17 July  2023, Mumbai

7th BIGTEX 2023: Dhaka's Premier Garment & Textile Expo

The 7th Bangladesh International Garment & Textile Machinery Expo (BIGTEX) is eagerly anticipated and scheduled to occur in Dhaka from October 26 to 28. The event has gained Bangladesh Garment Manufacturers and Exporters Association (BGMEA) as a valuable partner through an agreement with Redcarpet Global Ltd.

During a recent meeting at BGMEA President Faruque Hassan's Complex in Uttara, Dhaka, the organizing committee, led by Redcarpet Global's CEO Ahmed Imtiaz, discussed measures to ensure a cooperative and well-executed expo. Key representatives from Redcarpet Global were present, including Director and Chief Business Officer Lutfar Hossain, Director and Head of Corporate Affairs Abdullah Al Mamun, and DGM-Marketing Majaharul Islam.

BGMEA expressed gratitude for the opportunity to participate in the prestigious 7th BIGTEX held at ICCB, Dhaka. They commended the organizers for recognizing BGMEA's significant contributions and providing a platform to showcase Bangladesh's thriving garment industry.

BIGTEX encompasses three concurrent exhibitions, targeting the entire garment and textile industry of Bangladesh: Bangladesh International Fabric & Yarn Expo, Bangladesh International Dyes, Pigments and Chemicals Expo, and Bangladesh International Printing, Packaging, and Signage Expo. These exhibitions offer valuable opportunities for visitors, buyers, exhibitors, and industry professionals.

The expo will host around 200 stalls, featuring products from at least 12 countries, including Asia and Europe. Ahmed emphasized the importance of networking platforms like BIGTEX in supporting Bangladesh's economic growth. He stressed the need to focus on value-added, high-end apparel items to sustain competitiveness in the global market.

Moreover, these exhibitions will provide experts, engineers, and technicians in the textile field with access to practical knowledge of recent technological advancements, eliminating the need to travel abroad.

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12 July 2023, Mumbai

Bangladesh's apparel exports surged in the European markets during FY22-23, defying the Russia-Ukraine conflict's economic slowdown.

Data points

Export Promotion Bureau (EPB) data shows a 9.93% YoY increase in apparel exports to the European Union, reaching around $23.52 billion, while the UK market saw an 11.78% YoY growth, surpassing $5 billion. Non-traditional markets also performed well, with Bangladesh's apparel exports rising by 31.38% to $8.37 billion in FY23.

Mixed bag

However, the US and Germany experienced declines of 6.81% and 5.51%, respectively, while exports to Canada increased by 16.55%. Growth was also observed in apparel exports to Japan, Australia, India, South Korea, and China.

Growth concerns remain

Despite positive growth, concerns arise due to low order volumes, factory capacity constraints, increased production costs, and order cancellations. Bangladesh's overall apparel export reached $46.99 billion, accounting for 84.59% of total export earnings in FY23.

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05 July 2023, Mumbai

Apparel Group, a renowned global fashion and lifestyle retail conglomerate, is driving the rapid expansion of its acclaimed brand, Skechers, throughout the GCC region.

This strategic move exemplifies the strong growth prospects of the Middle East retail sector and underscores the Group's dedication to expanding its footprint in this dynamic market.

Skechers, a leading global brand in lifestyle and performance footwear, is poised to significantly strengthen its presence in the region. Through the introduction of multiple new stores, it aims to bring its stylish and versatile range of footwear and accessories to an even wider audience.

Mr. Neeraj Teckchandani, CEO of Apparel Group, emphasized the strategic vision behind the expansion, stating, "By strategically amplifying Skechers' presence in the GCC, we are committed to enhancing customer experiences. We are investing in key markets that offer robust growth opportunities.

This aggressive expansion reflects our confidence in the brand, our innovative product range, and the resilience of the GCC's retail sector."

The series of store launches began with the inauguration of a spacious concept store spanning 2588 sq. ft. at Al Khiran, Kuwait on May 30, 2023. This store offers a comprehensive range of Skechers' products, including footwear, apparel, and accessories.

Subsequently, Skechers unveiled its store at Najran Park Mall in Najran, Saudi Arabia on June 8, 2023, providing an exclusive selection of footwear and accessories.

The strategic expansion of Skechers extends to Bahrain and Oman as well. A new store is scheduled to open at Enma Mall, Bahrain in June 2023, offering an exclusive range of Skechers' highly sought-after footwear and accessories. Additionally, an opening is planned at Salalah Grand Mall, Oman in June 2023, where customers can anticipate a curated selection of Skechers footwear and accessories.

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15 July  2023, Mumbai

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11 July 2023, Mumbai

Apparel Group's renowned fashion brand, LC Waikiki, proudly announces the successful inauguration of its fourth store in Oman, solidifying its position as the 44th store in the GCC.

Brand Celebrates

The newest LC Waikiki store, located at Salalah Grand Mall, spans an impressive 13,433 square feet, providing customers with an extensive selection of fashion-forward collections for Women, Men, Kids, and Babies.

With a focus on colorful summer outfits, casual attire, and smart formal wear, the store caters to the diverse tastes of the brand's loyal customer base.

Neeraj Teckchandani, CEO of Apparel Group, expressed his enthusiasm, stating, "This milestone is a testament to our relentless pursuit of delivering an exceptional retail experience that resonates with customers throughout the region.

Offering a Wide Range of Stylish Collections

By strategically expanding our presence, we aim to further strengthen LC Waikiki's market position and cater to the diverse needs of our GCC customers."

LC Waikiki has consistently pushed boundaries in the fashion industry with its innovative designs and sophisticated ensembles. The brand is committed to reaching new demographics and communities, offering an ever-evolving array of fresh styles and fashion-forward ideas.

Collections for All 

Aligned with its strategic growth plan, Apparel Group is determined to expand LC Waikiki's retail footprint across the GCC. This unwavering commitment reflects the group's vision of making stylish, high-quality clothing accessible to individuals across the region.

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14 July  2023, Mumbai

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11 July 2023, Mumbai

Levi Strauss lowers profit forecast, and faces sales decline and higher costs. Q2 net revenues drop 9%, the largest decline since Q1 2021.

To boost sales, Levi's plans price reductions on select wholesale products. Consumers reduce discretionary spending due to rising living costs.

Projections

2023 profit forecast revised to $1.10-$1.20 per share, down from $1.30-$1.40. Adjusted gross margin expected to contract by 90 basis points.

Inventory backlog creates supply chain challenges. Direct-to-consumer revenue was up 13% in Q2, while the wholesale channel sees a 22% decline.

Prediction

Michael Ashley Schulman predicts a continuing decline in wholesale revenues, necessitating promotions, and price cuts, impacting margins and revenue growth. Levi Strauss reports a Q2 net loss of $1.6 million, compared to $49.7 million net income last year.

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21 June  2023, Mumbai

The OTEXA has released data on United States apparel imports for January-April 2023, revealing a year-on-year decline.

USA's overall apparel imports from the world decreased by 22.15%, from US$ 32.38 billion in January-April 2022 to US$ 25.21 billion in January-April 2023. In terms of volume, imports slowed down by 31.09%, equivalent to 7.59 billion Square Meter Equivalent (SME).

Overall Imports Decrease

The top sourcing countries for apparel imports, including China, Vietnam, Bangladesh, Indonesia, and India, experienced significant declines in both value and volume, although Bangladesh had a relatively smaller decline compared to others.

During this period, USA's imports from Bangladesh dropped by 17.88% in dollar value and 30.49% in quantity, while overall imports from the world saw a decline of 22.15% in dollar value and 31.09% in quantity (SME).

Top Sourcing Countries Witness Substantial Declines

USA's imports from China, the largest source, declined by 32.45% in dollar terms and 34.74% in quantity, while imports from Vietnam, the second largest source, decreased by 27.33% in dollar value and 33.67% in quantity.

Negative Growth Observed

Negative growth was also observed in other top-sourcing countries, including Indonesia (25.57%), India (16.59%), Mexico (6.92%), Cambodia (34.53%), and Pakistan (29.73%).

Reflecting Industry's Focus on Higher-Value Segments

The unit price per SME (Square Meter Equivalent) increased by 12.98% for USA's overall imports from the world in January-April 2023. Import from Bangladesh recorded the highest increase at 18.14%.

Higher Value-Added Capabilities Drive Price Increase

This reflects the industry's shift towards higher-value segments of the market, although it also indicates rising raw material and production costs. Investments in non-cotton items and higher value-added capabilities are driving this increase.

To explore untapped opportunities in the US market, further efforts are needed, considering the industry's focus on greener, cleaner, and responsible manufacturing, as well as technology and higher value capabilities.

CREDITS: BGMEA press release

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13 July  2023, Mumbai

Bangladesh's RMG export achieved a remarkable milestone in FY 2022-23, reaching an unprecedented figure of approximately US$47 billion, displaying a staggering 10.27% year-on-year growth.

This remarkable feat stands out amidst the challenging backdrop of contracting global trade.
Record-Breaking Growth
Landmark Growth; The country's total export earnings soared to over US$55 billion, with the RMG sector contributing an impressive 84.58% to the overall figure.

Notably, knitwear exports experienced substantial growth, amounting to US$25.73 billion with a 10.87% increase, while woven garment exports reached US$21.25 billion, showcasing a commendable 9.56% growth.
Challenging Trade Climate
However, persistent challenges such as cost and price inflation, market volatility, and supply chain disruptions persist.

To sustain growth, strategic initiatives, efficient resource management, and diversification into alternative markets and products are vital.
Dominance Reinforced
As the new fiscal year commences, Bangladesh ambitiously targets US$100 billion from RMG exports by 2030, fueling optimism and a quest for untapped opportunities.

CREDITS: BGMEA Press Release.

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07 July  2023, Mumbai

Based on EUROSTAT data, the EU's apparel imports from the world have dropped by 7.62% during January-April 2023 compared to the same period in 2022, totaling US$29.83 billion.

EU's apparel imports from the world decreased

Quantity-wise, the EU's clothing imports have experienced a significant downturn of 15.45%.

Winners

Among the top ten sourcing countries for EU apparel, Vietnam and India have exhibited positive growth, while imports from other countries have declined considerably.

Losers

Regarding EU apparel imports from Bangladesh, there has been a 6.25% decline in dollar value, totaling US$7.06 billion in January-April 2023 compared to US$7.53 billion during the corresponding period in 2022. In terms of quantity, imports from Bangladesh have also decreased by 12.48% during this period.

EU's imports from China have dipped by 17.07% in dollar value and 21.05% in quantity. Similarly, during January-April 2023, the EU's imports from Turkey, the third-largest apparel source, have declined by 13.68% in value and 24.66% in quantity.

On the other hand, the EU's imports from India and Vietnam have experienced slight growth of 0.45% and 3.41%, respectively, in value terms. However, in terms of quantity, imports from both countries have declined by 8.17% and 7.26%, respectively.

Datapoints

Simultaneously, the EU's imports from other top sourcing countries such as Cambodia, Pakistan, Morocco, Sri Lanka, and Indonesia have decreased by 5.59%, 7.52%, 16.61%, 17.16%, and 7.99%, respectively, in value terms.

Devil lies in details

Analyzing the unit price (USD value/kg), the EU's cumulative unit price of imports from Bangladesh has increased by 7.12% (from US$16.98 to US$18.19).

This rise reflects higher raw material and production costs, indicating progress towards the higher price segment. Average unit prices of imports from other countries have also risen during the mentioned period.

CREDITS: BGMEA Press Release.

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