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Sports fashion brand, Lacoste UK swung to a pre-tax loss of £3.269 million in 2023, even though the company’s turnover increased to £70.192 million during the year from £69.922 million in the previous year.
The brand also posted a net loss of £3.223 million for 2023, a reversal from the net profit of £1.846 million achieved a year earlier. Its retail revenue form boutique and outlet stores increased by a meager 0.3 per cent. This was despite the launch of a new global flagship store on London’s Regent Street in April 2023, aimed at enhancing the brand’s positioning and underscoring the UK’s importance to the French company.
However, the flagship’s impact was overshadowed by a weak wholesale performance, with wholesale revenues declining by 4.5 per cent. Lacoste attributed this decline to the challenging economic environment and the cost-of-living crisis, which dampened consumer footfall in physical stores.
Nevertheless, Lacoste maintained its focus on a premium strategy, emphasising partnerships with mid- to top-tier wholesale customers. The company’s gross margin remained steady at 44 per cent, avoiding significant markdowns despite the tough market conditions.
During the year, Lacoste UK acquired full ownership of Pentland Brands UK Distribution(PBUKD). A former licensed distributor of Lacoste footwear in the wholesale channel, PBUKD continued in this role for most of the year. In December, a sub-distribution agreement was signed, enabling Lacoste UK to take over as the distributor for Lacoste footwear in Britain and internationally starting from the Spring/Summer 2024 season. Under this arrangement, PBUKD earns royalties from Lacoste UK while the latter recharges service costs to PBUKD.
Additionally, Lacoste UK partnered with a third-party logistics provider to operate a new UK-based warehouse, which became operational in May 2023. This move aims to mitigate the financial impact of double import duties by eliminating the need to ship goods from the company’s European warehouse in France.
Move over skinny jeans, there's a new silhouette in town. Barrel jeans, with their distinctive wide-leg and cinched ankle, are emerging as the must-have denim trend of the moment. This unique shape, reminiscent of a, well, barrel, offers a fresh take on classic denim, blending comfort and style in a way that's capturing the attention of fashion enthusiasts worldwide.
What are barrel jeans?
Barrel jeans are characterized by a high waist, a relaxed fit through the hip and thigh, and a tapered leg that gathers at the ankle. This creates a voluminous silhouette that's both flattering and fashion-forward. The style is often seen in rigid denim, adding to its structured and slightly retro appeal. They are trending because of several factors. First is their freshness. After years of skinny jeans dominance, the fashion world is craving something new. Barrel jeans offer a refreshing alternative that's both modern and nostalgic. Comfort is another major factor, as unlike their restrictive predecessors, barrel jeans provide ample room for movement. This comfort factor is a major draw for those seeking style without sacrificing ease. Barrel jeans can be dressed up or down, making them suitable for various occasions. Pair them with sneakers and a T-shirt for a casual look, or dress them up with heels and a blazer for a night out. Moreover, the cinched ankle and high waist create a flattering silhouette that complements various body types. The wide leg elongates the legs, while the tapered ankle provides balance.
While the barrel jeans trend is gaining traction globally, it's particularly prominent in fashion-forward cities like New York, London, and Paris. These cities are known for their embrace of cutting-edge styles, and barrel jeans have quickly become a staple in the wardrobes of trendsetters.
In the article "Yes, Barrel-Leg Jeans Are Universally Flattering," for The Cut fashion writer Danya Issawi highlights the versatility of barrel jeans, showcasing how they can be styled for various occasions. Issawi write, “Barrel jeans are the most mystifying trend I'm grateful to have existed in my timeline. I love the wide leg. I love the way they puddle at the feet. I love how I can dress them up or down or somewhere in between."
Elle magazine too acknowledges the growing popularity of barrel jeans, in their article "Barrel-Leg Jeans Are Officially The Denim Shape Of The Season." They cite Citizens of Humanity, a denim brand, as a driving force behind the trend, noting that retailers have "bought heavily into the horseshoe style" for the Autumn/Winter 2024 season. Fashion influencers on Instagram and TikTok too are also highlighting the barrel jeans trend. Many are showcasing their own unique styling approaches, further demonstrating the versatility of this denim silhouette.
Indeed, with their blend of comfort, style, and versatility, barrel jeans are poised to remain a key trend in the denim world. As more brands embrace this silhouette and offer their own interpretations, one can expect to see even more innovative and exciting styles emerge. Whether one’s seasoned fashionista or simply looking for a comfortable and stylish alternative to skinny jeans, barrel jeans are definitely worth exploring.
The Indian textile industry is ready for a change with the advent of Industry 5.0. A new report, ‘Decoding the Fifth Industrial Revolution: Marching towards a resilient, sustainable and human-centric future’, highlights the potential of this new technology to revolutionize the sector, boosting profitability and creating a more sustainable and human-centered approach to production.
Report highlights
Higher profits through automation and AI: Industry 5.0 technologies, such as advanced robotics, artificial intelligence (AI), and the Internet of Things (IoT), can significantly enhance productivity and efficiency in textile manufacturing. This translates to reduced costs, faster production times, and ultimately, increased profitability.
Sustainability as a core principle: The report emphasizes the importance of sustainability in Industry 5.0. By leveraging technologies like AI-powered energy management systems and water-recycling solutions, textile companies can minimize their environmental footprint and contribute to a circular economy.
Human-centric approach: Industry 5.0 prioritizes the well-being of workers. By automating repetitive and hazardous tasks, it allows employees to focus on more creative and value-added roles, leading to improved job satisfaction and skill development.
Mass personalization: Industry 5.0 enables mass personalization, allowing textile companies to cater to individual customer needs and preferences. This can be achieved through technologies like 3D printing and on-demand manufacturing.
Implementation of Industry 5.0
Several factors are likely to drive the implementation of Industry 5.0 in the Indian textile sector. The Indian government is actively promoting Industry 4.0 and 5.0 through initiatives like the ‘Make in India’ campaign and the ‘National Policy on Advanced Manufacturing’. These policies provide incentives and support for companies adopting advanced technologies. And with global competition intensifying, Indian textile companies need to embrace Industry 5.0 to remain competitive. By adopting advanced technologies, they can improve product quality, reduce costs, and enhance customer satisfaction.
Consumers too are demanding personalized products and sustainable practices. Industry 5.0 enables textile companies to meet these demands, leading to increased customer loyalty and market share.
Table: Industry 5.0 and its impacts on profits
|
Factor |
Impact on profitability |
|
Automation and AI |
Reduction in production costs by 15-20% |
|
Energy-efficient technologies |
Decrease in energy consumption by 10-15% |
|
Reduced waste and improved resource utilization |
Savings of 5-10% on raw material costs |
|
Mass personalization |
Increase in sales by 10-15% |
In India some companies have already incorporated Industry 5.0. For example, Leading textile manufacturer, Arvind Limited has implemented AI-powered systems to optimize its production processes. This has resulted in a significant reduction in energy consumption and waste generation, leading to improved profitability and sustainability. Similarly, Welspun India, a global home textile leader, has embraced automation and robotics to enhance its manufacturing efficiency. This has led to higher production capacity and lower labor costs, contributing to higher profits.
Therefore, industry 5.0 presents a significant opportunity for the Indian textile sector to enhance its profits, sustainability, and competitiveness. By embracing advanced technologies and prioritizing human-centric values, textile companies can weave a new future of growth and prosperity.
London Fashion Week has become the first major fashion event to ban collections created using exotic animal skins from 2025. As announced by David Leigh-Pemberton, Deputy Director-Policy and Engagement, British Fashion Council, henceforth, the event will feature designers producing collections made without animal skin-free materials.
This ban is a part of the broader initiative of the Institute of Positive Fashion, which focuses on enhancing sustainability, social responsibility, and environmental standards within the fashion industry. It aligns with London’s growing reputation as a hub for forward-thinking, ethical fashion. The move also aligns London with smaller yet influential fashion events like Melbourne and Copenhagen Fashion Weeks, which have similarly adopted bans.
The decision to ban exotic skins from their collections is a result of mounting pressure from animal rights groups, long advocating to end the use of animal-derived materials in its collections. Organisations like PETA have disrupting fashion events, urging designers to stop using animal skins, leather, and fur.
Praising BFC for its progressive stance, Yvonne Taylor, Vice President - Corporate Projects, PETA, notes, tens of thousands of supporters contacted the BFC to urge the ban. She also applauded the British designers who helped bring about this policy change, calling it a victory for animal rights and sustainable fashion.
From $197 billion in 2023, the Indian textile industry is poised to grow to $350 billion by 2030, expanding at a CAGR of 10.1 per cent. Driven by a focus on sustainability and technological advancements, the industry is undergoing a significant transformation. As per a report by Texprocil, the sector is embracing sustainable materials, fibers, and eco-friendly production methods to reduce its environmental footprint while enhancing its global competitiveness.
This rapid growth in textile production, coupled with the increased adoption of synthetic fibres, has raised environmental concerns. Over the last 15 years, garment production in India has doubled, while the lifespan of garments has decreased by 36 per cent with only 1 per cent of fibers being recycled into clothing. The industry consumes significant resources, generating substantial wastewater and pollution. To address these challenges, manufacturers are adopting innovative practices like recycling, upcycling, water conservation, and renewable energy use. Companies like Welspun are shifting to solar and wind energy, while BRFL Textiles has developed waterless dyeing techniques to minimise environmental impact.
The government too has introduced several initiatives to foster sustainable practices in the industry. It has launched programs like the Sustainable Resolution (SU.RE) and PM MITRA to promote eco-friendly manufacturing and the circular economy, while the Production-Linked Incentive (PLI) scheme incentivises domestic production. The amended Technology Upgradation Fund Scheme (A-TUFS) further supports modernisation through financial incentives. The government is also setting up seven textile parks under the PM MITRA scheme to enhance industry efficiency and sustainability.
Despite these advancements, the industry continues to face certain challenges. The decentralised supply chain, limited technical expertise, and stiff competition hinder the widespread adoption of sustainable practices. However, collaboration among manufacturers and resource-sharing initiatives are fostering innovation and cost-effective green solutions.
Singapore-based Mega Textile Singapore plans to develop a textile facility to manufacture knitwear, fabrics, colored yarns and semi-finished items in Vietnam.
To span 51 hectare in the The Loc Industrial Park, the facility will be developed with an investment of $590 million. It will produce 67,200 tons of fabric, 10,300 tons of knitwear, 7,200 tons of colored yarns, 100 million belts, 130 million clothing items and 2.2 million cut semi-finished items annually.
To be developed by Mega Textile Vietnam-the subsidiary of Mega Textile Singapore, the project will employ over 15,000 local people and help Nghe An attract foreign direct investment (FDI) worth $1.7 billion this year, among the top 10 figures in Vietnam.
Established in 2022 by China-headquartered Best Pacific International Holdings, Mega Textile Singapore, is a supplier to many global brands, such as Adidas, Uniqlo, H&M, and Victoria's Secret. Prior to Nghe An, the firm had established Best Pacific Vietnam Co in 2015 in Hai Duong, the northern province of Vietnam.
Vietnam’s textile and apparel (T&A) exports rose by 8.9 per cent to $30.57 billion during Jan-Oct’24. The country’s export revenue during the 10-month period grew by 14.9 per cent Y-o-Y to $335.59 billion.
Despite a 7.64 per cent Q-o-Q rise, Bangladesh's RMG exports declined by 2.8 per cent Y-o-Y to $9.51 billion in Q1, FY25. Demonstrating resilience, the sector maintained steady growth despite domestic political unrest, as per stakeholders.
Bangladesh had exported RMG worth $9.79 billion in the corresponding quarter of the previous fiscal, according to the latest report of Bangladesh Bank.
By Q1, FY25-end, Bangladesh’s export earnings from RMG sector increased to $9.51 billion from $8.83 billion in the preceding quarter, as per data by the Bangladesh Bank.
Accounting to71.2 per cent, the United States, Germany, and other key European markets contributed to $6,77 billion to Bangladesh’s total exports during the quarter.
Moreover, highlighting the sector's significant value addition despite global economic challenges, net RMG exports during the quarter amounted to $5.61 billion or 59.06 per cent of the gross figure.
Though since its emergence the Bangladesh RMG industry accounted for the lion's share of the country's export earnings, it continues to face challenges like concerns related to labour rights, workplace safety, and environmental sustainability.
Other drawbacks of the industry limited product and market diversity, lack of sufficient backward linkage industry, concentrated market, high lead time, lack of efficiency in producing high-value products, global geopolitical conflicts, energy price hikes, etc.
Nevertheless, the sector made a significant contribution of 7.87 per cent to Bangladesh's GDP in FY24. RMG export earnings in FY24 stood at $36.13 billion, indicating a low growth of 5.36 per cent compared to the previous fiscal year.
Export earnings from the leather and leather products industry accounted for 2.48 per cent, export earnings from jute products totaled 1.3 per cent while earnings from exports of other products accounted for 10.36 per cent of the total products.
In the apparel segment, export earnings form sub-sectors like woven sector accounted for 35.72 per cent whereas earnings from knitwear exports contributed 45.87 per cent.
Shams Mahmud, Managing Director, Shasha Denims and Former President, Dhaka Chamber of Commerce and Industry, said despite the recent unrest, the sector now remains stable and its future outlook remains bright.
Africa Fashion International (AFI) has released the list of designers participating in the upcoming Cape Town Fashion Week. Scheduled from November 29-30, 2024 at the Hollywoodbets Kenilworth Racecourse, the event will feature top designers from South Africa and the African continent.
The designer line-up for the event includes pan-African names such as the Senegal-based Alia Baré, Helene Daba of the brand Sisters of Afrika from Senegal, Laurence Chauvin-Buthaud of the brand LaurenceAirline from Cote de’Ivoire, Papay Kaluv from the DR-Condo based brand Urban Zulu and Senegal-based designer Safietou Seck from the brand Sarayaa.
The event will also feature designers from South Africa such as Londeka Buthelezi-Ndaba from the brand Malondie, Bathini Kowane from Bathini Designs, Sello Medupe of the brand Scalo, Keletso Moraba frm brand K Moraba & Collective, Sandi Mazibuko from brand FabroSanz and Julia Buchanan from the eponymous brand Julia.
Additionally, two renowned South African designers will make a comeback to the AFI runway. These will include Craig Jacobs, who will present his finale collection reflecting his artistic evolution after a gap of 14 years.
Serving as the event’s creative director, globally acclaimed designer Gavin Rajah will also present his latest creations, promising a masterclass in artistry.
AFI’s in-house brand, AFI Privé, will launch its debut Spring/Summer 2024/25 signature collection. The grand finale of the fashion week will celebrate emerging talent and the future of African fashion by presenting collections by the finalists of AFI Fastrack Price 2023.
A world leader in legwear and timeless fashion, Wolford has launched its innovative The Wow Leggings Collection. Designed to revolutionise the everyday experience of leggings wearers, the collection integrates Fulgar’s Emana technology into the The Wellness series.
Created to enhance the aesthetics of the skin, this collection is shaped by Wolford’s refined, comfortable design. The leggings in this collection are made using the smart Emana yarn, patented by the Rhodia-Solvay Group and produced by Europe-based Fulgar. This Emana technology uses the bioactive minerals contained in the fiber to absorb heat from the human body and restore it naturally to the skin in form of infra-red rays, stimulating micro-circulation of the blood at a cutaneous level, helping to give the skin improved suppleness and tone.
Constructed using the circular knit, these leggings offer a perfect fit to the wearers. Their waistband supports consumers during all activities. The leggings combine the Walford aesthetic with the cosmetic benefits of Emana technology, catering to the needs of those seeking maximum well-being without compromising on style.
An ideal solution for those who wish to combine fashion and functionality, these leggings offer wearers the unique cosmetic benefits of the Emana technology.
In collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Aditya Birla Fashion and Retail (ABFRL) launched the first of its kind - circularity guidelines for Indian textile and apparel (T&A) industry at the Sankalp Bharat Summit 2024, Varanasi.
Titled, ‘Stitching the Circle: A Roadmap for Circular Textiles & Apparel in India,’ these guidelines are designed to assist textile businesses in transitioning from a linear to a circular economy model. They encapsulate the initiatives undertaken during ABFRL and GIZ's collaborative journey to advance sustainability, reduce waste, and foster resource efficiency in the textile value chain.
Over the past three years, the partnership between ABFRL and GIZ has spearheaded a series of impactful initiatives aimed at transforming India's textile sector. These initiatives included a comprehensive baseline survey to assess the current state of circularity, the Circularity Innovation Challenge 2023 to foster sustainable solutions, and the nationwide training program, ‘Decoding Circularity Together’ to empower stake holders across the textile value chain.
ABFRL and GIZ also conducted pilot projects to integrate circular solutions into textile supply chain, documented through a compelling narrative to raise awareness and inspire action.
Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail, states, a defining moment for the company, a launch of these circularity guidelines reflects its unyielding commitment to collaborate with the fashion industry towards sustainability and to champion the development of a circular textile ecosystem.
Building on this, Dr Naresh Tyagi, Chief Sustainability Officer, Aditya Birla Fashion and Retail, adds, ABFRL and GIZ have collaborated to create circular guidelines and other initiatives for the industry players to enable them to work in a holistic manner, benefiting both the environment and society.
The newly launched guidelines present actionable strategies for transitioning from a linear to a circular economy model. It includes the 6R Approach (Redesign, Reduce, Reuse, Remanufacture, Recycle, Regenerate), providing a framework forthe textile industry to reduce waste and enhance resource efficiency, circularity. The manifesto also sets Key Performance Indicators (KPIs) to measure circularity in organisation and encouraging alignment with global sustainability certifications.
Through case studies and best practices, the guidelines serve as a practical guide for Indian businesses aiming to integrate circularity into every stage of production—fromsourcing sustainable materials to engaging consumers in circular practices. The document aims to inspire the entire value chain, from manufacturers to policy makers, to collectively build a sustainable textile ecosystem in India.
