05 November 2022, Mumbai:

Misguided and misplaced environmental priorities are only making plans to fail for the world's climate change and there is a pressing need to put out 'A Roadmap to Net-zero Emissions for the Textile Sector' in the coming years before it is too late.

The elephant in the room remains consumerism, fast fashion, and the existing lifestyle adopted by the generation of the day.

The need for achieving 'Carbon-Zero'

At the outset outlining the trade body 'Sustainable Apparel Coalition (SAC)', a Nobel initiative/platform where the foundational spade work was done by a group of sustainability global impact leaders belonging to the apparel and footwear industry.

The Sustainable Apparel Coalition (SAC), in its annual Meeting held on November 1-2, 2022 in Singapore with the theme "Collective Action on Common Ground" underpinned the call to action (CTA) that the climate crisis is only deepening and gaining momentum.

The very timely held event which no less than the silver lining in the global cloudy outlook involving the trade's multi-stakeholders, spanning retailers, brands, and manufacturers in the broader context got engaged in the conversations around how to pinpointedly lay down the regime of accountability and responsibility to the state & non-state actors within the universe of textile & footwear sector supply chains.

Global Fashion Summit, Singapore summit had a strong lineup of over 50 vanguards of movement speakers including H.E. Sandra Jensen Landi, Ambassador of Denmark to Singapore & Ambassador-Designate of Denmark to Brunei; H.E. Iwona Piórko, Ambassador of the European Union to Singapore; Anne-Laure Descours; to name a few and many more to drive home global message.

Just digest that noises/chatter around urgent systemic issues of vital importance and not getting adequate attention such as those relating to human rights to share best practices and the climate crisis central to the impending global warming issue was addressed both in-person and virtually in this event against the backdrop of the world currently dominated by offshoring and brouhaha around it.

UN Climate Conference (COP27), 2022

The event is scheduled for November 6-18, 2022, senior U.S. officials from over 16 agencies and organizations will head to Sharm El-Sheikh, Egypt, to further see a seminal shift in the climate ambition goal aimed at optimistically achieving the desired outcome by sharing pooled resources and knowledge at the 2022 UN Climate Conference (COP27) as the demand/clamour for cutting down emissions is only getting louder.

BIOSOURCING & CIRCULARITY

According to the trade estimates, it is indeed appalling to report that," The textile and apparel/garment sector accounts for a significant proportion of global carbon emissions, estimates range between 6 and 8 percent of total global carbon emissions, or some 1.7 billion tonnes in carbon emissions per year".

What is set to change fundamentally is the need to adopt the circular approach that cannot be overemphasized today regard to starting from the choice of raw materials and, the very way textiles are produced, transported, and consumed also, considering the long global supply chains and the quantum of pollution this sector accounts for in the overall green gas emissions.

Again, outlining here the industry's imperative thrust to stay invested in R&D in the direction of developing new generation materials encompassing textile-to-textile recycling and keep looking for find credible migration to coal for thermal energy for energy-thirsty heavy-duty applications such as heating water for dyeing and other process energy as a case in point.

Discover the new Fashion & Sustainability

Today's evolved & globalized Consumers are pretty conscious & curious about WHERE their apparel/clothes are manufactured and sourced from. They want to take informed decisions by shelling out bucks that reflect their values and beliefs while buying apparel, textile, and footwear.

Considering that there is an opportunity to make a case for textile and apparel (T&C) manufacturing more resource-conscious; making it more responsible using sustainable materials and processes, energy-efficient, and cutting mindless costs through the application of disruptive emerging technologies, prompting a trade to perennially invest in and incentivize to use renewable energy, adaptability to cutting-edge Industry 4.0 revolution, digitalization/AI backed production & IOTs of the world such steps are definitively bound to improve the ethical piece of the performance metrics as a cornerstone of the sector.

In conclusion

The very recent event underlines the compelling need to amplify the need to strategise and ensure an implementable action plan to be a real answer to dealing with this enormous problem as we usher into a world where the climate change grave concerns are only getting louder.

The point of discussion here is not only the thrust on the addition to material substitution, but also to underpin the talking point of chatter in the trade discourse around the sector's urgency to mitigate/restrict GHG emissions in the supply chain of traditional staple materials such as cotton to stem the ill impact it has on the environment.

The article advocates the holistic approach which is likely to be pretty effective that intends to take all the stakeholders together through an inclusive bottoms-up approach of counseling farmers to create additional income with the resale of by-products while reducing the pressure on the soil aiming at turning the situation head-on sooner than later making our planet a more sustainably liveable place.

Latest Textile News

03 November2022, Mumbai:

The European regulator demanded that rapid fashion be banned by 2030 and announced a significant expansion of the requirements for eco-design in textile items. To combat the fast-fashion industry, they also demanded that big businesses reveal the quantity of unsold inventory they dump in landfills. The proposed regulations would also compel manufacturers to redesign their apparel/garments to comply with a comprehensive list of requirements covering everything from the lasting time apparel/garment lasts to how much-recycled yarn it contains.

Greenwashing

Every piece of apparel/clothing sold now comes with a digital passport that can be used to check how recyclable a shirt or a pair of jeans is. Greenwashing is strictly prohibited and will result in consequences. Furthermore, it is forbidden to destroy unsold or returned items. The top five countries from which the EU imports apparel/clothing are China, Bangladesh, Turkey, the United Kingdom, and India, according to Eurostat.

BGMEA: A vision for a sustainable future, a better future

Bangladesh is the second-largest apparel/clothes supplier to the EU and the world, and manufacturers, industry professionals, and brands are highly concerned about the laws that the EU has announced.

However, they think that because Bangladesh is consistently moving toward sustainability, the country's apparel industry is well-positioned to deal with the EU's decision.

According to the new guidelines from Brussels, Bangladesh is moving toward sustainability, according to brands like H&M, M&S, G-Star, and others collaborating with Bangladeshi manufacturers. Ziaur Rahman, regional country manager for H&M's Bangladesh, Pakistan, and Africa regions, told the Dhaka Tribune that they are pleased with publishing the Textiles Strategy and anticipate a more environmentally friendly fashion business.

The general mood in the context of this new proposed legislation in Bangladesh (2nd biggest apparel exporter globally) thus far is optimistic and the fact of the matter is they are looking at seizing this emerging opportunity it presents.

Reacting to this unfolding development, BGMEA Director Mohiuddin Rubel alluded confidently,“ We have no reason to be alarmed by the EU’s announcement, rather it will be another opportunity for us”.

Recently the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has unveiled its vision -- a vision for a sustainable future, a better future. It duly realizes the growth of the RMG industry needs to be pursued in a manner that is sustainable and positively impacts the lives of people and the planet, we are committed to marching ahead in that direction.

According to BGMEA and BKMEA, both leading apparel trade associations boast of Bangladesh currently home to having the maximum greenest garment factories in the world and, have consistently maintained their sustainable commitment toward the "Green Industry Initiative" which is a major goal driving sustainable industrial development there.

Circular business model

"H&M Group, as a stated corporate vision, believes that a shift in the entire industry from a linear to a circular business model is one of the key solutions, and is very much supportive of the EU Commission's efforts to establish a coordinated policy framework and a level playing field to drive an effective and successful industrial strategy,".

According to one of the industry reports," The size of the textile business worldwide is huge! Every year, it produces 100 billion or more articles of apparel, accounting for around 3% of the global GDP and employing over 75 million people. In addition, for US$3.7 billion annually, it generates 84% of the textile waste disposed of in landfills, necessitating the urgent need to contribute to halting further planetary damage".

The industry’s quest for excellence coupled with strong determination and concrete actions has earned Bangladesh glory as one of the safest, green, and ethical garment sourcing hubs in the world.

Timely policy intervention

To its credit, the European Union (EU) has outlined plans to turn the continent into a climate-neutral region. The European Green Deal (EGD) is a package of actions that all 27 members of the EU must take to make the EU into a modern, resource-wise, and competitive economy. By 2050, they are obligated to have net zero emissions of greenhouse gases, decouple resource consumption from economic growth, and ensure that no person or place is left behind.

Carbon & Water footprints

After food, housing, and mobility, the EU has ranked textile consumption's environmental impact as having the fourth most significant impact after food, housing, and mobility. It ranks in the top five pressures for resource usage and greenhouse gas emissions, as well as among the top three for pressures on water and land use. As a result, the EU has outlined several objectives for the textile sector. By 2030, all textile goods shall respect social rights while being long-lasting, repairable, recyclable, devoid of toxic materials, and created mostly from recycled fibers.

Roadmap

Despite adopting positions on the Commission's roadmap for making sustainable products the standard, a new regulation on eco-design, and a strategy for sustainable textiles, the European Economic and Social Committee (EESC) urged the European Commission to strengthen the social aspects of critical proposals to align EU rules on sustainable products, eco-design, and sustainable textiles in its July plenary.

Latest Textile News

 01 November2022, Mumbai:

Clothing worn for sport or physical exercise is referred to as sports apparel, often known as sportswear or activewear. Sport-specific attire is required for most sports and physical activities for practical, comfortable, or safety reasons. The standard sportswear includes tracksuits, shorts, T-shirts, and polo shirts. Leotards, ski suits, wet suits for diving or surfing, swimsuits, and ski suits are a few examples of specialized gear. Sports footwear includes skates, football boots, riding boots, and trainers.

Sportswear is occasionally used as casual apparel/clothing. The Indian sportswear industry has existed for a very long time. As the economy and wealth expand, people are looking for the broadest selection among the different brands that are readily available. As a result, the athletic products industry is constantly growing to meet consumer demand. In India, the industry for sports apparel has excellent commercial potential, especially in marketing, management/sponsorship, and selling and exporting sports gear.

COVID 19 impact factor

The sporting goods industry has been able to return to pre-COVID-19 levels of growth even though the COVID-19 pandemic continues to impact enterprises worldwide. 2020 saw three key trends that executives in the athletic goods industry concentrated on: client shifts, the digital revolution, and industry upheavals.

In 2021, these tendencies continued, in some cases grew stronger, or took fascinating new turns. Athleisure has become more fashionable as more people continue to work from home (WFH), indicating changing attitudes toward traditional office dress.

As a result of more significant health awareness, many people have a new outlook on exercise and sports.

Catchup play

India has quickly caught up with the worldwide fitness craze in recent years. Today, the trend toward fitness in our nation matches that of the rest of the world. Indian consumers and the general public are becoming more aware of health issues due to the country's expanding economy and constantly evolving lifestyle choices. To keep up with their hectic lifestyle, they must incorporate new health and wellness practices.

The sportswear sector has significantly benefited from this new fitness-related way of life in India, making sportswear one of the most popular fashion and apparel/clothing categories there.

This shifting tendency has created new trading opportunities for businesses, people and investors alike interested in the Indian market. The country's improving economic situation and evolving fitness philosophy increase the demand for athleisure apparel and accessories.

It has created space for new business endeavors, from establishing a brand and a fundamental foundation to setting up an enterprise, improving technologies, and providing new services.

E-Commerce

Despite easing lockdown limitations, e-commerce has thrived as consumers continue to make online purchases. Sporting goods companies now have more opportunities than ever because of the growing popularity of digital forms of solo or group physical activity.

Digitization has aided the industry in disseminating information about these companies and pressuring them to meet the demands of athletes. Due to the prevalence of online ordering among Indian consumers nowadays, this industry is also performing well in the offline market. Online purchases are preferred when a brand is well-known and reliable.

Trade estimates coming from various online sources put this market size," India Sports Apparel Market was valued at USD 579.47 Million in 2021, and it is projected to achieve a CAGR of 16.2% during the aforementioned period. While the segment grew by 7%.

Opportunities for Growth

In the past, well-known multinational sportswear brands dominated the Indian market. These companies entered the Indian market many years ago and successfully consolidated their position there.

But over time, Indian consumers' growing excitement for sportswear in general and fitness, in particular, provided homegrown businesses the chance to meet the rising demand in the domestic market.

Due to the price range, Indian brands are superior to these foreign retailers. Over time, other athletic companies with reasonably priced, high-quality products have joined the market and grown popular with the intended market.

Latest Textile News

04 November 2022, Mumbai:

Nearly every aspect of life has changed due to the global epidemic, including some developments for which we weren't necessarily prepared. One of these has been the speeding up of the Fourth Industrial Revolution (Industry 4.0), which felt far off at the time but arrived considerably sooner than anticipated.

Post-COVID: 'Empowering Female Workers in the Apparel Industry' is become imperative given this segment got battering during the pandemic.

R.U.N

Manufacturers might naturally get cracking by ramping up recruitment efforts to match the demands of this digital transformation along supply chains. Still, it's worthwhile looking more closely at the advantages of reskilling, upskilling, and new-skilling (R.U.N) current employees/workforce to save time, energy, and money.

Resilience is my name

Given that 2030 is the turning point when India's demographic structure will start to change, fashion and design education must manufacture a paradigm shift for millennials and the Gen-Next/Gen Z. According to the broad theme which is very simple given (MoT) Ministry of Textiles' vision and strategy as described in the Action Plan Document of 2014 and what gives heart is the incumbent of the day, Piyush Goyal's iteration in public fora over & over and again that," The textile and apparel industry (T&A) has the potential to reach US $ 300 billion in exports and USD 350 billion in domestic retail by 2024–2025, capable of heavy lifting creating an incremental 35 million jobs and the article reaffirms the trade conviction that there is a lot of room for upside".

Stepping back to the year 1991, when economic liberalization began here, India's apparel/garment merchant exports were just over Rs. 6000 crores at that stage, whilst as per the latest trade reports," Export of ready-made apparel/garments (RMG) stood at USD 16 billion with 36% share showing a growth of 31 percent and 3 percent during 2021-22 Vs. FY21 and FY20, respectively".

Textile sector is the 2nd largest job provider

The holy grail of this sector is that no other industrial sector offers as many job opportunities, particularly for young people and women in rural India given the thesis," Several studies have underpinned time and again the tangible potential of the apparel sector to generate as many as approximately 70 jobs/employment for every single crore rupee invested there".

In India, there are in excess of 500 fashion design colleges and departments in addition to the celebrated 17 NIFTs. Currently, 3000–3500 students on average graduate from the 17 NIFT (National Institute of Fashion Technology) locations, which is still a tiny fraction of the high-caliber professionals needed by this enormous textile–apparel–fashion–lifestyle–luxury value chain, which has tremendous growth potential while heavily utilizing India's traditional skills, heritage and creativity.

Skillset or Skill Set

Given a common observation in the corporate world that is gaining traction is that, companies often attempt to bring in outside workers with particular backgrounds when the demand for an employee with a specific skill set arises.

Therefore, businesses are becoming more aware of the significant cost reductions that can result from utilizing employees who are currently on their payroll hence the merit in imparting sustained skilling as AI and automation progress offsetting any CAPEX/investment burden.

Before the pandemic struck, a few major global business enterprises were investing in reskilling, upskilling, and new-skilling (R.U.N) their workforce but the trend has seen quite an upside Post-COVID.

Change Is The Only Constant

According to the hard trade data points/analysis, the apparel market is estimated to be around US$136 billion in the year 2022 and is likely to expand by 12–13% or thereabouts. According to the research, between 15 and 20% of the current jobs will be in jeopardy by 2022 considering the present-day skillset requirement undergoing a sea change.

The research further sheds light that a total of 31.4 million jobs are projected to be created in the apparel sector up to 2022, with 12.1 million employees/workforce projected to be coming through new job creation and the remainder 35–40% requiring significant content modifications so to say.

Due to this, (R.U.N) new skill development phenomenon will be needed to focus/concentrate on a variety of emerging job profiles & skillsets, comprising those of a digital merchandiser, digital pattern maker, laser cutter, assembly operator, apparel data analyst, PLC maintenance specialist, environment specialist, e-textile/apparel specialist, online retail specialist, etc.

New cognitive talents, process skills, IT & Hardware capabilities, and complex problem-solving abilities will be needed as we move ahead aspiring to be a part of global supply chains as a preferred partner when world scouts for China alternatives.

Sector Skill Councils (SSC)

Describing how pivotal the role and responsibilities of SSC's in any trade promotion is; "The National Occupational Standard is making considerably significant contributions of NSDC to raise and foster India's skilling ecosystem firing imagination- something that was made possible by the introduction of SSCs in the changing trade dynamics".

The "TI UK Fashion Business Specialist Course" is available in 8 Modules in a hybrid delivery model of face-to-face and online classes, offered by Apparel Training & Design Centre (ATDC), a society under the aegis of AEPC, is one of India's largest vocational training networks about 100 Centres, is an excellent example of a new skilling approach driving a shift in the changing trade mindset.

Replacement of jobs here like helper, material handler, packer, checker, folder, and even essential Sewing Machine Operator (SMO) will need and require a new type of multitasking operator, which also may be part of new-skilling rather than just upskilling since unquestionably this requires an altogether different mindset.

Designpreneurs Playbook

With the limits of the digital world being erased, opportunities for "designpreneurs" to make money are now abundant. To propel India to a leading/respectable position in fashion, there is a need to cultivate new-age "designpreneurs" and fashion experts who can mix left and right brains so to say to create incremental and revolutionary innovations leading to curating disruptive unconventional business models ticking the right boxes.

The vibrant fashion industry is diverse, much like the fragmented Textile-Apparel (T&C) value chain.

Taking cognizance of the challenges of the day, a more comprehensive/holistic and multi/transdisciplinary approach, supported by applied research, and a razor focus on advanced skills, more particularly Digital and Artificial Intelligence (AI) Skills, will help mould aspirant students into entrepreneurs and managers with the capacity for innovation ensuring this to go a long way.

Latest Textile News

 01 November2022, Mumbai:

The Indian fashion market has experienced revolutionary changes surprisingly all within the last decade or so only. The Indian consumer preferences, likes & dislikes have undergone a complete transformation in lifestyle and, that is strikingly a visible fusion & blend of Indian, western elements & influences, let us say from the entry of numerous foreign fashion companies to the launch of promising homegrown labels.

Many would argue that the country's traditional ethnic wear fashion industry segment has resultantly suffered due to a rise in the Lower & upper middle economy strata and incremental exposure to global fashion trends. But increasingly it is been reckoned that it is far from the truth and existing reality of the day.

Market size

According to Statista report," The ethnic wear market in India was in excess of Rs. 925 billion way back in 2018, and it is projected to grow to whopping Rs. 1.7 trillion by the year 2023". Whilst The main growth drivers are viz. the shock/recession-proof celebrated Indian wedding industry, momentous lifetime events, traditional colourful festivals, and growing business casual/workwear culture and so forth.

Market Scenario

According to trade experts/consultants the domestic market, which is home to ethnic wear all-encompassing men, women, and children's wear range, is dominated by some of the leading brands such as celebrity wear Manyavar-Mohey, Meena Bazaar, Neeru's, W, Fabindia, and Biba just to name a few and many regional/zonal labels that closely follow these bulwarks.

What gives an edge to these prominent fashion brands is the pathway of an innovation-led approach, supply chain collaborations, effective communication, and trendy/catchy looks at pocket-friendly pricing points to help them stay competitive.

The common observation is that usually women between the age group of 16 and 50 definitely prefer ethnic apparel/clothing the most. Again ethnic wear somehow has been selling more out of physical outlets because given the nature of this clothing and the actual fashion aspect around it the experience of the product/touch and feel is quite essential.

Another interesting piece of observation is that ethnic wear seldom goes on discounted/off-price sales. Quoting Siddharth Bindra, managing director of Biba India, alluding, "Our valuable clients today have specific established tastes in mind. Thus, it is very crucial that they get what they are searching for when they enter our store."

Changing trade landscape

Over the past several years, the sector has seen a change due to the explosion of ethnic wear-related online retailers and technological advancements in product & design development.

What today we have strongly started to see is the emerging trend of the buying of readymade apparel/prepared clothing definitively shifting to purchasing bespoke apparel/clothing where every season is surprisingly better than the previous one.

Whereas, women's buying pattern too is undergoing changes usually they used to buy fabric and then have their ensembles fashioned by the neighborhood tailor/masterji giving a perk up to this megatrend.

Demography of India

The article gets readers a very insightful view of delving into interesting demographics India has; as the significant population of India is constituted by youngsters and the youngest median age.

But that is not the point, the point here is that improving economic prosperity in this nation which now is getting more and more industrialized and, having moved recently to the fifth largest economy rank globally with around 2000$ per capita income, pretty assuringly it boasts of one of the biggest consumer markets currently within developing countries. The rise of social media

Another supportive factor is the youth's purchasing power has grown remarkably due to the rapid reduction of the age-dependence ratio, which has also risen considerably with the overall spending/expenditure on apparel/clothing gone up.

Notably, living in the social media era young people are greatly brand-conscious and trend-oriented/quick to adopt fashion trends due to the sustained exposure they have been receiving on day to day basis through the liberalized internet and the globalized media, ushering in creating hitherto unheard-of chances for retailers and brands alike operating within this sector.

Unfolding Trends

The acceptance of and desire for fusion ethnic apparel, where mix-and-match designs have emerged and entirely altered the market, are increasing. Fusion wear can range from simple jeans and Kurtis to saris, crop tops, lehengas, blouses, and T-shirts.

Top competitors in the space, some of which are direct-to-consumer, tick all the millennial marketing boxes: functional apparel/clothing that prioritizes comfort, fusion wear, ethnically diverse women with a range of body shapes, and engaging social media advertising. Their message emphasizes grace, empowerment, and accessible fashion all at once.

Latest Textile News

03 November2022, Mumbai:

The EU aspires for textile goods to be resilient, recyclable, safe, and made with consideration for both people and the environment by the year 2030. Fast fashion will no longer be a thing, repair and reuse will take the place of disposability, and manufacturers will be held accountable for their products long after the sale. Apparel/Clothing will no longer be disposed of this way, and landfills will no longer include useable clothing that customers mistakenly consider rubbish.

Envisage and envision

The EU aspires for textile goods to be resilient, recyclable, safe, and made with consideration for both people and the environment by the year 2030. Long after the pollution crisis, fast fashion will be history, repair, and reuse will take the place of disposability, and manufacturers will be accountable for the products they create.

The EU unveiled a series of suggestions this week that would alter how the fashion industry functions and bring it in line with sustainable practices. The strategy contemplates & covers the supply chain from design to production and end-of-life, drawing on already-existing frameworks and initiatives while emphasizing several areas that require more investigation.

The European Union is positioning its initiatives in conjunction with the European Green Deal, which aims to make growth sustainable, climate-neutral, and energy- and resource-efficient, as well as the 2020 Circular Economy Action Plan and the 2021 update of the EU Industrial Strategy. According to Euratex, there are over 160,000 businesses in the EU's textile and apparel sector, which employs over 1.5 million people and had revenues of €162 billion in 2018.

Changing trade landscape

The plan comes amid a global shift toward sustainable fashion regulation, which includes brand responsibility (New York's Fashion Act), greenwashing (with the UK and US conducting evaluations in 2022), and garment workers' rights. Many people have praised the EU for recognizing the adverse environmental effects of fashion and the urgent need for laws to control them. Critics contend that it relies too heavily on tried-and-true tactics that might use being more audacious. Therefore, the question of whether it goes far enough has arisen.

Legal framework

Utilization of the voluntary Ecolabel and Green Public Procurement (GPP) standards, established in 2014 and 2017, respectively, is recommended for businesses. In addition to these standards, the EU intends to create by the end of 2022 legally enforceable "ecodesign" requirements for individual products that will increase product durability, reusability, repairability, fiber-to-fiber recyclability and required recycled content. This will also cover microplastics, which were noted as a significant area of concern. At the end of 2022, an initiative to fight microplastic pollution will be launched.

The conundrum of fast fashion

The new evolving paradigm trade dynamics is the phenomenon of slow fashion that is about the conscious choice of apparel/clothes made to last, enduring value for money, ethically and responsibly made and, produced with a close watch on how is it impacting multi-stakeholders, socio-economic and the environmental impact they are creating within the supply chains without being too focused on short-term profits.

Textile Green Vision In 2019

Vietnam stated National Strategy on Green Growth: Strategic initiatives around mitigating/reducing the magnitude of greenhouse gas emissions and boosting the use of clean and renewable energy and creating a tenable eco-system for greening production. The state puts a spotlight on the thrust to ensure the availability and sustainable management of water and sanitation for all, stressing a call to action (CTA) to efficiently combat climate change and its impacts.

According to official estimates historically Vietnam has a solid legacy as it was way back in 2019 among the leading 5 countries globally and front-runner region exporting textiles.

And on the occasion of the 20th anniversary of the Vietnam Textile and Apparel Association, the Prime Minister expressed great expectation that the sector continues to maintain and consolidate its position in the top 3 textile exporting countries worldwide; besides consciously upgrading its place in the textiles supply chain upstream at the fabric production stage and downstream in the apparel segment.

Setting Green goals for the Textile Sector

There is visibility on the green pathway state/industry has set out for itself formulating goals that envisage trade demonstrability mitigating water footprints by attaining a target of less than 40% water consumption by applying using emerging cutting-edge technologies such as water-free dyeing technology thus deploying the best practices reusing treated wastewater for rinsing, washing and cleaning purposes by 2025 and annually reduced water exploitation and consumption after 2025 as an outcome.

Latest Textile News

 02 November2022, Mumbai:

An increase in the number of wealthy people is proving to be a boon for India’s luxury industry. Sales of expensive goods from Swiss watches to upmarket homes are on the rise. Factors such as increased disposable income, rising internet penetration leading to increased awareness and exposure, the introduction of new brands in the country, and the youth purchasing luxury products in new categories are all contributing to the expansion of this industry.

Revenge spending

Post the pandemic, people are now inclined towards buying luxury and in some sense are on a spending spree that holds value and is not something that you cannot redeem in times of need. The trend of robust growth is seen as more pronounced in the premium segment than in the value segment. Ultra-high-net-worth individuals rose by 11 percent in 2021. This was the highest percentage growth of any country in the Asia Pacific region. The uptick in the number of wealthy is a boon to the luxury industry and is unlikely to wane.

The number of ultra-high-net-worth individuals in India is forecast to increase by 39 percent between 2021 and 2026. India’s luxury goods market is expected to grow by 42 percent in 2022 compared to 2021. From experiential luxury via high-priced holiday travels, big fat weddings, and fine dining experiences to purchases of sprawling residences, to name a few, the luxury goods market has witnessed a bounce back over the last two years.

This growth has been driven by accelerated digital adoption and increasing penetration in Tier 2 and smaller cities seeing the rebound in the economy. Hindsight wisdom; History will judge the rationale of the Luxury fashion market seeing growth despite the triple shock of covid, war, and heightened inflation to impact the luxury market in the recessionary environment. The moment of truth has arrived

As per different trade studies, the estimated growth trajectory of the Indian luxury goods market comprising a wide spectrum of goods as wild as personal luxury, fine spirits, lux condominiums, personal jets/yachts, luxury cars, and experiential luxury goes like this," From 2010 to 2014, India's lux segment clocked a staggering uptick of traction 74% or thereabouts. Whilst the same way estimated in the year 2021 to be in excess of a healthy $5 billion, and the good news is that it is projected to keep secularly growing incrementally by another 10% spanning coming 5-6 years".

Bull case

Outlining the bull case Morgan Stanley's Ridham Desai very recently articulated its stand on India alluding," The decade belongs to India stating emphatically that it is our decade to use or lose as it has started to see a seminal shift in the New India paradigm. Reflecting on the Indian economic landscape it is widely been hailed that India has done a lot of heavy lifting in the recent past including the measured steps taken during COVID 19 which visibly have begun to bear fruits. It further projects India to be 3rd largest economy likely to be before the end of the decade and in the same breath, there is a likelihood of it scaling to the third economy on the basis of market capitalization in the upcoming decade".

Yays

Not only that arguably it is still early days as India is been seen eating china's manufacturing share on the back of government positive policy interventions like PLI Schemes, besides being touted Post-COVID India can earn the tag of "India back office of the world" & the potential of even becoming "A factory to the world" someday.

Additionally, the theme of digitization is really playing out well driving the Indian economic landscape in the future shaping economic contours; given the way India lends, consumes, and transacts money, and outliers like the UPI Platform (digital pillar) which is already unequivocally been hailed globally by economists and experts and, a good bit is all this started when we were grappling with COVID 19.

India is been perceived to be in the sweet spot/Island of growth considering the fundamental tailwinds nation has started to experience such as the China Plus One/Europe Plus one phenomenon and the optimism is quintessential to our self-help story which is beginning to assume a meaningful part of the global supply chains.

Ushering in the golden era; the MNCs are today for once looking at India more favourably considering the way economy has pivoted itself and, finding it increasingly an attractive investment destination on the back of political stability/predictability of the policies and, which are getting secularly reflected in India's uprising global economic ranking forum in forum out.

It is no exaggeration to highlight that India is presently coming out to be an island/oasis of somewhat calm and stability resonating Pan-World and, there is a case for it given visibility on its stable macroeconomics. The good bit is the same is getting reflected in India's uprising global economic ranking forum in forum out and apparently several global rating agencies are in complete unanimity around it.

Supportive triggers are many as most of the trade observers are sanguine on India's growth story as we write factors like corporates falling short of the CAPEX on the back of sustained demand tailwind in many consumer-facing sectors; also infrastructure mindfully has been put in the place to address supply-side constraints.

To drive the point home in certain areas/facets our labour cost is much lower than even China & a case in point is the handset/electronic industry and this seminal shift quite certainly will work as a bulwark/bedrock paving way for manufacturing share increasing in our economy given some of our competing national economies are going on a roller coaster ride currently. There is a semblance that India is expected to generate 20% of the global consumption over the next 10 years; in line with the argument that our demographic pyramid has witnessed a 5x increase in the top of the Indian consumption pyramid giving rise to a sustainable/tenable big lux market.

The limited point article is making is that if we were to step back Indian market is going the same way China experienced some 15-17 years ago.

Decoding dynamics

What gives credence to this thesis is that the top executives of many global powerhouses unambiguously recognize today that Indian lux space is arriving/in the departure mode as of now. Deepika Padukone getting announced as their global ambassador for Louis Vuitton (LV) earlier this year in May'22 is a certain testimony/validation in that direction.

The digital story is real in India now. Other positive developments working in the Indian economy favour is what one is witnessing on the count of social disruption platforms like ONDC which is only promising to be a game changer/force multiplier to the economy as it has the potential of disrupting the e-commerce universe bringing on the mass merchants from street vendor/small businesses to the e-commerce existing platforms all on one platform and, is set to change how the commerce and businesses are run forever given its scale n size.

The way digital solutions are been delivered it will perenially give a great fillip to the nation's economy.

Furthermore, a targeted/calibrated government support system made sure the economy didn't get severely hurt and carefully navigated the pandemic. Key Challenges The Luxury Market Faces Albeit near-term triggers are lying with the US rather than India as no economy is decoupled/insulated/isolated in the connected world.

Again, no economy can afford to take the eye off the ball. The article is looking @ the unfolding dynamic geopolitical situation that the world is starting to see to gauge 'What Can Go Wrong'. The bottom of the pyramid will gain the most in the long term though currently, it's in distress as inflation is biting the common man more than anyone else.

Mehs

Many experts admit in private conversations that the economy faces spillovers from conflict; Spillovers through trade linkages are a real concern today than ever before, and nobody would have ever forecasted covid. Hopefully, we will not get any unforeseen shocks back home or globally.

Energy price shock can be a disturbing shock no less than an economic tsunami as the shortage of natural resources can wreak havoc anywhere in any nation. Putting it in the present context, Make no mistake global risks remain on the horizon to cloud the economic outlook and there is no running away from it.

Adding to the woes is a falling global growth trajectory leading to demand shocks, embattled global supply chains are fuelling what we know as elevated volatility in import, export, and producer, which has a bearing on consumer spending/sentiments thus pushing consumers holding back spending on the discretionary articles in this war like situations as the concerns are only rising.

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31 October 2022, Mumbai:

What shapes today's intimate wear is a growing overall hygiene consciousness on account of growing fears of the prevalence of dermatological conditions amongst the users/wearers, ever-changing global demographic dividend, Changing Paradigm of Consumer Behaviour and evolving recognition of product portfolio customization are taking this sector in the future. 

Growth drivers

What is further driving this trade landscape is emerging technologies. new developments around fit, product measurement, techniques involving designs and underpinning of effective/productive production methods focused on unit economics, innovation-led choice of materials/inputs all the way transforming a quality product range, and fostering new use cases/applications significant to the intimate wear space. 

The sector witnessing the growing opportunities on a sustained basis is striving to keep invested in pivotal areas such as the manufacturing fabric looking after the product attributes like the comfort of the wearer and betting big on some of the other desired key parameters to ring in cheers.

Helicopter View

According to a new report published by Allied Market Research, titled, Intimate Wear Market by Gender (Women and Men), Age Group (1317 Years, 1835 Years, and 36 Years & Above), Price (Luxury, Super-Premium, Premium, Medium, Economy, and Low), Distribution Channel (Mass Merchandizers, Mono brand Stores, Specialized Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025 the global intimate wear market is expected to generate $325.36 billion by 2025, growing at a CAGR of 8.1% from 2018 to 2025. In 2017, Asia-Pacific led the intimate wear market, followed by North America. Growth in the region is supplemented by an increase in national per capita disposable income and growth in fashion consciousness among the young generation.

What's Trending

Intimate wear is a second skin, for instance, German lingerie designs show a new trend toward muted colors such as earthy tones, navy blue, and pastel colors. Lingerie designers are coming up with many unique designs that are embroidered and have two-tone color patterns and most of them are asymmetrical. 

Animal prints and organic shapes combined with geometrical patterns are also in fashion. 

Distribution funnel

The article also harps on the trade's conventional and evolving multi-modal distribution aspect spanning from one hand mass merchandizing, single-brand retail stores, and specialized retailing up until now, to e-tailing and others like omnification of the process. 

Different trade studies have reflected that" The mass merchandisers encompassing hypermarket, supermarkets constitute some 50% of the intimate wear sales pie and is secularly expected to rule the roost for now". 

Data Points

The industry studies have very interesting data to offer," The women's intimate wear sector is projected to grow at a CAGR of 8.5% on an annualized basis. Make no mistake the lingerie segment accounts for more than 50% of women's intimate wear market share and the same is projected to grow at a CAGR of 8.0%. Interestingly sportswear demand only gets bigger owing to the inherent features of the comfort product offers, where it is estimated to clock a rise of  9.1% CAGR during the said period. 

Whilst the staple/mass product line segment contributes some 47% and is projected to grow at a CAGR of 7.4%. 

The trade further shed light on Asia-Pacific (APAC) zone expected to be a serious growth territory in the global intimate wear market, thanks to rising Asia and so forth giving hopes for an impressive CAGR of 9.9% in the projected period of 2018 to 2025. 

More notably, China did the heavy lifting contributing as high as approximately 50% in the Asia-Pacific intimate wear market, way back in 2017 to make a strong case for proving its emergence across the APAC region. 

Stepping back into 2017 another set of hard data projecting value growth comes as an insightful revelation about Asia-Pacific (APAC) and LAMEA jointly accounting for say around 45% share of the global intimate wear market.  

Go to destination

As it is said the deal is not done till it is not done. 

The article looks at the humongous growth story & size of opportunity dwelling on the biggest challenge posed to global value chains gauging how is sourcing world is stacked up; frowning upon anything which does not set aside prejudices seeking complementarities in this time-drawn exercise of putting supply chains in place & realizing full potential.

International apparel firms are doubling down on their investments in Sri Lanka. They are expanding their production capacities, sending a positive signal establishing that, albeit the island nation underwent recently a historic political crisis & economic meltdown yet it is still central to global intimate wear manufacturing.

In addition, the factors like labour arbitrage, skilled workforce, supportive producing conditions along with access to requisite raw materials make sense attracting to international players seeking to outsource/set up their manufacturing units in emerging/developing countries such as India where incentives/sops like 'Make in India campaign" offering compelling story help securing it earn the tag of supply chains credible preferred partners.

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