03 October 2023, Mumbai

A Showcase of Sustainable and Fashionable Fabrics

The Sitip Group is returning to its usual venue in Munich for the Performance Days autumn event on Wednesday 4 and Thursday 5 October 2023. The company will be showcasing its latest fabric innovations, with a focus on sustainability and fashion.

Among the highlights of the Sitip stand will be the fabrics from the Cosmopolitan Fashion Tech line, each with an array of colour cards. These fabrics are designed to meet the needs of the urbanwear sector, combining technical qualities with fashionability.

Sitip Fabrics Selected for Trend Forum

Sitip has also submitted fabrics for both the apparel and footwear sectors to the Performance Days Trend Forum. The company's Native-Victoria PLX Sanit 2dry and Native-Cosmopolitan London fabrics have been selected for the Apparel Fabrics section. Both fabrics are made from recycled yarns and chemicals with a low environmental impact.

The Sitip Group places a high priority on sustainability, and its commitment is evident in its 2022 Sustainability Report.

Eco-consciousness; During 2022, the company reduced its environmental impact by decreasing its CO2 emissions by 22%, purchasing 30% more recycled raw material, and investing in employee training. The company also achieved other objectives, such as gaining ISO 50001 certification and joining the UN Global Compact initiative.

Commitment to a 360-Degree Approach

Sitip's participation in Performance Days is an opportunity for the company to showcase its latest innovations in sustainable and fashionable fabrics. The company's commitment to sustainability is evident in its products and processes, and its fabrics are well-suited to meet the needs of the growing urbanwear and activewear markets.

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28 September 2023, Mumbai

Green Transformation Fund

BDT5,000 crore refinancing scheme

Long-term loans with a maximum interest rate of 5%

Factories can avail 70% of the costs of letters of credit against their required (machinery) imports as loans

Maximum loan amount of BDT200 crore

Can be used for water efficiency, conservation and management, waste management, resource efficiency and recycling, renewable energy, energy efficiency, heat and temperature management, ventilation and wind flow efficiency, working environment improvement initiatives, and other areas

Technology Development Fund

BDT1,000 crore scheme

Cheap loans to 100% export-oriented industries to upgrade the technologies they currently use

Tenure ranges from 3 to 10 years

Interest rate depends on the tenure (5% for less than five years, 5.5% for between 5 years and less than 8 years, and 6% for more than 8 years to 10 years)

Maximum of 1 year grace period

Can be used for replacing outdated machinery, adopting technology for renewable energy, and upgrading of machinery used in business operations and waste management.

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25 September 2023, Mumbai

Bangladesh Denim Expo taking place on November 8–9 at the International Convention City Bashundhara (ICCB).

The Bangladesh Denim Expo is a remarkable initiative founded by Mr. Mostafiz Uddin, driven by a passion for denim and a commitment to social responsibility.

The expo showcases Bangladesh's burgeoning potential in the denim industry, a sector where the country has earned a reputation for producing high-quality denim and jeans at competitive prices.

Beyond commerce

Beyond its commercial appeal, the Bangladesh Denim Expo serves as a platform for like-minded denim enthusiasts from around the world to unite and envision a new future for the industry.

A catalyst for change; By raising industry standards and promoting ethical practices, the expo helps to create a more equitable and sustainable future for all.

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Driven by Strong Demand in Asia and Premium Segment

The global denim jeans market is expected to reach $88.1 billion by 2030, growing at a CAGR of 4.2% during the forecast period, according to research by Allied Market Research and Facts Factors. The growth is attributed to a number of factors, including:

Growing demand in Asia, particularly in India and China

increasing popularity of premium denim jeans

Rising fashion consciousness among men and women

Casualization of office wear

The Asia-Pacific region is expected to be the fastest-growing market for denim jeans during the forecast period, due to its large and growing population and rising disposable incomes. The premium denim jeans segment is also expected to grow at a faster rate than the overall market, as consumers become more willing to pay for higher-quality products.

Key Trends:

The men's denim jeans market is expected to grow at a faster rate than the women's segment.

The skinny fit segment is expected to be the fastest-growing product type segment.

The online sales channel is expected to grow at a faster rate than the offline channel.

Conclusion:

The denim jeans market is expected to continue to grow in the coming years, driven by strong demand in Asia and the premium segment. Manufacturers and retailers should focus on developing innovative products and expanding their reach in the online channel to capitalize on this growth.

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27 September 2023, Mumbai

Learning about cotton production, marketing, and research

More than 30 textile manufacturing executives from 15 countries will visit the U.S. Cotton Belt September 30-October 7 on the 42nd COTTON USA Orientation Tour.

The tour, sponsored by Cotton Council International (CCI), is designed to help international customers learn more about U.S. cotton.

In progress

Tour participants will visit cotton farms, gins, and research facilities in the Mid-South, Texas, and California. They will also meet with U.S. cotton exporters and get briefings from industry organizations.

The COTTON USA Orientation Tour is a vital event for the U.S. cotton industry. It helps to build and strengthen relationships with international customers and showcase the high quality of U.S. cotton fiber.

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21 September 2023, Mumbai

Overall Growth

Bangladesh's total RMG exports to the world reached US$ 31.99 billion during the January-August 2023 period, showing 7.27% growth compared to the same period in the previous year.

EU

The EU is Bangladesh's largest RMG export destination, and it played a major role in the overall growth. Bangladesh's RMG export to the EU increased by 5.96% during the mentioned period, with a total export value of US$ 15.87 billion.

USA, UK, and Canada

Bangladesh's RMG exports to the USA decreased by 8.08% during the mentioned period, dropping to US$ 5.69 billion. Conversely, exports to the UK and Canada experienced positive growths of 13.60% and 6.79% respectively, with exports amounting to US$ 3.60 billion and US$ 1.05 billion.

New Markets

Bangladesh's RMG exports to new markets continued to grow, reaching US$ 5.80 billion in Jan-Aug 2023, showing 28.31% growth compared to the same period in the previous year.

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30 September 2023, Mumbai

• FY2022-23

  • Readymade garment export contributed 84.5% of Bangladesh's total exports valued at nearly $47 billion.
  • Garment exports to the US saw negative growth at -5.5%, while exports to the UK and EU grew by 11.8% and 9.9% respectively.
  • Non-traditional markets like Brazil, Turkey, and Japan fared exceptionally well with over 71%, nearly 50%, and nearly 46% growth respectively.

  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% 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%.
  • The UK is the third highest destination with exports worth $976.8 million, a growth of 19.1% 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% it is being taxed as customs.

  BGMEA's assessment

  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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20 September 2023, Mumbai

Non-profit Organisation Global Fashion Agenda Unveils New Film Series "Fashion Redressed" to Mobilize Sustainability in the Fashion Industry

Fashion Redressed, a new online film series presented by Global Fashion Agenda and produced by BBC StoryWorks Commercial Productions, intends to inspire the industry to take action to transform the way we produce and consume fashion.

The series comprises multiple films that showcase organizations from across the fashion and textile industries, spotlighting the innovations that are influencing the new seasons of fashion and featuring a collection of stories that depict tailor-made solutions to fit us and our planet.

The 11 self-contained branded films showcase a range of participants, including eBay, Elk, The Ellen MacArthur Foundation, Vestiaire Collective, Spinnova, Lenzing, Faherty, FarFetch, Waste2Wear, Colorifix, and Forest Stewardship Council. Each film focuses on a bespoke solution that can benefit us and the planet.

The series is a powerful reminder that we can all play a role in creating a more sustainable and equitable industry.

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30 September 2023, Mumbai

On the occasion of the Global Fashion Summit: Boston Edition 2023, Global Fashion Agenda (GFA) has released the 2023 edition of the Fashion CEO Agenda, a concise report to support the establishment and implementation of leadership strategies to achieve a net positive fashion sector.

SDGs

With less than seven years to deliver on the UN's Sustainable Development Goals, fashion industry leaders must take urgent steps to make sustainability an integral part of their business strategies.

Action areas outlined in the report include promoting worker access to effective grievance mechanisms, promoting fair compensation and living wages, establishing water stewardship, and addressing overproduction.

Outlines

The report reiterates the need to adopt existing industry-aligned targets, including UNFCCC's time-bound targets on de-carbonisation and the uptake of preferred and low climate impact materials.

To complement the Fashion CEO Agenda, GFA has created a 2030 Fashion Sector Vision, which presents where the overall sector should be in relation to each of the five sustainability priority areas within only seven years.

GFA now calls on fashion leaders to align their corporate strategies to the priorities and actions laid out in the Fashion CEO Agenda and for the wider sector to support in fostering a conducive environment for scaling this transformation.

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