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India's value retail market, excluding food and grocery, is poised for meteoric rise, with a projected growth from $111 billion in FY23 to a staggering $170 billion by 2026. This translates to a robust compound annual growth rate (CAGR) of 15 per cent for the segment, outpacing overall retail sector's anticipated 10 per cent growth. This highlights the immense potential of value retail in India.
Apparel Takes Center Stage
Leading the charge is the apparel segment, with its diverse range of affordable clothing, footwear, and accessories attracting significant consumer interest. Pioneered by Max, a retail format from Landmark Retail, this trend is now fueled by the entry and expansion of major retailers like Reliance Retail's Yousta, Aditya Birla Fashion & Retail’s Style-Up, and Shoppers Stop's InTune, all capitalizing on the growing demand for value-oriented fashion. Trent's Zudio stands as a testament to the success of this strategy, paving the way for further investments in the sector.
Organized vs Unorganized: A Divided Landscape
Despite the organized retail boom, unorganized players still hold 79 per cent market share, primarily driven by their competitive pricing and focus on unbranded goods. Organized retail, encompassing both physical and digital formats, currently constitutes only 21 per cent, highlighting the significant room for growth in this space.
Accessible Pricing: The Key to Success
The key to unlocking the potential of value retail in India lies in offering accessible pricing across essential categories, targeting the mass, economy, and mid-economy segments. This requires a deep understanding of consumer preferences and a focus on delivering value for money.
Digital Drives Growth Beyond Metros
While organized brick-and-mortar retail faces challenges in smaller cities, digital channels are emerging as a powerful growth engine. Platforms like Amazon, Flipkart, and Snapdeal are expanding their reach beyond major cities, catering to the burgeoning demand for value-oriented products in Tier II and III markets.
Evolution of Value Retail
The Indian value retail market has undergone a distinct evolution over the years. It began in 1995-2010 with the rise of large retailers like Shoppers Stop and Westside, focusing on mid-to-premium brands in metros.
The scenario changed in 2004 with Max Retail owned by the Landmark Group making a splash in the value segment. It catered to the mass and mid-market segments offering a wide range of affordable clothing, footwear, accessories, and homeware. From 2010 to 2015 emerged more value-oriented players like M-Bazaar and Citi Style, catering to Tier II and III markets. This led to a clear segmentation between national chains and regional champions, particularly in the fashion segment.
Data Points
• Average Transaction Value: Rs 500 to Rs 2,500, with average basket sizes of 2.5 to 7 items.
• Store Location: 50% of value retail stores are located in tier 3 or smaller cities and towns.
Frontrunners
• Max emerged the largest player with over 470 stores across India, with a large concentration in Tier II and III cities, with a revenue in FY23 standing at around Rs 8,000 crore.
• Despite pandemic challenges, retailers like Vishal Megamart with 120+ stores; Style Bazaar with 100+ stores and Rs 2000 crore turnover; V Bazaar with 100+ stores, and Rs1500 crore turnover have maintained a CAGR of over 15 per cent from 2018 to 2022.
A Promising Horizon
India’s value retail market has emerged as a lucrative opportunity for both domestic and international players. Some catalysts for growth are: rising disposable incomes, increasing urbanization, and growing adoption of e-commerce. Apparel is expected to remain at the forefront, with organized players making significant inroads into the unorganized market. However, challenges like supply chain disruptions and competition from online marketplaces need to be addressed for sustained success.
The market is poised for a transformative journey. By understanding key drivers, consumer preferences, and evolving trends, businesses can capitalize on this burgeoning market and contribute to the overall growth of the Indian retail landscape.
The American dream has long been stitched with visions of bustling factories and workers earning their fair share. But beneath the "Made in America" slogan lies a tangled reality, one where ethical production clashes with cost and convenience. Unravelling the complexities of ethical fashion, exploring the struggles of a small Maine-based manufacturer, the dark underbelly of the American garment industry, and the hopeful whispers of a future where fashion aligns with fairness, the story is beyond just patriotism, delving into the intricate web of economics, consumer choices, and the human cost of cheap clothing.
A Mission Stitched with Idealism
Ben and Whitney Waxman, the dreamers behind American Roots, embody the spirit of "Made in America." Their vision: to build a clothing company rooted in local sourcing, fair wages, and ethical practices. Yet, the path is fraught with challenges. Inexperience proves a cunning foe, leading them to navigate the treacherous waters of supplier scams and workforce management. But they persevere, bootstrapping their business to $3.5 million in sales by 2022, a testament to their unwavering commitment.
Beyond the Roots: A Critical Look at Free Trade's Legacy
Slade's gaze extends beyond American Roots, delving into the history of free trade and its impact on American manufacturing. Her critique is sharp, highlighting how free trade policies have led to a "massive upward transfer of wealth" and the hollowing out of American factories. Five million manufacturing jobs vanished between 1994 and 2013, replaced by service industries offering lower wages and fewer benefits. This shift has left America "unable to make what we need," Slade argues, creating a stark dependence on foreign production.
A Blemished Canvas: The Dark Side of American Fashion
However, the American garment industry itself is far from a shining example of ethical production. Piece-rate pay, rampant wage theft, and abysmal working conditions plague major hubs like Los Angeles. Even manufacturers praised by Slade are later revealed to lack basic employee benefits like health insurance. This stark reality exposes the hypocrisy lurking beneath the "Made in America" label, throwing its rosy promises into sharp contrast with the lived experiences of American garment workers.
Can We Mend the Fabric? A Quest for Ethical Production
The central question remains: can ethical fashion truly thrive within the existing American garment industry? Slade argues that simply shifting production back to the US isn't enough. "Absent broader changes," she warns, "a return to US manufacturing alone won't improve wages and conditions for American workers." The average LA garment worker, for instance, earns less than half minimum wage and often works grueling 60-70 hour weeks. These are not the conditions upon which a sustainable and ethical fashion industry can be built.
Beyond Borders: A New Vision for Ethical Manufacturing
So, where does that leave the "Made in America" dream? Perhaps the answer lies not in geographical borders, but in a global commitment to ethical production. Slade proposes a system of universal labor and environmental standards, one that transcends national origin and ensures ethical practices wherever goods are made. This vision extends beyond the limitations of "Made in America," offering a broader and more sustainable path towards a future where both American workers and consumers can benefit from ethical fashion.
American Roots: A Beacon of Hope, a Call to Action
American Roots, with its commitment to fair wages and local sourcing, serves as a beacon of hope within the American garment industry. However, its struggles and the challenges it faces offer a sobering lesson. The "Made in America" dream must evolve beyond slogans and patriotism. It requires a critical lens, a commitment to fair labor practices, and a vision for ethical production that stretches across borders. Only then can this dream truly translate into reality, weaving a new fabric of economic prosperity and ethical responsibility for all.
A Fork in the Road: Cost vs. Value
The siren song of "Made in America" beckons, but its melody fades in the face of reality – often a price tag significantly higher than its outsourced counterparts. Americans face a stark choice: embrace ethically produced, locally-sourced apparel at a premium, or stick with cheaper, globally-manufactured options, potentially overlooking potentially exploitative practices. Polls are mixed, revealing a complex tapestry of consumer behavior. On one hand, a 2023 survey by McKinsey & Company found that 68% of American consumers express a willingness to pay more for sustainable and ethical products. Yet, another study by Retail Dive suggests price remains the primary deciding factor for 72% of shoppers.
The Value-Conscious Consumer
Within this dichotomy lies a spectrum of shoppers. For some, like Gen Z with its heightened social and environmental awareness, ethical considerations outweigh cost. They prioritize brands like American Roots, drawn to its transparent practices and willingness to pay a fair price for quality, ethically-made garments. On the other hand, cost-conscious consumers, particularly those on tighter budgets, prioritize affordability. For them, the extra dollars associated with "Made in America" can be a hurdle, leading them to prioritize lower-priced options, regardless of their origin or manufacturing ethics.
Navigating the Divide
Finding common ground between these seemingly disparate groups is crucial for the "Made in America" movement to reach critical mass. Transparency remains key. Educating consumers about the human and environmental costs of fast fashion, coupled with highlighting the benefits of ethical production for both workers and the planet, can shift perspectives. Additionally, exploring ways to bridge the price gap through innovative business models, collaboration with local producers, and government incentives can make "Made in America" more accessible for a wider range of consumers.
Data Points and Statistics
• Five million American manufacturing jobs disappeared between 1994 and 2013.
• Average salary at American Roots in 2022: $47,000.
• Average LA garment worker's pay: less than half minimum wage.
• 60-70 hour workweeks are standard in LA garment industry.
Countdown to D-22 for the opening of Texworld Evolution Paris at the Paris Expo Porte de Versailles. From 5 to 7 February 2024, the heart of global sourcing will be concentrated in Paris for a record edition.
Unprecedented participation breaks records
Texworld and Apparel Sourcing Paris are gearing up for an extraordinary start to 2024, boasting an impressive lineup of 1,260 companies participating in the two shows. This figure shatters the previous record set in February 2019, underscoring the event's pivotal role in the global fashion and apparel industry. The staggering number of international suppliers highlights the centrality of European markets in shaping the fashion sector's landscape.
Essential hub for Spring-Summer 2025 collections
As the countdown continues, Texworld Evolution Paris is poised to be the essential nexus for buyers, serving as a critical point of contact and exchange. The event proves vital for the development of Spring-Summer 2025 collections, emphasizing the importance of the European market for global fashion stakeholders. Spread across the two levels of Hall 7 (7.2 and 7.3), Texworld and Apparel Sourcing promise to bring together a comprehensive array of fabrics, materials, accessories, and finished products.
Texworld showcases global sourcing giants
On the Texworld front, the participation of 760 companies showcases major sourcing countries, with a spotlight on China, Korea, Türkiye, India, Taiwan, and the anticipated return of Indonesia. Noteworthy is Taiwan's resurgence, featuring a high-quality range of silky products and cotton fabrics. Thai manufacturers, specializing in embroidery – a focal point this year alongside knitwear – are set to make a strong impression. The spotlight on performance textiles, notably from European companies like Italy's Aquilatero, further emphasizes their integral role in the 2025 collections.
Apparel Sourcing Paris highlights European manufacturers
Apparel Sourcing, hosting over 500 companies specializing in finished products, will shine a spotlight on European manufacturers. The presence of nine Ukrainian companies underscores the country's long-standing position in the sourcing landscape. Bulgaria and the Foursource hub, showcasing near-sourcing manufacturers in Europe, further enrich the European representation. The Denim Village, spanning over 600 m2 in Hall 7.3, brings together international companies from Bangladesh, China, India, and Pakistan.
Vision, trends, and outlook for Texworld Evolution Paris
True to its reputation as a trendsetter, Texworld Evolution Paris introduces a new dimension for 2024. Each show will feature its own trend area on level 7.3, unveiling innovative samples closely aligned with market trends. The Highlight areas on level 7.2, curated by artistic directors Louis Gérin and Grégory Lamaud, present a diverse array of garments and raw materials to aid buyers in their selection. Denim Village and the Elite sector, representing quality, competitiveness, responsiveness, and logistics, will also feature dedicated Highlight areas. The revamped T-Club serves as a hub for professional exchanges, providing a conducive environment for industry discussions and collaborations. As Texworld Evolution Paris 2024 unfolds, it promises to be an unparalleled showcase of global fashion's future trends and market dynamics.
The highly anticipated Gartex Texprocess India, a prominent trade show in the garment manufacturing and textile industry, is gearing up for its 3rd Mumbai edition scheduled from 1-3 February 2024 at the Jio World Convention Centre in Mumbai, Maharashtra. The event is poised to host over 100 exhibitors, with more than 30 new participants joining the show. Renowned as the premier marketplace for textile buyers and sellers, this edition promises to showcase innovations across 32 key product categories in the textile industry.
Innovative displays and co-located shows
Spanning an expansive 10,000 sqm, the event will feature dynamic displays highlighting cutting-edge machinery, advanced technologies, trending fabrics, and raw materials. This edition places a renewed emphasis on resilient supply chain processes, technological innovations, and sustainable practices. The co-located Denim Show, Fabrics and Trims Show, and the exclusive zone on Screen Print India-Textile will spotlight the continuously evolving innovations in the textile industry.
Global participation and diverse product range
Gartex Texprocess India, a go-to trade fair for the complete textile value chain, has historically attracted international textile companies. The event is set to host brands from India, including Alliance Embroidery, Balaji Sewing Machines, DCC, Geminy, Lenzing Fibres India, and more. International participation is expected from brands like Brother, Bruce, Jack, Pegasus, Siruba, Yumei, representing countries such as Spain, Germany, Japan, Singapore, China, and others.
Exquisite product display
The product display will encompass a diverse range of categories, including Denim Fabrics, Knitting Machines, ERP Solutions, Industrial Sewing Machines, Automation Solutions for Garment Manufacturing, Cutting Plotters, Digital Textile Printers, Heat Transfer Machines, Denim Laser and Finishing Machines, 3D Transfer Labels, Printed Tapes and Elastics, Sequins Chain, Loose for Hand Embroidery, Garment Accessories, and a Large Variety of Fashion Fabrics.
Industry growth and collaboration opportunities
The exhibition is expected to pave the way for business alliances and national and international collaborations to further boost the sector's growth. A report by FICCI-Wazir Advisors estimates the Indian textile and apparel market at USD 165 billion in 2022, with a projected growth to USD 350 billion by 2030. The government's initiatives and manufacturers' focus on circularity position India on the roadmap to become a global textile manufacturing hub.
Industry voices
Raj Manek, Executive Director and Board Member of Messe Frankfurt Asia Holdings Ltd, expressed his satisfaction in bringing the 3rd Mumbai edition, emphasizing the presentation of advanced technological products that deliver high-quality and high-speed performance machinery, textiles, fabrics, denims, screen print solutions, and accessories.
Gaurav Juneja, Director of MEX Exhibitions Pvt Ltd, sees Gartex Texprocess India as a platform for participants to educate the industry about new developments in the textile sphere. He urges exhibitors and visitors to leverage the one-stop selling and sourcing platform, facilitating engagement with the textile value chain under one roof.
Organizers and key supporters
Jointly organized by MEX Exhibitions Pvt Ltd and Messe Frankfurt Trade Fairs India, Gartex Texprocess India receives continued support from the Ministry of Textiles and the Denim Manufacturers Association (DMA). This backing ensures the empowerment of participating companies and the benefit of the entire textile value chain.
Dubai-based apparel manufacturer, Nava Apparels LLC-FZ plans to acquire the entire assets of Mombasa Apparel (EPZ). This acquisition has been approved by the Competition Authority of Kenya on the condition that the Nava Apparels retains all of Mombasa’s 4,478 employees.
Nava Apparels LLC-FZ does not have any operations in Kenya. Clothes manufactured by the company are exported to the UTS, Canada, and Europe. On the other hand, the garments manufactured by Mombasa Apparel (EPZ) are exported to the UAE and the US.
Kenya earns most of its foreign exchange through the export of textiles and apparel products. The country’s apparel sector is divided into three-tiers.
The first of these is the Export Processing Zone (EPZ) housing 36 large companies. Currently, there are seven operational EPZs in the country including Athi River EPZ, Nairobi EPZ, Mombasa Port City EPZ, Kilifi EPZ, Malindi EPZ, Voi EPZ, and Kimwarer EPZ, with 36 registered apparel manufacturers.
These EPZs earn most of their revenues from garment exports to the US under the African Growth and Opportunity Act (AGOA).
Post the proposed merger of Mombasa Apparel into Nava Apparels, the market share of the merged entity will increase marginally to 3.83 per cent.
From audacious acquisitions to ethical awakenings, 2023 painted a vibrant yet starkly contrasting picture for the fashion industry. While some brands surged ahead with bold strategies and a tech-savvy embrace, others grappled with financial woes and ethical quandaries. This A look at the key themes that defined the year, from M&S's roaring comeback to Shein's explosive growth amidst legal controversies. As we peer into 2024's uncertain horizon, questions loom large: Can the winners maintain their momentum? Can the struggling find redemption? And how will the industry navigate the treacherous waters of economic turmoil and a cost-of-living crisis? Here’s a look at the winners and losers, the resilient and the vulnerable, of the fashion world in 2023 and the challenges and opportunities that lie ahead in 2024.
Dominant Strategies of 2023
Acquisitions and Investments: Next, M&S, and Frasers Group led the charge with strategic acquisitions and investments, including Next's spree of Joules, Cath Kidston, Reiss, and FatFace, and M&S's partnerships with Crew Clothing, Nobody's Child, and Sessi.
Sustainability and Ethical Practices: Patagonia, Stella McCartney, and Reformation championed sustainable materials, ethical production, and supply chain transparency. H&M's clothing rental and garment collection initiatives also stood out.
Tech-Driven Innovation: Zegna and Burberry's use of AI for virtual try-on experiences, Michael Kors's livestream shopping events, and Shein's focus on digital platforms showcased the power of technology.
Community and Purpose: M&S's record in-store sales and Sienna Miller campaign, and AllSaints' focus on product development and global presence reflected their commitment to connecting with customers.
Winners of 2023: A Tale of Acquisitions, Innovation, and Value
Forget the gloomy headlines, 2023 was a year of dazzling victories in the fashion industry, with brands bold enough to innovate and adapt reaping the rewards. From Next's shopping spree to M&S's stunning comeback, a look at the powerhouses that dominated the year:
Next: This retail titan proved unstoppable, fueled by its relentless acquisition spree (hello Joules, Cath Kidston, Reiss, and FatFace!), strong online expansion, and ambitious automation plans. Their formula was simple: give customers what they want, wherever they want it, with lightning speed.
M&S: Remember when M&S teetered on the edge? Not anymore! This heritage brand roared back onto the scene with savvy store openings, strategic partnerships (Crew Clothing, Nobody's Child, Sessi), and a fashion overhaul that finally hit the right notes. The result is a triumphant return to the FTSE 100 and record clothing and home sales - proving that sometimes, all it takes is a fresh perspective and a willingness to listen.
Shein: Love them or hate them, Shein's explosive growth couldn't be ignored. This fast-fashion juggernaut expanded its global reach, sidelined Missguided, and solidified its position as a retail force to be reckoned with. Legal controversies cast a shadow, but their ability to deliver trendy styles at breakneck speed has undeniably captured a massive audience.
Frasers Group: Mike Ashley's departure didn't dim their shine. This retail powerhouse roared on, fueled by robust financial results, smart investments in Boohoo and Asos, and the ever-expanding SportsDirect empire. They may not be everyone's cup of tea, but their adaptability and strategic acumen are undeniable.
AllSaints: Forget fleeting trends, AllSaints doubled down on quality and craftsmanship. Their focus on product development, e-commerce mastery, and a carefully curated global presence paid off handsomely, with record revenue and profit growth proving that timeless style never goes out of fashion.
Primark: While others wrestled with rising costs, Primark proved the power of value. Their commitment to affordable fashion, coupled with a smart click-and-collect expansion, made them a haven for cost-conscious shoppers, cementing their position as a retail hero in the face of economic uncertainty.
FatFace: From the brink to the boardroom, FatFace's story is one of remarkable turnaround. An impressive sales surge, coupled with accolades for being the best workplace and team of the year, proves that good vibes and quality products are a winning combination.
Reiss: Nestled under Next's wing, Reiss soared. Boasting record sales, the launch of the luxurious Reiss Atelier line, and a string of successful partnerships, they proved that timeless tailoring and contemporary edge are a recipe for success.
Hope for a Better 2024
While some brands basked in the limelight of 2023, others found themselves facing a stark reality of financial woes and mounting challenges. In this struggle, four names shone particularly bright, their struggles a cautionary tale for the industry..
Asos: Despite aggressive cost-cutting measures and even the potential sale of their prized Topshop brand, Asos remained mired in loss-making territory. Declining sales painted a grim picture, raising questions about whether their once-dominant online model still held the magic in a changing consumer landscape.
Farfetch: From the heights of acquiring YNAP to the depths of near-collapse, Farfetch's year was a rollercoaster of extremes. Losses piled up, redundancies swept through the company, and even a South Korean rescue package felt more like a lifeline than a permanent solution. The question remains: can they regain their once-stellar reputation and navigate the choppy waters of online luxury retail?
Matches: Bought by the ever-expanding Frasers Group, Matches found itself in a gilded cage. Apax's cash injection masked underlying issues, while headcount reductions and the involvement of turnaround specialists Teneo hinted at internal turmoil. Can this once-coveted luxury destination find its footing under the watchful eye of its new owner?
Boohoo: Job cuts, widening losses, and a growing chorus of legal threats and ethical concerns painted a bleak picture for Boohoo. While their stock price may have shown signs of recovery, the cracks in their fast-fashion facade appeared wider than ever. Can they mend their reputation and adapt to a more conscious consumer before their house of cards comes tumbling down?
These four fashion warriors, once heralded as trendsetters, now find themselves on a treacherous path in 2024. Their struggles serve as a stark reminder of the ever-evolving nature of the fashion landscape, where success and failure are often separated by a razor-thin margin. Will they find the strength to turn the tide, or will their names become footnotes in the ever-changing story of fashion? Only time will tell.
Roadmap for 2024: Buckle Up for a Turbulent Year
2023 was a kaleidoscope of contrasting fortunes for fashion retailers. While some brands tangoed with success, others stumbled on the catwalk. But as the curtains close on another year, one thing is clear: 2024 promises to be a high-octane runway show, with twists, turns, and unexpected exits guaranteed. Buckle up, fashion fans, because here's what to watch:
Mergermania on the Mend: Get ready for a whirlwind of alliances and acquisitions. With competition intensifying, expect established players to join forces, reshape the landscape, and potentially spark industry consolidation.
Green is the New Black: Sustainability takes center stage. Driven by conscious consumers and tightening regulations, ethical sourcing, eco-friendly materials, and circularity will no longer be optional, but a runway essential.
Tech Takes the Spotlight: AI and AR/VR are stepping out of the fitting room and onto the catwalk. From virtual try-on experiences to hyper-personalized shopping journeys, technology is poised to revolutionize the way we shop and wear fashion.
Weathering Economic Storm: With cost-of-living crisis hanging heavy, navigating the economic downturn will be a critical survival skill. Savvy retailers will prioritize affordability, cater to changing spending habits, and embrace innovative cost-cutting strategies.
Eyes on Shein: All eyes turn to the fast-fashion giant. Can they navigate the choppy waters of legal controversies and ethical concerns? Will their explosive growth in the UK continue? Their every move will be dissected and debated.
Frasers Group's Next Chapter: Mike Ashley's departure raised eyebrows, but the show goes on. Can the group maintain its momentum through strategic investments, e-commerce expansion, and SportsDirect's continued domination? Their next move could reshape the retail landscape.
2024 promises to be a year of thrilling highs and potential pitfalls. Who will sashay to victory, and who will face a fashion faux pas, remains to be seen.
Leading luxury brand Kering and other industry giants such as Johnstons of Elgin, Eilen Fisher, and DyStar have teamed up with Spiber to launch an initiative to transform the textile industry by creating fully circular textile products.
These innovative products will be designed to regenerate into Spiber’s Brewed Protein materials at their end-of-life stage, setting the stage for a wholly sustainable lifecycle.
The initiative will involve converting end-of-use textiles and agricultural by-products into fresh materials through microbial fermentation. This will lead to the development of a new breed of fibers perfectly suited for clothing textiles. Goldwin and Pangaia have already been members of the project since June this year.
The new partners will provide samples for laboratory testing for generating pivotal data, for assessing the impact of different textile chemicals on the conversion process. Spiber plans to compile this data into a comprehensive database that will serve as a guide for industry stakeholders, helping them design products that align with circularity solutions.
At the India-US Trade Policy Forum meeting, Piyush Goyal Union Minister of Commerce and Industry, urged Ambassador Katherine Tai, US Trade Representative to restore its Generalised System of Preferences (GSP) status that was scrapped by the former Donald Trump administration in 2019.
The largest beneficiary of GSP status, India exports goods worth $5.7 billion duty-free to the US in the year 2017. Of these, 1,900 products belonged to the engineering chemicals and textiles sector, noted Goyal.
The bilateral and technological partnership also benefits from the movement of professional and skilled workers, students, investors and business visitors between the two countries, he added.
Highlighting challenges being faced by business visitors from India due to visa proessing time periods, he requested Tai to augment this processing.
The two delegates also identified future areas for enhanced cooperation between the two countries including critical minerals, customs and trade facilitation, supply chains, and trade in high tech products.
Troung Van Cam, Chairman, Vietnam Textile and Apparel Association (VITAS), says, Viet Nam’s textile exports are projected to rise by 9.2 per cent rise to $44 billion in 2024 from 40.3 billion seen in 2023.
However, Việt Nam’s exports continue to be targeted by trade protectionism, defence mechanisms, and barriers in multiple countries, adds the Ministry of Trade and Industry.
To tackle these problems, the ministry plans to initiate more trade negotiations, linkages, and agreements besides promoting FTAs with potential partners such as the UAE and countries in South America, adds Nguyen Cam Trang, Deputy Director General, Agency of Foreign Trade.
The agency plans to encourage companies to utilise FTAs to boost exports and switch to official exports coupled with effective branding; work with localities, associations, and enterprises to expand markets and boost product consumption; and frequently update businesses on changes in export policies and criteria for them to devise strategic production plans, she notes.
Vietnamese businesses continue to suffer from supply chain challenges and high input prices, opines Dr Can Van Luc, Economic Expert. These businesses need to diversify funding and supply sources, expand their markets, and connect with potential partners, as well as proactively opt for green production, green consumption, and circular economic practices, he adds.
VITAS will help the businesses introduce new measures for sustainable development, markets, human resources, science and technology, and fundraising, adds Cẩm.
Philippines’ exports of textile and wearables surged by 9 per cent to $141.5 million in October 2023 from $130.38 million in the same month in 2022, shows data from the Confederation of Wearables of the Philippines (Conwep).
Exports of wearables including apparels, travel goods and footwear surged by 10 per cent to $118.73 million during October 2023from $108.28 million in the same month in 2022.
However, wearable exports declined by 20 per cent from January to October to $1.11 billion from $1.4 billion in the same period in 2022.
The wearables segment constituted 16 per cent of Philippines’ total exports in the first 10 months of 2023, with textiles holding the remaining 16 per cent at $213.32 million.
In the wearables segment, apparel dominated with exports worth $588.43 million.
