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Iconic fashion brand steeped in over a century of history, Jaeger has now being launched in the M&S store on Argyle Street. The latest addition offers a wide range of stunning styles crafted from the most exquisite fabrics for shoppers seeking the perfect summer ensemble.
Since its inception in 1884, Jaeger has been celebrated for its pioneering use of natural fibers like angora, alpaca, and cashmere. Offering an alternative to the opulent brands lining London's illustrious Savile Row, Jaeger became synonymous with sophistication and affordability. From timeless wool suits to elegant camel coats, the brand has adorned luminaries such as Audrey Hepburn and Marilyn Monroe, cementing its status as a fashion icon.
In a strategic move, M&S acquired the Jaeger fashion brand in 2021 following its unfortunate administration. Now, with its revival at the Argyle Street store, Jaeger joins the ranks of M&S's illustrious portfolio, promising shoppers a fusion of heritage and contemporary style.
A renowned leader in pioneering sustainable solutions for the apparel and personal care sectors, the Lycra Company has entered into a formal agreement with Dairen Chemical Corporation (DCC) to convert QIRA, a BDO brand into low-impact PTMEG, a crucial component in their patented bio-derived Lycra fiber.
This collaboration makes Dairen the first global producer of low-impact bio-PTMEG on a large scale. This strategic partnership builds upon The Lycra Company's previous alliance with Qore in September 2022, aiming to facilitate the production of bio-derived Lycra fiber utilising QIRA. DCC's involvement marks a pivotal step in transforming QIRA into bio-PTMEG, a key renewable element constituting 70 per cent of the fiber's composition. DCC's innovative allyl alcohol process ensures the creation of the lowest-impact PTMEG available, surpassing conventional methods using natural gas or coal, thus significantly reducing carbon footprint.
Emphasising the significance of this collaboration, Lin Shean-Tung, Chairman, DCC, says, it fosters environmentally conscious production practices, asserting sustainability as an essential imperative for the future. Slated to be launched in 2025, the bio-derived Lycra fiber made with QIRA, represents a groundbreaking achievement as the world's premier renewable spandex on a large scale.
Leveraging annually renewable corn as a primary resource, initial assessments suggest a potential 44 per cent reduction in carbon footprint compared to conventional Lycra fiber.
Expressing excitement about the partnership with DCC, Stewart underscored their shared commitment to foster a more sustainable value chain. Simon Chuang, Vice President-Global Sourcing and Procurement, The Lycra Company, lauded DCC's sustained sustainability efforts, emphasising the evolving significance of sustainability as a competitive advantage.
India's technical textiles sector is experiencing rapid growth, with a remarkable double-digit surge of 10 per cent, propelling it to become the world's fifth-largest market, as stated by Rachna Shah, Secretary, Ministry of Textiles. Speaking at a national Symposium on Advancements in Composites, Speciality Fibres, and Chemicals, jointly organised by the Ministry of Textiles, Confederation of Indian Industry (CII), and Ahmedabad Textiles Industries' Research Associations (ATIRA), Shah underscored the pivotal role of composites in various sectors like infrastructure, aerospace, automotive, defense, and healthcare.
Emphasising collaboration among stakeholders, including industry players, policymakers, researchers, and investors, Shah stressed the importance of addressing cost implications in composite production and enhancing awareness for wider adoption. Vijay Kumar Saraswat, Niti Aayog highlighted the significance of specialty fibers like aramids, carbon fiber, and UHMWPE in diverse applications such as fire-resistant fabrics, bulletproof jackets, and renewable energy solutions.
Saraswat outlined top trends in composite materials, including high-performance resins, carbon fiber-based materials, and biomaterials, accentuating the rising demand for bio-composites in construction and medical fields. Ajay Kumar Rana, Director General, RDSO, discussed the use of geotextiles and geo-composites in the railways sector, emphasising their utility in load-bearing applications and erosion control.
Rajeev Saxena, Joint Secretary, Ministry of Textiles, highlighted the sector's potential to enhance productivity and drive innovation, particularly through the National Technical Textiles Mission (NTTM), aimed at positioning India as a global leader in technical textiles. Saxena outlined various guidelines under NTTM, focusing on research, innovation, startup initiatives, and skill development.
Nilesh M Desai, Director, Space Applications Centre (SAC/ISRO), underscored the significance of composites in aerospace applications due to their lightweight and durable properties, with CFRP and Asto glass fibers being prominently utilised. The symposium was attended by around 150 participants, including officials from central ministries, state governments, industry leaders, scientific experts, researchers, and professionals, reflecting the collaborative efforts driving India's technical textiles industry forward.
Leaders from prominent associations within Bangladesh's garment industry convened to address pressing issues affecting their sector. The meeting discussed the recent circulars issued by the Bangladesh Bank, particularly concerning the provision of electricity and gas connections to new factories outside designated economic zones or industrial areas. Additionally, banks were directed to mandate clearance certificates from utility providers before granting loans.
Attendees at the meeting included Mohammad Hatem, Executive President, BKMEA, Mohammad Ali Khokon, President, BTMA, Md Monir Hossain, Vice President, FBCCI, and several other key figures.
Expressing deep concern, the leaders highlighted the precarious state of the garment industry amidst ongoing global trade disruptions. They feared that implementing these circulars would further exacerbate the industry's challenges, stifling growth and deterring potential entrepreneurs from establishing new ventures. Notably, ongoing expansions and new factory constructions could face significant setbacks if these measures were enforced hastily.
Urging governmental intervention, the leaders appealed for a five-year exemption for the garment industry from these circulars, emphasising the critical need for uninterrupted power and gas supply.
The meeting also addressed issues pertaining to customs, VAT, and income tax. Business leaders urged the National Board of Revenue (NBR) to streamline processes, making them faster and more efficient to bolster sustainable industry growth. Proposals included reducing the tax at source from 1 per cent to 0.5 per cent to alleviate operational costs and maintain competitiveness, with hopes for favorable consideration in the upcoming budget.
Furthermore, discussions revolved around Bangladesh's transition from a Least Developed Country (LDC) status and strategies to sustain competitiveness post-graduation. Leaders stressed the necessity of policy support to attract increased investment in promising sectors for overall economic prosperity.
At a meeting with Ahansul Islam Titu, State Minister for Commerce, SM Mannan (Kochi), President, BGMEA urged policy makers to uphold the competitiveness of Bangladesh's Readymade Garment (RMG) industry by providing essential support.
Convened at the Bangladesh Secretariat, the meeting highlighted the challenges posed by ongoing geopolitical crises and the global economic slowdown. Emphasising on the need for policy support, Manan noted, reduced consumer spending and declining garment orders and exports have compounded the industry's difficulties.
Additionally, rising production costs have further strained the sector, Mannan averred. He urged policy makers to simplify the business procedures and expedite the unloading of imported machinery, equipment, and raw materials.
Emphasising the link between a conducive business environment and export success, Mannan urged for uninterrupted gas and electricity supply, along with favorable policies. He highlighted the impending loss of trade facilities post-2026 following Bangladesh's LDC graduation, underscoring the need for timely policy interventions to attract increased investment.
Mannan also advocated for food rationing for garment workers under the Ministry of Commerce's purview, citing its role in safeguarding the sector and bolstering exports for overall economic growth.
In an exclusive interview with Bizz Buzz, Chandrima Chatterjee, Secretary General of the Confederation of Indian Textile Industry (CITI), highlights India's proactive approach towards trade negotiations, emphasizing the potential benefits for the textile sector. With a focus on strategic diplomacy and addressing non-tariff barriers, Chatterjee anticipates a significant easing of restrictions for Indian exporters, particularly in the textile industry, paving the way for new avenues of growth.
India's recent negotiations with the European Free Trade Association (EFTA) stand out as a milestone, marking the country's first agreement with a European bloc. The Trade and Economic Partnership Agreement (TEPA) holds promise, with commitments from EFTA to bolster investments, potentially generating a million job opportunities in India over the next 15 years. Notably, Switzerland emerges as a crucial partner, offering specialized textiles and technology, while India reciprocates with raw materials and intermediate products.
Moreover, recent trade pacts with the United Arab Emirates (UAE), Australia, and EFTA collectively contribute to India's textile trade strategy and economic objectives. The CITI's memorandum of understanding with Swiss Textiles underscores collaborative efforts to enhance bilateral trade and investment.
However, amidst these advancements, challenges persist. The Global Trade and Research Initiative (GTRI) report highlights a decline in India's textile and garment exports over the past five years, attributed to global uncertainties like the COVID-19 pandemic and geopolitical tensions. Nonetheless, India remains resilient, buoyed by robust policy measures and trade agreements.
To enhance competitiveness, Chatterjee advocates for a focus on synthetic apparel, technological advancement, and sustainable practices. Leveraging free trade agreements to address non-tariff barriers is crucial in meeting the demands of the fast fashion industry and diversifying India's textile exports. Emphasizing MMF-based products and exploring niche segments like technical textiles are pivotal for sustained growth amidst evolving global dynamics.
As India positions itself as a key player in the global textile arena, strategic negotiations and proactive policies will be instrumental in realizing its ambitious export targets and fostering sustainable growth in the sector.
The Apparel Export Promotion Council (AEPC) is charting a robust growth trajectory to propel India's Ready-Made Garment (RMG) sector towards a lofty goal of achieving $40 billion in exports by 2030. Chairman Sudhir Sekhri emphasized India's self-sufficiency in apparel production, owing to its status as a leading producer of various types of fibers and a burgeoning young workforce. He outlined a vision to leverage these advantages, building an integrated ecosystem from Fiber to Fashion, aimed at empowering marginalized communities and bolstering women's employment.
Underpinning this strategy is AEPC's ambitious plan to expand its global footprint. In the current fiscal year, AEPC intends to partake in 17 international trade fairs spanning diverse continents, with a focus on emerging markets like Saudi Arabia, Poland, Mexico, Brazil, South Africa, and Russia, in addition to established destinations like the EU, USA, and UK. The success of initiatives such as Bharat Tex underscores AEPC's commitment to fostering international partnerships, with plans underway for a second edition to further engage with global buyers.
Highlighting the pivotal role of engagement with international brands and buying houses, officials underscored the importance of enhancing industry perception and compliance standards. A recent roundtable in New Delhi convened stakeholders to discuss avenues for strengthening ties and addressing challenges in the supply chain. Key government representatives emphasized the achievability of the $40 billion target by fostering deeper collaboration and boosting investor confidence.
The AEPC also lauded the Government of India's efforts in securing meaningful Free Trade Agreements (FTAs), citing tangible export growth in regions like Mauritius (16.8 per cent) and Australia (5.7 per cent). Anticipation looms over forthcoming FTAs, particularly with the UK, poised to provide a significant impetus to India's garment industry. With a strong foundation laid and international partnerships burgeoning, the AEPC aims to propel India's RMG sector towards unprecedented heights, signaling a promising future for the nation's textile exports.
Durak Tekstil, a prominent developer of industrial sewing and embroidery threads in Turkey, is set to embark on a significant expansion strategy. The company, renowned for its commitment to research and development (R&D), is preparing to establish a new, enlarged factory at its headquarters in Bursa. Additionally, it aims to inaugurate a regional office in North America next year, marking a pivotal step towards global market penetration.
Founded in 1971 with a focus on providing Turkey with fishing net twine, Durak Tekstil has evolved into a third-generation family-owned enterprise. Its journey from niche to diversified markets, bolstered by a steadfast dedication to innovation, underscores its remarkable growth trajectory. The company's portfolio, now comprising approximately 350 distinct products, continues to evolve through continuous R&D efforts.
Yigit Durak, a member of the company's board, underscores the pivotal role of R&D in driving their success. He highlights the company's expertise in leveraging cutting-edge production technologies to introduce highly differentiated products to the market. Among their triumphs is the Duma, a centerless pre-wound under-bobbin renowned for its impeccable tension control and efficiency gains.
Moreover, Durak Tekstil's commitment to functionality is evident in its diverse product range, including SilverPro conductive thread for smart textiles and Fire-Safe threads designed for enhanced safety. Despite facing challenges in 2023, the company anticipates a robust 30 per cent growth this year, buoyed by its expanding international reach, now spanning over 100 countries.
Durak concludes by emphasizing the centrality of R&D in shaping the company's future trajectory. With a dedicated team of 300 in Bursa actively engaged in brainstorming sessions, Durak Tekstil remains poised to further elevate its position as an industry leader, with a growing focus on technical threads driving future revenue streams.
Puma's first-quarter sales met expectations, buoyed by a resurgence in the Americas, sparking a 12 per cent surge in its shares. The company, renowned for its revamped retro footwear like the Palermo, has tapped into the nostalgia trend of the 1970s and 80s, aligning with consumer preferences amidst restrained spending habits and retail inventory challenges.
CEO Arne Freundt expressed optimism, citing a robust order book for the year ahead, particularly highlighting a growing demand for their Palermo shoes. Market sentiments were further uplifted by Freundt's assurance of 2-3 per cent sales growth in the second quarter.
The shift in momentum comes amidst concerns raised by Hugo Boss' cautious outlook, signaling a potential short squeeze. Puma's strategic approach includes ramping up production of Palermo shoes while cautiously avoiding oversupply, echoing Adidas' recent management stance.
Analysts, recognizing Puma's belated but impactful foray into the terrace trend, anticipate sustained growth. Despite challenges posed by retail inventory clearance, Puma saw a 16.8 per cent reduction in inventories, setting the stage for further improvement.
Currency-adjusted sales reached 2.1 billion euros, with a notable upswing in the Americas, fueled by a resurgent US market. Puma's strategic investments in advertising and technology, evidenced by athlete Edna Kiplagat's recent podium finish at the Boston Marathon, underscore its commitment to reclaiming its status as a performance sportswear leader.
However, the running segment remains fiercely competitive, with emerging brands challenging incumbents like Nike and Adidas. Morningstar analyst David Swartz emphasized Puma's uphill battle in this crowded space, signaling the company's need for concerted efforts to expand its market share.
India, the world's largest cotton producer, has witnessed a rollercoaster ride in its cotton yarn exports in recent years. There has been a significant shift in its cotton yarn export scenario between FY23 and the current fiscal year (FY24).
Shifting fortunes
According to the Cotton Textiles Export Promotion Council (Texprocil), India's cotton yarn exports for FY23 (up to January 2024) reached a value of $2.75 billion, a concerning decline compared to previous years. However, industry experts like Sanjay Jayavarthanan, Chairman of The South India Mills' Association (SIMA), predict an optimistic turnaround in FY24. They anticipate an 85-90 per cent increase in exports, potentially reaching $5.11 billion. This projected growth signifies a much-needed recovery for the sector.
Strategic shifts and policy impacts
The government is actively promoting a shift in focus from exporting raw cotton to higher-value cotton yarn and fabric. This strategy, emphasized by the Ministry of Textiles, aims to capture a larger share of the global textile market and boost profits. "By adding value through processing and manufacturing, we can generate more revenue and jobs within the country," says Textiles Minister Piyush Goyal. Schemes like the Amended Technology Upgradation Fund Scheme (ATUFS) offer financial assistance to spinning mills for equipment modernization. This investment is expected to improve yarn production efficiency and enhance India's export competitiveness.
However, the impact on cotton farmers remains a mixed bag. The Minimum Support Price (MSP) scheme by the government intends to ensure a fair price for their produce. "The MSP scheme offers some security, but fluctuating international cotton prices can still squeeze our profits,” says, a cotton farmer from Maharashtra.
Destination-wise performance
Despite the overall decline, Bangladesh remains India's top importer of cotton yarn, accounting for over 34 per cent of exports in FY24 (until January 2024). China, previously the leading importer, has seen its purchases decrease due to factors like rising domestic production and a slowdown in its textile industry. However, recent trends suggest a potential increase in Chinese demand in FY24. This shift necessitates diversification. Countries like Vietnam and Peru have emerged as promising new markets for Indian cotton yarn exports, reducing dependence on traditional markets.
Reasons for gains and losses
Several factors contribute to the volatility in India's cotton yarn exports. Global cotton price fluctuations significantly impact India's export competitiveness. A rise in domestic cotton prices can make Indian yarn less attractive to international buyers. When global cotton prices are high, other countries can offer more competitive rates, explain experts. Demand fluctuations in the global textile industry, particularly in major importing countries, can also lead to a decline in demand for Indian yarn. Additionally, the effectiveness of government initiatives like the Market Access Initiative (MAI) in reducing export costs and increasing competitiveness will be crucial for sustained growth.
The road ahead
India's cotton yarn export sector holds immense potential for growth. By focusing on value addition through processing and garment manufacturing, adopting technological advancements to improve efficiency, and strategically marketing to emerging markets, India can navigate global challenges and reclaim its position as a leading yarn exporter. This requires a collaborative effort from the government, industry leaders, and cotton farmers to ensure a sustainable and competitive future for the sector.
