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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08 November 2023, Mumbai

RMG exports from Bangladesh declined by 13.93% in October 2023, from 3.68 billion dollars in October 2022 to 3.17 billion dollars in October 2023. This represents a decline of 513 million dollars, or around 5,643 crore taka.
For the period of July–October 2023, RMG exports from Bangladesh reached US$ 14.78 billion, up from US$ 13.95 billion in July–October of FY 2022–2023, indicating 5.59% year-over-year growth. However, the overall export earnings for July–October 2023 grew by only 3.52%, falling 9.31% short of the strategic export target for the same period.
Factors impacting
The decline in RMG exports in October is attributed to a number of factors, including the labor unrest in the final week of October, which allegedly sparked around the minimum wage issues, and the depressed sales and demand in the global market caused by historic high inflation followed by the Russia-Ukraine war.
Inflationary pressures
The RMG industry in Bangladesh is also feeling the heat of global inflation, as the cost of all inputs, including fuel, gas, electricity, and transportation, has increased significantly. Additionally, the Bangladesh Bank has increased interest rates since the first of July this year, making trade and investment finance more costly.
Policy intervention
The Government of Bangladesh has also declared new minimum wages for garment workers, increasing the gross wage of 7th grade workers by 56.25% and the basic wage by 63.41%. This growth in wages will escalate the cost of goods further.

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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.

YOU TUBE Link

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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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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11 November 2023, Mumbai

"A new report by Hong Kong-based environmental NGO Redress highlights that Asian supply chains are not ready to meet the demands of a circular fashion industry. The report identifies three key gaps: design knowledge, financial challenges, and leadership skills."
Three Key Gaps Identified
"Design knowledge: Asian manufacturers lack the knowledge and expertise to design for circularity. Financial challenges: The transition to circularity is expensive, and Asian manufacturers are struggling to secure financing. Leadership skills: There is a lack of leadership in Asia to steer the fashion industry towards circularity."
Report Presented at Fashion Summit Hong Kong
"The report was presented at a panel discussion at Fashion Summit Hong Kong, Asia's sustainable fashion event."

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08 November 2023, Mumbai

YÜNSA is a world-renowned manufacturer of worsted wool fabrics, catering to a diverse range of applications, including fashion, corporate wear, and upholstery. Founded in 1973 and publicly traded since 1990, YÜNSA has established a strong global presence with offices and agents in the USA, UK, Italy, and Germany.
A Commitment to Quality and Innovation
YÜNSA's state-of-the-art factory in Turkey encompasses the entire production process, from spinning to finishing, ensuring the highest quality standards throughout. Employing over 1000 skilled employees, YÜNSA boasts an annual production capacity of 4,500 tons of combed yarn and 12.5 million meters of fabric, catering to the needs of its extensive customer base worldwide.
A Diverse Product Portfolio for Every Need
YÜNSA caters to a wide spectrum of customer demands, offering a comprehensive range of worsted wool fabrics, from pure wool to blends incorporating cashmere, silk, linen, and viscose. This diverse product portfolio ensures that YÜNSA can meet the specific requirements of each customer, whether for fashion, corporate wear, or upholstery.
Sustainability and Technological Innovation at the Forefront
YÜNSA is deeply committed to technological innovation and sustainability. The company's innovative eDesigner software, designed to reduce sample production by 80%, ensures precise replication of designs, minimizing waste and environmental impact. YÜNSA's vision is to enhance life through sustainable, technological, and innovative textile solutions. The company's core values encompass reliability, customer focus, continuous improvement, and social responsibility.
Ambitious Goals for the Future
YÜNSA has ambitious goals for the future, aspiring to become the leading woolen fabric manufacturer in Europe by 2025 and globally by 2030. The company's commitment to quality, innovation, and sustainability positions it as a driving force within the textile industry, poised for continued growth and success.
YÜNSA's dedication to excellence and its unwavering commitment to sustainability make it a leading provider of worsted wool fabrics worldwide. With its innovative solutions and a diverse product portfolio, YÜNSA is well-positioned to continue its growth trajectory and remain a trusted partner for customers across the globe.

5 Key insights :

• Quality Leader: YÜNSA is a top global producer of worsted wool fabrics.

• Diverse Portfolio: YÜNSA offers a wide range of wool fabrics for fashion, corporate wear, and upholstery.

• Sustainable Practices: YÜNSA is committed to sustainability and innovation throughout its production process.

• Efficient Design: YÜNSA's eDesigner software reduces sample production by 80%.

• Global Presence: YÜNSA has a strong global presence with offices in key markets.

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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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08 November 2023, Mumbai

Brexit has had a significant impact on the UK's global trade reputation, both positive and negative.
Some supporters of Brexit argue that the UK has gained more autonomy and influence in global trade affairs, while others contend that the UK has weakened its position and bargaining power outside the EU.
The upcoming Import Export Show
It will explore the UK's post-Brexit trade status in depth, examining the full extent of the impact of Brexit on the UK's global trade reputation.
The event will also provide insights into how the UK can rebuild its reputation as a trusted and reliable trading partner.

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