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India’s textile exports grew by 6.91 per cent in March 2024 compared to March 2023, reveals latest Ministry of Commerce and Industry statistics. This growth was driven by an increase in exports of cotton yarn, fabrics, made-up articles, and handloom products, which rose by 6.78 per cent year-on-year in March 2024. However, the data also shows apparel exports declined by 1.70per cent over the same period. This could be due to a number of factors, including rising input costs and increasing competition from other countries.
Overall, textiles and apparel exports from India grew by 2.62per cent in the first three quarters of the 2023-24 financial year compared to the same period in the previous financial year. This is despite a decline of 3.24per cent in overall merchandise exports during the same period.
The Indian textile industry is one of the largest employers in the country, and it plays an important role in the Indian economy. The government has set a target of increasing textile exports to $100 billion by 2030.
Cotton exports on the rise
The Texprocil data shows that cotton yarn, fabrics, made-up articles, and handloom products were a bright spot for Indian exports in March 2024. These products saw a year-on-year growth of 6.78per cent and 6.71 per cent for the first three quarters of the financial year. This growth is likely due to a number of factors, including strong demand from overseas markets and a competitive rupee.
Overall textiles show positive growth
Overall, textiles exports from India registered a growth of 11.18 per cent in March 2024 compared to previous year. This suggests that the Indian textiles industry is performing well despite the headwinds faced by the apparel sector. Man-made yarn, fabrics, made-up articles exports grew by 7.86 per cent in March 2024, but declined by 5.46 per cent for the first three quarters of the financial year.
Exports of jute manufactures declined by 24.13 per cent in March 2024, but grew by 22.71 per cent for the first three quarters of the financial year.
Apparel exports decline
The data also shows, apparel exports have grew a modest 1.70 per cent in March 2024 compared to March 2023 but declined by 10.25 per cent for the first three quarters of the financial year. This decline is likely due to a number of factors, including rising input costs and increasing competition from other Asian countries.
India’s exports of carpets grew 16.23 per cent in March 2024 and 2.13 per cent for the first three quarters of the financial year.
The US remained the top market for Indian cotton yarn, fabrics, made-up articles, and handloom products, accounting for over 25 per cent of total exports. Other major markets include Bangladesh, China, Sri Lanka, and the United Arab Emirates.
Way forward
The statistics show, Indian textile industry is facing a number of challenges, including rising input costs, increasing competition from other countries, and a slowdown in global demand. Overall, the data suggests that the Indian textiles and apparel sector is a mixed bag. While some segments are performing well, others are facing challenges. The future of the sector will likely depend on a number of factors, including the global economic climate and the Indian government's policies. Meanwhile, the government is taking steps to boost the industry, such as by providing subsidies and relaxing labor regulations. The industry is also looking to expand its exports to new markets.
India-Canada bilateral relations have been under stress for the past few years. It hit a new low during G-20 meeting in Delhi when Canadian Prime Minister Justin Trudeau visited New Delhi. A lot was discussed in media on both sides about the nitty gritties of the visit that led to negativity. In between all this, the Free Trade Agreement (FTA) talks between India and Canada have been paused since September 2023 due to unresolved political issues, primarily concerning Khalistan extremism in Canada and the alleged killing of a pro-Khalistan activist.
The background
FTA negotiations had restarted in March 2022 after a decade-long hiatus but were halted again after six rounds. This was because the political tensions led to a tit-for-tat expulsion of diplomats. However, Canada's upcoming 2025 election might influence the future course of negotiations. Bilateral trade between India and Canada stood at $7.6 billion (CY 2023), with India facing a trade deficit.
What it means for the textile & apparel industry
Both countries were aiming for a comprehensive trade deal, with India seeking duty-free access for textiles, leather, and easier professional visas. Canada desired better access for dairy and agricultural products. The stalled talks are a setback for Indian textile and apparel exporters who could have benefited from duty-free access to the Canadian market. For Canada too, this means reduced access to the growing Indian market for apparel. And potential benefits like lower prices for consumers and increased investment are on hold. The missed opportunities are:
Exports: Indian textile and apparel exports to Canada could have significantly increased with duty-free access.
Imports: Canadian consumers might have benefitted from lower prices on Indian textiles and apparel.
Investment: The FTA could have attracted greater investment in both countries' textile sectors.
Going ahead, the two sides are looking for a resumption of talks but that depends on resolving political issues. Also, Canada's 2025 election outcome could impact future negotiations. Meanwhile, both countries might explore alternative trade deals with other partners. Indeed, the stalled India-Canada FTA talks are a missed opportunity for economic growth in both countries, particularly for the Indian textile and apparel industry. Rekindling negotiations and finding common ground on political issues is crucial to unlock the potential benefits of this trade pact.
For decades, global classical fashion houses have been synonymous with timeless elegance and impeccable quality. But in an age of fast fashion and hyper-connected Gen Z consumers, even the most storied brands need to adapt to stay relevant. Here's how these iconic brands are transforming themselves across product, retail, and communication strategies
Product transformation, breathing new life into classics
Gone are the days of rigidly traditional collections. Brands are reimagining their classics for a modern audience. "Luxury is no longer just about quality and craftsmanship," says Luca Solca, luxury goods analyst at Bernstein. Brands are infusing their collections with contemporary streetwear influences. Burberry, for instance, under creative director Riccardo Tisci, has introduced logo tees and sneakers alongside its signature trench coats. Their recent collection with streetwear giant Supreme broke the internet, showcasing iconic Burberry prints on hoodies and puffer jackets.
Similarly, Gucci has embraced gender-fluidity, with its flamboyant suits and androgynous silhouettes resonating with young fashion enthusiasts. Ralph Lauren is another example. CEO Patrice Louvet acknowledges the need for a modern update while preserving the brand's heritage. They've introduced a ‘Polo Ralph Lauren’ line featuring relaxed silhouettes and vintage-inspired pieces, resonating with a younger customer seeking a blend of comfort and timeless style. Similarly, Chanel reinterpreted its signature quilted handbags with bolder colors and funkier embellishments, appealing to a younger clientele who appreciate the brand's legacy with a modern twist.
Retail all about experiences over transactions
Luxury is no longer confined to physical boutiques. Brands are creating seamless online experiences that complement their brick-and-mortar presence. In fact, the rise of e-commerce has forced a rethink of brick-and-mortar stores. Luxury brands are transforming them into immersive experiences. Gucci has been at the forefront of this shift. Their Gucci App allows virtual try-on and exclusive content, blurring the lines between physical and digital shopping.
Chanel has opened interactive museums showcasing its history, while Dior has introduced cafes within its stores, blurring the lines between shopping and socializing. "We are creating destinations, not just stores," says Marie Claire Daveu, chief sustainability officer and head of communications at Kering. Prada, known for its opulent flagship stores, launched a user-friendly e-commerce platform featuring interactive features like 360-degree product views. This caters to a generation comfortable with online shopping and allows them to explore the brand on their terms.
Partnering influencers to make inroads
At the same time, brands are entering the world of social commerce. Gucci partnered TikTok, allowing users to purchase directly through the platform, blurring the lines between browsing and buying. Luxury brands are no longer above leveraging the power of social media. Prada, teamed up with Charli D'Amelio, the queen of TikTok, for a campaign that went viral. "We need to speak the language of Gen Z, and that language is digital-first," says Armando Branchini, CEO of Yoox Net-a-Porter.
Burberry too, is prioritizing social media engagement. Their partnership with TikTok star Khaby Lame on a recent ad campaign exemplifies their understanding of the power of influencer marketing in reaching younger audiences. Chief Marketing Officer John Dolph emphasizes the importance of "meeting customers where they are," a strategy that translates well to platforms like TikTok and Instagram.
Similarly, Valentino, has upped its social media presence with engaging content featuring diverse models and influencers. This resonates with Gen Z, who value authenticity and social consciousness. Additionally, brands are also collaborating with Gen Z celebrities and partnering gaming platforms to reach this digitally native generation on their turf.
Indeed, the road to staying relevant for a generation known for its disruptor spirit is not without challenges. However, by embracing innovation while staying true to their heritage, classic fashion brands are proving that timeless style can co-exist with the ever-evolving trendscape. This fusion is not just about attracting new customers it's about ensuring that the rich history and craftsmanship of these iconic names are passed on to the next generation of fashion enthusiasts.
The Lenzing Group, a frontrunner in wood-based specialty fibers, showcased their pioneering Tencel and Lenzing Ecovero fibers at The Lenzing Conclave in Varanasi on April 26th. This event spotlighted cutting-edge fiber options driving the evolution of the regional traditional wear textile industry.
Varanasi's weaving sector, renowned globally for its Banarasi sarees, stands amid a textile industry renaissance, urging a fusion of tradition with innovation. Lenzing's presentation unveiled a spectrum of sarees crafted using Tencel lyocell fiber, Tencel Luxe filament, and Lenzing Ecovero viscose fiber, blended with popular existing fibers. These advancements promise heightened comfort, enduring softness, and elevated sustainability standards, resonating deeply with the local weaving community.
Avinash Mane, Senior Commercial Director of AMEA & NEA region, Textiles Business, Lenzing Group, expressed gratitude to the Varanasi weaving community for their enthusiastic reception. Mane emphasized Lenzing's commitment to nurturing regional textile industries with innovative solutions, fostering quality, innovation, and sustainability in every saree produced.
The conclave not only stimulated industry discourse but also showcased innovative products and shared inspiring narratives from Varanasi's weaving artisans empowered by Lenzing fibers. Lenzing extends heartfelt appreciation to all attendees for their contribution to the conclave's success, marking a pivotal moment in the traditional wear landscape.
Zac Posen, Gap Inc.'s Executive Vice President & Creative Director, unveiled a stunning custom Gap gown for Oscar Award-Winning actor Da'Vine Joy Randolph at the Met Gala, showcasing Gap's commitment to creativity and cultural influence.
Posen's appointment in February signaled a shift towards cultural curation across Gap Inc.'s brands. The denim gown, inspired by romanticism and historic fashion, pays homage to Gap's heritage while embracing modernity.
Posen's creation features elements reminiscent of 18th-century evening wear, fused with Gap's classic 1969 denim. The gown's bold "international red" lining mirrors San Francisco's Golden Gate Bridge, while its aquatic forms evoke the city's surroundings. Posen's design also draws from literary inspiration, blending heritage with modernity akin to JG Ballard's "The Garden of Time."
For Randolph, the gown symbolizes strength and femininity, aligning with Gap's ethos of celebrating individual style. This collaboration marks Posen's debut project since assuming his new role, underscoring Gap Inc.'s commitment to innovation.
Posen, donning a Banana Republic suit, joined Randolph on the Met Gala red carpet, showcasing Gap Inc.'s diverse portfolio of iconic American brands.
The Republic of Turkey Ministry of Commerce has unveiled its 'Trade Delegation Supports List' for 2024, with a significant inclusion: the ITM 2024 International Textile Machinery Exhibition and Hightex 2024 International Technical Textiles and Nonwoven Exhibition. Both events, slated to take place in Istanbul, have received government endorsement, signaling a boost for Turkey's textile industry.
Scheduled to run from June 4th to 8th at the Tuyap Fair and Congress Center, the ITM 2024 Exhibition promises to be a nexus for textile technology leaders worldwide. Organized in collaboration with Tuyap Tum Fuarcılık Yapım A.Ş., Teknik Fairs Inc., and the Textile Machinery and Accessories Industrialists Association (TEMSAD), the event is poised to showcase cutting-edge innovations in the textile sector over five days.
Spread across an impressive 120,000 square meters and encompassing 13 halls, ITM 2024 and Hightex 2024 have secured their spots on the Ministry of Trade's prestigious support list. This designation will draw trade delegations from a multitude of countries, including Bangladesh, Algeria, Indonesia, and India, among others.
To facilitate the attendance of international delegates, Turkish Consulates and Commercial Attache Offices are streamlining visa applications. Companies eager to engage with the global textile market at ITM 2024 can seek assistance from these offices, ensuring seamless participation in one of the industry's foremost events.
With Turkey's Ministry of Commerce actively backing these exhibitions, ITM 2024 and Hightex 2024 are poised to foster invaluable connections and drive innovation in the international textile landscape.
Femography, a leading B2B apparel manufacturer specializing in feminine health and hygiene solutions, has partnered with GenM, the premier menopause partner for brands, to revolutionize the way menopause is addressed in the fashion industry. As the FemTech arm of MAS Holdings, a major player in South Asia's Apparel Tech scene, Femography is already making waves with its subsidiary, Become Clothing, a Founding Partner of GenM.
Femography's innovative approach spans the entire feminine journey, from menstruation to menopause, offering clothing solutions tailored to women's unseen needs. Through this collaboration, Femography aims to leverage GenM's MTick platform to highlight its menopause-friendly products globally, addressing the increasing demand for inclusivity and clear labeling in women's clothing.
Independent research from GenM underscores the urgency of this partnership, revealing that women feel overlooked and underserved by brands during menopause. GenM's MTick symbolizes a shift in how menopause-friendly products are identified, providing consumers with trust and control. Already endorsed by major retailers like Boots and Tesco, the MTick ensures that only products meeting strict criteria proudly display the symbol.
Femography's commitment to normalizing menopause conversations aligns with GenM's mission to empower women through this transformative stage. CEO Pilar Diaz emphasizes the importance of supporting women through life's phases, while GenM co-founder Heather Jackson praises Femography and MAS Holdings for their pioneering efforts in creating products that cater to women's needs. Together, they aim to drive purposeful change and offer women worldwide greater visibility, choice, and control.
The scaling back of apparel imports by American retailers and brands has caused garment led to a decline in garment exports by Bangladesh to the US over the last few months.
Data from the Office of Textiles and Apparel (OTEXA), a department under the American Commerce Department, shows, garment exports from Bangladesh to the US declined by 17.68 per cent to $1.75 billion in the January-March period of this year. In the preceding January-February period, exports dropped by 19.24 percent to $1.18 billion.
This decline in garment exports to the US has become a trend over recent months. Despite a gradual easing of inflationary pressures and higher garment exports in previous years, American retailers and brands have been importing fewer garments. Combined textiles and apparel (T&A) exports declined by 17.37 per cent to $1.81 billion during the January-March period of the current year.
While retail sales started to pick up during the festive season last year, especially around Christmas, the revival has been slow. Many garment factories in Bangladesh faced prolonged closures due to wage hike movements from September to December last year, disrupting production severely. AK Azad, Managing Director, Ha-Meem Group, highlights, apparel demand has not fully recovered amongst the low-end low-end consumers in the US impacting Bangladesh significantly. Additionally, factors such as high interest rates in US banks, ongoing gas and power crises in the garment industry, and the absence of a deep-sea port in Bangladesh continue to cause delays in shipping goods, affecting manufacturers' ability to fulfill commitments to buyers.
Despite these challenges, retail sales grew at a steady rate during March, notes Mathew Shay, President and CEO, NRF. As inflation for goods stabilises, consumers continue to benefit from a strong labor market and real wage gains, prompting retailers to keep prices low to accommodate budget-conscious consumers.
Marking a substantial rebound from the depths experienced during the COVID-19 pandemic, Index of Consumer Sentiments has reached its highest point since at least March 2019.
Compiled by the Centre for Monitoring Indian Economy (CMIE), the index grew by 5 per cent to 110.9 in April 2024 as compared to April 2019. While rural consumer sentiment reached its highest level since 2019, urban sentiment dipped to a seven-month low. Consumers earning between Rs 1 lakh ($1,198.48) and Rs 2 lakh ($ 2,396.95) annually witnessed an 8.3 per cent increase in consumer sentiment compared to 2019.
However, consumer sentiment for the lowest earners declined by 3.4 per cent in April 2024 compared to April 2019. Similarly, those earning between Rs 2 lakh ($ 2,396.95) and Rs 5 lakh ($ 5,992.38) per annum, as well as those earning Rs 5-10 lakh ($5,992.38 – $11,984.76), experienced dips of 2 per cent and 3 per cent respectively. Earning over Rs 10 lakhs ($11,984.76) annually, the highest income group saw a difference of 12.5 per cent in consumer sentiment. Suggesting cautious optimism, nearly 27.92 per cent of households anticipate improved conditions for their families in the coming year.
Global home textiles firm, Welspun Living has appointed Naiyya Saggi as an independent director with effective from April 25, 2024.
Spanning four years, Saggi's tenure as an independent director will end on April 24, 2028. Renowned as the founder of BabyChakra, Saggi has over 16 years of experience and currently is the Group co-founder and president of the digital-first beauty and personal care conglomerate, The Glamm Group.
A prominent figure in the startup ecosystem, Saggi is also an expert in building contemporary consumer brands, fostering communities, and advocating for women in technology,
Additionally, she serves as a member of The National Taskforce for Regulatory Issues at DPIIT Ministry of Commerce and as an elected Governing Council member of The Tech Entrepreneurs Association of Mumbai. This esteemed association represents the dynamic US$ 50 billion Mumbai tech ecosystem, boasting a membership that includes 50 Unicorn and Soonicorn founders.
Dipali Goenka, CEO and Managing Director, Welspun Living, cities Saggi’s strategic acumen and extensive experience in B2C and e-commerce along with her insights into consumer behavior and digital trends as factors driving Welspun Living's B2C growth strategy forward.
In response to her appointment, Saggi articulated her alignment with Welspun's values and her eagerness to collaborate with the board and management team to spearhead strategic initiatives. She emphasised her commitment to foster sustainable, inclusive growth that integrates profit with purpose.
