United Textiles’ total income was Rs 4.2195 crores during the period ended December 31, 2022, as compared to Rs 5.2471 crores during the period ended September 30, 2022.
Net profit / loss was Rs 0.0016 crores for the period ended December 31, 2022, as against net profit / loss of Rs 0.0164 crores for the period ended September 30, 2022.EPS was Rs 0.0053 for the period ended December 31, 2022, as compared to Rs 0.0054 for the period ended September 30, 2022.Total income was Rs4.2195 crores during the period ended December 31, 2022, as compared to Rs5.3117 crores during the period ended December 31, 2021.
Total income was Rs9.4666 crores during the ninemonth period ended December 31, 2022, as compared to Rs7.2987 crores during the ninemonth period ended December 31, 2021. Net profit / loss wasRs0.0180 crores for the ninemonth period ended December 31, 2022, as against net profit / loss of Rs0.0246 crores for the nine month period ended December 31, 2021.EPS wasRs0.006 for the nine month period ended December 31, 2022, as compared to Rs0.0082 for the nine month period ended December 31, 2021.
Techtextil will be held in Mumbai, September 12 to 14, 2023.This is India’s leading trade fair on technical textiles, non-wovens, fibers, yarns and machinery.
With almost eight months to go, the three-day business event has received an overwhelming response from various companies who will be seen showcasing their latest solutions and products for key application areas. The event is expected to bring in strong value to the technical textile segment and open doors to lucrative business engagements for the industry.
Techtextil is expected to continue to play a key role in the overall development of this vibrant industry.The last edition of Techtextil India, in November 2021, emerged as a crucial meeting place for technical textile players. Even though the show happened to be the first post lockdown edition it garnered an attendance of 4,087 visitors due to the live demonstration of latest products and technologies from over 150 technical textile brands. The trade fair attracted buyers from the fields of agriculture, automotives, building, clothing and protective clothing, environmental protection, geo-technology, housing and home, medical science, packaging and sports, among others.
India has laid emphasis on this key sector in boosting the economy of the country. The Indian market for technical textiles is growing at a CAGR of 12 per cent, three times faster than the global growth rate, indicating strong export opportunities.
Munich Fabric Start was held in Germany, January 24 to 26, 2023.
At this fabric trade show the flow of buyers, product managers, designers and decision-makers from the industry was great and the mood was excellent.
The new colour and material trends, innovations and inspirations for spring/summer 2024 were shown on a total exhibition area of around 42,500 square meters, divided into eight areas and elaborately staged trend forums and sample areas.
Munich Fabric Start is surprising, innovative and at the same time market- and solution-oriented.In spite of all the difficulties in the market, the event offered the usual high service, created new experiences and provided a business, trend and information platform for partners in the industry.
The sourcing of sustainable material developments and solutions for digitalisation from product to production were even more in focus. New was a combined area for sustainability and digitalization. The assist experience was presented for the first time on an area of around 300 square metres. Together with technology partners and in lectures and panel discussions, the fashion tech market leader showed the possibilities of digitalisation for the fashion industry. The area for innovative fabrics and add-ons that are certified organic, bio-based, recycled, recyclable or from regenerative sources was bigger compared to previous seasons.
Textile manufacturer Arvind’s quarterly profit has fallen by nine per cent.
The company has been hit by a weak demand for denim garments. Quarterly revenue from operations fell 12 per cent from last year.While demand and volumes of woven fabric remained steady during the quarter, denim continued to struggle due to lower demand and over-supply.
The company’s revenue from the textiles segment, which contributes about 80 per cent of the company’s total revenue, fell by 19 per cent in the quarter. Revenue from denims, which is included in the textiles segment, fell by 44 per cent. Its advanced materials unit reported a 26 per cent rise. The price realisations started to trend down since the second quarter for Arvind reflecting the recent softness in raw material prices. The company’s expenses were down 11 per cent in the quarter.
The macro environment in the US and EU markets has started to show some improvement in the outlook, though the overall prognosis still remains cautious given a still higher-than-target inflation in the US, continuing war in Europe and the reopening of China. Demand for Indian textiles in international markets has been hit as consumers have cut spending on clothing following a surge in inflation after the war in Ukraine.
India’s T-shirt exports have fallen by around seven per cent in a period of six years.
Markedly, other countries such as Bangladesh and Vietnam have grown in their T-shirt exports, outclassing India in the segment. From 2017 to 2022 Bangladesh’s T-shirt exports have grown by 48 per cent. In the same period Vietnam’s T-shirt exports to the world have grown by 34 per cent.
India bears the brunt of a comparatively high cost of T-shirt manufacturing. Prices have fallen as compared to what Indian T-shirt exporters were getting in 2017, yet India’s exports have not flourished.On the other hand, Vietnam has created a niche for itself as it’s majorly catering to high-end T-shirts for global sportswear brands including Nike and Adidas.
India’s cost of manufacturing T-shirts is only a bit higher than what Bangladesh offers. While Vietnam has the required raw material, expertise and infrastructure to produce premium T-shirts for global fashion brands, India lacks in these areas.
Meanwhile T-shirt consumption is set to maintain an upward growth trend in the immediate term, due to the recovery being seen in the global economy, the process of ongoing urbanization, the rising population, and increasing income levels. The global trend of the T-shirt market is expected to continue, with a growth of 1.7 per cent annually in the medium term.
The focus of the luxury industry is shifting back to China. The hope is that its high-end spenders will once again splurge on designer goods as China relaxes Covid curbs after three years.
The hit from lockdowns and China’s subsequent exit from a zero-Covid policy spurred a surge of infections in the world’s second-largest economy. Luxury spending by Chinese nationals had dipped from 33 per cent of the global personal luxury goods market in 2019 to as little as 17 per cent in 2022. The Covid-related disruptions in China took a toll on LVMH and Europe's other luxury goods companies.
China is forecast to become the luxury industry’s biggest market by 2025. The luxury sector is among the largest expected winners from China’s loosening of restrictions that kept shoppers out of stores for months. Although the Chinese are expected to initially resume travelling within Asia, Europe is a region that particularly stands to benefit from a return of Chinese tourists. Chinese shoppers are expected to return to Europe in a noticeable way at the end of the second quarter or during the second half of this year. But Chinese buyers, a staple at fashion shows before the pandemic hit, still haven't returned in droves.
Since exports to Europe and the US are sluggish, small and medium footwear players in Indonesia are looking at export opportunities to Middle Eastern, South Asian and African countries.
The position of previous export destination countries, such as the United States and Europe, is being affected by the Russia-Ukraine war.The impact of this lack of orders resulted in a number of footwear industry employees being laid off in recent months. Despite the problem of declining demand, the export performance of Indonesian footwear products in the third quarter of 2022 showed bright prospects. The export value of the national footwear industry in that period increased compared to the same period in the previous year. During January 2022 to September 2022, the export volume of the country’s leather industry, leather goods and footwear was up 34 per cent year on year compared to January 2021 to September 2021. Indonesia is consistently encouraging footwear exporters to improve their product quality, pay attention to the product packaging, and obtain product certificates. Product quality is given priority keeping in mind consumer convenience since currently product quality is important for product selection by consumers and products with high quality have a better chance against competition.
Mango has launched a line of sustainable denim.
The new collection that will be available in the UK includes various women’s garments in denim, such as jackets, gilets, trousers, skirts and jumpsuits in indigo and black. Some products will have dirty washes and be in line with silhouettes influenced by the 2000s.
The garments within the collection have been designed with a single type of 100 per cent cotton fiber, at least 20 per cent of which is recycled. Accessories such as rivets and jacron labels have been eliminated to help minimise waste during product development. The garments were designed using 3D digital design technology in order to reduce the number of samples produced.
Mango has manufactured the garments in this collection minimising its environmental impact in aspects such as the use of chemicals and water, and inside the garments there is a diagram explaining circular design to customers, thus reducing the production of paper labels. Founded in 1984, Mango is based in Spain. Mango has an international presence in over a hundred countries. Although the group is committed to directly controlling its online operations, in 2019 it began to franchise its platform in distant countries, where it does not have its own structure, with relevant local partners.
The readymade garment industry's competitiveness can be maintained only if gas prices are brought down to a rational level.
So says the Bangladesh Garment Buying Association (BGBA). In an official order on January 18, 2023, the gas tariff was raised for small and cottage industries, captive, small and merchant power plants. Big industries are to pay bigger gas bills, by 150 per cent. Such high gas price, says BGBA, would raise the production cost, resulting in loss of competitive edge of the readymade garment sector, and that it was because of low production cost that Bangladesh could sustain its export growth to the US and the European Union despite the fact that Covid and the war between Russia and Ukraine had severely affected the world.
So in the present economic situation of the US and the EU, it would be hard for Bangladesh to sell readymade garment products at a higher rate. Bangladesh’s export earnings during the first half of the current fiscal year grew by 15 per cent. The textile and clothing industry in the country employs about ten million people. So the BGBA has urged that the enhanced gas prices be reducedin the interest of continuity of employment and business opportunities in the country.
PVH, H&M, Inditex, C&A and Bestseller are among the brands who have signed up for the Pakistan accord on health and safety in the textile and garment industry.
Other signatories to the accord are German e-commerce giant Otto and the retailer Tchibo. This is a legally binding agreement on workplace safety in Pakistan between global union federations, garment brands and retailers for an interim term of three years starting in 2023. The accord aims at protecting the health and safety of workers while helping the industry achieve sustainable growth in exports.
Bands renew their commitment to a long-term sourcing relationship with Pakistan and to work in close collaboration with their suppliers in Pakistan and other stakeholders. Suppliers will be supported in meeting the highest safety standards. This includes efforts to establish local governance structures that ensure industry and local brand and union participation in decision-making in every phase of the program.The accord provides an opportunity both to increase the visibility of the efforts already made by many manufacturers to invest in fire and building safety measures in recent years and deepen and expand them throughout Pakistan’s garment and textile sector, making it an increasingly attractive option for buyers across the globe.