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In its latest installment of the beloved designer collaboration series, H&M has unveiled an exciting partnership with the up-and-coming brand Rokh. Renowned for its inventive twists on wardrobe essentials under the discerning direction of Korean designer Rok Hwang, Rokh is celebrated for its cleverly customisable designs exuding unconventional elegance.
Available in selected stores and online at hm.com starting April 18, the Rokh x H&M spans across womenswear, menswear, and accessories. It prominently features Rokh's adaptable hallmarks, showcasing everything from double-layer trench coats to detachable-hem dresses, alongside figure-flattering corset-style pieces and whimsical office-inspired bags and statement jewelry.
Rokh represents a new wave of Korean designers whose blend of conceptual and wearable fashion is captivating the industry, says Ann-Sofie Johansson, Creative Advisor and Head of Design-Womenswear, H&M.
Rok Howang, Creative Director, Rokh, says, the brand’s designs embody a timeless aesthetic with innovative construction techniques.
Renowned premium denim brand from Los Angeles, Paige is expanding its presence in the men's fashion market with the launch of its inaugural collection of men's footwear for Spring 2024.
Demonstrating a commitment to versatility, the collection comprises four sneakers and two boots available in various colors and materials.
Leading the lineup is the Holzer Chelsea boot, featuring a sleek rubber outsole and meticulous leather welt and stitch detailing. This classic boot comes in sand and chocolate brown suede options, epitomiSing timeless style and craftsmanship.
Catering to the active lifestyle, the Coyle and Farrell sneakers are designed for the man on-the-go. The Coyle, available in bone and black suede, boasts a low-profile silhouette accentuated by a contrasting rubber bottom. Meanwhile, the Farrell, a lace-up cupsole sneaker, comes in black suede and white leather variations, offering versatility and urban flair.
With prices ranging from $228 to $378, the collection is now available for purchase on Paige's website and in its retail outlets. This expansion into men's footwear complements Paige's existing women's footwear line, which debuted in 2018 and encompasses a wide range of styles including sandals, loafers, heels, sneakers, and boots.
The introduction of men's footwear underscores Paige's dedication to providing comprehensive wardrobe solutions for both genders. Leveraging its signature Transcend fabric, known for its blend of technical performance and authentic denim aesthetics, the brand continues to resonate with consumers.
Jon Geller, Director-Men’s Paige, says, the launch of this collection is a natural progression for the brand. By introducing multiple styles catering to many tastes, the shoe collection stays true to the Paige DNA while offering something for every customer. he adds.
Surat-based textile enterprises are establishing their operations in states like Maharashtra, Madhya Pradesh, and Odisha due to the enticing incentives provided under the respective state policies.
Rough estimates suggest that significant investments totaling Rs 3,000 crore have been made by key players in the Surat textile industry towards setting up units outside Gujarat.
Insiders within the industry have elucidated that subsidies covering capital expenditure, power costs, access to loans at lower interest rates, and advantages related to renewable energy are among the primary factors motivating Surat industries to embark on projects in other states.
Both leaders within the textile sector and representatives from the Southern Gujarat Chamber of Commerce and Industry (SGCCI) have engaged with the Gujarat government on numerous occasions in recent times, advocating for incentives.
Ashish Gujarati, Former President, SGCCI, says, the absence of incentives by Gujarat is leading to remote areas like Navapur in Maharashtra emerging as textile hubs.
Highlighting the investments by Surat-based industrialists in states like Madhya Pradesh, Odisha, and Maharashtra, Ashok Jirawala, President, Federation of Gujarat Weaver Welfare Association (FGOWWA), says, these investments have been ongoing for the past 3-4 years, but the issue has become more pronounced in the last year. A few states are offering subsidies of up to 50 per cent, he adds.
Delegations from SGCCI have consistently lobbied for a textile policy and incentives to dissuade local players from relocating their operations to other states. Kailash Hakim, President, Federation of Surat Trade and Textile Associations (FOSTTA), states, local manufacturers are establishing units and facilities elsewhere due to the availability of trained labor.
The South Korean home textile market is poised for substantial growth, as outlined in the latest report by IMARC Group titled ‘South Korea Home Textile Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032.’
The market is projected to grow at a compound annual growth rate (CAGR) of 5.3 per cent during the period from 2024 to 2032.
Driving this expansion is the escalating disposable income among South Koreans, fueling increased expenditure on home adornment and enhancement. With economic prosperity, consumers are prioritising comfort, quality, and aesthetics within their living spaces, spurring a surge in demand for top-notch home textiles.
Moreover, a shift towards more opulent and personalised home environments is influencing consumer preferences towards premium and tailor-made textiles. South Korea's robust manufacturing and technological prowess further bolster this trend, facilitating the creation of innovative textiles that seamlessly blend functionality with visual appeal.
The proliferation of retail outlets and online shopping platforms has simplified access to a diverse array of home textile products, contributing to market growth.
Additionally, South Korea's traditional emphasis on maintaining a pristine and healthy home environment translates into heightened demand for home textiles promoting hygiene and comfort, such as antimicrobial towels and bedding.
Furthermore, a burgeoning eco-conscious consumer segment is driving demand for sustainable and environmentally friendly home textile products in the country. This escalating awareness is prompting manufacturers to adopt green practices and materials, shaping the future trajectory of the South Korean home textile market.
British clothing retailer Next has maintained its sales and profit outlook in the ongoing fiscal year following the release of its 2023-24 financial report, which reveals a modestly better-than-expected 5 per cent increase in profits.
Considered a barometer of British consumer sentiment, Next affirmed its forecast of achieving a pre-tax profit, excluding exceptional items, of £960 million ($1.23 billion) for the fiscal year 2024-25, with a projected 2.5 per cent rise in full-price sales.
Exceeding its guidance, Next secured a profit of £918 million for the fiscal year ending January 27, 2024. The retailer surpassed the projected £915 million. Total sales for the period climbed by 5.9 per cent to reach £5.84 billion.
Despite potential disruptions from stock delays attributed to the Suez Canal's shipping disruptions, Next indicated no immediate anticipation of significant adverse impacts.
Mango has once again selected Antoine Griezmann as the brand ambassador for its menswear range for the Spring/Summer 2024 season.
This collaboration sees Mango Man presenting a campaign captured by photographer Scott Trindle, drawing inspiration from the remarkable journey of the acclaimed athlete.
The campaign once again carries the slogan 'Move Forward', offering a captivating visual journey through Griezmann's achievements and personal growth, conveyed through photographs and video. Alongside, the images showcase Mango Man's Spring/Summer collection, featuring a palette dominated by neutral tones, grays, and browns, alongside materials like linen and knitwear, and versatile designs inspired by relaxed tailoring and summer shirts.
Before enlisting Antoine Griezmann as its ambassador, Mango has collaborated with other notable figures including Andrés Velencoso, Gerard Piqué, Zinedine Zidane, and Adrien Brody.
Mango's menswear division is currently present in over 550 retail outlets across more than 90 countries and is distributed online in 75 markets.
Celebrating its four decades in 2024, Mango recently revealed its 2023 fiscal year results, boasting record-breaking sales with revenue exceeding €3.1 billion and a net income of €172 million.
The company also unveiled its new strategic plan for 2026, built on four key pillars (Elevate, Expand, Earn, and Empower). Mango aims to achieve a turnover of €4 billion and open 500 new stores during that period, expanding its existing portfolio of 2,700 boutiques across 115 markets.
Nike, Inc.unveiled its fiscal 2024 third-quarter financial results today, showcasing a nuanced picture of the sportswear giant's performance. Despite slight revenue growth, the company grappled with restructuring charges, impacting its bottom line.
In the third quarter, Nike's revenues edged up to $12.4 billion on both reported and currency-neutral bases. Notably, Nike Direct revenues saw a modest increase to $5.4 billion, while wholesale revenues climbed to $6.6 billion, reflecting a three percent uptick. However, the digital sales for the Nike brand experienced a downturn of three percent on a reported basis and four percent on a currency-neutral basis.
The company reported a gross margin increase of 150 basis points to 44.8 percent. However, restructuring charges dampened the overall performance, with selling and administrative expenses rising by seven percent to $4.2 billion, inclusive of $340 million attributed to restructuring.
John Donahoe, President & CEO of Nike, Inc., acknowledged the necessity of adjustments to propel the company's growth trajectory forward. He expressed optimism about the ongoing innovation cycle and collaborative efforts with wholesale partners to enhance the marketplace.
Matthew Friend, Executive Vice President & CFO, echoed similar sentiments, emphasizing the company's focus on efficiency and maximizing the impact of new innovations.
Despite the challenges, Nike's balance sheet showed resilience, with inventories declining by 13 percent to $7.7 billion and shareholder returns remaining robust. The company continued its trend of increasing dividend payouts, marking 22 consecutive years of such growth. In the third quarter alone, Nike returned approximately $1.4 billion to shareholders through dividends and share repurchases.
As Nike navigates through its restructuring phase, the spotlight remains on its ability to sustain growth momentum amidst evolving market dynamics and operational adjustments.
During its fourth quarter, Guess Inc registered a 9 per cent increase in revenues to reach $891.1 million. The US fashion giant also reported a single-digit rise in sales for the full year. The company’s revenues grew by 9 per cent in US dollars in Europe while its revenues in Asia surged by 18 per cent surge during the quarter ending February 3, 2024.
However, Guess retail revenues in the US grew by only 1 per cent, as the company recorded 1 per cent decrease in retail comparable sales, including e-commerce. On the other hand, its wholesale revenues in the US skyrocketed by 44 per cent, and licensing revenues climbed by 15 per cent.
For the fiscal year, Guess Inc’s total revenues rose by 3 per cent to $2.78 billion, fueled by growth across Europe and Asia. However, this was somewhat offset by declines in US retail and wholesale revenues.
Elaborating on the company’s financial health, Carlos Alberini, CEO, Guess Inc, said, disciplined management enabled the company to deliver $330 million in operating cash flow and $248 million in free cash flow. Guess Inc. ended the year with a cash position of $360 million, exceeding expectations. As a result, the board declared a special dividend of $2.25 per share to be paid in May, aligning with the commitment to return capital directly to shareholders.
In the upcoming fiscal year, Alberini, anticipates revenues will surpass $3 billion for the first time in the company's history.
Cotton prices are on a roll again globally, defying expectations and leaving everyone scratching their heads. After a seemingly stable post-pandemic period, prices surged in February 2024, reaching $1 per pound – a level last seen a year ago. This is happening despite stagnant global consumption and high stockpiles.
Prices defy expectations
Production and consumption projections by country paint a mixed picture. "Major producers like China and India are expected to maintain or slightly higher output," another analyst noted, "However, consumption is forecast to remain subdued globally, hovering near a four-year low. This should ideally lead to lower prices, but that's not the case."
Table: Production and consumption projections 2023-24
|
Region |
Production (million bales) |
Change from 2022-23 |
Consumption (million bales) |
Change from 2022-23 |
|
World |
113.0 |
-3% |
113.0 |
+2% |
|
China |
35.0 |
Stable |
55.0 |
Stable |
|
India |
28.0 |
+5% |
23.0 |
-2% |
|
United States |
15.8 |
+6% |
N/A |
N/A |
|
Other Countries |
34.2 |
Varied |
35.0 |
Varied |
As shown in the table, global production is expected to be slightly lower than the previous year, with major declines in the US and Australia offset by increases in Pakistan and Brazil. Consumption is projected to inch up slightly, driven by growth in Pakistan, Vietnam, and Bangladesh. However, major consumers like China and India are expected to see a decline.
China: Stockpiles high, imports soar
In fact, China, the world's largest cotton producer, holds record stockpiles but faces a new reality due to the Xinjiang ban. "Despite flat domestic consumption," an analyst explained, "China's import estimates have skyrocketed by 107 per cent year-on-year to compensate for the ban. This rise offsets the decline in import demand from other major players like Bangladesh, Pakistan, and India."
In the US meanwhile, despite lower planted area, cotton production is expected to rise in 2023-24. However, recent news suggests increased supply expectations and lower mill demand might put downward pressure on prices.
Price surge, speculation or new normal?
The price increase has analysts baffled. "Cotton consumption is at a four-year low, and the stock-to-use ratio is at its pandemic peak," one analyst said. The USDA forecasts the Cotton A Index to average 97 cents per pound in 2024, a significant drop from the highs of 2022 but still above pre-pandemic levels.
The current rise could be partly speculative, due to China's uncertain buying despite record stockpiles. China, the world's largest cotton importer, has significantly increased import forecasts for the current year. This could be due to a shift away from Xinjiang cotton due to the forced labor ban, analysts speculate.
To an extent, the rise suggests a post-pandemic "new normal" for cotton prices is yet to be established. Moreover, global cotton consumption is projected to remain low, with major consumers like India facing sluggish demand. Also, the current stock-to-use ratio is at its highest level since the pandemic's beginning, indicating ample supply.
A complex situation with geopolitical tensions
What's more, despite the weak demand outlook, some factors could be driving speculation. China's increased import forecasts, despite high stockpiles, could be seen as an attempt to manipulate prices, some analysts say. Geopolitical tensions are another factor, as the ongoing trade war and wars in Europe and the Middle East could disrupt cotton production or trade flows, leading to price volatility.
"Indeed, the global cotton market is in a complex situation," one analyst concluded. "With China's import surge and potential geopolitical motives, the 'new normal' for cotton prices remains elusive. While the recent rise might benefit some producers like Pakistan, consumers might face the brunt of higher prices in the near future."
On the occasion of World Water Day, Jeanologia, an eco-efficient textile technology company, advocates for tangible actions over greenwashing in the textile sector. With a three-decade-long journey, Jeanologia has pioneered sustainable practices, demonstrating that fashion can align with environmental responsibility without compromising quality or profitability.
Jeanologia's innovative technologies have significantly reduced water consumption, minimized chemical usage, and eliminated harmful emissions in textile production. Their recent environmental achievements include saving over 20 million cubic meters of contaminated water and reducing nearly 100 million kilograms of carbon dioxide emissions, emphasizing the company's commitment to sustainability.
Central to Jeanologia's success is the integration of eco-efficient technologies across all production stages. For instance, their garment finishing process now consumes merely one liter of water per garment, down from 70 liters, while maintaining quality and design standards. Additionally, their hydrogen zero effluent recycling plant recovers 95 per cent of water used in production, contributing to a closed-loop system and minimal water wastage.
Recognizing the urgency of the global water crisis, Jeanologia calls for collective action. Amidst UNESCO's warnings and increasing water scarcity affecting billions worldwide, Jeanologia's CEO Enrique Silla emphasizes the company's focus on water impact, aiming to minimize resource consumption, eliminate waste, and preserve marine ecosystems by removing microfibers from production processes.
Since its establishment in 1994, the company has been committed to fostering an ethical, sustainable, and eco-efficient textile sector. Collaborating closely with brands, retailers, and suppliers, Jeanologia offers innovative technologies, software, and operational strategies to drive transformation.
In 2024, Jeanologia marks the 25th anniversary of its pioneering laser technology, introduced in 1999, which revolutionized denim finishing by eliminating harmful practices and hazardous substances. Continuing with this ethos, Jeanologia now tackles the challenge of minimizing the environmental impact of the garment dyeing process—a notorious source of pollution—through its innovative ColorBox technology.
