14 March 2024, Mumbai

This report analyzes the recently released official export data for the period of July-February FY2023-24, focusing on the performance of the Ready-Made Garment (RMG) sector.

Positive Growth Trajectory:

• As sector anticipated in previous communications, the global clothing trade is showing signs of recovery in 2024, following a slowdown in 2023.
• RMG exports during the first two months of 2024 reached US$9.47 billion, a significant 13.15% increase compared to the same period last year.
• For the entire July-February FY2023–24 period, RMG exports reached US$32.86 billion, reflecting a year-over-year growth of 4.77%. This growth rate is particularly encouraging considering the slower pace (1.72%) observed in the first half (July-December) of the fiscal year.

Record-breaking Achievements:

• Notably, January 2024 saw the highest ever RMG export figures for a single month. February 2024 also achieved record-breaking export numbers compared to previous Februarys.
• These achievements are particularly inspiring given the numerous challenges the industry has faced on both local and international fronts.

Dominant Industry Share and Entrepreneurial Spirit:

• RMG exports accounted for a remarkable 85.45% of Bangladesh's total export earnings in July-February 2023-24. This share increased even further to 86.74% in January-February 2024.
• These impressive figures showcase the remarkable resilience and adaptability of Bangladeshi entrepreneurs in the RMG sector.

Sustainable Growth and Future-Proofing:

• The recent growth is accompanied by a positive trend in investments in diversified RMG items. This diversification is crucial to safeguarding the industry from vulnerabilities and ensure balanced growth.
• Nation's ongoing commitment to sustainability, circular economy practices, worker well-being, and the industry's green revolution remains a cornerstone for continued success. This holistic approach fosters not only economic growth but also environmental and social responsibility, solidifying our position as responsible leaders in the global garment industry.

Navigating Global Challenges and Looking Ahead:

• The industry acknowledges the significant challenges faced in 2022 and 2023, including high unit costs in 2022 and ongoing buyer inventory pressures. However, positive signs are emerging, with retail sales in our major markets showing a comeback and advanced economies exhibiting progress in curbing inflation and boosting employment.
• As one moves forward, 2024 presents a valuable opportunity for further growth. By diversifying our industry further, embracing modular production practices, and continuously adapting to the evolving global landscape, we can not only overcome these challenges but also propel ourselves to even greater heights.

CREDITS: BGMEA press release

Latest Fashion News

Puma India has joined forces with a diverse group of influential women including actor Kareena Kapoor Khan, Vineeta Singh, Co-founder, Sugar Cosmetics, boxing champion MC Mary Kom, fashion designer Masaba Gupta, and news anchor Faye D’Souza for their Women’s Premier League (WPL) campaign.

The collaboration aims to elevate the profile of women's cricket in India, with plans to release a digital film featuring these five prominent figures to expand the female fan base for the sport.

Karthik Balagopalan, Managing Director, Puma India, expressed the brand's commitment to break gender biases and support women's sports. He believes, the collaboration will help reshape the narrative, enhance fan engagement, and inspire future generations of female athletes.

Kareena Kapoor Khan emphasised the untapped potential of female athletes in India and commended Puma's initiative in promoting women's cricket. The campaign is a significant step towards giving female athletes the recognition they deserve, she said.

As part of the campaign, the five women will attend a Women’s Premier League (WPL) match between Delhi Capitals and Royal Challengers Bangalore in New Delhi on March 10, further showcasing their support for women's cricket.

Iconic American denim brand, Levi’s expanded its EBO network in the Eastern India by opening its 50th exclusive brand outlet (EBO) in Kolkata. Situated at Camac Street, the new stand-alone store promises to bring Levi’s signature style and quality to the local community.

Abhik Sarkar, Assistant Manager - Business Development, Levi Strauss & Co, says, the store symbolises the enduring bond between Levi’s and its customers, rooted in authenticity and innovation. The brand’s dedication to delivering exceptional experiences remains unwavering as it continues to serve the diverse and dynamic community in Kolkata.

The store boasts a comprehensive selection of clothing, accessories, and footwear, catering to both men and women. With its classic Levi’s denim collection, the brand aims to provide customers with timeless fashion choices.

Levi’s began its operations in India in 1994 when it established a wholly owned subsidiary, Levi’s Strauss India Since then, the brand has expanded its presence significantly. Just a year ago, Levi’s unveiled its largest store in Asia, spanning an impressive 7,521 sq ft on the Brigade Road in Bengaluru.

Presently, Levi’s operates over 400 store locations across India, according to data from the SaaS platform Agenty. The brand's global footprint extends to more than 110 countries, with products available in over 45,000 retail locations.

Renowned designer Punit Balana recently unveiled his Spring Summer 24 collection, titled ‘Modern Jaipur,’ which captures the vibrancy and regality of his hometown. Drawing inspiration from a lively polo match in Jaipur, the collection beautifully intertwines the essence of the city, reflecting high society life with royals and aristocrats.

Incorporating signature colors, Masoom Gulabi and Moonga, into the collection, Bulana imprints his vision of Jaipur's life onto his designs. The palette's softness and bold prints create a perfect fusion of Modern Jaipur aesthetics. Collaborating with creators like Ankush Bahuguna and Sahiba Bali for the campaign, the collection showcases the talent behind the lens.

According to Bulana, the ‘Modern Jaipur Collection’ celebrates the timeless elegance and vibrant spirit of the city of Jaipur.

The collection pays homage to the city's rich past while embracing the contemporary spirit of today's society, confidently making a statement.

In a strategic move, Apparel Group India has partnered with the renowned department store chain Shoppers Stop to open the first India shop-in-shop for Beverly Hills Polo Club.

Situated within Mumbai's bustling R City Mall, this collaboration showcases an extensive array of men's smart casual wear.

The newly unveiled open-plan shop-in-shop debuts with Beverly Hills Polo Club's vibrant spring collection. The collection offers a curated range of button-down shirts, lively polo shirts, graphic t-shirts, and a dedicated denim section.

Located in Ghatkoparm, Mumbai, R City Mall stands as a prominent hub housing a diverse array of both Indian and international fashion and lifestyle brands. Notable names such as Aldo, H&M, Vero Moda, Reliance Jewels, Jaypore, and Miniso contribute to the mall's vibrant retail landscape.

Headquartered in Mumbai, Apparel Group is a prominent UAE-based fashion and lifestyle conglomerate. The group showcases a portfolio of renowned brands including Charles & Keith, Aldo, Skechers, Inglot Cosmetics, and Tommy Hilfiger in the Indian market. With a vast network spanning over 2,025 retail outlets across 80 brands, the conglomerate boasts a global workforce exceeding 20,000 individuals.

A prominent fashion retail business, Apparel Group India has extended its partnership with Bollywood stars Janhvi Kapoor and Aditya Roy Kapur. The collaboration aims to bolster the presence of the renowned footwear brand, Aldo, in the Indian market and showcase its Spring 2024 collection.

Tushar Ved, President, states, aligning perfectly with the group’s objectives, this collaboration significantly expands its reach and reinforces Aldo's position as a trusted brand in the Indian market.

Operator of over 70 stores across India, Aldo seeks to leverage the influence of Kapoor and Kapur to position itself as a premium brand associated with glamour, aspiration, and trustworthiness.

Abhishek Bajpai, CEO, Apparel Group India affirms, the group’s partnership with Kapoor and Kapur underscores its commitment to offer authentic and stylish products at Aldo India. Their vibrant energy and distinctive style enhance the brand's credibility and resonate strongly with our consumers."

Through this partnership, Apparel Group India aims to further solidify Aldo's position as a desirable brand in the Indian market and continue delivering quality products that resonate with consumers' preferences and aspirations.

Setting a new benchmark in retail innovation, renowned athletic apparel and footwear brand, Adidas introduced its innovative Home Of Sport concept store on the Linking Road in Mumbai.

Spanning 6,307 sq ft across four floors, the stand-alone store embodies the essence of Mumbai's vibrant culture and energy. Its design integrates the elements of the city's rich cultural tapestry by featuring handcrafted carpets inspired by Paithani art and visuals paying homage to India's beloved sport, cricket.

The Home Of Sport store introduces the concept of a 'run lab,' a pioneering initiative in India aimed at assisting consumers in discovering their perfect pair of running shoes.

Furthermore, the store features a 'made for you' zone, inviting customers to engage in co-creation experiences with local artists and the store team, fostering a sense of personalisation and community.

Dedicated to catering to the diverse needs of its clientele, the store boasts an exclusive women's category, underscoring Adidas's commitment to inclusivity and diversity. Moreover, patrons can explore the Adidas Originals shop-in-shop, dedicated to offering lifestyle, fashion, and heritage products. Notably, the store also hosts the first Y-3 shop-in-shop in Mumbai, further enriching the retail landscape with its avant-garde offerings.

Adidas first entered into India through license agreement with the footwear brand Bata in 1989. Subsequently, in 1996, the brand re-entered India via a joint venture with Magnum International Trading Company. Over the years, it has continued to expand its presence, culminating in the approval from the Indian Government in 2016 to establish 100 per cent foreign-owned stores in the country.

This latest endeavor follows the unveiling of Adidas's flagship store in India, located at Connaught Place, Delhi, in 2021. Founded in 1949 by Adolf Dassler, Adidas has cemented its status as a global leader in athleisure and sports apparel, with Adidas Originals embodying its dedication to innovation, style, and heritage.

Expanding its fragrance offering in India, Jain Amar Clothing’s womenswear brand Madame has launched a new scent ‘Chaleur’ with a campaign starring brand ambassador and Bollywood celebrity Shanaya Kapoor.

More than just a fragrance, Chaleur is a journey that transcends boundaries, inviting wearers to experience a blend of cultures and fragrances that culminate in a truly unique olfactory experience, says Akhil Jain, Executive Director, Jain Amar Clothing.
 
Inspired by the historic French town of Grasse, the scent contains the zest of orange, saffron, and clary sage with a centre of jasmine and essence of cherry almond. Chaleur is Madame’s second fragrance launch to date following its maiden scent ‘Lueur’. The launch shows the business’ focus on the premium segment of the market and its campaign with Kapoor is designed to evoke ideas of French glamour mixed with Indian opulence. 

Launched as a western wear brand in 1993, Madame opened its first India store 2002. Today, the brand has over 500 retail outlets across the country. Focusing on Tier I and II cities for expansion, the brand aims to grow its business by 33.3 per cent in coming financial year. 

Denim and apparel brand Spykar has outlined ambitious expansion plans for FY’25, set to commence in April. The company aims to inaugurate 40 new brick-and-mortar stores with a strategic focus on franchise launches across India.

The brand intends to strategically locate these stores across the nation to maximise the brand’s reach and accessibility to customers, says Sanjay Vakharia, CEO.

These announcements were made on the sidelines of a panel discussion organised by the Clothing Manufacturer’s Association of India at Bharat Tex 2024.

Previously, Spykar had disclosed its intentions to strengthen its presence in Tier II and III cities, responding to the escalating demand for branded apparel in non-metro areas. The brand adopts an omni-channel retail strategy, supplementing its brick-and-mortar stores with a direct-to-customer e-commerce platform.

According to its website, Spykar boasts over 2,250 points of sale, inclusive of more than 300 exclusive brand outlets. Since its inception in 1992, Spykar has been a part of the Metdist Group, a business entity promoted by the Bagri family since 2014.