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Exporters of Tirupur are apprehensive that the 25 basis points hike in the repo rate will have a detrimental impact on knitwear exports from this region.
They feel the repo rate increase will further impact their business, particularly as they operate on wafer-thin margins.
Also interest rates are high when compared to rates prevailing in the international market. Orders are taken in advance and they are not in a position to revise the price. This will impact small and medium enterprises as there is stiff competition and they are already losing out to competing countries.
The Interest Equalisation Scheme had provided for three per cent interest subvention to compensate for the high rate. But this three per cent is seen as inadequate.
Exporters have appealed for a two percentage point increase in the Interest Equalisation Scheme (from three per cent to five per cent) with immediate effect to compensate the 25 basis point hike in repo rate.
They further want banks to take a lenient view while extending credit to small and medium enterprises.
Knitwear exporting units have been under pressure since the implementation of GST. Knitwear exports from Tirupur slipped to Rs 24,000 crores during the last fiscal against Rs 26,000 crores in 2017-18.
A number of textile dye and chemical companies have signed an open letter to the Stichting ZDHC Foundation discussing their concerns for the textiles value chain, which are proving an obstacle to the overall goals of the elimination of hazardous chemistry from within the textiles supply chain.
The companies – Archroma, Colourtex, DyStar, Huntsman, Jay Chemical, Protex, Pulcra, Rudolf, and Tanatex –expressed their concerns regarding additional financial burdens being placed on the industry by brands who seek to differentiate their offering on the basis of an additional modified “individualised” Manufacturing Restricted Substance List (MRSL).
The signatories also acknowledged that in order for the ZDHC to function efficiently, a mechanism must be in place to ensure that funds are available.
Stichting ZDHC Foundation was formed in 2014, to change the funding of the collaboration to a multi-stakeholder approach.
Previously the initiative’s internal activities had been primarily organised and funded by the ZDHC member brands.
The International Conference of the European Industrial Hemp Association (EIHA) will be held from June 12-13, 2018 in Cologne, Germany.
Around 350 participants from 40 countries are expected to participate in the event that will discuss the latest developments from all areas of the hemp industry – from seeds to the end product. Around 20 exhibitors will present their latest technologies and products in the event.
A major highlight of the conference will be an innovation award for the Hemp Product of the Year, presented for the first time ever. This award will honor three products – each from the areas of food, cosmetics and biocomposites. Participants will select the winners per category based on a short introduction of the products. The award winners will then be announced during the dinner ceremony.
The event will be organised by the German nova-Institut in close cooperation with the European Industrial Hemp Association. The day before the conference, EIHA will host expert workshops for members, meet representatives from Canada, USA and China.
‘Savers’ released its third annual State of Reuse Report, which reveals that while people consistently state they are donating or finding ways to extend the life of their items, 60 percent of North Americans shop secondhand only once a year or less.
Each year, the world consumes 80 billion new pieces of clothing, and 26 billion pounds of clothing and textiles go into landfills — 95 percent of which could be reused or recycled. Around 46 percent of them felt they had way too much stuff and 53 percent were driven to give items away because they had accumulated too much clutter.
‘Savers’ found that saving money is the primary reason for 57 percent people who shop second hand. Around 69 per cent of them felt that buying pre-owned goods was like finding hidden treasure and 77 percent have been surprised by the great pre-owned items they’ve found.
Bulgaria, Romania and other countries in the Balkan region have established a foothold in the luxury market and fashion houses from Paris and Milan are quietly building a bigger presence as they feed demand for a quicker turnover of styles.
More affordable labels have long produced bags, scarves, clothes and shoes in southeastern Europe, but margins are becoming slimmer as Balkan companies jostle for that business with China, Turkey and, increasingly, Africa.
The luxury sector is expected to grow up to five per cent this year, outpacing fashion as a whole, encouraging southeastern Europe to focus its efforts on attracting more upmarket clients alongside competitors such as Portugal.
Factories near the Danube are positioning themselves to help top brands adjust to faster fashion cycles.
Orders and enquiries from top brands are increasing and they have invested in machines to do the specialised stitches, buttons and ironing they demand alongside hand sewing, which is sometimes done through contractors.
For the brands, the cost advantage of nearby countries with the lowest wages in the European Union is not the only factor in an era where word of lapses in quality or poor working conditions spreads fast.
While top French and Italian luxury houses have experimented with manufacturing outside their home base for years now, it is often for more basic garments such as branded T-shirts.
But the need for small batches of work, done fast, to exacting standards, is growing.
According to a research report, the opportunity in the global luxury apparels market will be worth US$60,793.7 million by the end of 2024 from US$1,8842.69 mn in 2015.
Between the years of 2016 and 2024, the global market is expected to expand at a CAGR of 13.2%. The increasing affordability of luxury apparels is attributable to the mass production of goods, which has transformed the 19th-century ways of dress making.
The luxury apparels market boasts of an esteemed clientele comprising the high net worth individuals.
However, over the years several designers and fashion brands have started reaching out the broader range of customers through affordable products.
Big brands such as Louis Vuitton, Prada, and Versace are expanding to developing economies, which has not only improved their geographical reach but also won them a newer consumer base.
Lenzing Group has launched Veocel, a new nonwoven specialty brand which provides the nonwovens industry with fibres that are specialized clean and safe, biodegradable, from botanic origin and produced in an ecologically responsible production process. It will further support Lenzing’s shift to become a true specialty player in the botanic materials market derived from sustainable wood sources.
Veocel a key milestone of Lenzing’s new brand strategy to transform from a business-to-business (B2B) fibre producer to a business-to-business-to-consumer (B2B2C) brand. Veocel will enable Lenzing to shift its focus beyond fibre types to product application and build a relatable and emotional connection with consumers with thecontinuing co-branding, joint marketing and brand education creativities conducted with customers and brands internationally.
International fashion label from Pakistand, Khaadi has its debut store in Scotland. Located at Silverburn shopping centre in Glasgow. The 2,700 square foot store’s interior features key design elements from the east and west.
The new store opening, which was previously slated to take place this spring, sees Khaadi open its seventh store in the UK. The strong reputation of the centre in Scotland gives a firm foundation to build the presence in a new UK region.
Silverburn’s reputation as the region’s leading retail and leisure destination has led to numerous retailers launching their brand at the centre, including Flannels and Tim Horton’s most recently.
To reduce human exposure to damaging chemicals, the clothing and textile industry will go through a period of transformation over the next decade, as per the 60-page report titled ‘Safer Chemistry Innovation in the Textile and Apparel Industry’.
The report has been brought up by Safer Made, a venture capital fund set up.
It is expected that during this period, the industry will develop new materials and eliminate the chemicals that are both having a detrimental effect on the world’s eco-system.
According to the report, the successful elimination of hazardous chemicals will depend on positive action from a wide range of operators in the supply chain – from both within and outside the industry. Prominent among them that can lead the way in safer chemistry innovations, are brands, retailers, chemical suppliers and the mills that create the fabrics.
The report has suggested innovation approaches that are likely to bring forth change. These include development of new materials, such as alternatives to leather, new safer chemistries, including bio-based dyes, waterless processing, effective recycling of fibres from nylons and polyester and improved supply chain information.
Green fairs Green showroom and Ethical Fashion Show Berlin will be merged under the name Neonyt. A global hub for sustainable fashion and sustainable innovations will be created.
Neonyt is derived from the ancient Greek word neo for new and the Swedish word nyt for new.
With Neonyt, the organizers are launching a global hub that brings together visionary industry experts who are creating a broad stage for a sustainable lifestyle and consistently thinking of the fashion industry for the future.
This new orientation also has consequences in terms of content. The brand portfolio will be made more progressive. The criteria catalog for sustainability continues to form the basis, but in addition the fashion level of the trade fair will be significantly increased and brands in the exhibitor area have to be not only sustainable but above all stylish and trendy.
The organizers are currently working on a criteria catalog that can be a yardstick for the degree of fashion.
The segmentation (Moderncasual, Craft, Urbanvibe and Greenshowroom as an area for a higher quality segment) will be retained and supplemented with new product areas such as Beauty.
Cooperation with bloggers and influencers is also to be expanded further.
Fashion shows will take place under the umbrella of the Mercedes Benz Fashion Week at the E-Werk.
