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A once-popular fast-fashion retailer, Forever 21 has filed for Chapter 11 bankruptcy for the second time in six years, signaling a potential liquidation of its US operations. Known for its trendy, affordable clothing, the company struggled to adapt to the changing retail landscape.
The bankruptcy filing indicates that Forever 21 was unable to secure a buyer for its approximately 350 US stores. However, owned by the Authentic Brands Group, the brand’s trademark and intellectual property may continue to operate in a different form. The brand's decline reflects the challenges faced by brick-and-mortar retailers in the age of e-commerce and the decline of traditional shopping malls.
Founded in 1984, Forever 21 reached its peak in 2016, operating around 800 stores globally, with 500 in the US.
However, the rise of online shopping and shifting consumer preferences contributed to its downfall. The company previously filed for Chapter 11 in 2019 and was acquired by Sparc, a joint venture between Authentic Brands Group and mall operators Simon Property and Brookfield Asset Management Inc.
Currently, Forever 21 plans to conduct liquidation sales at its US stores while seeking a court-supervised sale of its assets. The company's estimated assets range from $100 million to $500 million, while its liabilities are between $1 billion and $10 billion.
Forever 21 is currently owned by Catalyst Brands, a company formed by merging Sparc Group and JC Penney. Despite the bankruptcy, the brand’s US stores and the website will remain open for now, and its international stores will remain unaffected. Authentic Brands Group will retain ownership of Forever 21’s intellectual property, leaving the possibility of the brand continuing in some capacity.
A social enterprise focused on sustainable textile supply chains, CottonConnect is launching pilot projects for Kasturi and Suvin cotton in India. The London-based organization, with a strong Indian presence, aims to enhance farmer capacity, promote women’s empowerment, and ensure traceability.
Discussing their plans, Alison Ward, CEO, and Kinner Lakhani, COO highlighted their collaboration with the Cotton Corporation of India for Kasturi Cotton, a premium, traceable variety. CottonConnect has signed an MoU with the Indian government and trained ginners on Kasturi Cotton's quality parameters. Ward believes Kasturi Cotton can become a powerful brand, with India leading quality control rather than relying on external regulations.
CottonConnect is also exploring Suvin cotton, a high-quality, extra-long staple variety, due to brand interest. Suvin, though currently produced in small volumes, has potential for boutique brands. The organization, with 70 per cent of its staff in India, uses its ‘TraceBale’ platform to track cotton from farm to finished product, ensuring transparency for retailers and consumers.
The TraceBale platform has registered 580,000 farmers, primarily in India, and traces 590,000 tonnes of cotton. It uses QR codes, DNA markers, and digital documentation for comprehensive traceability. CottonConnect is also focusing on sustainable practices, including the circular economy and regenerative agriculture.
Ward highlights the growing demand for traceable and organic textiles from retailers like Primark and C&A. Lakhani notes the increasing adoption of Human Rights Due Diligence (HRDD) by Indian textile companies. CottonConnect works with ginners on a code of conduct and has trained 25,000 farmers in regenerative practices, reducing pesticide and water use while increasing productivity. The organization is committed to advancing sustainable and ethical practices in the Indian textile industry.
The Southern India Mills Association (SIMA) has hailed the Tamil Nadu Budget 2025-26 as a pioneering effort to boost the global competitiveness of the textile and clothing (T&C) sector. SIMA Chairman S K Sundararaman expressed gratitude to Chief Minister M K Stalin for introducing industry-focused initiatives with necessary budget allocations.
Sundararaman also thanked Handlooms and Textiles Minister R Gandhi and Finance Minister Thangam Thennarasu for advocating key measures to support the T&C industry, which accounts for one-third of the country's textile manufacturing capacity. He highlighted that Tamil Nadu's textile sector, contributing 45 per cent of spinning, 22 per cent of powerlooms, 12 per cent of handlooms, and over 60 per cent of cotton knitted garments in India, has faced serious challenges in recent years.
The budget includes Rs 30 crore for modernizing powerlooms over three years old into shuttleless looms, improving productivity and earnings. Additionally, Rs 50 crore over five years will establish common facility centers with fully automatic computerized fabric cutting machines for garment and made-ups clusters like Tiruppur, Karur, and Chennai, enhancing fabric realization by up to 10 per cent and reducing production costs.
SIMA also welcomed the Rs 15 crore allocation for the Tamil Nadu Technical Textile Mission to promote diversification and investment in the emerging technical textiles sector. Another Rs 20 crore has been set aside for loom sheds, common facilities, and quality testing labs to support powerloom exports.
Sundararaman lauded the budget as a model for other states, emphasizing its focus on modernization, value addition, and global competitiveness.
The Lenzing Group has released its 2024 Annual and Sustainability Report, reinforcing its commitment to ecological, social, and economic transformation in the textile and nonwoven sectors. Titled Activate Transformation Here, the report highlights Lenzing’s progress and urges industry-wide collaboration for sustainable change.
CEO Rohit Aggarwal emphasized the need for a shift to sustainable production, citing Lenzing’s expertise in large-scale fiber production from renewable materials and its push for binding industry standards. The report, adhering to Global Reporting Initiative and European Sustainability Reporting Standards, was audited by KPMG Austria.
Lenzing has aligned its climate targets with the Paris Agreement, earning validation from the Science Based Targets Initiative. The company remains the only regenerated cellulose fiber producer with a verified science-based net-zero target. Investments exceeding €200 million modernized facilities in China and Indonesia, reducing emissions and increasing specialty fiber capacity. Notably, new gas turbines at its Chinese plant are accelerating the transition from coal to natural gas. Since 2017, Lenzing has cut greenhouse gas emissions by 41 percent.
Sustainable innovation remains a focus, with advancements such as hydrophobic cellulose fibers for hygiene products and waterless dyeing technology developed with Exponent Envirotech. Initiatives like textile recycling with Södra and biodegradable glacier-protecting geotextiles demonstrate Lenzing’s leadership in circular solutions.
Recognized for sustainability excellence, Lenzing secured top ratings from CDP, EcoVadis, and MSCI. The company remains at the forefront of sustainable fiber production, driving industry transformation while reducing environmental impact.
The Lenzing Group improved its business performance in 2024, overcoming slow market recovery and high costs. The company increased fiber sales, though price levels remained below the previous year. Revenue rose 5.7 percent year-on-year to €2.66 billion, driven by a 10 percent increase in fiber revenue. EBITDA surged 30.4 percent to €395.4 million, with the margin improving to 14.8 percent. EBIT turned positive at €88.5 million, recovering from a loss of €476.4 million in 2023.
CEO Rohit Aggarwal credited decisive measures for boosting fiber volumes and pulp business performance despite weak market conditions. He emphasized that fiber prices have yet to recover, and the company will maintain its focus on cost efficiency and resilience. The ongoing performance program generated over €130 million in savings and strengthened sales through customer acquisitions and market expansion.
Operational cash flow nearly doubled to €322.5 million, while free cash flow improved to €167 million from a negative €122.8 million in 2023. Capital expenditures fell to €156.3 million as Lenzing prioritized maintenance projects. Net losses after taxes narrowed to €138.3 million, significantly improving from a €593 million loss in 2023.
Looking ahead, Lenzing expects higher EBITDA in 2025, despite ongoing economic uncertainty, volatile currencies, and cautious consumer spending. The company remains confident in the rising demand for eco-friendly fibers and plans to expand its specialty fiber business and sustainability leadership.
The American Association of Textile Chemists and Colorists (AATCC) is accepting nominations for its prestigious annual awards, recognizing outstanding contributions to textile science, education, service, and leadership. The deadline for nominations is March 31, 2025.
The Olney Medal, established in 1944, honors excellence in textile or polymer chemistry. The Chapin Award, created in 1958, acknowledges senior members with 20 or more years of dedicated service to AATCC. Both awards will be presented at the Fabricating the Future Conference, October 5-7, 2025.
Other awards will be presented during the Fall Research Committee Meetings, November 11-15, 2025. These include the AATCC Technical Committee on Research (TCR) Service Award, which recognizes outstanding technical contributions from senior members with at least five years of continuous membership. The Future Leaders Award highlights promising young professionals under 40 who demonstrate strong leadership skills in textiles and material sciences.
The AATCC Education Award honors members making significant contributions to the Association’s educational initiatives, while the Faculty Advisor Award celebrates faculty advisors fostering active and growing AATCC student chapters. The Millson Award for Invention, named after Henry E Millson, recognizes innovative inventions in the textile field.
AATCC encourages members to nominate deserving colleagues, mentors, or proteges who have advanced textile innovation, research, and education. These awards not only recognize individual excellence but also strengthen AATCC’s mission to promote textile science worldwide.
The American Association of Textile Chemists and Colorists (AATCC) is accepting nominations for its prestigious annual awards, recognizing outstanding contributions to textile science, education, service, and leadership. The deadline for nominations is March 31, 2025.
The Olney Medal, established in 1944, honors excellence in textile or polymer chemistry. The Chapin Award, created in 1958, acknowledges senior members with 20 or more years of dedicated service to AATCC. Both awards will be presented at the Fabricating the Future Conference, October 5-7, 2025.
Other awards will be presented during the Fall Research Committee Meetings, November 11-15, 2025. These include the AATCC Technical Committee on Research (TCR) Service Award, which recognizes outstanding technical contributions from senior members with at least five years of continuous membership. The Future Leaders Award highlights promising young professionals under 40 who demonstrate strong leadership skills in textiles and material sciences.
The AATCC Education Award honors members making significant contributions to the Association’s educational initiatives, while the Faculty Advisor Award celebrates faculty advisors fostering active and growing AATCC student chapters. The Millson Award for Invention, named after Henry E Millson, recognizes innovative inventions in the textile field.
AATCC encourages members to nominate deserving colleagues, mentors, or proteges who have advanced textile innovation, research, and education. These awards not only recognize individual excellence but also strengthen AATCC’s mission to promote textile science worldwide.
A recent report by CITI by Manoj Sharma, reveals a concerning trend for Indian yarn manufacturers: a significant price disparity between domestic and international prices for key raw materials, PSF (Polyester Staple Fiber) and VSF (Viscose Staple Fiber). The data, compiled for February 2025, highlights a potential challenge to the competitiveness of Indian textiles in the global market. The report, ‘Domestic and International Weekly Price Comparison of PSF and VSF for Month of February 2025’, focuses on the cost competitiveness of Indian yarn manufacturers vis-à-vis their Chinese counterparts, utilizing data from the China Chemical Fibre (CCF).
Study highlights
Significant price difference: The report shows a consistent price difference between domestic prices for MSME (Micro, Small, and Medium Enterprises) spinners and international (CCF) prices, ranging from 14 per cent to 35 per cent across PSF and VSF.
PSF price gap widens: The price difference for PSF is particularly notable, consistently exceeding 34 per cent in February. This indicates a higher cost burden for Indian manufacturers compared to international prices.
VSF also affected: While the price difference for VSF is lower than PSF, it still remains significant, hovering around 14-15 per cent throughout the month.
Exchange rate fluctuations: The report also takes into account the $/Rs exchange rate, which fluctuated slightly during February.
Table: February 2025 CCF prices and difference in domestic and international prices
|
Month |
Material |
Exchange Rate ($/Rs) |
CCF price (cash terms $) |
CCF Price (cash terms Rs) |
Domestic price for MSME spinner (cash terms Rs) |
Difference between domestic and international prices (Rs) |
Price difference as % of international price |
|
1st Week of February |
PSF |
87.46 |
0.853 |
74.58 |
100.5 |
25.92 |
34.75% |
|
VSF |
1.619 |
141.62 |
162 |
20.38 |
14.39% |
||
|
2nd Week of February |
PSF |
86.97 |
0.861 |
74.87 |
100.5 |
25.63 |
34.23% |
|
VSF |
1.62 |
140.9 |
162 |
21.1 |
14.98% |
||
|
3rd Week of February |
PSF |
86.8 |
0.859 |
74.57 |
100.5 |
25.93 |
34.78% |
|
VSF |
1.627 |
141.25 |
162 |
20.75 |
14.69% |
||
|
4th Week of February |
PSF |
87.07 |
0.851 |
74.12 |
100.5 |
26.38 |
35.59% |
|
VSF |
1.627 |
141.63 |
162 |
20.37 |
14.38% |
Note: Domestic PSF prices are for 1.4x38 mm and are based on industry sources, including discounts. Domestic prices are for MSME spinners.
The higher domestic prices for raw materials could significantly impact the profitability and competitiveness of Indian yarn manufacturers. The report highlights that the international prices are not Indian landed prices, and additional costs like CIF (Cost, Insurance, and Freight), BCD (Basic Customs Duty), and other related expenses would further increase the cost of imported raw materials.
Table: January 2025 CCF prices and difference in domestic and international prices
|
Month |
Material |
Exchange rate ($/Rs) |
CCF Price (cash terms $) |
CCF Price (cash terms Rs) |
Domestic price for MSME spinner (cash terms Rs) |
Difference between domestic and international prices (Rs) |
Price difference as % of international price |
|
1st Week of January |
PSF |
85.75 |
0.85 |
72.75 |
99 |
26.25 |
36.08% |
|
VSF |
1.61 |
137.8 |
160 |
22.2 |
16.11% |
||
|
2nd Week of January |
PSF |
86.25 |
0.85 |
73.46 |
99 |
25.54 |
34.77% |
|
VSF |
1.61 |
138.74 |
160 |
21.26 |
15.32% |
||
|
3rd Week of January |
PSF |
86.4 |
0.87 |
75.13 |
100.13 |
24.99 |
33.27% |
|
VSF |
1.61 |
139.14 |
160 |
20.86 |
14.99% |
||
|
4th Week of January |
PSF |
86.44 |
0.87 |
75.13 |
100.5 |
25.37 |
33.78% |
|
VSF |
1.62 |
139.73 |
160 |
20.27 |
14.50% |
Comparing the two months of January and February reveals a mixed trend. For PSF, while the absolute price difference in Rs fluctuated slightly, the percentage difference remained consistently high, indicating sustained cost pressure on Indian manufacturers. In January, the percentage difference for PSF ranged from 33.78 per cent to 36.08 per cent, while in February, it ranged from 34.23 per cent to 35.59 per cent. This suggests that the high cost burden for PSF is not a temporary phenomenon but a persistent challenge.
For VSF, the price difference in Rs decreased slightly in February compared to January. However, the percentage difference remained relatively stable, indicating a consistent cost disparity for this material as well. The exchange rate also played a role. The $/Rs rate was generally higher in February, which could have contributed to the increased domestic prices in Rs.
The report suggests that the Indian textile industry needs to address the price disparity to remain competitive. This could involve exploring strategies to reduce input costs, improve efficiency, and potentially seek government intervention to address the issue.
The CITI report provides valuable insights into the challenges faced by the Indian textile industry. Stakeholders, including manufacturers, policymakers, and industry associations, will need to carefully analyze the data and take appropriate measures to ensure the long-term sustainability and growth of the sector.
Tod’s is expanding its Digital Product Passport (DPP) initiative to include its iconic My Gommino collection, in collaboration with Aura Blockchain Consortium and Temera, a leader in luxury traceability solutions. Following the successful integration of DPPs for the custom Di Bag, this move reinforces Tod’s commitment to authenticity, traceability, and customer engagement.
With My Gommino, customers can personalize their own handcrafted driving shoes from a wide range of design options. Now, an embedded NFC chip in the right sole, powered by Temera, allows them to scan, register ownership, and access an authenticity certificate via Aura’s private blockchain.
Beyond authentication, Tod’s enhances the DPP experience with storytelling elements, offering insights into the artisans behind each loafer. Customers also receive a wallet card linked to Tod’s CRM system, enabling an elevated in-store experience through barcode scanning at any Tod’s boutique.
Carlo Alberto Beretta, Tod’s General Brand Manager, emphasized the DPP’s role beyond authentication: “We see this as an opportunity to strengthen customer connections, highlight our craftsmanship, and enhance the storytelling of our iconic products.”
The digital passport also grants access to extended warranties, dedicated client advisors, exclusive events, and Tod’s care services. This launch coincides with the introduction of new My Gommino models featuring expanded material, color, and style options.
Romain Carrere, CEO of Aura Blockchain Consortium, highlighted the partnership’s significance: “By extending its DPP offering, Tod’s is proving that transparency, authenticity, and customer experience can seamlessly align like never before.”
German sportswear company Puma projects, sluggish sales in the US and China markets may restrict the company’s currency-adjusted sales growth to low single-digit percentage range in 2025.
However, the company’s cost-efficiency program will help restrict one-time costs of up to $81.96 million (€75 million) in 2025.
The company forecasts, adjusted earnings before interest and taxes (EBIT) for the year will range between $569 million and $657 million (€520 million to €600 million). EBIT growth is expected to range from $487 million to $574 million (€445 million to €525 million) for the same period considering the one-time costs associated with the efficiency initiative,.
Released in January 2025, Puma's disappointing quarterly sales and annual profit figures have raised concerns about its ability to compete with larger rivals like Adidas and Nike.
The sportswear brand had initiated a cost-cutting program earlier this year after its annual net profit declined compared to the previous year, falling short of expectations.
