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The Q3, FY24 currency-adjusted sales of German sportswear giant Puma grew by 5 per centY-o-Yto €2.31 billion ($2.48 billion). asper data compiled by LSEG, highlighting the challenges posed by unfavorable foreign exchange rates that weighed on the company’s financial performance.
Whilethe brand’s sales remained stable compared to the same period last year, the strong headwinds from currency fluctuations continued to impact its bottom line. These adverse effects on revenue were part of a broader issue affecting global companies facing volatile currency markets.
Puma's growth in currency-adjusted terms reflects its ability to maintain demand for its products, driven by strategic initiatives and sustained consumer interest. The sportswear maker has been focusing on expanding its product lines, increasing market share, and leveraging partnerships with prominent athletes and teams to boost its brand presence worldwide. Yet, these efforts have had to contend with a challenging economic landscape, including currency impacts, inflationary pressures, and shifting consumer spending patterns.
Despite missing sales targets for the quarter, Puma has maintained its position as a significant competitor in the sportswear industry, continuing to compete with larger players like Nike and adidas. The company remains optimistic about navigating these challenges as it focuses on strategic growth and operational efficiency in upcoming quarters.
The Lenzing Group, a leading supplier of cellulosic fibers, reported a 5 per cent rise in revenue to €2 billion for the first three quarters of 2024, despite sluggish market recovery and low fiber prices. Fiber sales volumes increased, though high raw material and logistics costs continued to strain the industry. Revenue from fiber products alone rose by 10.9 per cent.
Supported by a focused performance program, Lenzing achieved a 20.3 per cent rise in EBITDA to €263.7 million, with the EBITDA margin improving to 13.5 per cent. Operating earnings (EBIT) reached €38.3 million, rebounding from a loss of €10.5 million last year, while earnings per share improved to minus €3.50.
The group also strengthened its liquidity through a successful $650 million green bond issued by Brazilian joint venture LD Celulose, and aims for €100 million in annual cost savings through its performance program. Rohit Aggarwal, newly appointed CEO, emphasized the importance of cost control and expanded global sales efforts.
Despite ongoing global economic risks, Lenzing reaffirmed its EBITDA growth guidance for 2024, citing increasing demand for sustainable fibers across textiles, hygiene, and medical sectors. The group is positioned for long-term growth in these markets through ongoing efficiency measures and specialty fiber expansion.
eVent Fabrics has appointed Cathy Shao as Innovation Director, tasking her with expanding the company’s PFAS-free fabric offerings. With a strong background in polymer material science and over a decade of experience at DuPont China, Shao will focus on advancing eVent’s BIO and alpineST collections and developing next-generation waterproof and breathable fabrics.
As global demand for sustainable laminates rises, Shao will play a critical role in designing high-performance, fluorine-free fabrics suited for all-weather outdoor apparel, footwear, and accessories, targeting activities like hiking, skiing, biking, and sailing. This strategic move supports eVent’s mission to meet global standards and customer expectations for eco-friendly, high-performance textiles.
Chad Kelly, President of eVent Fabrics, emphasized that Cathy Shao’s expertise aligns well with the company’s mission to advance fabric technology. Shao, who holds a Master’s degree in Polymer Material Science from Donghua University, brings extensive knowledge from her experience with various polymers, including bio-based materials and Sorona. Starting her role at eVent’s Shanghai office on November 4, 2024, Shao is set to lead innovations and broaden sustainable offerings in performance textiles.
In a major step towards sustainable trade, the Confederation of Indian Textile Industry (CITI) and the Fair Wear Foundation have launched a program to assist Indian textile exporters in meeting the European Union’s Corporate Sustainability Due Diligence Directive (CSDDD). Enacted in May 2024, this directive mandates rigorous human rights and environmental due diligence across global supply chains.
CITI recently held its third workshop, ‘Advancing Sustainable and Responsible Business Practices,’ in Mumbai, where industry leaders discussed compliance strategies for the CSDDD, chemical regulations, and human rights due diligence. CITI Secretary General Chandrima Chatterjee highlighted the significance of the CSDDD for Indian exporters, emphasizing the need to integrate with global sustainability frameworks to maintain competitiveness.
Siddhartha Rajagopal, Executive Director of TEXPROCIL, noted the shift from voluntary sustainability to mandatory compliance, underscoring the benefits of aligning with global standards. Mousumi Sarangi, India Country Manager for Fair Wear Foundation, urged companies to view compliance as a proactive strategy to improve working conditions, blending profitability with accountability.
Insights were also shared by Annabel Meurs, Associate Director at Fair Wear Foundation, on navigating CSDDD complexities, and Drashti Patel, Regulatory Manager at Global Product Compliance, who addressed the importance of chemical compliance and transparency.
The event, supported by TEXPROCIL and AEPC, concluded with an interactive Q&A session, reinforcing CITI’s role in steering India’s textile industry towards responsible, sustainable growth.
At ITMA ASIA + CITME 2024, Karl Mayer showcased an innovative tricot fabric in E44 for sun-protective outdoor wear, captivating attendees with its performance and versatility. The highlight was a lightweight, soft, and breathable jacket designed with UV protection over twice as effective as traditional circular knit fabrics of similar weight. This fabric’s silky feel and cool touch make it ideal for hot-weather outdoor activities.
Projected to fuel the growing sun-protective clothing market, estimated to expand by 7.9 per cent annually, reaching nearly $14 billion by 2030, the E44 fabric offers strong business potential. Produced on Karl Mayer’s high-efficiency HKS 2-S machine, the fabric yields up to 200 kg per day, showcasing both innovation and efficiency.
Textile Application Engineer Tang Qi, who designed the loose-fit jacket displayed at the show, praised the fabric’s protective and comfort-driven qualities. As an outdoor enthusiast, she tailored the jacket for mobility and breathability, ensuring it remains comfortable and non-restrictive during strenuous activities.
Karl Mayer’s E44 tricot fabric marks a significant advancement in sun-protection apparel, combining comfort with cutting-edge fabric engineering to meet rising demand in outdoor activewear.
As announced by B Susheela, Deputy Commissioner and Chairperson, District Task Force Committee, Karnataka Government, the Hubballi unit of Cotton Corporation of India (CCI) has opened cotton procurement centers in the Yadgir district under the Union Government’s Minimum Support Price (MSP) Scheme for 2024-25 to allow farmers to sell cotton at these centers.
These centers will procure only 12 quintals of cotton per acre under the scheme after inspecting its quality. They will not purchase cotton with more than 12 per cent of moisture content in it. Medium quality cotton will be purchased at Rs 7,121 per quintal while best quality cotton will get Rs 7,521 per quintal.
The procurement centers opened in the district include Soudagar Cotton Mill, Managanal village; Balaji Cotton Industries, Saidapur; R.S. Fibres, Maddarki; Manjit Cotton Mill, Gogi (K) and Aralahalli Cross; Basavajyothi Cotton and Ginning Factory, Aralahalli Cross; Basavaraj Sajjanshetty Cotton and Agro Industries, Hallisagar; Manikanth Cotton and Ginning Industries, Hulakal, and Jailaxmi Cotton Mills, etc.
The material science division of the Taiwan-headquartered Alpine Group, Paradise Textileshas launched a new lightweight jacket made from bio-based and biodegradable polyester resin developed by the New York-based Kintra Fibers. Serving as a proof-of-concept, the garment showcases the commercial potential of Kintra’s sustainable alternative to conventional fossil-based polyester.
Collaborating with Fashion for Good and other leading brands, including Bestseller, Inditex, and Reformation, over a year-long project, Kintra previously developed prototype materials using its innovative resin. The resulting yarn offers strength and durability similar to traditional polyester but with enhanced softness and inherent stretch. It also offers 10-15 per cent stretch recovery with the material beingsuccessfully integrated into different fabric types, including silk-like satin, technical outerwear wovens, and air-jet and draw-textured knits.
Kintra’s resin production reduces greenhouse gas emissions by 95 per cent, water usage by 30 er cent and energy consumption by 20 per centas compared to conventional polyester.
Known for its end-to-end fashion delivery services, Alpine Group has previously collaborated with major brands like The North Face, Sweaty Betty, American Eagle Outfitters, Under Armour, and Gap.
Lewis Shuler, Head – Innovation, Paradise Textiles, emphasises, the company seeks fiber technologies that reduce carbon footprints and offer sustainable alternatives to fossil-based synthetics. The company collaboration with Kintra will help harness its potential to create diverse textiles as Kintra’s material meets environmental standards besides delivering additional performance benefits.
Billy McCall, CEO and Co-founder, Kintra, adds, Paradise Textiles’ expertise in fabric development has been crucial in bringing Kinfra’s vision to life and this new prototype confirms the viability of the company’s material.
Knitwear exporters in Tiruppur have welcomed the spinning mills’ decision to lower cotton yarn prices across all counts by Rs 10 per kg. For instance, spinning mills in the city have lowered the the price of 20s kh (18.5 count) to Rs 210 per kg from the earlier Rs 220 per kg. Similarly, the price of 40s kh (38.5 count) yarn has been lowered to Rs 238 per kg from the earlier Rs 248 per kg.
Knitwear exporters hailed this move as a boost to both domestic production and exports, especially ahead of the New Year and Christmas season. They have been receiving increasing orders, bringing optimism about meeting export targets.
KM Subramanian, President, Tiruppur Exporters’ Association, states, the reduction in cotton yarn prices will help boost domestic production and exports, especially with cotton prices declining to Rs 56,000 per candy. This will enable exporters achieve their target of Rs 40,000 crore exports this year.
MP Muthurathinam, President, Tiruppur Exporters and Manufacturers Association, adds, besides, orders for New Year and Christmas, exporters are also receiving inquiries from Bangladesh. The recent price reduction will help exporters bag more orders.
While domestic sales were promising in the lead-up to Deepavali, overall demand fell short of expectations afterward. However, supported by the current decrease in yarn prices, export orders for Christmas and New Yearare likely to improve, he adds.
According to industry sources, this is the third price cut in 2024 after a reduction by Rs 20 per kg in Jan’24 and again by Rs 20 per kg in June’24.
From Jan-Oct’24, Turkiye’s textile exports to Azerbaijan declined by 1.1 per cent to $41.3 million as compared to the same period in 2023, as per a report by ABCAZ.
However, despite an overall decline, Türkiye's textile exports to Azerbaijan grew by 15.1 per cent to $5.5 million in Oct’24compared to October 2023, as per the report citing data from Turkish’s Ministry of Trade.
On a broader scale, Türkiye's total textile exports from Jan-Oct’24 declined by 1.6 per cent Y-o-Y to $7.8 billion. However, exports in Oct’24 increased by 0.4 per cent to $842 million as against exports in Oct’23.
Five Indian cotton companies have been banned by the Global Organic Textile Standard (GOTS) for falsifying documents and engaging in fraudulent practices to obtain organic certification. This incident has once again cast a shadow over the credibility of organic certifications, particularly in India, which has faced scrutiny for a history of fraudulent organic cotton claims.
The banned companies, two based in Odisha and three in Gujarat, employed tactics such as using fictitious shipping companies and submitting forged transaction certificates to deceive the GOTS certification system. In some cases, the companies even created fake websites to support their fraudulent claims. These actions undermine the integrity of the organic cotton supply chain and erode consumer trust in organic products.
As per investigations, there was no material transfer and the shipping company was nonexistent," GOTS stated on its website. In some cases, forged National Organic Program (NOP) transaction certificates with QR codes linking to fake websites were used. This incident is not isolated one. In September, GOTS banned four other Indian companies for similar fraudulent activities, including stock manipulation and overselling. This pattern of deception raises serious concerns about the integrity of the organic cotton supply chain and the effectiveness of certification processes.
A dubious history
The organic cotton industry has long been plagued by fraud and dubious certifications issues. While demand for organic cotton has grown significantly due to growing consumer demand for sustainable and ethical products, the supply chain has struggled to keep pace with verifiable organic farming practices. "The organic cotton sector has a history of over-claiming production," says Liam Olive, an activist involved in investigating the recent case. "This latest incident highlights the ongoing challenge of ensuring authenticity and transparency in the supply chain."
One major issue is the supply chain complexity. Organic cotton often passes through multiple intermediaries – farmers, ginners, spinners, and traders – before reaching the final manufacturer. This creates opportunities for fraudulent activities, such as mixing conventional cotton with organic cotton or falsifying documents. India, in particular, has faced scrutiny regarding the authenticity of its organic cotton production.
While India is one of the largest producers of organic cotton, there have been concerns about the accuracy of its certification claims. A 2021 report by the Textile Exchange estimated the actual volume of organic cotton produced in India is significantly lower than the volume claimed by the industry. This discrepancy raises questions about the prevalence of fraudulent certifications and the need for greater transparency in the supply chain.
Credibility at stake
The repeated instances of fraud have had a significant impact on the credibility of organic certifications. Consumers are becoming increasingly skeptical about organic labels, and some are even questioning the value of organic products altogether. This scepticism is detrimental to the organic industry, which relies on consumer trust to maintain growth and sustainability.
"Organic certification is essential for ensuring the integrity of organic products," says a consumer advocate. "However, the recent cases of fraud have shaken consumer confidence. It is crucial for the industry to take steps to restore trust and ensure that organic labels are truly meaningful."
To address these challenges, experts emphasize the need for stricter enforcement of certification standards, improved traceability systems, and greater transparency across the supply chain. "It is crucial to strengthen oversight mechanisms and invest in technologies that can verify the authenticity of organic cotton at each stage of the supply chain," says a GOTS spokesperson. "This will help to ensure that consumers can trust the organic label and that the benefits of organic agriculture are truly realized."
This recent ban serves as a stark reminder of the ongoing challenges in the organic cotton industry and the need for continued vigilance and collaboration to ensure its integrity and sustainability.
