FW
In the 2022-23 seasons, Brazil witnessed a record-breaking increase in cotton production, propelled by higher cultivation and production, as reported by the Center for Advanced Studies on Applied Economics (CEPEA). During off-season, cotton prices in Brazil experienced a notable decline from January to May, influenced by weakened demand and optimistic expectations for a bountiful crop. Export activities slowed down in early 2023, attributed to prices that sellers found unattractive.
Monthly average prices exhibited stability between May and June, followed by reaching the lowest point of the year in July. Subsequently, fluctuations in monthly averages decreased as a result of rising exports, which helped alleviate the domestic surplus. The report highlighted challenges in 2023, including logistical issues and increased transportation costs due to declining product quality.
The CEPEA/ESALQ Index for cotton recorded a significant drop of 24.4 per cent in 2023. The cotton cultivation area expanded by 4 per cent, reaching 1.664 million hectares in the 2022-23 period, according to CONAB. Productivity experienced a notable increase of 19.5 per cent, reaching 1,907 kg per hectare. Overall production saw a substantial rise of 24.2 per cent, reaching 3.173 million tons.
Globally, supported by heightened supply from China, India, and Brazil, the USDA reported 1.8 per cent increase in global cotton production to 25.395 million tons in 2022-23. Notably, production in the US and Pakistan witnessed a significant decrease during this period, according to the association's findings.
Bestseller, a longstanding participant in the International Accord, has renewed its commitment alongside 56 other brands and retailers. The agreement, spanning another six years, aims to foster safer workplaces within the textile and garment industry in Pakistan and Bangladesh.
Felicy Tapsell, Head of Responsible Sourcing and a member of the Steering Committee at Bestseller, advocates widespread participation, urging all garment and textile companies to sign the accord. The collective objective is to establish a secure and sustainable environment for workers in the industry.
Bestseller emphasizes the need for a collaborative, multi-stakeholder approach, customized to the unique circumstances of each country. This, they believe, is key to ensuring the health and safety of textile workers.
In a move to enhance its European supply chain, Bestseller disclosed plans in December 2023 to establish a Dutch Logistics Centre West (LCW) near Amsterdam. The facility, set to be operational by the end of 2026, will incorporate automation technology from KNAPP to streamline tasks like pallet loading and will also contribute to job creation.
Additionally, Bestseller has joined forces with H&M Group, a Swedish fashion retailer, to spearhead an offshore wind energy project in Bangladesh. This initiative aims to accelerate the sector's shift towards renewable energy sources, showcasing Bestseller's commitment to sustainability.
Maharashtra is making grand plans to transform its textile industry, aiming to attract a staggering Rs 25,000 crore investments through a series of bold mergers and a focus on sustainability.
In a bid to streamline bureaucracy and foster a thriving textile ecosystem, the state will merge three existing corporations – the Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation, and Maharashtra State Textile Corporation – into a single entity: the Maharashtra State Textile Development Corporation (MSTDC). Modeled after the successful MIDC, the MSTDC promises a fertile ground for textile businesses to flourish.
The state is also merging the Textile Commissionerate and Silk Directorate into the Textile and Silk Commissionerate, eliminating redundancies and creating a more efficient oversight body. These strategic moves are aimed at not just boosting cotton production capacity and attracting big-ticket investments, but also generating 5 lakh new jobs, weaving a brighter future for the state's textile sector.
With a clear vision and a focus on consolidation and sustainability, Maharashtra's textile industry appears poised to spin a golden thread of growth in the years to come.
Luxury fashion house Louis Vuitton has opened dazzling pop-up stores in Los Angeles, immersing Angelenos in the vibrant world of its men's Spring/Summer 2024 collection. Open until mid-March, the Pont Neuf-inspired space shimmers with gold, echoing the iconic Parisian bridge under an LA sun. Street lamps and architectural details transport visitors to the City of Lights, while a checkered floor pays homage to Louis Vuitton's signature Damier pattern.
But the real story lies behind a bookcase. Pull the right volume, and a secret room unveils a kaleidoscope of brightly-colored Speedy bags, the stars of the SS24 collection. This is just the first act. The pop-up offers the full breadth of Louis Vuitton's men's universe, from classic Horizon luggage and Keepalls to rugged backpacks and Soft Trunks, all adorned with bold Damoflage and LV Blason prints.
Shoe enthusiasts can revel in iconic LV Trainers alongside new arrivals like the Palace Slipper and Footprint Low Boot. Belts, hats, jewelry, and sunglasses complete the picture, while limited-edition pieces like a crystal-embellished Speedy 40 and an LV Blason Rolling Truck make unforgettable statements.
From February 8th the pop-up will unveil its second collection, ensuring a fresh wave of Parisian luxury in the heart of Los Angeles.
The Bangladesh Textile Mills Association (BTMA) is pushing for a major shift in the industry, transforming garment waste into recyclable materials. President Mohammad Ali Khokon believes this move could slash cotton imports by 15 per cent, a significant step towards self-sufficiency. While efforts are already underway, with 40 factories like Simco Spinning and Beximco actively involved, it's still a drop in the bucket. Only 5 per cent of garment waste is currently recycled for export-worthy products.
This initiative finds strong support from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). President Faruque Hassan has called for a ban on cotton waste exports, emphasizing the need to break dependence on imported cotton, which currently stands at 98 per cent.
However, challenges remain. Financing and taxation are major hurdles, particularly the 22 per cent VAT levied on garment waste collection and recycled yarn sales. BTMA and BGMEA leaders are urging the government for policy and tax support to incentivize recycling.
A proposed scheme providing low-cost financial assistance to the industry could be the key to unlocking its full potential. By tackling these obstacles and embracing garment waste conversion, Bangladesh can significantly reduce its reliance on foreign cotton and boost its textile industry's sustainability.
Luxury fashion brand Dior has postponed its runway show to unveil men’s pre-fall fashion collection to March 23, 2024 instead of December as scheduled earlier. The event will be held in Hong Kong.
The runway show signals the confidence of Dior’s parent company LVMH Moet Hennessy Louis Vuitton’s in the company’s growth outlook. It also marks the French luxury house’s return to Hong Kong after a women’s haute couture show in 2014 and a men’s display in 2016. Dior currently has 11 boutiques in Hong Kong, of which six carry its menswear line.
Emerging from challenges such as the antigovernment protests in 2019 followed by protracted border closures during the COVID-19 pandemic, Hong Kong has grown its retail sales from 17.1 per cent between January and November 2023 compared with the same period the previous year, according to figures released by the Census and Statistics Department.
AGI Denim, a leading Pakistani denim manufacturer, is setting ambitious environmental goals, aiming for net-zero carbon emissions by 2050. Their first Sustainability Report outlines impressive progress and a clear roadmap for the future.
From coal-free power to mangrove planting, the company is tackling carbon head-on. They saved over 71 million kWh and avoided 19,469 tons of CO2e in 2023 alone, and target a 50 per cent reduction in Scope 1 & 2 emissions by 2030. Water conservation is another priority. AGI Denim achieved an 826 million liter reduction in 2023, aiming for an 80 per cent decrease by 2027 and even "net-positive" water usage by 2040. Their innovative water treatment plants and "Double Zero" dye technology contribute significantly.
Sustainability extends to materials as well. By 2030, 90 per cent of their materials will be sustainable, including regenerative cotton and recycled fibers. This marks a major shift towards environmental responsibility.
AGI Denim's commitment to sustainability goes beyond mere pledges. Their actions speak volumes, paving the way for a greener denim industry. This report is a testament to their leadership and serves as an inspiration for others to follow suit.
Fashion giant Première Vision is weaving a sustainable future with deadstock fabrics. These pre-loved treasures get a runway revival, bursting into one-of-a-kind garments brimming with resourcefulness and style. Remember the buzz at their Paris show? Nona Source's deadstock collection wasn't just eco-chic it sparked vibrant collaborations and transparency.
But deadstock's magic goes beyond green cred. It's a creativity catalyst. Brands craft haute couture masterpieces within the constraints of what's available; pushing boundaries with unexpected patterns and limited quantities. This green makeover reduces waste and footprints, making fashion and the planet smile.
Of course, it's not a fabric buffet. Brands need to design around what's on hand, and that's where the real magic happens. Limitations become muses, inspiring unique silhouettes and unexpected combinations. Each garment, a story whispered in fabric, a testament to the endless possibilities of upcycled chic.
Première Vision's deadstock revolution isn't just a trend; it's a statement. Sustainability and style goes hand-in-hand. Creativity thrives on constraints. The future of fashion is brimming with surprises, unearthed from forgotten treasures.
In 2023, Levi's, despite facing a slight reduction in its full-year revenue forecast from $1.54 billion to $1.51 billion, initiated several strategic collaborations and product launches to maintain its brand presence and appeal. The year kicked off with notable partnerships with companies such as Undercover, Ambush, Junya Watanabe MAN, and streetwear brand Stüssy, reflecting Levi's commitment to diverse collaborations. These collaborations extended to luxury labels like Kenzo, ERL, Slam Jam, and cultish imprints like JJJJound and Bornxraised, showcasing a broad spectrum of styles and influences.
Special attention was given to the 501 range of jeans, with Levi's introducing unique collections. This included environmentally friendly pants, Japanese-made jeans, and a premium pair of $900 dungarees, catering to various consumer preferences and sustainability concerns.
In an unexpected yet exciting move, Levi's ventured into unconventional collaborations, teaming up with Studio Ghibli and featuring K-Pop sensation NewJeans in a dedicated campaign. This demonstrated the brand's versatility in reaching diverse audiences and engaging with pop culture.
Adding an innovative touch, Levi's expanded its product line by introducing denim-flavored clogs, showcasing a fusion of fashion and functionality. This move aimed to diversify the brand's offerings and tap into new markets.
Despite the revised revenue forecast, Levi's proactive approach to collaborations, product launches, and marketing strategies throughout 2023 reflected a commitment to staying relevant and appealing to a wide range of consumers.
The US fashion market witnessed a notable shift in 2023, as fast fashion brands exerted a substantial influence on consumer preferences, reshaping the dynamics of luxury fashion sales. A comprehensive report by Consumer Edge highlights, the allure of high-end fashion labels such as Louis Vuitton, Gucci, and Burberry faced a challenging scenario due to the reproduction and sale of their designs at affordable price s by fast fashion counterparts.
Surprisingly, even among shoppers aged above 35, spending on luxury fashion brands witnessed a decline from 10 per cent in 2022 to 9 per cent in 2023. Direct-to-consumer (DTC) luxury goods also experienced a setback with a 7 per cent decrease compared to the previous year.
The standout performer in this evolving market landscape was the Chinese company Shein, registering an impressive sales growth of over 20 per cent in the first 10 months of 2023 compared to the same period in 2022. Notably, Shein secured the largest market share, commanding 40 per cent of the US fashion market. Following closely was the Japanese retailer Uniqlo, which recorded a remarkable 28 per cent increase in sales in 2023. French luxury brand Hermes also showed resilience, boasting of a 15 per cent improvement in sales through October.
In contrast, traditional giants faced challenges, as consumer spending on H&M experienced a 2 per cent dip in the US market during the same period. Michael Gunther, Vice President and Head of Insights at Consumer Edge, attributed the success of fast fashion retailers in 2023 to their ability to offer both affordability and trendiness.
Examining global transaction data through November, Consumer Edge found a modest growth of 0.4 per cent in consumer spending across the apparel, accessories, and footwear sub-industries compared to November 2022. This underscores the ongoing transformation in consumer preferences, signaling a new era where affordability and trend-conscious choices play a pivotal role in shaping the fashion landscape.
