05 October 2023, Mumbai

Celebrating Branding Excellence

Apparel Group's internationally renowned footwear brand, Crocs, has won the prestigious Superbrands status. The award was presented at a grand ceremony held on the 28th at the Intercontinental Hotel, Dubai Festival City.

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Superbrands Recognition

The Superbrands organization is a globally renowned independent authority and arbiter of branding brilliance. 

The Superbrands status is awarded to brands that have achieved exceptional levels of brand recognition, quality, and customer satisfaction.

Neeraj Teckchandani's Perspective

Neeraj Teckchandani, CEO of Apparel Group, shared his strategic perspective on the recognition, stating, "Receiving this prestigious Award is both an honor and a valuable affirmation of our strategic commitment to excellence and innovation. This recognition underscores our relentless pursuit of delivering unparalleled quality and value, reflecting the strength and resilience of our brand portfolio. 

I am immensely proud of our dedicated team, whose consistent efforts enhance our brand's reputation and strategically position us for continued growth and success in the competitive global market."

Crocs' Exceptional Ability

This award bears witness to Crocs' exceptional ability to grow and exceed in the competitive market, reinforcing its status as a leading brand in the global fashion and lifestyle industry. 

The award demonstrates Crocs' unique ability to resonate with consumers, offering products and experiences that stand out in the marketplace.

Apparel Group's Success

This recognition capitalizes Apparel Group's exceptional ability to nurture and grow brands in the competitive market, further solidifying its position in the global market.

Sum & Substance

The Superbrands status is a significant achievement for Crocs and Apparel Group. It is a testament to their commitment to excellence and innovation, and their unique ability to connect with consumers.

5 key insights :

• Crocs wins Superbrands status
• Celebrates branding excellence
• Recognizes brand recognition, quality, and customer satisfaction
• Commitment to excellence and innovation
• Unique ability to connect with consumers

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30 September 2023, Mumbai

FY2022-23

• Readymade garment export contributed 84.5 per cent of Bangladesh's total exports valued at nearly $47 billion.
• The US is its largest market where unfortunately, growth was negative at -5.5 per cent.
• Garment exports to the UK and the EU fared much better, registering a positive growth of 11.8 and 9.9 per cent respectively.
• Non-conventional markets like Brazil, Turkey, and Japan fared exceptionally well with over 71 per cent, nearly 50 per cent, and nearly 46 per cent growth respectively.

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FY2023-24 (First two months)

• Bangladesh sees moderate demand growth in both traditional and non-traditional markets.
• Apparel export worth $7.99 billion, a growth of 12.46 per cent from $7.11 billion in July-August of this fiscal.
• The US is the largest single export destination with exports worth $1.46 billion, a year-on-year growth of 2.95 per cent.
• The UK is the third highest destination with exports worth $976.8 million, a growth of 19.1 per cent year-on-year.
• Apparel export to other major destinations such as Spain, France, Netherlands, Italy, and Poland also registered positive growth.
• The US's Generalized System of Preference program has included Bangladeshi apparel, making it duty free as opposed to the 11 per cent it is being taxed as customs.

Conclusion

BGMEA is satisfied with Bangladesh's export performance in FY2022-23 and FY2023-24. 

Bangladesh has fared well as per course, especially in non-traditional markets despite depressed orders from traditional markets. 

The US's decision to make Bangladeshi apparel duty free is a positive development for the garment sector.

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27 September 2023, Mumbai

Textile Minister's Bold Vision

In a call to action, the Hon'ble Textile Minister urges the textile sector to quintuple Technical Textiles exports, targeting a jump from $2 billion to $10 billion.

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Indian Technical Textiles Set for Explosive Growth

Rachna Shah, the textiles secretary, highlights the Indian technical textiles sector's remarkable potential.

The sector, currently valued at $22 billion, is poised to reach an astonishing $50 billion within five years.

Government's Strategic Initiatives

To achieve this ambitious goal, the government adopts a multifaceted strategy, emphasizing research and development in technical textiles, workforce skilling, and collaboration among certification agencies, industries, and ministries.

India Aims to Dominate MMF Exports

Chairman of the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), Badresh Dodhia, sees significant growth potential in India's man-made fiber (MMF) exports. 

Currently, at 30% of total exports, MMF could drive India's global presence in the textile market.

MMF Sector's Resurgence

MMF demand has consistently grown at a 10% Compound Annual Growth Rate (CAGR) in the past five years, following a period of stagnation. 

Dodhia attributes this growth to increasing awareness among Indian consumers.

Sustainability and Government Support Boost MMF

Stability in MMF prices and its sustainability factor make it an attractive option. Government initiatives, like the Productivity-Linked Incentive (PLI) scheme and endorsements by Prime Minister Narendra Modi, further boost the sector.

Bright Prospects for Technical Textile Exports

With comprehensive strategies and government backing, India's technical textiles sector is primed for exponential growth, positioning itself as a major player in the global market.

5 key insights :

• Technical textiles exports to quintuple
• $50 billion sector in five years
• Focus on R&D, skilling, collaboration
• MMF exports poised for growth
• Sustainability and government support

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04 October 2023, Mumbai

Ambition to Action

The Global Fashion Summit: Boston Edition, held on September 27, 2023, convened hundreds of representatives from brands, retailers, NGOs, policy, manufacturers, and innovators to transform ambition into action. 

The Summit explored the 2023 editorial theme, ‘Ambition to Action’, while reflecting on and responding to what happened at Global Fashion Summit: Copenhagen Edition in June.

Speakers and Topics

Attendees heard from over 40 speakers from a range of companies and organisations, including Levi Strauss & Co., Tapestry, Neiman Marcus Group, Thunder Voice Hat, H&M Group, Alice and Olivia, BBC StoryWorks, New Standard Institute, Conservation International, Worldly, Trove, Ceres, Aditya Birla Fashion and Retail Ltd, and many more. The Summit also featured esteemed Indigenous speakers on the programme.

The programme featured bold panels, case studies, and leadership roundtables reflecting on topics including ‘Indigenous Leadership Perspectives’, ‘Exploring Fashion’s ESG Concept’, ‘On The Ground: Adaptation or Mitigation?’, ‘The Global Approach to Circularity’, and ‘Innovation for Value Chain Challenges’.

Highlights

Fashion CEO Agenda 2023

GFA published Fashion CEO Agenda 2023, a concise report to support the establishment and implementation of leadership strategies to achieve a net positive fashion sector. In a first for the Fashion CEO Agenda, this edition has been developed to include subsequent action areas for brands, retailers, and producers.

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GFA Designer Challenge 2023

GFA unveiled the latest response to the GFA Designer Challenge 2023, presented by Smiley. Julius Juul, Creative Director & Co-Founder, Heliot Emil, created an alliance with Upcycle Labs. 

The outcomes were showcased at the Summit through the release of a captivating new video depicting the journey of the designer.

GFA Policy Matrix: Americas

GFA launched the GFA Policy Matrix: Americas - a non-exhaustive document that encapsulates a wide array of policy efforts across the Americas. 

The Matrix complements the GFA Policy Matrix: EU edition released in June and summarises the key legislations going on implicating the textiles industry.

Fashion Redressed

Taking a glimpse into the dynamic world of fashion and textiles, the Summit presented a new online series titled ‘Fashion Redressed’ that was launched on 19 September with a collection of unique stories. 

This series expresses the creativity of the fashion world, spotlighting those who are working to find the stylish side of a more sustainable sector.

Circular Models

Trove and Worldly delved into their newly launched study, ‘Where Are Circular Models Effective Sustainability Strategies for Fashion Brands?’, which reveals where and how circular models play an important role for brands working to reduce their emissions when combined with upstream supply chain interventions.

Next Gen Assembly

The eight members of the first iteration of GFA’s Next Gen Assembly presented their manifesto via a powerful video message to attendees – outlining their aims and ambitions for the groups’ continued work to impact the fashion industry by supporting a sustainable trajectory.

Higher Ground?

The recently launched ‘Higher Ground?’ report, by ILR Global Labour Institute and Schroders, was discussed during the session ‘On The Ground: Adaption or Mitigation?’ The report covers the impacts of climate change on global apparel production.

Alliance for Chemical Textile Recycling (ACTR)

During the Global Circular Fashion Forum session, the Alliance for Chemical Textile Recycling (ACTR) was launched, representing a group of textile chemical recyclers for cotton, polyester, and blends. 

The alliance seeks to contribute to solutions for addressing the textile industry’s impact on society, the environment, and businesses.

Innovation Forum

Global Fashion Summit: Boston Edition also presented an Innovation Forum, enabling attendees to meet with 14 sustainable solution providers from across the value chain– equipping them with the concrete tools to expedite meaningful actions. 

GFS Connect facilitated over 90 connections between fashion companies and exhibitors during the Summit.

The Global Fashion Summit: Boston Edition was a successful event that brought together key players in the fashion industry to discuss and address the most pressing sustainability challenges. 

The Summit provided a platform for collaboration, innovation, and action, and it is clear that the industry is committed to transforming ambition into action.

The future is bright:

• Ambition to Action: The Summit explored how to turn sustainability goals into reality.
• Collaboration is key: The Summit brought together key players from across the industry to work together.
• Innovation is essential: The Summit showcased new technologies and solutions to address sustainability challenges.
• Action is needed now: The Summit participants are committed to taking immediate action to achieve a net positive fashion sector 

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29 September 2023, Mumbai

An overview

Intex India is a significant B2B international sourcing trade show that provides a unique opportunity for direct access to the vast Indian, South Asian, and global markets.

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Leveraging India's robust manufacturing capabilities and the immense domestic demand it commands, Intex India offers unparalleled opportunities for international suppliers seeking entry into this expansive market.

Sweet spot

India is currently the world's fastest-growing major economy and is expected to witness its GDP surge to $7 trillion by 2030. 

This remarkable growth trajectory is also expected to translate into a 9.5% increase in disposable income from 2022 to 2026, with consumption projected to soar to $1.8 trillion by 2030.

India's Gen-Y population, with over 808 million individuals under the age of 35, has a growing appetite for fashionable attire. 

Tailwinds; This trend is propelling the domestic fashion and apparel brands market towards an impressive $220 billion target by 2025. 

The active wear sector is set to reach $6 billion by 2024, while the sports apparel market is anticipated to hit $2.2 billion by 2029. These flourishing sectors are well-supported by the fashion retail market, which aspires to reach $118 billion by 2028, and the rapidly expanding online sales segment, potentially reaching $130 billion by 2026.

Multiple data points

India's textile and apparel exports surged to an impressive $44.4 billion in FY22. The readymade garment exports are projected to sustain a compound annual growth rate (CAGR) of 12-13%, ultimately surpassing $100 billion by 2030.

Leveraging

In alignment with this growth, India's textile and apparel imports also witnessed a robust uptick, surging by 26.7% to $8 billion in 2022-23.

In this thriving ecosystem, Intex plays a pivotal role in assisting businesses in expanding their operations and harnessing the abundant opportunities that lie ahead.

26 September 2023, Mumbai

Introduction

Textile printing ink is a liquid or paste that contains dyes or pigments and is used to print designs and patterns on textiles. 

It is available in a wide range of colors and finishes and can be used on a variety of fabrics, including cotton, polyester, nylon, and silk.

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Market Dynamics

The global textile printing ink market is expected to grow significantly in the coming years. This growth is being driven by a number of factors, including:

• Increasing demand for printed textiles in the apparel, home furnishings, and automotive industries.
• The growing popularity of digital printing requires specialized inks.
• Rising consumer awareness of sustainability and increasing demand for eco-friendly inks.

Innovations

The textile printing ink market is constantly evolving, with new innovations being introduced on a regular basis. Some of the latest trends include:

• Development of water-based and UV-curable inks, which are more environmentally friendly than conventional.
• Development of inks with new functionalities, such as inks that can glow in the dark or change color with temperature.
• Development of inks for new applications, such as printing on 3D textiles and wearable devices.

Opportunities

The textile printing ink market offers a number of opportunities for growth, including:

• Expanding into emerging markets, such as Asia and Africa, where the demand for printed textiles is growing rapidly.
• Developing new ink formulations for specific applications, such as printing on technical textiles and medical textiles.
• Investing in new technologies, such as digital printing and 3D printing, which are expected to drive the growth of the textile printing ink market in the coming years.

In summary

The textile printing ink market is a dynamic and growing market. Manufacturers that can keep up with the latest innovations and offer a wide range of high-quality inks will be well-positioned to succeed in this market.

5 key insights about textile printing ink market :

• Market Dynamics: Growing demand, digital printing, sustainable inks
• Innovations: Water-based, UV-curable, new functionalities, new applications
• Opportunities: Emerging markets, new ink formulations, new technologies
• Overall: Dynamic and growing market, rewards innovation and quality

CREDITS: Future Market Insights report

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03 October 2023, Mumbai

The Indian government has recently announced the extension of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for an additional nine months until June 30, 2024. 

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Assuring Uninterrupted Support to Exporters

This scheme offers exporters of 18 products, including items like sarees and lungis, a refund for the duties and taxes they incur. The primary objective of the RoDTEP scheme is to enhance the competitiveness of Indian exports in the global market.

RoDTEP Extension to Empower Exporters in the Global Market

The Ministry of Commerce and Industry has expressed that the RoDTEP extension would empower exporters to negotiate more favorable terms for their export contracts, given the prevailing international circumstances. 

The scheme fully complies with WTO regulations and operates through an IT-based system.

Review and Recommend Ceiling Rates

The government has also reconstituted the RoDTEP Committee within the Department of Revenue. 

This committee will be responsible for reviewing and recommending ceiling rates for different export sectors covered by the scheme. The Committee recently held its inaugural meeting in New Delhi, collaborating with Export Promotion Councils (EPCs) and Chambers of Commerce. 

They discussed various aspects of the scheme and its implementation, including methodologies.

EPCs Request Increased Budget Allocation

During these discussions, the EPCs emphasized the necessity of increasing the budget allocation for RoDTEP and providing higher rates for all export items. This, they argued, would help exporters navigate the challenges posed by rising input costs and global competition. 

Furthermore, they requested timely notifications of RoDTEP rates for all sectors and a simplified claims process. 

The Committee assured the EPCs that their suggestions would be taken into serious consideration, and they pledged to expedite their work accordingly.

Welcome step

The extension of the RoDTEP scheme and the government's commitment to supporting exporters are welcome developments. 

The scheme is expected to play a vital role in boosting India's exports and enhancing the country's global competitiveness.

5 key insights:

• RoDTEP scheme extended by 9 months
• To support exporters and boost exports
• Offers refund for duties and taxes
• To enhance competitiveness in the global market
• The government committed to supporting exporters

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28 September 2023, Mumbai

The Wazir Advisors September 2023 report shows that Western apparel imports and India's exports remained stagnant in June and July, compared to August 2022, with domestic retail sales faring better.

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Key findings:

• Western apparel imports remained low in June and July, with the US and UK showing the sharpest declines.
• India's apparel exports continued to lose ground in June and July, with shipments to the US down 22% in August 2023 compared to August 2022.
• Domestic retail sales fared better than imports in the UK and US, with online sales of clothing growing 10% in the UK in Q2 2023 and monthly apparel store sales up 3% in the UK in July 2023.

Analysis:

The weak Western apparel market is likely due to a number of factors, including high inflation, rising interest rates, and consumer caution about spending. This is challenging for Indian apparel exporters, who rely heavily on the Western market.

However, the domestic retail market in India is expected to remain relatively resilient, supported by a growing middle class and rising disposable incomes. This could provide some relief for Indian apparel exporters in the near-term.

Outlook:

Domestic Retail Sales Fare Better; The Report suggests that the Western apparel market is likely to remain weak in the near-term. 

Indian apparel exporters should focus on diversifying their markets and developing new products and services to meet the changing needs of consumers.

The domestic retail market in India is expected to remain relatively resilient, but apparel exporters should still be mindful of the potential for a slowdown in consumer spending if the global economy weakens further.

Recommendations:

• Indian apparel exporters should focus on diversifying their markets and developing new products and services to meet the changing needs of consumers.
• The Indian government should continue to support the apparel sector through initiatives such as trade promotion and export subsidies.
• Domestic apparel retailers should focus on improving the customer experience and offering a wider range of products to meet the needs of different consumer segments.

  5 key insights:

  • Western apparel imports stagnant
  • India's apparel exports lose ground
  • Domestic retail sales fare better
  • Indian exporters should diversify
  • Domestic retailers should improve CX

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26 September 2023, Mumbai

Outlines

Cotton picking in Brazil is 94% completed in terms of the total planted area as of September 18, 2023.

In August, Brazil shipped 104.3 thousand tonnes of cotton – up by 66% compared with the amount shipped in August/2022.

Brazil is estimated to export a total of 2.4 million tonnes in the current market year (2023/24). If confirmed, this will represent a 66% increase over the previous season.

HVI results show an upward trend for the quality of Brazilian cotton.

Brazil is also estimated to export 2.4 million tonnes of cotton in 2023/24, a 66% increase over the previous year. This is due to a combination of factors, including the larger crop, improved quality, and strong global demand.

Brazilian cotton quality is improving, with 96% of samples within the desired micronaire range in 2023/24. Fibre strength and length have also improved.

Overall, the Brazilian cotton sector is poised for a strong year in 2023/24. With a larger crop and improved quality, Brazil is well-positioned to meet the growing global demand for cotton.

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Additional details:

• Brazil exported 104.3 thousand tonnes of cotton in August 2023, up 66% from the same month in 2022.
• The average cotton yield in Brazil is expected to be 1,840 kg/ha in 2023, an increase of 18.9% over the previous year.
• The main destinations for Brazilian cotton exports are China, Bangladesh, Vietnam, and Pakistan.

The Brazilian cotton sector is a major player in the global market. With its large production and export volumes, Brazil is well-positioned to meet the growing global demand for cotton.

2023 Crop

The forecast for total cotton production is 3.07 million tonnes (+1%) from a planted area of 1.67 million hectares (+20%). Abrapa predicts an average cotton yield of 1,840 kg of cotton per hectare in 2023, an increase of 18.9% over the previous year.

Export Shipments

Brazil exported 104.3 thousand tonnes of cotton in August/2023. This amount is 66% above the amount shipped in August/2022. The monthly shipments of Brazilian cotton resulted in revenues of U$ 187.7 million.

Brazilian cotton exports in the 2023/24 market year are estimated to be 2.4 million tonnes (August 2023 to July 2024). This will represent a 66% increase over the previous year, 2022/23.

Made in Brazil

Brazilian cotton quality is on the up. The Brazilian cotton that will be going out to the global market in the 2023/24 market year will present better quality indicators than in the previous season. 

One example is micronaire (MIC), which is a measurement of fibre diameter and maturity. Tests show that 96% of the samples were within the desired range of 3.50 to 4.90. 

In addition, the percentage of fibre lower than 3.6 has drastically reduced. Fibre strength and length have also improved, especially in relation to length and uniformity. 

The short fiber index is better but there is still room to improve, although this parameter is also affected by weather conditions. Another highlight in the report is the fiber colour indicators. 

The reflectance grade (which measures the ‘whiteness’ of the cotton) was within the ideal range for 94% of the samples tested and yellowing with 95% in the ideal range.

Bottom line

The Brazilian cotton sector is poised for a strong year in 2023/24. With a larger crop and improved quality, Brazil is well-positioned to meet the growing global demand for cotton.

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