contributed to its lower valuation compared to rivals. Its 12-month forward price-to-earnings ratio of 16 lags behind LVMH's 24 and Hermès's 51.
There is uncertainty regarding the pace of recovery in high-end fashion consumption, even as year-over-year comparisons become less challenging. Analysts at Barclays predict a slowdown in global luxury goods sales growth to mid-single-digit percentages, down from nearly 9 per cent last year and double-digit growth in previous years.
As the cost of living rises, consumers are becoming more discerning about luxury purchases, leading to diverging performance among brands. Stronger performers like Louis Vuitton, Chanel, and Hermès are expected to fare better than brands like Burberry, which is undergoing restructuring.
Caroline Reyl, Head – Premium Brands, Pictet Asset Management, notes that certain brands will benefit more than others in this environment. Sales growth for companies like Prada, which has seen success with its Miu Miu label among younger Chinese shoppers, are expected is expected to remain slow. Global reail sales for Prada are expected to rise by 9 per cent in the first quarter, according to Jefferies.
Renowned fashion brand, Huemn has teamed up the iconic motorcycle manufacturer Royal Enfield to launch their new collection titled ‘Shot of Mumbai.’.
This exclusive collection boasts an array of apparel including t-shirts, hoodies, denim pieces, and helmets, all inspired by the essence of the Royal Enfield Hunter 350.
Mohit Dhar Jayal, Chief Brand Officer, Royal Enfield, states, this collaboration embodies the shared values of creativity, self-expression, and a bold sense of style between the two brands.
Pranav Misra, Co-founder & CEO, Huemn, adds, reflecting the dynamic and vibrant spirit of both brands, the collection serving as a convergence of worlds that resonates with the modern explorer and celebrates individuality.
Offering fashion enthusiasts a unique fusion of fashion and motorcycling culture, the ‘Shot of Mumbai’ collection will be available on Huemn’s and Royal Enfield’s online platforms.
India's textile industry is at the forefront of a transformative movement towards environmental sustainability, as demonstrated by a recent gathering in Tirupur. Organized jointly by the Tirupur Exporters Association and Dyers Association of Tirupur, the event marked a pivotal moment in the industry's quest to address the widespread use of hazardous chemicals.
Supported by influential bodies including the Global Environment Facility (GEF), United Nations Industrial Development Organization (UNIDO), and Ministry of Textiles (MoT), this initiative signals a collective determination to usher in a greener era for textile manufacturing in India.
Central to the initiative is a comprehensive project led by UNIDO, GEF, and MoT, focusing on overhauling Tirupur's textile landscape. With a primary emphasis on environmental sustainability, the project encompasses a range of initiatives, from minimizing hazardous chemicals to implementing energy-saving measures.
The recent meeting, held on April 4, 2024, served as a dynamic platform for stakeholders to deliberate on various aspects of the project. Discussions revolved around innovative strategies such as circular business models, cleaner production methods, and sustainable practices aimed at reducing energy consumption, water usage, and pollution within the sector.
Notable figures in attendance included K M Subramanian, President of Tirupur Exporters Association, and Pankaj Kumar, National Project Coordinator of UNIDO. The project, currently in its preparatory phase, is scheduled to commence by the end of 2024 or early 2025, with a focus on supporting all identified clusters under the UNIDO-GEF initiative for MoT.
The collaborative efforts of stakeholders, backed by international organizations and governmental bodies, signify a significant stride towards a more sustainable future for India's textile industry. By prioritizing cleaner production methods and reducing hazardous chemicals, this initiative marks a transformative shift towards environmentally responsible manufacturing practices.
India and Oman have finalized negotiations for a Comprehensive Economic Partnership Agreement (CEPA), signaling a significant advancement in their trade relations. The deal, set to be inked post the formation of a new Indian central government, aims at bolstering Indian exports to Oman by abolishing tariffs on various products including petroleum, textiles, electronics, pharmaceuticals, machinery, iron, and steel.
Sources close to the negotiations revealed that all outstanding issues have been resolved, with a focus on reaping benefits in services. The agreement holds promise for fostering a green, energy-efficient manufacturing base, enabling Indian firms to establish production facilities in Oman for exporting eco-friendly goods. This initiative resonates with India's commitment to sustainable manufacturing practices.
The strategic timing of the agreement, just ahead of India's general elections, underscores its political significance. Oman stands as India's third-largest export destination within the Gulf Cooperation Council (GCC), with bilateral trade reaching $12.39 billion in fiscal year 2023, marking a notable surge from $5 billion in fiscal year 2019.
Despite the burgeoning trade volume, a substantial portion of Indian exports to Oman currently incur an average import duty of 5 per cent. Oman's import tariff regime spans from 0 per cent to 100 per cent, with certain items such as meats, wines, and tobacco attracting a hefty 100 per cent duty.
The impending CEPA holds the promise of unlocking further growth potential in the bilateral trade relationship, fostering mutual economic benefits for both nations while facilitating the expansion of their respective manufacturing sectors.
Vietnamese garment companies including Saigon 3 and Garco 10 have reported significant year-on-year increases in exports during the first quarter. This has led to key garment players expressing confidence in their order books and ability to sustain operations well into the third quarter.
The rise in revenues is a result of recovery of demand from the US, says a spokesperson from Saigon 3. Similarly, noting a 15 per cent Y-o-Y rise in the company’s revenue, Than Duc Viet, CEO, Garco 10, outlines ambitious targets for the year to further boost the company’s revenues and profit.
After a challenging 2023 marked by declining exports, particularly in major markets like the US and EU, the outlook for 2024 for these companies appears promising. Their exports during the first quarter showed a significant uptick, bringing them closer to the annual export target of $44 billion.
Despite this optimism, the industry still remains concerned about geopolitical tensions and their potential impact on shipping costs. Additionally, pressure from global fashion brands to adhere to sustainability standards and embrace digital transformation poses challenges for Vietnamese garment businesses.
Vu Duc Giang, Chairman, Vietnam Garment and Apparel Association, has urged businesses to adopt green transformation initiatives and invest in technology to maintain competitiveness and meet evolving global supply chain requirements. He particularly raised concerns about the potential decline in exports from the country to the EU due to stringent emissions standards set by initiatives like the European Green Deal.
Established in 1987, renowned fashion brand Ted Baker is undergoing significant restructuring amidst financial challenges. Owned by the entity, No Ordinary Designer Label (NODL), the brand is restructuring its operations under the leadership of administrators from Teneo. It aims to close approximately 15 stores across the UK besides eliminating around 245 jobs.
By the end of the following week, Ted Baker plans to close 11 of its stores, resulting in around 120 job losses. These include stores in prominent locations such as Birmingham Bullring, Bristol, and London Bridge, among others.
Additionally, the company will terminate around 25 head office positions to reduce central costs.
Further exacerbating the situation, four additional stores are slated for closure in the coming weeks due to landlords terminating leases. This move will lead to approximately 100 more job losses. These stores, including locations like Bicester and London's Brompton Road, are deemed unprofitable, even with potential rent reductions.
The decision to undergo such restructuring was partially attributed to difficulties stemming from a partnership with the Dutch company AARC Group, which resulted in significant financial arrears. NODL terminated this partnership in January after AARC failed to fulfill its commitments to inject capital into the business.
Despite the challenges, Authentic Brands, the owner of Ted Baker's intellectual property, remains committed to revitalising the brand. They are actively seeking new partners to manage Ted Baker's retail and online operations in the UK and Europe. Prior to the restructuring, Ted Baker operated 46 stores in the UK and employed approximately 975 individuals.
To address mounting concerns over the environmental impact of fast fashion, France has passed a new legislation that aims to regulate the industry and promote eco-friendly practices.
The law mandates that companies producing a large volume of low-cost garments
must disclose the environmental impact of their products and prominently display recycling messages on their websites. Failure to comply could result in fines of up to $16,000. Additionally, a new eco-scoring system will evaluate fashion brands based on sustainability criteria, with poor performers facing penalties of up to $10 per item by 2030. Advertising of fast fashion will be banned starting in 2025.
Applauded by advocates of sustainable fashion, the new legislation is being seen as a crucial measure to tackle the excessive waste generated by rapid trends. It would mainly benefit local designers who adhere to responsible production practices.
However, some experts argue that the threshold for defining fast fashion may be too lenient, and there are differing opinions on the proposed penalties, with calls for stricter compliance measures.
Given France's influence on global fashion trends, these regulations could have significant implications for purchasing behaviors if adopted across Europe.
Moving forward, the industry needs to find a balance between business interests and environmental responsibilities to meet its climate commitments, opine experts.
