FW
Showcasing a remarkable performance, Mafatlal Industries registered 81 per cent quarter-on-quarter rise in revenues, from Rs 420 crore in Q3FY24 to Rs 764 crore in Q4FY24. On a Y-o-Y basis, the company’s revenue escalated by 126 per cent from Rs 338 crore in Q4FY23 to Rs 764 crore in Q4FY24.
Mafatlal Industries net profit surged by 94 per cent Q-o-Q from Rs. 17 crore in Q3FY24 to Rs. 33 crore in Q4FY24. On a Y-o-Y basis, the company’s net profit increased by a staggering 175 per cent from Rs. 12 crore in Q4FY23 to Rs. 33 crore in Q4FY24.
Examining the company's profitability measures, there has been an improvement in return on equity (RoE), which increased from 4.19 per cent in FY21-22 to 6.05 per cent in FY22-23. Similarly, the return on capital employed (RoCE) rose from 8.02 per cent to 8.78 per cent during the same period. However, the net profit margin (NPM) stood at 2.70 per cent for FY22-23.
Mafatlal Industries is involved in the manufacture and trading of textiles and technology-related products. Their product range includes clothing, school uniforms, traditional textiles, health and hygiene products, and educational technologies. The company caters primarily to the textile and allied product market as well as the digital infrastructure industry.
Textile manufacturer Welspun Living is expanding its jacquard towel capacity with a 6,400 mtpa plant in Anjar. To be set up with an investment of Rs 400 crore, the plant will be operational by November 2024. It will facilitate Welspun’s market penetration in the beach and fashion category besides expanding its offerings in the kitchen and bath robes segment.
Welspun is also setting up a Greenfield plant to manufacture pillows in Ohio, US with an initial capacity of 6.7 million pillows. The company will invest $50 million in this new facility, which is expected to be operational by September 2024.
Pillows are the second most sold category after bath towels in the home textile sector. In 2022, nearly 250 million units were sold, with the US market valued at approximately $2.8 billion, projected to grow to $3.6 billion by 2026. This new plant taps into nearshoring opportunities by increasing production capacity closer to the US market.
The brand ‘Welspun’ continues to strengthen its leadership position as the most widely distributed home textile brand in India, with a presence in over 600 towns and 20,282 outlets, an increase of 9,112 in FY24. The flooring business recorded its highest ever yearly revenue of Rs. 9,269 million at an EBITDA of 8.3 per cent, reflecting a growth of 31.4 per cent in FY24. Emerging businesses, including domestic consumer, branded, advanced textiles, and flooring, grew by 16 per cent in FY24, contributing 33 per cennt to the total consolidated sales.
Renowned exporter of fabrics and garments catering to both global and domestic markets for the past decade, Globe Textiles India reported robust performance during Q4 and the full year of FY 2023-24. The company’s performance was driven by a strong demand, operational efficiencies, and strategic market expansion.
In Q4 FY24, Globe Textiles India exhibited strong operational and financial performance. The company acquired a 70 per cent stake in Globe Denwash featuring an environmentally friendly facility with a Zero Liquid Discharge system and partial solar power generation in April 2024. This acquisition led to a 30 per cent increase in consolidated revenue. Additionally, product mix optimisation and a transition to a customer-centric business model have begun to yield tangible results.
The company further enhanced its production capabilities by adding a garment processing capacity of 20,000 units per day and 600,000 units per month.
During Q4 FY24, Globe Textiles India delivered a strong performance despite challenges in global geopolitics and the macroeconomic environment. This volume growth contributed to a healthy revenue increase in Q4. For the full year, revenue stood at Rs 43,100.39 lakhs, a 107.25 per cent rise from Rs 40,183.18 lakhs in Q4 FY23.
The increased volume and operational efficiency of Globe Textiles led its EBITDA increasing by 145.61 per cent Y-o-Y to Rs 823.97 lakhs for the year. The company’s margins in the the textile and yarn segments also improved due to lower input costs and enhanced efficiencies in the garments division. Its full-year profit after tax rose to Rs 575.11 lakhs.
Overall, Globe Textiles India reported strong financial results for FY 2023-24, driven by strategic acquisitions, operational efficiencies, and market expansion, positioning the company well for continued growth.
Leading Japanese computerised flat knitting technology provider Shima Seiki will showcase its full product line-up at the ITM 2024 International Textile Machinery Exhibition (ITM 2024). The exhibition will be held from June 04-08, 2024 at the Tuyap Fair Convention and Congress Centre in Istanbul, Turkey.
A pioneer of Wholegarment seam-free complete garment knitting machines, Shima Seiki has been setting the standard almost exclusively with nearly 30 years of experience with its Wholegarment knitting technology. The brand aims to gain even more interest with its new SWG-XR flagship machine that raises the benchmark for Wholegarment knitting even further.
SWG-XR features the company's original SlideNeedle on 4 needle beds for high quality production of Wholegarment products using all needles, in addition to a re-designed sinker system and a compact, light-weight carriage featuring 4 systems as well as auto yarn carriers. All these contribute to increased productivity as well as increased product range using a wider variety of yarn for supporting knits for all seasons, and higher quality for knitting beautiful fabrics and silhouettes; even items that were impossible to knit before, including punch-lace patterns, variable stitch knitting and intarsia knitting.
Setting new standards for the next generation of waste-free, sustainable wholegarment knitting, SWG-XR at ITM will be shown in 15L. The Mach2xs Wholegarment knitting machine, also with original SlideNeedle on four needle beds, will be shown in 8L.
Other Wholegarment knitting machines include the MACH2VS V-bed machine for producing Wholegarment items using every other needle, shown in 8 and 18 gauges, as well as the compact SWG091N2 for producing smaller Wholegarment and accessories, to be shown in 10 gauge.
Shima Seiki’s benchmark technology in computerised shaped knitting is represented by its N.SVR122 computerised flat knitting machine in 14 gauge, and features such innovations as the R2CARRIAGE, WideGauge knitting, spring-type moveable sinkers, DSCS Digital Stitch Control System, stitch presser, yarn gripper and cutter, and takedown comb.
Meanwhile N.SSR112 offers industry-leading technology in an economical yet reliable package made in Japan. Also on display will be the SCG122SN coarse gauge machine in 3 gauge. Automatic seamless glove knitting machines will also be present, including the SFG20 21-gauge machine, and SFG-I in 10 gauge.
On the software side, demonstrations will be performed on Shima Seiki’s SDS-ONE APEX4 design system and APEXFiz subscription-based design software. Each provides comprehensive support throughout the production supply chain, integrating production into one smooth and efficient workflow from yarn development, product planning and design, to production and even sales promotion.
Especially effective is the way the design evaluation process is improved with ultra-realistic simulation capability, whereby virtual samples replace physical sampling, consequently reducing time, cost and material that otherwise go to waste. Digital prototyping using virtual samples on SDS-ONE APEX4 and APEXFiz help to digitally transform the fashion supply chain for realising sustainable manufacturing. Shima KnitManager knit production management software will also be shown to demonstrate solutions for maximising productivity through monitoring of machine status and production progress.
In 2023, the volume of flax fabric exports by the UK remained steady at 805, 000 sq m. However, the value of these exports dropped to $56 million during the year, according to IndexBox estimates. From 2013 to 2023, the total value of flax fabric exports from the country grew at a CAGR of 1.2 per cent with notable fluctuations throughout this period.
The United States was the main destination for flax fabric exports by the UK in 2023, receiving 227,000 sq m and accounting for 28 per cent of total exports. The second largest export destination was France with exports of 94,000 sq m, followed by India with exports of 67,000 sq m. From 2013 to 2023, exports of flax fabric from the UK to the United States grew modestly, while exports to France decreased by an average of 8.4 per cent per year, and exports to India surged by 32.5 per cent annually.
In value terms, the United States was the largest market for UK flax fabric exports at $24 million, making up 43 per cent of total exports. The Netherlands ranked second with exports worth $4.4 million (7.9 per cent share), followed by India with a 6.7 per cent share. The average annual growth rate of export value to the United States was 7.4 per cent, while the Netherlands saw a 12.9 per cent annual increase, and India experienced a 40.5 per cent annual rise.
The main products exported were fabrics containing 85 per cent or more flax (484,000 sq m), fabrics containing less than 85 per cent flax (310,000 sq m), and unbleached or bleached fabrics woven from flax containing 85% or more flax (26,000 sq m), together accounting for 99 per cent of the total exports. Unbleached or bleached fabrics containing less than 85 per cent flax made up the remaining 1.4 per cent.
From 2013 to 2023, the most significant growth among these products was in fabrics containing less than 85 per cent flax, unbleached or bleached, with a CAGR of 3.3 per cent. Other product types experienced declines.
In value terms, fabrics containing 85 per cent or more flax, other than bleached or unbleached accounted for 59 per cent of total exports. This was followed by fabrics containing less than 85 per cent flax. From 2013 to 2023, the value of exports for fabrics containing 85 per cent or more flax grew by 2.1 per cent annually.
Meanwhile, the value for fabrics containing less than 85 per cent flax, other than unbleached or bleached, decreased by 0.9 per cent per year, and unbleached or bleached fabrics containing 85 per cent or more flax increased by 0.9 per cent per year.
In 2023, the average price of flax fabric exports declined by 14.6 per cent to $69 per sq m from the previous year. Despite this drop, the export price had generally seen robust growth over the review period. The most notable price increase was in 2022, with a 32 per cent rise from the previous year, reaching a peak of $81 per square meter before falling in 2023.
There were significant price variations among different markets. The United States had the highest average price at $106 per sq m, while the United Arab Emirates had one of the lowest at $27 per sq m.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) held several discussions with Chinese sewing machine manufacturer Jack Technology Co to explore potential partnership opportunities and boost RMG competitiveness in the country.
The association hosted a delegation from Jack Technology, led by CEO Yangyou Qui, at the BGMEA Complex in Dhaka. It was represented by President SM Mannan Kochi, Senior Vice President Khandoker Rafiqul Islam, and other key officials.
During the meeting, the two parties delved into various aspects of the Bangladesh garment industry, including its development trends and the current global market situation. They highlighted the critical need for cooperation to enhance the industry’s competitiveness through innovation and technological advancement.
SM Mannan Kochi emphasised the significant progress made by Bangladesh in becoming a competitive hub for high-value garment products. He urged Jack Technology to support the industry by facilitating technology transfer and sharing expertise in advanced machinery. This collaboration would be instrumental in driving the industry forward, enabling it to meet global standards and maintain a competitive edge, he suggested.
The delegation from Jack Technology also shared insights into the latest innovations and technological advancements in sewing machinery, which could be pivotal for Bangladesh's garment manufacturers in enhancing productivity and quality.
Both parties agreed that a strategic partnership focusing on technology transfer and innovation would not only benefit Bangladesh’s RMG industry but also strengthen trade relations between Bangladesh and China.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) held several discussions with Chinese sewing machine manufacturer Jack Technology Co to explore potential partnership opportunities and boost RMG competitiveness in the country.
The association hosted a delegation from Jack Technology, led by CEO Yangyou Qui, at the BGMEA Complex in Dhaka. It was represented by President SM Mannan Kochi, Senior Vice President Khandoker Rafiqul Islam, and other key officials.
During the meeting, the two parties delved into various aspects of the Bangladesh garment industry, including its development trends and the current global market situation. They highlighted the critical need for cooperation to enhance the industry’s competitiveness through innovation and technological advancement.
SM Mannan Kochi emphasised the significant progress made by Bangladesh in becoming a competitive hub for high-value garment products. He urged Jack Technology to support the industry by facilitating technology transfer and sharing expertise in advanced machinery. This collaboration would be instrumental in driving the industry forward, enabling it to meet global standards and maintain a competitive edge, he suggested.
The delegation from Jack Technology also shared insights into the latest innovations and technological advancements in sewing machinery, which could be pivotal for Bangladesh's garment manufacturers in enhancing productivity and quality.
Both parties agreed that a strategic partnership focusing on technology transfer and innovation would not only benefit Bangladesh’s RMG industry but also strengthen trade relations between Bangladesh and China.
Visitors planning to attend ITMA ASIA + CITME 2024, Asia’s premier textile machinery exhibition, can register online by October 13 to secure early bird discounts of up to 40 per cent.
The event, scheduled from October 14-18 at Shanghai's National Exhibition and Convention Centre, China, will showcase cutting-edge technologies in the textile industry, reflecting rapid advancements in digitalization and sustainability.
Early bird rates are US$9 (¥60) for a five-day pass and US$5 (¥30) for a one-day pass, significantly cheaper than the onsite rates of ¥100 and ¥50, respectively.
The exhibition, co-owned by Cematex, CCPIT-Tex, CTMA, and CIEC, is set to be larger than previous editions, with about 1,700 leading manufacturers, including CHTC, Groz-Beckert, Karl Mayer, and Toyota, having already applied for space. These exhibitors will demonstrate advanced machinery across 18 product chapters, from spinning to garment making.
Ernesto Maurer, President of Cematex, emphasized the industry's rapid transformation driven by automation and sustainable practices. Gu Ping, President of the China Textile Machinery Association, highlighted the role of AI and internet technologies in evolving textile processes.
The previous 2022 edition spanned over 160,000 square meters, featuring more than 1,500 exhibitors from 23 countries and drawing 100,000 visitors globally.
In a decisive move towards sustainability, Active Apparel Group (AAG), a leading manufacturer of activewear and swimwear, has announced the implementation of an Environmental Management System (EMS) aimed at reducing its environmental impact globally. The EMS, developed following the ISO14001 Standard Framework, outlines specific targets and strategies to minimize carbon footprint across AAG's operations in China, Australia, and the USA.
A recent third-party audit of AAG's greenhouse gas emissions (GHGs) identified several focal points for reduction, including decreased energy use (Scope 1), minimized air freight, water conservation, efficient management of production waste, and increased utilization of sustainable materials. Daniel Hawker, CEO of AAG, emphasized the company's commitment to setting measurable goals in reducing their carbon footprint, acknowledging the significant emissions within the fashion industry's supply chain.
AAG's EMS is deeply integrated into its business operations, with clear ownership of targets and continuous education of its team members to ensure tangible results in reducing environmental impact. Quarterly progress reports are shared with stakeholders and reviewed by the Board of Directors, underlining AAG's transparency and accountability in its sustainability efforts.
This initiative forms part of AAG's broader Responsible Business Strategy, encompassing governance, social responsibility, and environmental impact. Alongside the EMS, AAG actively engages in various initiatives such as living wage audits, supply chain traceability projects, and waste management programs, reinforcing its commitment to driving sustainable practices throughout its operations.
In a bid to modernise and digitalise its operations, a prominent player in the textile industry, World Textile Sourcing (WTS) has partnered with World Fashion Exchange (WFX) to implement its fully cloud-based Apparel ERP software solutions across its global businesses. This strategic alliance aims to drive WTS into a new era of digital transformation, enhance efficiency, innovation, and visibility.
A leading provider of enterprise solutions tailored specifically for the fashion industry, WFX offers a comprehensive product suite that includes Apparel and Textile ERP, Fashion PLM, MES, and B2B Virtual Showroom. These can be implemented as standalone applications or integrated to form an end-to-end digital solution.
Headquartered in Peru with a showroom in New York, WTS has earned a reputation for delivering sustainable, high-quality fashion products to over 40 top brands in the United States. With a production capacity of up to 2 million garments per month, WTS is known for its agile supply chain, capable of turnaround times as fast as 30 days. The company offers both Free on Board (FOB) and Delivered Duty Paid (DDP) trade terms, with duty-free shipping available to the Americas, Europe, and most Asian countries. Their logistical capabilities are bolstered by TSA and CTPAT certified warehouses in South Florida.
From its collaboration with WFX, WTS expects to garner comprehensive coverage, custom adaptability, and WFX’s sectoral expertise. The WFX system aligns with the WTS’s unique business model and provides tailored solutions, ensuring it remains agile and responsive to market changes.
Moreover, WFX has extensive experience working with fashion businesses, including textile and garment manufacturers. The collaboration gives the company an opportunity to work with a partner that fully understands the demands of its business and industry. They have insights and solutions tailored to the company’s unique context, which assures its future scalability as a textile business.”
The partnership is expected to transform WTS's internal operations and customer service. Isla states, WFX enables the company to offer faster response times and more personalised solutions. Their advanced capabilities make it more scalable and competitive, ensuring it provides the best possible experience for its customers.
Looking ahead, WTS sees significant potential for growth and value creation through the partnership. WFX will help the company stay ahead of the curve, drive innovation, and set new standards for excellence within the industry, adds Isla.
