08 January 2024, Mumbai

Dive into the Threads of Tomorrow

Mark your calendars, textile enthusiasts! Yarn Expo Shenzhen 2024 is weaving its way back to the Shenzhen Convention & Exhibition Center from June 5-7, 2024. Nestled in the heart of the Greater Bay Area's buzzing textile hub, this event promises to be a powerhouse of inspiration and connection.

Get ready to lose yourself in a vibrant tapestry of over 2,500 apparel brands, all gathered under one roof alongside three other textile trade fairs, including Intertextile Shenzhen Apparel. With an expected turnout exceeding 22,000, this expo is set to be a bustling hive of opportunity and collaboration.

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But the threads of excitement extend beyond the sheer scale. The global yarn and textile market is forecast to experience phenomenal growth of 5.1% annually until 2028, reaching a staggering $18.5 billion by then.

This booming backdrop bodes well for both established yarn players and aspiring newcomers, making Yarn Expo Shenzhen 2024 the perfect platform to showcase your creations and tap into this thriving market.

Quotes

As Amy Yuan, Marketing Manager at Bettertex, aptly puts it, "The expo serves as a springboard for export businesses, leveraging the GBA's strong domestic and international connections." And to cater to the evolving consumer landscape, innovation will be a key theme.

Super-exciting:

Expect a dazzling array of functional and sustainable yarns, pushing the boundaries of what textiles can be.

So, whether you're a seasoned yarn veteran or a curious newcomer, Yarn Expo Shenzhen 2024 promises to be an unforgettable journey into the vibrant world of textiles. Dive into the latest trends, forge valuable connections, and spin your own success story at this must-attend event.

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25 November 2023, Mumbai

• Vietnam's textile and apparel exports are expected to decline by 9% in 2023, reaching $40 billion, according to the Vietnam Textile and Apparel Association (VITAS).

• VITAS Chairman Vu Duc Giang attributes the decline to the COVID-19 pandemic and excess inventory challenges faced by the industry this year.

• To maintain high export turnover, Vietnam aims to expand its export markets to 104 new countries and territories in 2023.

  The top four buyers of Vietnamese textiles and garments in 2023 are:

  • The United States with a turnover of over $11 billion

  • Japan with $3 billion

  • The Republic of Korea with $2.43 billion

  • The European Union with $2.9 billion

     

    Bracing up: To adapt to market changes, Vietnamese producers plan to diversify their export products by adding 36 different kinds of products.

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06 January 2024, Mumbai

“Against the Global Storm, Bangladesh’s Garment Titans Roared"

Against the global storm, Bangladesh’s garment titans roared. A record US$47 billion in exports (10.27% growth) paints a picture of unwavering spirit.

Knitwear led the charge, woven threads followed, and December 2022 shimmered with the highest single-month export ever at US$4.67 billion. This surge cemented RMG’s dominance, pushing its share to 84.58%.

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This feat defies global headwinds. The country owes it to entrepreneurs' relentless drive, unwavering government support, and BGMEA’s unwavering support. But diversification remains a siren call, as non-RMG dipped.

Yet, the sector is not just pushing volume; it is also pioneering paths. Uncharted markets beckon, backward linkages strengthen supply chains, and basic threads transform into higher-end marvels. 

This qualitative leap whispers of our agility and commitment to evolving tastes.

Sustainability is its guiding light

Bangladesh leads the world in USGBC LEED Green factories, and due diligence and circularity are textile trade mantras. Responsible Business Hub and CIEOSH illuminate the path to a greener future.

Resilient story

From turbulent skies, Bangladesh’s garment industry emerges, not just surviving but soaring with resilience and a green revolution in its heart.

CREDITS: BGMEA press release

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11 December 2023, Mumbai

China's fashion industry is thriving, with domestic demand fueling growth despite a global slowdown. The 2023 Global Apparel Conference in Dongguan solidified this momentum, showcasing innovation and sustainability efforts.

Key takeaways:

• Permanent home: The World Fashion Conference will be permanently held in Dongguan, recognizing its global apparel significance.
• China's vibrant domestic market: Brick-and-mortar sales surged by 10.6%, with online sales increasing by 9.6%, highlighting a robust domestic market.
• Projected growth: The Chinese apparel market is expected to reach $313.8 billion by 2023, with a CAGR of 4.3%.
• Women's wear dominates: Women's wear holds the largest market share, with a significant volume of $169.5 billion in 2023.
• Sustainability as a driving force: The Chinese T&A industry embraces sustainability through initiatives like Climate Innovation 2030 Action and Carbon Neutrality Vision.
• ESG compliance is crucial: ESG criteria will be key for assessing corporate value, efficiency, and competitiveness.
• Trends shaping success: Athleisure, gender fluidity, inclusive sizing, access to nature, and sustainable fashion are key trends for the T&A sector.
• Adapting to a digital world: Digitization, AI-generated content, and smart production are shaping the future of the industry.
• Leading brands: Hongxing Erke and Anta Sports leverage AIGC and digital influencers, demonstrating the sector's dynamic evolution.

This report offers a comprehensive look at the booming Chinese apparel market and its commitment to a sustainable future. The insights shared at the conference will undoubtedly influence industry practices, fostering a more responsible and innovative landscape in the years to come.

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23 November 2023, Mumbai

The minimum monthly wage for unskilled/entry-level workers has been increased by 56.25%, sparking public comments and concerns. The Minimum Wage Board is open to receiving feedback and will consider it before finalizing the wage structure.

Violent Protests and Industry Reputational Damage

The recent unrest and protests over the minimum wage increase have caused financial losses and tarnished the industry's image. Industry stakeholders are working to address the situation and counter negative media reports.

Engagement with Global Brands and Retailers

BGMEA engaged with global brands and retailers to discuss the new wage structure and its impact on production costs. The brands expressed understanding and assured BGMEA of reasonable price adjustments.

Call for Responsible Purchasing Practices

BGMEA urged global brands to adopt responsible purchasing practices to support the industry's growth and ensure worker well-being. This aligns with the global emphasis on decent work and fair wages.

Mutual Growth and Worker Well-being

BGMEA and global brands are committed to finding mutually beneficial solutions that support worker well-being and ensure the industry's sustainability. This collaborative approach is crucial for the long-term success of the Bangladeshi garment industry.

CREDITS: BGMEA press release

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19 December 2023, Mumbai

Knitwear Domination: Bangladesh Claims Top Spot in EU Market

• Bangladesh surpasses China in EU clothing imports (by volume) for the first time in 2022.
• EU imported 1.33 billion KG from Bangladesh vs. 1.31 billion KG from China.
• In value terms, China still leads with US$ 7.3 billion more than Bangladesh.

Knitwear Triumph: Bangladesh Takes No. 1 in Both Value and Weight (Jan-Sept 2023)

• EU imported US$ 9 billion worth of knitwear from Bangladesh vs. US$ 8.96 billion from China.
• By weight, Bangladesh exported 571 million KG vs. 442 million KG from China.
• This marks a significant milestone for Bangladesh's knitwear in the EU.                               Key Success Factors:
  • EU's EBA scheme boosts growth and investment
  • Bangladesh leads in other categories:
    • EU Denim: #1 since 2014 (ahead of Turkey and Pakistan)
    • US Denim: #1 since 2020 (ahead of Mexico and Pakistan)
    • US Cotton Apparel: #1 till June 2023, closely behind Vietnam now (14.55% share in 2022)                                            Future Ambitions:
    • Reclaim top spot in US cotton apparel by 2024
    • Shift towards higher-value, non-cotton athleisure in EU

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06 December 2023, Mumbai

McKinsey report warns of a tough year ahead, with leaders needing to find new sources of growth

McKinsey's "State of Fashion" paints a sobering picture for 2024. The sluggish economy and weak consumer confidence are creating a "new normal" where leaders must find "pockets of value" and "new performance drives.

2023's struggles set the stage

2023 was a rollercoaster. China's initial promise faded into a sharp slowdown, while the US and Europe remained slow markets. Now, everyone's bracing for a potential "bullwhip effect" in supply chains, where recent demand swings cause instability, factory underuse, and workforce cuts.

Resilience and adaptability are key

The industry needs to be tough and flexible to weather these storms. Creating value and pursuing new growth engines will be crucial. Understanding the complex, interconnected global market is also essential.

Luxury slows down but remains profitable

Luxury, the main profit driver, is expected to grow at a slower rate of 3-5% in 2024, down from 5-7% in 2023. The post-pandemic luxury boom is cooling, even in the US, the global leader, which is projected to have a modest 2-4% growth.

Fashion executives are cautiously optimistic

While cautious, fashion leaders see opportunities. They're exploring areas like sustainability, digitalization, and regional growth to navigate the uncertain waters ahead.

Stay tuned for more on the evolving fashion landscape

This is just the beginning. We'll keep you updated on how the industry adapts and innovates in the face of 2024's challenges.

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16 November 2023, Mumbai

K.V. Srinivasan from India became the new President of the International Textile Manufacturers Federation (ITMF) at the Annual Conference in Keqiao, China.

Outlines

He will lead the Federation for the next two years, succeeding Ruizhe Sun from China, who was honored as a Life Member. he Committee of Management also elected Juan Parès from Spain, Mustafa Denizer from Türkiye, and Ernesto Maurer from Switzerland as Vice President, Vice President, and Honorary Treasurer, respectively.

The Non-executive board welcomed new members from Singapore, Pakistan, Brazil, and Hong Kong, China, along with some re-elected ones from Thailand, Bangladesh, and other countries. The ITMF aims to foster a vibrant and diverse global textile industry with its new leadership team.

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13 December 2023, Mumbai

Poised for LDC Graduation and Beyond

1. • Local value addition in Bangladesh's RMG industry reaches a record 70.78% in Q1 FY24, marking significant progress.
   • Investments in greener facilities, diversified products, and vertical integration are driving the industry's transformation.
   • Preparing for LDC graduation by strengthening backward and forward linkages is crucial for long-term competitiveness.
   • Government support and buyer appreciation for local materials are essential to accelerate value addition.
   • The RMG industry's impact extends beyond exports, fueling growth in ancillary industries and contributing to the broader economy.

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29 November 2023, Mumbai

A Pioneer in Digital Fabric Innovation
In a bold move to revolutionize fabric selection, Frontier.cool, an AI-powered platform, seamlessly integrates digitization, 3D sourcing, and collaborative innovation, redefining the industry landscape.

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Armed with cutting-edge technology, Frontier.cool eliminates the need for physical samples, streamlining DPC workflows and empowering informed decision-making based on environmental impact data.

With FabriSelect™ and AI-SaleSync™, Frontier.cool elevates fabric selection to new heights, paving the way for a future marked by efficiency, sustainability, and creative empowerment.

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13 November 2023, Mumbai

The World’s Fashion Leader According to a recent study by ThreadSpy, an online retailer of high-end menswear, Nike is the most valuable fashion brand in the world.

Foundational

The study used Google search volume and social media metrics to calculate the market value of various brands. Nike scored 9.87 out of 10 and had a market value of £30.5 billion, making it the clear winner. Some Highlights Nike is the undisputed champion of the fashion industry, with a huge lead over other brands.

Zara is the runner-up, followed by Louis Vuitton in third place. The top 10 list also features Prada, Adidas, Burberry, and more. The study shows the diversity and dynamism of the fashion industry, with brands from different segments competing for the top spots..

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