FW
While the retail sector has performed well lately, the best growth is happening at the high end. With the global economy as strong as ever, and millions of people worldwide entering the middle class, especially in India and Asia, that trend is showing no signs of slowing down. And spends on luxury goods are growing.
Movado’s shares have been on the rise, gaining 60 per cent year to date. The group has a range of watches, jewelry and accessories at multiple price points. Its Swiss-made timepieces are sold both from its own branded retail stores and high-end department stores. Movado also manufactures goods under licensing deals with other fashion brands like Coach, Hugo Boss and Lacoste.
Tiffany continues to command premium prices for its jewelry and accessories in a business that has in many other cases become highly commoditized. Tiffany is the brand of choice for high-end jewelry customers. The company reported revenue growth in the Americas, Asia and Europe and improved gross and operating margins. It also announced the opening of four new retail stores, bringing the worldwide total to 314.
Burberry manufactures luxury clothing and accessories. It’s known for its checked plaid pattern. After a difficult year in 2015, Burberry is back on track and shares have nearly doubled in the past two years.
Kraig Biocraft Laboratories has completed more than 2,500 microinjections using the new spider silk DNA synthesis methodology. This new method allows for faster creation of larger and more complex spider silk proteins. Larger and more complex proteins are believed to produce improved silk strength, toughness, and elasticity. These improved recombinant spider silk fibers will allow the company to target an expanded set of end market applications.
US-based Kraig Biocraft is a developer of spider silk based fibers. The company is looking forward to creating new transgenics with an abridged development cycle and enhanced materials performance. The transgenics created using the new protocols are expected to be transitioned into prodigy textiles.
Kraig Biocraft Laboratories is a biotechnology company focused on the commercialization of new textiles and high performance fibers including spider silks. As the leading developer of genetically engineered spider silk based fiber technologies, Kraig Biocraft has been able to achieve a series of scientific breakthroughs in the area of spider silk technology.
Inditex gross profit margin in the first quarter was 58.9 per cent compared to 58.2 per cent a year earlier. However, same store sales growth slowed slightly in the quarter. Sales in stores that have been open for at least one year rose around five per cent in the three months ending April 30 compared with a year earlier. That is a slight slowdown from the company’s previous fiscal quarter, when like-for-like sales rose around six per cent year-over-year.
Inditex closed its fiscal first quarter with 7,448 stores in 96 markets, a slight decline from the 7,475 stores the company had in the previous quarter. Spain-based Inditex, owns Zara and seven other brands including Massimo Dutti and Bershka.
Competitors have been unable to fully replicate Inditex's business model, which takes clothes from design to rack in weeks. The company’s gross profit margin is expected to bottom out this year as currency headwinds ease. The crucial profitability metric has fallen somewhat in recent years.
Zara's growth is flagging because of heightened competition, which is forcing the company to lower the price of clothes and footwear and to put more apparel on sale. Growth in online sales is also chipping away at profitability, because it is more expensive to ship internet orders.
The Commonwealth Fashion Exchange has partnered with Google Arts & Culture to create an interactive platform to showcase fashion design talent from across The Commonwealth. The project in partnership with Swarovski, The Woolmark Company and MATCHESFASHION.COM showcases fashion talent from across 53 countries of the Commonwealth, where designers and artisans collaborate to create personalised women’s wear to illustrate the power and potential in partnerships and global co-design.
The Google Arts & Culture platform features over 1,000 artefacts and videos about these beautiful collaborations online, as well as stories from designers and artisans who participated in the unique project. The selected design labels include names such as Karen Walker representing New Zealand, Behno representing India, and Burberry and Stella McCartney representing the UK.
Bangladesh has received an order worth $1 billion to supply fan jerseys to the FIFA World Cup, which will be begin from July 14, 2018 in Russia. According to latest figures from Bangladesh Export Promotion Bureau, the country earned a net worth of $ 2.6 billion from the export of jerseys, pullovers and similar items made of cotton and man-made fibres. Around 100 factories were involved in the manufacturing of these jerseys.
This was also one of the main reasons behind a surge in export of knitwear items and apparel items in overall during the last month. In July-May period, knitwear exports rose 11.48 per cent to $13.94 billion and woven garments 8.15 per cent to $14.18 billion.
Mohammad Hatem, former VP, Exporters Association of Bangladesh, who is also a former Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and owns MB Knit Fashion exported 25,000 pieces of Spain’s fan jerseys, made of man-made fibre, at US $ 2.55 per item.
Global Fashion Agenda (GFA) has called on brands to join collaborative initiatives to help them get started on eliminating hazardous chemicals. GFA is a sustainability initiative run by the Danish Fashion Institute. It encourages brands to invest in research and new technologies to scale existing solutions up and to uncover new possibilities for current challenges.
Many fashion brands have not extended their sustainability efforts to include the processing stage where chemicals are used. Many are still in the beginning phase of eliminating hazardous chemicals. And they are searching for programs and tools that enable sustainably.
Since the processing stage within the value chain is a complex and fragmented one, many brands face difficulties in getting started. Hence, Global Fashion Agenda advises brands to join collaborative initiatives to profit from existing knowledge and experiences as taking action alone might be an overwhelming task. GFA collaborates with a group of strategic partners on setting a common agenda for industry efforts on sustainability in fashion.
Similarly the Greenpeace detox campaign aims at eliminating groups of chemicals of concern used in the fashion industry by 2020. Last year, Greenpeace warned about the industry's use of large quantities of polyester and its contribution to pollution of the oceans with microplastic fibers.
As a part of its commitment to science based targets, sportswear firm Asics has outlined a series of ambitious new sustainability targets and hailed its success in 2018 to decrease carbon footprint by 33 per cent. As per the company's sustainability report for fiscal 2017, they aim to cut carbon discharge from the supply chain by 55 per cent.
The company established its commitment to a circular economy by initiating partnerships to find new uses for used apparel. Through the bluesign system Asics has become the first Japanese brand to form a system partnership with bluesign. Asics collaborated with other brands, manufacturers, converters, and chemical suppliers on chemical management in the supply chain to improve sustainability in textile and footwear production.
Motoi Oyama, Chairman and CEO of Asics Corporation said that 2017 marked a major milestone for Asics with the launch of ‘I Move Me’, a global movement reimagining the 'sound mind in a sound body' philosophy which has guided the company for nearly 70 years. As the world becomes ever more aware of the impact of physical inactivity and mental illness, I Move Me reaffirms Asics decades-long commitment to supporting physical and emotional wellbeing. It also provides a fresh perspective on a broader sustainability approach.
The upcoming Apparel Textile Sourcing Canada (ATSC) show, scheduled from August 20-22, 2018 in Toronto, will showcase a line of futuristic clothing featuring seamlessly-integrated technology designed to both diagnose and treat health conditions. Some of these innovations include: stylish undergarments that act as an ECG monitor 24X7, alerting users to potential heart rhythm issues, as well as apparel that provides users with remote physiotherapy, meaning patients can receive professional rehabilitation therapy – including heat, electric stimulation and compression treatment – remotely from the comfort of their home.
The offerings will be among a wide range of features on display at ATSC, including 600 local and international exhibits, three full days of seminars, panels and sessions by industry, government and fashion leaders, business matchmaking services, and fashion runway events. The show will provide the thousands of expected attendees unprecedented networking and business opportunities with international suppliers on Canadian turf.
"Textile industry has gained pole position of polluting the environment, which is only after oil industry. A recent report by Yale Environment 360, testifies that in the US alone, people dispose off about 12.8 million ton of textiles annually — 80 pounds for each man, woman and child. India is one of the largest textile industries in the world today accounting for nearly 14 per cent of the total industrial production. In response to this, many homegrown brands are eyeing the sustainable expanse. Brands like Anamoly, Doodlage and Khara Kapaas are exploring new and revolutionary techniques and concepts which cater to and are benefiting the cause."
Textile industry has gained pole position of polluting the environment, which is only after oil industry. A recent report by Yale Environment 360, testifies that in the US alone, people dispose off about 12.8 million ton of textiles annually — 80 pounds for each man, woman and child. India is one of the largest textile industries in the world today accounting for nearly 14 per cent of the total industrial production. In response to this, many homegrown brands are eyeing the sustainable expanse. Brands like Anamoly, Doodlage and Khara Kapaas are exploring new and revolutionary techniques and concepts which cater to and are benefiting the cause.
Anomaly
Founded by Medha Khosla, who has 14 years of experience in technical design from New York, Anomaly is a
versatile workwear brand, which seamlessly transitions from day to night by offering classic pieces created using natural and sustainable Indian textiles. The brand banks on limited production and wastage, made using only natural textiles with a strong emphasis on quality. It addresses the problem of overstocking by producing less and upcycling any leftover fabric into home textiles, which they sell under a different line. Leftover stock, if any, is donated on a yearly basis. Adopting a Lean production model, the brand operates from a single unit based in Shahpur Jat, which staffs 8 people who oversee everything from concept to finishing.
The brand plans on venturing into unisex lines that push the boundaries of dressing forward by including a wider gamut of classic pieces that stand the test of time. On all-inclusive fashion, the brand supports equal representation, and plans to take into consideration petite and plus-size lines in the future.
Doodlage
Experts say, just between India, China and Bangladesh, there are about 1.20 billion sq. mt. of fabric that gets discarded every year. Finding ways to work with these fabrics instead of mass producing fresh ones, will massively contribute towards a more circular economy. Upcycling leftover scraps and recycling post-consumer waste, Doodlage works on the theory ‘one man’s trash is another man’s treasure’. After having gained recognition in womenswear, the brand expanded into menswear as well. It sources 90 per cent of its fabrics from major exporters, printers and dyers, who are rejecting enormous amount of post-cutting scrapes, defective fabrics, and yarns and then work with those fabrics to create its own collections.
Each garment is produced end-to-end by one particular person, so each piece is as distinct as the person who is wearing it. The brand now plans to expand in the kids’ wear and lifestyle products segment to ensure that the message of upcycling finds a permanent room in as many wardrobes as possible.
Khara Kapaas
Shilpi Yadav, Founder of Khara Kapaas, has spent a lot of time travelling around the country experiencing different cultures and traditions. This made her a specialist of local crafts and locally sourced materials. Using natural dyes, azo-free block printing processes and blends, the brand enjoys a faithful clientele both in India and abroad. Tapping demand for her work, she identified the gap in the market for sustainable pregnancy and maternity ranges and fill it in. After experimenting with three different lines, the designer is looking at expanding in the bags and shoes categories.
"Before the inception of the Special Presidential Committee on the Resuscitation of the Cotton, Textile and Garment Industry, Nigeria’s textile sector, was in a dismal state. Factories in Lagos, Zaria, Kaduna and Kano were performing below production capacities. Employees had been maintained only because either the employers did not want to lose them or their parents had been active players in the sector. The machines, not being used, were covered with dust. Some factories had stocks untouched for ages, while others faced an acute shortage."
Before the inception of the Special Presidential Committee on the Resuscitation of the Cotton, Textile and Garment Industry, Nigeria’s textile sector, was in a dismal state. Factories in Lagos, Zaria, Kaduna and Kano were performing below production capacities. Employees had been maintained only because either the employers did not want to lose them or their parents had been active players in the sector. The machines, not being used, were covered with dust. Some factories had stocks untouched for ages, while others faced an acute shortage.
Attempts to resuscitate the textile industry had failed as it was saddled or burdened with legacy issues. Apart from infrastructure challenges, high gas prices, diesel and insufficient supply of low fuel pour oil; issues of distrust and insincerity across the line, low patronage, inadequate quantity and quality for supplies, smuggling of fabrics and availability of cheaper options, etc also plague the industry.
New revival strategies
To drive the sustainable implementation of the Cotton, Textile and Garment (CTG) policy, as well as President Muhammadu Buhari’s policy thrust and
vision in the textile industry, the government in April 2016 inaugurated a special Implementation Committee involving critical stakeholders. The Committee is responsible for overall revamping of the sector besides attracting investments across the value chain i.e. cotton farming, cotton processing, textile manufacturing and garmenting.
Accordingly, the committee devised strategies to garner support for locally made fabrics. These included ascertaining quality and source of raw materials, identification of possible linkages of producers and end-users of locally produced fabrics and the development of the garment sub-sector for increased productivity.
Key challenges faced by industry
As per the committee, some of the key challenges affecting the sector include: lack of cotton lint, smuggling and counterfeiting, inadequate infrastructure, access to power, and funding. The committee was able to access working capital to enable manufacturers acquire necessary raw materials and other essential inputs for production activities. It also secured loan re-financing and recommended 60 per cent of forex allocation from CBN. However, complete overhaul of the industry requires around N500 million to N1 trillion. These funds have been hampered by the high interest rates charged on loans by financial institutions. The committee recommended the government should approve loans granted to the textile industries by the Bank of Industry. BOI should be takenover by the Central Bank with a view to extending the repayment tenor. Also, the accumulated 10 per cent of tariff on imported textile materials, for the development of local manufacturing sector in Nigeria, should be made available to the sector players without much further delay.
The Committee, in its bid to resolve the issue of high gas pricing, has secured a presidential approval for the re-categorisation of textile manufacturers as strategic industrial sector as against earlier classification in the “commercial sector.” The major implication of the policy shift is the elimination of the many bottle necks in the supply of energy to the textile mills. Once implemented, gas supply to textile manufacturers will cost only $3 per standard cubic feet as against the old regime of $8.45.
Other impediments hindering speed in the actualisation of the President Muhammadu Buhari’s blueprint of action in the textile sector include: un-abating phenomena of counterfeiting and smuggled textile materials especially from China. The Nigeria Customs Service and other security agencies will have to beef up vigilance in their statutory duty of checking influx of banned textile materials into the country.
