FW
Itema, the world’s largest privately held provider of advanced weaving solutions, including best-in-class weaving machines, spare parts and integrated services, has prepared an impressive product line-up for India ITME 2016 in Mumbai on December 3-8, 2016 (Hall 6, Booth B1). Itema, will leverage this prominent stage to demonstrate its strong commitment to the Indian and neighbouring markets, both in terms of advanced, superior weaving technology and real time, highly qualified after-sales service.
During India ITME, Itema is exhibiting five weaving machines in its booth and one rapier machine with Jacquard application in Stäubli booth. Moreover, the company will highlight the strong advantages of its original spare parts in a dedicated corner, which will be of great interest for many weavers who have installed both the latest Itema machines and the previous Sulzer, Somet and Vamatex models.
Rapier weaving machines
Visitors can get a chance to see live the most successful rapier machine in recent history, the Itema R9500. With a solid installed base in more than 50 countries and the widest range of fabrics produced, the Itema rapier R9500 is nowadays the industry benchmark for versatility and superior textile performances. The R9500 on show during India ITME will display a high-end shirting fabric, featuring the latest technological advancements dedicated specifically to shirting applications, such as the brand-new Itema Pneumatic Tuckers, the most appreciated in this specific market segment allowing reduced maintenance costs and no speed limitations. Moreover, the Itema pneumatic tuckers provide utmost fabric quality and the possibility to have very narrow tucked-in selvedges leading to a significant fabric waste reduction.
Presented for the first time in India, the Itema R9500terry, which is already a big favourite of sophisticated premium terry weavers worldwide after its debut in Milan in 2015, will demonstrate its strong leading position in weaving the most refined and soft terry fabrics.
Airjet weaving machines
In airjet technology, three machines are on display, covering all main airjet technology application fields growing continuously in the Indian and surroundings markets. The A9500 featuring a bed sheeting style, will run with the latest improvements designed to excel in this market, meeting weavers’ requirements of widest versatility and substantial cost savings. The brand-new Full Width Reed Tuckers guarantee weavers the possibility to reduce reed stock and increase the flexibility of the machine. Moreover, the brand-new Double Tandem Nozzles ensure superior fabric quality and significant cost savings.
The third airjet machine is an A9500p weaving top quality yarn-dyed shirting and featuring another Itema patented feature – the ELD Electronic Leno Device – which, with its innovative design, self-cleaning and no need to wind the leno spools, provides a perfect leno binding even at highest speeds, whilst significantly reducing operational costs.
Carlo Rogora, CEO, Itema says, “India ITME 2016 is the perfect stage to show customers our best-in-class weaving machines, fine-tuned and equipped for the occasion with new and innovative technical devices perfect to answer the specific needs of the most requested applications in the Indian and surrounding markets”.
Itema in India
Itema is present in India since 2002, with sales and after-sales teams, technical support and advanced repair centres in Mumbai, Coimbatore, New Delhi and Ichalkaranji to ensure the highest possible standard of weaving solutions, with a complete offering and service to its valuable customers in the Indian market.
Updeep Singh, MD, Itema India avers, “In October, we opened the doors of our new offices in Mumbai and, recently, we established a new electronic repair center in Ichalkaranji, where highly qualified engineers take care of all the electronic components of our weaving machines, ensuring the best assistance to our customers. Itema offers best-in-class rapier, airjet and projectile weaving machines along with a real-time after-sales service, and the key reasons of our weaving machines success in India are the superior textile performance of the machines and the unrivalled expertise of our technicians. Moreover, we are confident in our machines’ reliability and performances that we are the only weaving machine manufacturer to offer two years’ extended warranty.”
India has emerged strong in the global textiles and apparel segment with 5 per cent market share. As of now, India’s market is worth $180 billion and target is to take it up to $300 billion by 2021. To achieve this goal, India needs to strengthen its position across all levels of the value chain. In an exclusive interview Dr. Kavita Gupta, Textile Commissioner, Ministry of Textiles speaks to Fashionating World about the issues confronting the textile industry, and what needs to be done to boost growth in every segment of the overall textiles sector
How do you see India’s textile prowess?
India is the second largest exporter of textiles and apparel next only to China. But we are a distant second. China’s share is almost 40 per cent of global exports; India’s is about five per cent. India can do much more. At one time, we were known for our muslin, yarn and cotton. Our share was as high as 45 per cent of the global market. We have the raw materials, capacity and capability, manpower resources. We are also the fashion hub of textiles. We are coming up well in apparel made-ups. We have a huge spinning capacity.
What’s the way forward?
The domestic market is worth $110 billion. The export market is worth $70 billion. By 2021, we have to increase to $300 billion from $150 billion now. So we have to strengthen each level of the value chain from fiber to fashion. We can reach this target by focusing on value addition. This will increase the value of products. If we sell only at a lower level of the value chain, we don’t get higher realizations. If we focus on value addition, with the same kind of product, we can get bigger and higher value.
If we see our fibre potential, we have approximately 6.5 million tons of cotton fibre and approximately 2.5 million tons of synthetics/man-made fibre/filament yarn. We can increase cotton fibre to a maximum of eight million tons. But we can increase synthetic fibre up to 12 million tons. So that we can reach 20 million tons of fiber strength. This can be done with higher productivity in cotton and by producing more fiber into synthetics. We need policies for fiber neutrality and rationalizing the excise and duty structure. Ideally, in order to increase fiber production, we have to induce investments. This will be both sustainable, and our profit margins will be better, value addition will be better. If we can’t induce investment, we have to rely on fibers coming from outside. In manmade fiber, the excise duty is 12.5% now. Fiber neutrality means all fibers are treated in the same way.
Moreover, we have to balance various segments of the textile value chain. Now we have a strong spinning segment but processing and weaving are relatively weak. We are promoting garments, which we hope will pull up the various segments. Most garments made in the country today, source material from domestic fabrics. If we promote this, the weaving industry gets pulled up. This is one of the aims of the special package for garmenting units.
Are any new schemes in the offing?
India is the biggest cotton producer and exporter. But we have to ensure consistent quality and better delivery mechanism and logistics. This will ensure the exports market has confidence in us. We have to reduce costs and improve pricing. This can only happen with better levels of productivity and efficiency.
Training is necessary for this. Manpower has to be skilled up. We have the Integrated Skill Development Scheme. We give a worker Rs 10,000. We have formulated various modules of training programs and have an independent third party assessment of trainees. This determines if they have acquired the necessary skills. And of the people who have been trained, 70 per cent need to be placed in the entire value chain of the textile sector. For the garment sector, there is a special package for Garments including also a Scheme for Production and Employment Linked Subsidy for Garmenting Unit (SPELSGU). Now, we want to go full steam into both domestic and exports of garments. In both markets, we compete with foreign brands. So, we have to defend the domestic space and capture export markets and also develop our own product brands.
What is the scenario of cotton exports and the development of textiles?
Most of India’s cotton produced is consumed domestically, with small exports. This year because prices are high in the domestic market, exports have automatically come down. But restricting exports will not be beneficial as it will lead to a price rise. In the global competitiveness index, India has jumped 16 notches in a year. That means we are poised for growth. People are now complementing each other. They understand the success of one segment depends on the success of other segments. They are not only concerned about their own segment but want other segments of the value chain to improve or become more competitive. One example is Liva, it’s an example of forward and backward integration. Liva is trying to pull all the segments of the textile value chain. This example should be replicated by other industry partners. I believe people will see the importance of having an integrated approach. We have a greater development of integrated and composite units. A substantial portion of the TUF subsidy has gone into composite units in the textile sector, where different segments of the value chain are integrated.
Does our role in synthetics need to be enhanced?
India’s proportion of cotton to synthetics is 60:40. That means synthetics has a substantial role. So, we are catching up on synthetics. Even in big clusters like Bhiwandi or Surat, it’s mostly synthetics or blends. Cotton blends has the advantage of low maintenance, higher strength, lower cost. So our sectors are moving towards synthetics or blends. Our domestic market is $110 billion and exports is $70 billion. That means, exports are substantial. And India is giving a big push to the garment industry. Garments is the only industry that has a subsidy of 25 per cent. TUF is 15 per cent and there is a 10 per cent additional subsidy. In all other segments, except technical textiles, we have a TUF subsidy of only 10 per cent. We have textile parks that are only garmenting. Made-ups are also coming up in a major way. We have buyer-seller meets, international exhibitions, fashion shows. Branding activity is also taking place. We are looking at developing brands. Many brands are sourcing from India. The garments with brands of Reid and Taylor, Marks & Spencer etc., are made here. But if we can develop five or six brands of our own at the global level in a few years, it will be a huge thing.
Will free trade agreements (FTA) accrue benefits for India?
India is working out FTAs with various countries. But China does not have many FTAs, yet it has penetrated all markets. Indeed, FTAs are important to expand, as they give better access to Indian products in other markets, but FTAs are not the only way to penetrate foreign markets... With TPP, some Indian investors are already going to Vietnam. So we can do what China is doing. We can route our industries and take advantage of TPP by sourcing some part of the value chain over there. We can expect prices in TPP member countries to increase because of demand and supply. There will be pressure for investment in TPP countries. Labor and land costs will over a period rise. Power tariffs too may rise. All this will increase production costs. I have seen many FTAs leading to higher production costs. Because of this, India will become more competitive and we will have a competitive advantage.
How strong are we in economies of scale?
Economies of scale are helpful in bringing down prices and in establishing an integrated value chain. India is looking at policies and programs to encourage economies of scale. Looking at the demand, industry is also moving towards building economies of scale.
What’s the progress in technical textiles?
India is looking at technical textiles. As GDP grows, demand for technical textiles in India will grow. We are promoting the use of technical textiles. India has special technology missions for technical textiles; we have built Centres of Excellence in textile research associations. Apart from R&D, the focus is also on incubation centres in these Centres of Excellence, where people can develop and commercialise new products. The incubation centres have a plug and play model. Without any investment, people can come and develop the product, commercialise it and move out when they are comfortable, so that they make space for a new entrepreneur to develop his product in a commercialised way.
Different Centres of Excellence have been identified for various segments of technical textiles. Geo textiles are used in roads and infrastructure. We have schemes for the use of geo textiles in the Northeast and hilly areas. We are promoting the use of agro textile in agriculture for conserving water and improving crop productivity. We are promoting Meditextiles for hospitals and health care. We also have industrial textiles and protective textiles for industrial and safety purposes.
What about technology upgradation?
Upgrading technology is a crucial area. We either import the technology through TUF or have R&D. We have a special focus on this and are funding research in textiles and textile machinery. This will give a direct impetus to the growth of the textile sector.
Mumbai is hosting the 10th edition India ITME 2016 from December 3 to 8 at NESCO grounds, Goregaon, Mumbai. One of the main highlights of this edition is the ITME-TIT Conference,“Paradigm Shift- What’s Next in Textiles” on December 6. The ITME-TIT Conference is a global conference (with Indian perspective. The conference has been organized by DFU Publications/FashionatingWorld.com and co-organized by TAI Delhi
Power-packed Panelists
The confirmed speakers include top government policy makers, corporate wizards as well as academicians. The chief guest of the ITME-TIT Conference would be Dr Kavita Gupta, Textile Commissioner. The eminent panelists include R D Udeshi, President, Polyester Value Chain, Reliance Industries; Sanjay Jain, President, NITMA & Vice President, FOHMA; VK Ladia, Past Chairman, SRTEPC and MD, Rajashtan Syntex; Rajeev Gopal, Group Executive President, Grasim; and JV Rao, CEO, National Skill Development Council.
The full day conference will see eminent speakers from across the world. The inaugural session ‘India the future is Now’ will focus on India’s position in a globalised world. Dr Kavita Gupta, Textile Commissioner will be the eminent speaker. R D Udeshi, President, Polyester Value Chain, Reliance Industries and Prashant Agarwal, Wazir Advisors will give theme presentation on increasing the Textile & Apparel Trade to $300 bn. There will be several panel discussions on covering topics like: Growth drivers for textile & apparel business for achieving $300 bn; Make in India - Achieving by being competitive in changing global scenario; ITME exclusive on advancement in textile technologies; Future of textiles and future of technical textiles.
ITME will see exhibitors from 92 countries and 1,25,000 visitors and buyers are expected to visit from over 100 countries. ITME has 72 global media and support partners. The event has Who's Who of Indian textile industry across the supply chain specially from yarn, fabrics and raw material side.
The exhibitions gains importance given India is the second largest textile economy in the world after China and is being tipped as the brightest spot in the world of textiles. The industry is aiming to grow from its current size of around $170 billion to $300 billion by 2020. Even now, India accounts for 5 per cent of global textiles and clothing exports after China with a share of 39 per cent.
“India has emerged strong in the global textiles and apparel segment with 5 per cent market share. As of now, India’s market is worth $180 billion and target is to take it up to $300 billion by 2021. To achieve this goal, India needs to strengthen its position across all levels of the value chain,” says Dr Kavita Gupta, Textile Commissioner. “At one time, we were known for muslin, yarn, cotton. So, our share was as high as 45 per cent of the global market. We have the raw materials, capacity and capability, manpower resources. We are also the fashion hub of textiles. We are coming up well in apparel made-ups. We have a huge spinning capacity,” Dr Gupta says.
India’s domestic market is worth $110 billion. The export market is worth $70 billion. “By 2021, we have to increase to $300 billion from $180 dollars now. So, we have to strengthen each level of the value chain from fibre to fashion. We can reach this target by focusing on value addition. This will increase the value of products,” Dr Gupta opines.
FACTS & STATS
India, the second largest textile economy in the world, today accounts for over 5 per cent of global trade in textiles and clothing; is second only to China that has 39 per cent market share. However, the global textiles market moves to the next phase of trade dynamics and readjustments… Can we change the world order in our favour? The conference is going to bring to fore this very question.
The current size of India’s overall textile and clothing industry is $170 -180 billion and to achieve $300 bn, perhaps India needs to target around $100 bn worth of exports with a CAGR of 10 per cent and around $200 bn from domestic market with a CAGR of around 15 per cent in next 5 years. What kind of model should be followed to achieve the targeted $300 bn? Should it be ‘supply driven’ (Push Model) pushing raw material down the stream or should it be ‘demand driven’ (Pull Model), upstream, leading demand to production?
The ITME-TIT Conference will give a perspective to a lot of these issues shaping the dynamics of textile & clothing industry. Exclusive presentations will be made on advancement in Textile Technologies; Future of Spinning, Weaving, Finishing, Technical Textiles (to be conducted by VDMA*) and digital printing.
India ITME, organised every four years, is the second largest event of its kind in the world (after ITMA Europe). The congregation will witness the launch of 24 products over six days besides discussions, knowledge sharing, profiling of artisans, photography exhibition, etc.
"The adverse impact of demonetisation on disposable incomes and hence consumer spending has resulted in a slowdown in domestic demand for apparels and other end-products of textile industry in the immediate term. The resulting inventory accumulation with the retailers will, in turn, cause deferment of purchases from apparel/home-textile manufacturers (focussed on domestic market) in the near term, besides resulting in stretched payments. This, in turn, will affect the cash flow of the textile industry and is likely to drive a constraint in the demand for the entire textile value-chain, remarks leading research agency ICRA."
The adverse impact of demonetisation on disposable incomes and hence consumer spending has resulted in a slowdown in domestic demand for apparels and other end-products of textile industry in the immediate term. The resulting inventory accumulation with the retailers will, in turn, cause deferment of purchases from apparel/home-textile manufacturers (focussed on domestic market) in the near term, besides resulting in stretched payments. This, in turn, will affect the cash flow of the textile industry and is likely to drive a constraint in the demand for the entire textile value-chain, remarks leading research agency ICRA.
While textile retailers are facing the immediate impact, the impact on apparel manufacturers and other intermediaries in the value chain is expected to be felt with a lag of a few weeks, with reduction in orders due to a slower off take of the channel inventory. The overall impact on the sector, however, is expected to be limited as 1/3rd of the Indian textile industry is estimated to be export focussed (directly or indirectly). Also, as the demand reverts to a steady state over the next few months with expected improvement in liquidity, this impact will be neutralised.
Winter-wear segment to be worst-affected
In ICRA’s assessment, the impact of demonetisation is likely to be the most severe for winter-wear retailers and manufacturers focussed on the domestic market, who witness 60-70 per cent of their annual sales during the period October-February. Though from the manufacturers’ end, the shipments typically take place by September-October, pressure on sales in the retail space during the subsequent peak season can indirectly affect manufacturers. While on the one hand, slow sales increase the possibility of stock returns to manufacturers or affect order book for the next year in the light of unsold inventory; on the other hand, slow sales and consequent liquidity pressures on retailers can result in stretched payments to the manufacturers.
Cash crunch delays cotton arrivals
The harvest season for cotton in India begins in October, with major cotton arrivals happening till March. New cotton arrivals are typically accompanied by softening of cotton prices from the levels during the period April-September. While a similar trend was observed this year, announcement of demonetisation on November 8 has delayed cotton arrivals in the market due to widespread prevalence of cash payments to farmers. Accordingly, farmers are holding on to inventories resulting in a fall in daily cotton arrivals in November 2016 vis-à-vis corresponding previous, thereby resulting in artificial supply shortage and bottoming of cotton prices.
Short-term phenomenon, largely affecting the unorganised segment; yarn manufacturers to remain insulated In ICRA’s view, the slowdown in cotton arrivals and resultant marginal up-tick in cotton price post November 8, 2016 is a short-term phenomenon, which has already started to correct, as farmers have gradually started accepting alternate modes of payments. Further, the yarn manufacturers are expected to be insulated from this mismatch, given the sizeable inventory maintained by them on an ongoing basis.
The impact is expected to be pronounced on the unorganised segment, which forms a large part of the domestic textile sector where cash transactions are more prevalent, as reduction in currency circulation is likely to temporarily affect their routine business transactions.
Overall in ICRA’s view, the impact of the demonetisation is expected to be felt across the textile value chain in the near-term. While on the one hand, the impact is likely to trickle down from a slowdown in spending on apparels and other end products on the demand side; on the other hand, the reduction of currency in circulation is likely to adversely affect the unorganised segment and cotton procurement in the ongoing season of inventory build-up. Nevertheless, this is only expected to be a short-term phenomenon.
In the cost-sensitive spinning business where most products are generic, the last thing that any company would ask for is to create a brand. RSWM, the flagship company of $1 billion LNJ Bhilwara Group did precisely that. Giving a deaf ear to experts advising caution the company launched yarn brands with the conviction that the consumer needed change. The result was that the company launched its first yarn brand in 2011, one of the first instances of branding within the country’s yarn sector.
Following the commissioning of its state-of-the-art SJ-11 unit, the company launched the Ultima brand of grey yarn. The sales of Ultima increased to 11 per cent in 2015-16. Then, encouraged by the success, the company launched Edge, its niche value-added brand of superior yarn products in 2015. The brand immediately addressed an unmet customer need. Revenues from Edge accounted for 12 per cent of the company’s sales volume in 2015-16.
The grey yarn that was earlier priced as a commodity, now fetches a reasonable premium over competing variants, moves faster off shelves and has enhanced the company’s corporate brand. Revenues from branded products increased from 8 per cent in 2014-15 to 13 per cent in 2015-16.
The next step was to customize and manufacture yarn as per customer specifications and requirement. The company’s ‘3/7/25’ counter-response was fundamentally simple, three days for lab prototyping, seven days for trial sampling and 25 days for bulk manufacturing.
The company created product development centres within its manufacturing locations. It invested Rs 134 crores in enhancing its capabilities and allocated dedicated infrastructure and resources for timely product development and monitored the progress of each customer request on a real-time basis. The result is that even as the broad yarn market continued to be challenging.
Nandan Denim which began with a six million-meter annual capacity in 2004 now crafts 110 million meters of fashion fabrics. The company is in the process of initiating internal projects that are woven around bringing efficiencies in quality, delivery and waste control.
Nandan has added yarn dyed/solid fabrics. In the last five years the company is managing a strong CAGR of 20 per cent in sales and 36 per cent in net profit. Nandan Denim plans to create a portfolio of hybrid brands straddling across consumer segments and price points.
Nandan Denim aims to achieve cost optimization and benchmarking efficiency at its manufacturing units. Another priority is fabric innovation. It is also well-positioned to capitalise on the soaring export demand. The fully integrated manufacturing facility caters to the needs of customers by providing a variety of products under a single roof. The hope is that the on-going expansion in denim fabric capacity and backward integration will better operating margins and return ratios.
In future Nandan is looking to increase its share of value-added products and adding more processing facilities coupled with innovative and fashion first products. This will enable it to manufacture a wide range of denim fabrics, fetching higher average realisations and profitability.
Hanesbrands has made a huge splash in its relatively short tenure as a publicly traded company. The US major is best known for undergarments, but other products include sports apparel and hosiery. In its most recent quarter, it saw a 11 per cent rise in revenue, with adjusted earnings from continuing operations climbing by 12 per cent.
Hanesbrands enjoyed strong share-price performance between 2012 and 2014, prompting the company to split its share last year. Hanesbrands did extremely well coming out of the gate, seeing its share price climb by more than 50 per cent less than a year after its IPO. But the recession of 2008 and the ensuing financial crisis sent the stock falling sharply, reaching single-digit share-price levels before bottoming out and rebounding.
It didn't take long for Hanesbrands to get back to where it had traded before the crisis, but several years of sluggish performance put a cap on the stock’s appreciation potential. That changed in late 2012. From there, the stock doubled in less than a year and substantial gains continued through 2014 and into early 2015. By the time the company decided to do a stock split, its share price had climbed almost to $130.
The number of chemicals used in the making of fashion-forward jeans is extensive and controversial too. After major players in the denim industry sounded off their concerns for Aniline, a chemical used in indigo dyeing, during the recent Kingpins Transformers, the substance has garnered new attention from quite a few.
Despite growing campaign against chemical and its possible links to cancer, the said chemical is used by major brands in the denim industry. Till now, Scandinavians are the only ones who have completely Aniline-free. It is the main raw material used in the manufacturing indigo. It was first obtained and isolated from indigo in 1826, taking its name from the actual plant where the substance was found Indigofera anil.
The Environmental Protection Agency’s (EPA) reports that Aniline has been under the organizations statutes/regulations since 1978 making the possible dangers of the substance known for over the last 30 years. The Agency spoke on the possible consequences of Aniline exposure beyond the classification of a possible carcinogen, explaining that the chemical vapors can also be absorbed through the skin. This enforces anxiety among denim heads due to the skin contact associated with wearing a garment that crossed paths with the chemical. However, the EPA also said that they are unaware of any recent issues with Aniline and denim assuaging those concerned about the possible ban from the industry.
Donald Trump’s announcement that he intends to pull the United States out of the Trans-Pacific Partnership (TPP) agreement has breathed new life into the largely dormant Regional Comprehensive Economic Partnership (RCEP). It is a rival multilateral free trade proposal that puts China and ASEAN in leading roles.
Signed in February this year, the TPP was expected to liberalise trade among its 12 signatory Pacific Rim nations including the US, Canada, Mexico, Vietnam, Malaysia and Japan. Cambodia’s exclusion from the trade pact was seen as potential blow to the Kingdom’s economy, primarily because the deal would give some of its competitors particularly Vietnam a privileged access to the US market.
Jayant Menon, Lead Economist for Asian Development Bank’s office for Regional Economic Integration, said that the uncertain future of the TPP had galvanised interest in the RCEP, a more inclusive and less-stringent 16-nation Asia-Pacific free trade agreement that includes all 10 ASEAN member states as well as China, India and Australia. With the TPP effectively dead, Menon feels this would provide an opportunity for the RCEP to fill the vacuum and set the scene for trade policy in this region. While it would be tempting to think of the RCEP as a China-centric deal, Menon said that despite China being the dominant economy in the grouping, the trade deal should benefit all signatories if implemented properly.
However, unlike the TPP, the rival multilateral trade proposal does not require its member countries to liberalise trade or enact sweeping economic reforms. RCEP has to become more ambitious in terms of what it needs to achieve, and [its signatories must] avoid concluding an agreement seen as achieving too little in terms of genuine reforms. Analysts say the TPP’s lofty reform goals, and that potential legal entanglements would largely be handled by US Courts, were defining reasons why certain Asian countries including China and Cambodia were unlikely to seek inclusion in the deal.
Retailers have long depended on sale of high-margin winter coats and boots to boost their annual profits but with the season becoming shorter and warmer, US fund managers, convinced that the industry is becoming a victim of climate change, are leaving departmental stores and apparel stocks. The industry's long supply lines are one reason why apparel companies and department stores struggle to adjust to warmer winters. The industry is also still wedded to the idea that buyers want winter coats which tend to have margins of around 40 percent in early October when summer weather often stays on.
On record, the 2015-2016 winter was the warmest that prompted many US fund managers to abandon apparel stocks altogether. Approximately 48 per cent of US actively managed equity funds have zero exposure to apparel companies up from the 38 per cent of funds that rejected apparel stocks at this time last year, according to a data by Morningstar.
There are signs that this season will continue to be hard on apparel makers. The average temperature in October was nearly 58 degrees. That was the third-warmest October on record and the warmest since 1963, according to the National Centers for Environmental Information.
The average October temperature has warmed by 0.6 degree per decade over the last 30 years, with only September having a greater increase in average warmth, it is learnt. Fifteen of the 16 warmest years on record have been in the 21st Century.
