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Young Korean fashion labels like Matin Kim are venturing into overseas markets, seizing the global allure of Korean culture. Leveraging K-content, makeup, and fashion's rising popularity, especially in Japan, these brands are capitalising on lucrative opportunities abroad.
Renowned for its innovative designs, Matin Kim made waves with its pop-up stores in Japan, garnering significant attention and sales. The brand’s Tokyo pop-up at Shibuya Parco Mall drew 100 visitors daily and generated 500 million won in sales over 12 days. Bolstered by this success, the brand plans additional pop-ups in Nagoya and Tokyo, aiming to engage a broader Japanese audience.
Amid domestic economic slowdowns, Korean fashion brands are strategically eyeing overseas markets for growth. Japan, with its similar consumer body types and seasonal characteristics, presents promising opportunities. The market, twice the size of Korea's, offers a lower entry barrier and significant revenue potential. Fashion e-commerce giant Musinsa showcased 2024 Fall/Winter collections from Korean brands in Tokyo, attracting over 150 buyers and major department stores. This emphasises the competitive edge and unique appeal of Korean fashion in Japan, signaling strong support for brand expansion.
Korean brands are also participating in Paris Fashion Week and other international events. Time, a local womenswear brand, debuted globally with a solo presentation at Palais de Tokyo, joining other Korean labels in showcasing their designs to a wider audience. Brands like Songzio and Kimhekim have established a presence in France, demonstrating the growing appeal of K-fashion worldwide. This global exposure is expected to drive sales growth and reinforce Korea's position as a leading fashion industry player.
An ambitious initiative to establish seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks is poised not only to create a substantial number of jobs but also to attract significant capital, including foreign direct investment (FDI), into the textile industry, according to industry analysts.
The construction of these parks is currently underway in states such as Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra, with an anticipated investment of Rs 70,000 crore and the creation of 20 lakh employment opportunities.
Under the auspices of the Union Ministry of Textiles, each park is being overseen by a special purpose vehicle (SPV) jointly controlled by the Central and State Governments to ensure efficient project execution.
According to Mithileshwar Thakur, Secretary General, Apparel Export Promotion Council (AEPC), the PM MITRA parks aim to address both traditional and emerging challenges faced by the textiles industry.
Rakesh Mehra, Chairman, Confederation of Indian Textile Industry (CITI), sees the PM MITRA scheme as a pioneering effort in capacity building and attracting new investments.
ICRA, in its report on apparel and fabrics, emphasises that PM MITRA parks will foster the creation of an integrated textiles value chain and encourage capacity expansion. Additionally, Competitive Incentive Support (CIS) of up to Rs 300 crore per park will be extended to units within PM MITRA parks to expedite implementation. The scheme will also facilitate convergence with other Government of India (GOI) initiatives to provide additional incentives to Master Developers and investor units.
State Governments in the designated park areas are required to provide contiguous, encumbrance-free land parcels spanning at least 1,000 acres, as well as support the provision of utilities, streamline single-window clearance procedures, ensure reliable power supply, water availability, and implement effective wastewater disposal systems to facilitate the project's success.
Texhibition Istanbul, the renowned fabric and textile accessories fair, is set to unveil its fifth edition from March 6 to 8, 2024. Organized by İTKİB Fuarcılık A.Ş. in collaboration with the Istanbul Textile Exporters Association (İTHİB), the event anticipates hosting 558 exhibitors and welcoming over 30,000 visitors from across 100 countries, spanning the European Union, Great Britain, the USA, North Africa, and the Middle East. Notably, this edition of Texhibition boasts a significant expansion, doubling its space to 35,000 square meters compared to its previous iteration.
Texhibition Istanbul continues its tradition of serving as a pivotal platform for the global textile industry, showcasing a comprehensive array of products ranging from woven fabrics to knitwear, denim to artificial leather, and textile accessories. With a keen emphasis on quality, innovation, and the latest trends, Texhibition Istanbul caters to the diverse needs of industry stakeholders.
Responding to burgeoning demand, the fair has extended its reach to five halls, including the introduction of the Yarn Hall (Hall 8) and the BlueBlack Denim Hall (Hall 7). The latter, curated by acclaimed designer Idil Tarzi alongside creative directors Gönül Altunisik and Selvi Yigci, offers a glimpse into cutting-edge denim trends and innovations from prominent exhibitors.
Texhibition promises an immersive experience with its showcase of innovations, trends, and high-quality products across various segments of the textile industry. From organic and sustainable fabrics to recycled and ecological materials, the fair underscores its commitment to advancing industry standards.
Central to the event are the Texhibition Trend Area in Halls 4 and 5, curated by Idil Tarzi and her team, and the Innovation Hub spearheaded by designers Arzu Kaprol and Filiz Tunca. These segments highlight the latest color trends, materials, accessories, and technological advancements in textile production, offering visitors a unique insight into industry developments.
In addition to the visual spectacle, Texhibition offers a platform for knowledge exchange through seminars and workshops conducted by industry experts. Topics ranging from innovations and production processes to design developments shed light on the evolving landscape of the textile sector.
As the Turkish textile industry continues to flourish, Texhibition Istanbul emerges as a beacon of its success. With Turkey ranking among the top textile-producing nations globally, the fair underscores the country's prowess in delivering high-quality, innovative, and sustainable products to international markets. The event not only promises a diverse range of products but also an inspiring environment where the future of the textile industry takes shape.
New Delhi witnessed the grand culmination of Bharat Tex 2024, the world's largest textile exhibition, on February 29, 2024, marking a historic milestone in the industry's trajectory. With a resolute focus on the Farm to Fashion ethos, this mega event, spanning four days, sprawled across an impressive 2 million square feet. Chairman AEPC, Sudhir Sekhri, hailed it as an unequivocal success, declaring it an annual fixture henceforth.
The genesis of Bharat Tex stemmed from the vision of Hon’ble Minister of Commerce & Textiles, Piyush Goyal, who planted its seeds in May/June 2023. His unwavering optimism propelled the endeavor forward, navigating challenges with finesse. Chairman AEPC lauded the instrumental role of senior Ministry officials whose support was indispensable.
The magnitude of Bharat Tex was staggering, drawing policymakers, global CEOs, 3,500 exhibitors, and 3,000 buyers from 111 countries. Notable international brands like Tommy Hilfiger, Calvin Klein, H&M, and IKEA, alongside domestic giants such as Reliance and Aditya Birla, adorned the exhibition.
The event attracted a multitude of global organizations and think tanks, including UNEP, IRENA, Laudes Foundation, GIZ, IDH, and WGSN, alongside prominent names like Fashion for Good and Better Cotton Initiative.
Additionally, numerous Indian and global industry bodies and associations such as CMAI, CITI, SIMA, and NIFT, among others, provided robust support for the event. Leading textile states like Uttar Pradesh, Maharashtra, and Gujarat actively participated, showcasing dedicated pavilions and government representations.
The event also served as a platform for critical discourse, hosting 70 sessions with 112 international speakers. Discussions centered on pivotal topics like textile trends, sustainability, and the evolution of global supply chains.
Bharat Tex catalyzed a slew of initiatives, including the launch of IndiaTEX and the Textile Grand Innovation Challenge. Additionally, 63 MoUs with international institutions were announced, emphasizing collaboration in research, innovation, and sustainability.
As curtains fell on Bharat Tex 2024, it left an indelible mark on the textile landscape, heralding a new era of innovation, collaboration, and sustainability. It wasn't merely an exhibition; it was a harbinger of the future, where the journey from farm to fashion is seamlessly integrated, promising boundless opportunities for stakeholders worldwide.
Recent data from the Cotton This Month report has revealed a remarkable upswing in cotton prices, surpassing initial market expectations. This increase, largely unexpected, has been propelled by a flurry of speculative buying activity in the futures market.
Speculative buyers have fueled a surge in demand for futures contracts, triggering an upward trajectory in cotton prices. This trend reflects a familiar pattern where speculators draw in additional market participants, creating a feedback loop that amplifies buying pressure and subsequently pushes prices higher.
The true narrative will unfold in the coming months, particularly as planting intentions solidify, especially in the Northern Hemisphere. With planting intentions reported lower than in previous years, the question looms whether the recent price surge will incentivize farmers to expand the cotton-growing area.
Should the planted area remain below historical levels, coupled with a potential uptick in consumer sentiment, demand in the 2024/25 season could rise, further justifying and sustaining higher prices. This scenario is bolstered by diminished stocks in major producing countries.
The Secretariat's projections for the season-average A-index for 2023/24 range from 83.5 to 102.3 cents per pound, with a midpoint of 91.73 cents. For the latest statistics and up-to-date information, the Data Dashboard serves as a valuable resource, continuously updated to reflect the latest data. Additionally, cotton balance sheets have been migrated to the ICAC Data Dashboard, ensuring accessibility and accuracy for users.
The recently concluded Vietnam International Trade Fair for Apparel, Textiles, and Textile Technologies (VIATT 2024) served as a powerful platform to showcase Vietnam's meteoric rise in the global textile and apparel (T&A) industry. Held in Ho Chi Minh City from February 28th to March 1st, the event attracted over 400 exhibitors and a significant number of visitors, highlighting the sector's growing importance to the Vietnamese economy.
Vietnam’s claim to success
Vietnam's T&A exports reached a record-breaking USD 44.5 billion in 2022, exceeding the Ministry of Industry and Trade's (MoIT) target and reflecting a remarkable 21.4% growth compared to 2021.Vietnam is currently the world's ‘second-largest’ T&A exporter, trailing only China. The T&A industry employs over 2.7 million workers in Vietnam, accounting for roughly 14% of the nation's total manufacturing workforce.
Strategic advantages propelling Vietnam
Beyond showcasing Vietnam's robust production capabilities, VIATT 2024 emphasized the nation's strategic advantages in the global T&A landscape like favorable trade agreements as Vietnam enjoys preferential access to major markets like the US and the EU through free trade agreements, making it an attractive destination for foreign investors. Cost-Competitive Production is another advantage as Vietnam offers competitive labor costs and a well-developed infrastructure, making it a cost-effective manufacturing location. The Vietnamese workforce is renowned for its diligence and adaptability, readily acquiring new skills to meet evolving industry demands.
Capitalizing on the "China+1" strategy
VIATT 2024 also understated Vietnam's strategic position in the context of the "China+1" strategy. This strategy sees companies diversifying production bases beyond China to mitigate risks and explore new opportunities. Vietnam's rise coincides with challenges faced by China, including rising tariffs because of trade disputes with major markets have resulted in significant tariffs on Chinese textiles and apparel. And Anti-dumping sentiments, concerns about intellectual property theft and unfair labor practices in China have led to a growing anti-China sentiment in some Western markets.
What makes Vietnam a compelling "China+1" alternative?
Several factors make Vietnam a compelling alternative for companies pursuing a "China+1" strategy; its proximity and integration, as Vietnam shares a border with China, facilitating easier movement of goods, materials, and expertise. Vietnam has complementary strengths as China excels in high-volume, low-cost production, while Vietnam is increasingly focusing on mid-range apparel and value-added services, creating a complementary production ecosystem within Southeast Asia. Vietnam offers favorable investment environment like attractive tax breaks, streamlined regulations, and a young, trainable workforce, making it a cost-effective alternative to China.
Chinese outbound foreign direct investment in Vietnam's T&A sector surpassed $1.8 billion between 2015 and 2020 . And major apparel brands like Nike and Adidas are reportedly increasing production in Vietnam further solidifying the country's position
Challenges and the road ahead
While Vietnam offers significant potential, challenges remain like infrastructure development, Vietnam’s infrastructure needs further development to handle large-scale manufacturing efficiently. And skill development needed for upskilling the workforce to meet the demands of a more sophisticated T&A industry is crucial.
Moscow Fashion Week is in full swing, running from March 1st to 8th, 2024. This prestigious event solidifies Russia's position as a major player in the global fashion scene.
The inauguration program itself set the tone for the week. Held in Moscow's renowned Hall 3, it featured a dynamic blend of established names and rising stars. From the elegance of Perce-Neige to the contemporary edge of IRMASARI JOEDAWINATA and LENA KARNAUHOVA alongside exciting new labels, the opening night promised a week filled with innovation and fresh perspectives. This focus on homegrown talent underscores Moscow Fashion Week's commitment to nurturing the future of Russian fashion.
A platform for innovation and international exchange
The week boasts a diverse range of designers, with both established names and rising stars showcasing their collections. Local Russian talent mingles with international designers, particularly those from emerging markets. This blend fosters a unique exchange of ideas and aesthetics. This focus on international exchange is a key aspect of MFW's strategy. By providing a platform for designers from around the world, the event fosters cultural exchange and fuels creative inspiration.
Beyond the Runway: B2B showroom for industry growth
The event extends far beyond the glamour of runway shows. A B2B showroom allows designers to connect with buyers and industry professionals, facilitating crucial business deals. Additionally, a dedicated market provides a platform for smaller labels and independent sellers.
A festival of fashion films
World Fashion Shorts, a film festival showcasing short films related to fashion, adds another layer to the event. This unique program brings a touch of art and storytelling to the mix, further solidifying Moscow Fashion Week's position as a comprehensive fashion experience.
Moscow's fashion future
With its focus on innovation, international exchange, and local talent, Moscow Fashion Week is not just a fashion spectacle. It's a driving force propelling Russia to the forefront of the global fashion industry. The ongoing event serves as a strong indicator of the nation's growing influence in the world of style.
India’s foremost apparel manufacturer and exporter, Shahi Exports participated in Bharat Tex 2024 as its Sustainability Partner. The company's participation underscored its commitment to sustainability and innovation, fostering collaboration with diverse stakeholders.
Highlighting the importance of Bharat Tex in fostering brand building and market linkages within the Indian textile and apparel industry Harish Ahuja, Managing Director, Shahi Exports, says, Shahi's collaboration was instrumental in fortifying partnerships with industry peers and stakeholders, providing a platform for insightful dialogues. As Shahi marked its 50th anniversary, the company remained committed to support supply chain growth.
Ar Bharat Tex 2024, Shahi Exports showcased a diverse range of products including denim twill bottoms, soft wovens, and knitwear crafted from eco-friendly materials and cutting-edge fabric innovations. The company's stall served as a hub for engaging discussions and insights, inspiring others to embrace responsible consumption and production practices.
An important milestone during the event was Shahi's announcement of its membership with the International Apparel Federation (IAF), the premier federation for apparel manufacturers, SME brands, associations, and supporting industries worldwide. This affiliation underscores Shahi's commitment to fostering sustainable supply chains and collaborating on industry standardisation and inclusiveness.
Engagement in industry dialogue was a cornerstone of Shahi's participation at Bharat Tex 2024. Thought leaders from Shahi shared insights and expertise across various panel sessions. Harish Ahuja participated in a discussion on 'Vision 2047 in Textiles' with Niti Aayog, while Anant Ahuja, Head-ESG addressed 'Doing Business in India' in a panel hosted by Invest India. Gauri Sharma, General Manager,, Communications & Sustainability Innovation contributed to a session on 'Redefining Natural Fibers: Calibration for High-Value Products,' exploring innovative sustainability approaches.
Shahi's exclusive participation in the CXO Roundtable facilitated strategic collaboration with industry peers, reinforcing its commitment to driving impactful initiatives across the sector.
The just concluded Bharat Tex 2024, held from February 26th to 29th in New Delhi, proved to be a resounding success solidifying India's position as a global leader in the textile, apparel, and fashion industry. Organized by a consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles, the event served as a powerful platform to showcase India's prowess in the global textile, apparel, and fashion industry.
India's textile strength on display
As Union Minister of Textiles, Piyush Goyal, remarked during the event's inauguration, "Historically, textiles have a unique relationship with the development of civilization, and India has had a unique leadership position in the world for textiles." Bharat Tex 2024 served as a testament to this legacy, attracting leading manufacturers, exporters, and fashion enthusiasts from across the globe. This four-day event spread across nearly two million sq ft area, showcasing the entire textile value chain, attracted policymakers and global CEOs, 3,500 exhibitors, 3,000 buyers from 111 countries and over one lakh trade visitors.
Along with exhibitions showcasing the latest innovations in textile manufacturing, there were dedicated segments highlighting India's rich heritage of handlooms and traditional crafts. Visitors were treated to exquisite displays of Gadwal, Narayanpet, and Pochampalli weaves, alongside breathtaking displays of Banjara art and Bidri metalwork. As Rajesh Agarwal, Secretary, Ministry of Textiles said, "Bharat Tex 2024 is a welcome initiative...not just for showcasing India's unique textile products to the world but also as a platform for attracting investments into the textile and apparel sector."
Knowledge sharing and networking
Bharat Tex also emerged as a launch pad for various initiatives and projects such as IndiaTEX, launch of Textile Grand Innovation Challenge, announcement of 63 MoUs with international institutions focusing on collaboration in research, innovation, entrepreneurship, new product development, skilling and sustainability. The event also fostered knowledge sharing and industry collaboration through a series of seminars, thematic discussions, and government-to-government (G2G) meetings. Business-to-Business (B2B) networking events provided a platform for forging new partnerships and exploring business opportunities.
In fact, one of the event's key strengths was its focus on business development. B2B networking events facilitated connections between international buyers and Indian manufacturers, fostering new partnerships and trade opportunities. The signing of Memoranda of Understanding (MoUs) further underscored the event's role in propelling the Indian textile industry forward.
A celebration of sustainability
Sustainability was a major theme at Bharat Tex 2024, reflecting growing global concerns about environmental impact. Several exhibitors showcased eco-friendly fabrics and production processes, while seminars explored strategies for promoting responsible textile manufacturing. As a leading industry expert at the event said, "India's textile industry has a crucial role to play in leading the shift towards a more sustainable future"
The event also saw the launch of new products and collections by leading Indian textile and fashion brands. This not only generated excitement but also served as a launchpad for future trends in the global market.
The success of Bharat Tex 2024 paves the way for a brighter future for the Indian textile industry. As AEPC chairman Sudhir Sekhri said, “After the culmination of Bharat Tex 2024, the world’s largest textile show, we can proudly say this was a whopping success.” The Bharat Tex Expo will be an annual affair, he added
The event not only generated significant business leads but also positioned India as a leader in innovation and sustainability. As the industry moves forward, the focus will likely be on capitalizing on this momentum, attracting investments, and further integrating traditional crafts with modern technology.
In a significant move towards fostering sustainability in India's textile industry, a tripartite Memorandum of Understanding (MoU) was inked at Bharat Tex 2024, the country's premier global textile event. The signing ceremony, held at Bharat Mandapam, Pragati Maidan, New Delhi, saw the collaboration between the Textiles Committee, the Government e Marketplace (GeM), and the Standing Conference of Public Enterprises (SCOPE) for the promotion of upcycled products derived from textile waste and scrap.
Graced by Darshana Vikram Jardosh, Hon’ble Minister of State for Textiles and Railways, the event marked a crucial step towards integrating sustainability practices into the textile value chain. Joined by senior officials from the Ministry of Textiles, P K Singh, CEO of GeM, also lent his presence to the occasion.
Under the MoU, signed by representatives from each organization, including S P Verma from the Textiles Committee, Ajit B Chavan from GeM, and SubhRatna from SCOPE, the focus lies on upcycling textile waste to extend its lifecycle. Unlike traditional recycling methods that break down materials, upcycling aims to creatively repurpose discarded items into new, functional products, thus minimizing environmental impact.
GeM, through its extensive network, will facilitate direct market linkages for under-served seller groups, promoting upcycled products in public procurement. Additionally, the platform will undertake advocacy, awareness campaigns, and capacity building initiatives to engage stakeholders in the upcycling sector.
The initiative aligns with the global shift towards conscious consumption and addresses the Sustainable Development Goals of Sustainable Cities and Communities and Responsible Consumption and Production. GeM, since its inception, has played a pivotal role in streamlining government procurement processes, boasting a vast network of buyers and sellers across various product and service categories.
With sustainability at its core, the MoU signifies a collaborative effort towards a greener, more environmentally conscious textile industry, poised to make a positive impact on India's developmental agenda.
Since its launch in 2016, the portal has amassed 1.46 lakh Government buyers and over 21 lakh sellers and service-providers, spanning 11,980 product categories and 320+ service categories. In the ongoing fiscal year, it has processed 52.58 lakh orders, amounting to ₹3.52 Lakh Crore in Gross Merchandise Value (GMV).
