Giorgio Armani SpA has cancelled two major fashion shows in coming weeks due to a surge in COVID-19 cases surge in Europe. As per a Wall Street Journal Report, the Italian luxury fashion house cancelled its planned runway shows at Milan Men’s Fashion Week and Paris Haute Couture Week later this month.

Led by Giorgio Armani, Founder, the company made this decision due to the worsening epidemiological situation. Europe is experiencing a wave of new coronavirus infections driven by the Omicron variant, which has brought renewed chaos to global travel, disrupted supply chains and derailed some companies’ plans to start returning staff to the office.

The surge has also clouded the prospects for large in-person events. Italy and France, which are due to host the coming fashion shows, have both registered record numbers of daily cases in recent days, topping 100,000 and 200,000, respectively, far more than in previous waves of the pandemic. Other luxury brands, including Italy’s Dolce & Gabbana, Prada and Zegna, are still due to present new collections at the show in Milan, which runs from January 14 to 18. The Paris show, which opens on January 24, also has a packed schedule, with brands including Chanel and Christian Dior set to take part.

In the last one week, several major companies canceled high-profile fashion shows planned for January, including Project with its New York trade show and Brunello Cucinelli with its shows at Pitti Uomo and Milan Men’s Fashion Week. London Men’s Fashion Week has also been canceled altogether.

As per a Glossy report, there are reports in Paris, scheduled to begin on January 24, the Paris Men’s Fashion Week is likely to be cancelled Joseph Keefer, a fashion brand consultant and creative director of an eponymous fashion brand has cancelled his showroom space at Paris Men’s Fashion Week. Many big brands are also following suit.

Many are also rescheduling their shows. London Fashion Week’s men’s shows will be merged with its women’s week starting on February 18, and Ann Demeulemeester’s show will be rescheduled for June, according to the brand. Brands that aren’t rescheduling may opt for virtual shows. While virtual shows can be limiting, they can also be useful in building hype for a collection. And the rise of the metaverse as a concept has made those shows more accessible.

Celebrations continue for the Indian cotton industry with prices skyrocketing to record levels of over Rs 71,000 per candy in the first week of the New Year. Domestic cotton prices are currently on par with global rates, particularly those of Intercontinental Exchange (ICE) cotton futures in New York. ICE New York Cotton March futures are currently quoting at 113.67 US cents a pound or Rs 68,500 a candy. Even the prices for January are quoted at Rs 34,700 a bale or Rs 74, 502 per candy on the Multi Commodity Exchange. In Gujarat, prices are quoted at Rs 71,000 while in Nashik, Maharashtra they are being quoted at Rs 73,000 per candy, says a veteran market analyst.

Gujarat records highest rise in raw cotton prices

In Rajkot, Gujarat, raw cotton (kapas) prices have surged beyond Rs 10,000 a quintal, while in Telengana, prices are hovering around Rs 9,300-9,500. Raw cotton prices on December 31, 2021 surged beyond Rs 2,000 per 20 kg maund in Gujarat while those in Warangal, Telangana reached Rs 9,310 a quintal following moderate arrivals.

The highest rise in prices was noted in Jamnagar APMC in Gujarat at Rs 10,555 per quintal for quality cotton. Prices in the Rajkot market, on the other hand, hovered around Rs 2,010/maund or Rs 10,050 a quintal. The price of average quality cotton in the city stabilized att Rs 7,505 a quintal.

Prices in Bhiwapur market yard in Nagpur reached a record high of Rs 9,510 per quintal. While the prices in the Raichur and Bijapur market yards in Karnataka ruled at Rs 10,200 and Rs 10,300 a quintal, respectively.

Firm demand and tight supplies surges prices

After a lull of two weeks, cotton prices have reached 80-90 per cent higher than last year. The prices of cotton seeds have also reached Rs 3,800-4,000 per quintal. Globally, firm demand and tight supplies have led to a 45 per cent rise in cotton prices from last year. Monitored by the US, Intercontinental Exchange inventories have declined by 99 per cent this year. The prices of Indian cotton have surged higher on ICE New York Cotton March futures Index at 113.67 US cents a pound (₹68,500 a candy).

Since the hedging of multinational risks in Europe futures, Indian prices are ruling at a premium of 5 cents. They are likely to rise to 20-25 cents in future, says Anand Poppat, a Rajkot-based trade in raw cotton, yarn and cotton waste.

No shift to manmade fibers

Cotton prices surged due to a decline in cotton crop. Demand from spinning mills has grown. Yet, yarn makers are not shifting from cotton to manmade fibers, say cotton growers from Punjab. Ginned cotton prices have increased to Rs 75,000 per candy for 29.5 mm. Yet, sellers are reluctant to sell due to higher costing, opine sourcing agents. Cotton production is estimated to reach 360.13 lakh bales this year against 353 lakh bales a year ago, estimates Cotton Association of India. On the other hand, demand is expected to remain flat at 335 lakh bales.

Global ending stocks to decline

According to the Committee on Cotton Production and Consumption, production is expected to reach 362.18 lakh bales this year while consumption will be around 338 lakh bales. Prices are expected to rise to as high as Rs 80,000 per candy. Drop in Pakistan’s output by 133 lakh bales is estimated to lower global production, leading to a surge in prices. Global ending stocks are estimated to decline by 160 bales, according to the US Department of Agriculture.

The boom of inclusive sizing within women’s fashion in the past few years highlights the growing awareness about health among all age groups of people. Most brands, like the small-scale Universal Standards to those operating on a global scale like Old Navy, are expanding their size bases, to make their products more inclusive.

Men’s fashion value drops in 2021

However, currently, most of this revolution is happening in women’s fashion. Men’s fashion is yet to adapt itself to size inclusivity, shows data from Statista. The report reveals, the value of men’s plus-size fashion has actually dropped from $1 billion in 2020 to $850 million in 2021. This is contrary to the demand as an average American man’s waist size is 40 inches whereas sizes in the market start from 38 inches.

Few apparel brands have indeed expanded the sizes of their men’s offerings. In 2019, Madewell launched men’s jeans with sizes extending upto 43 inches. Through this move, the brand aimed to bring the same level of size inclusivity and the focus on correct fit as in women’s sizes, says Joyce Lee, SVP-Design, Madewell. Making larger sizes for men helps the brand attract more valuable and long-term customers, adds Lee.

Another brand offering larger sizes for men is Bonobos. The brand offers men’s pants upto size 54. It adopted size inclusivity in 2018, 11 years after its inception. However, only few brands like Universal Standard offer larger sizes with their straight sizes. Usually, plus size fashion is offered by specialty retailers or as an exclusive offering by a mainstream retailer.

More options than earlier

Currently, plus size fashion offers more options than earlier. For instance, on JC Penney recently introduced its plus-size XLG collection designed with Shaquille O’Neal. The line includes men’s shirts, pants, jackets, sweaters and suits, in sizes ranging from a medium tall all the way up to 6XL. The collection delivers on the brand’s commitment to offer plus size fashion to its customers, says Michelle Wlazlow, EVP and Chief Merchandize Officer, JC Penney.

Mostly ignored by the industry, shorter men are catered to by specialty brands like Otero that was launched in 2019. The brand aims to address an underserved market, says Steve Villanueva, Founder, who relaunched the brand over the summer.

Growing rapidly, men’s fashion generated revenues worth $500 billion in 2021, and is expected to grow 10 per cent next year. With revenues declining every year, the market remains largely untapped, waiting for brands to be explored more extensively.

Stakeholders in the Indian cotton industry have urged the Central government to take immediate action against MCX and NYCE speculators for hedging and trading of Cotton Kapas. In a letter to the Prime Minister, R C Jain, Chairman, TT Ltd writes, Piyush Goyal, Union Minister of Textile and Railways had called a stakeholders’ meeting in November to discuss the issue of hike in cotton prices despite an unprecedented yield this year.

Unauthorized speculation a worry

The meeting had concluded price rise is mainly a result of the unauthorized speculation indulged in by MNC hoarders and Indian speculators for monetary gains at the cost of entire textile industry in India. Price rise had halted cotton exports for a few weeks in November. Export of garments and all other accessories also are badly affected due to the new Omicron and COVID waves.

Stakeholders have questioned the government’s failure to include cotton in the list of banned agricultural commodities for hedging and trading on MCX and NYCE to stop speculations on cotton prices. The hedging and trading on MCX and NYCE has led to 80 per cent rise in cotton prices in the last three months and still continues to rise, stakeholders say. Any failure to take action against these activities by the government may lead to halt in power, hosiery and apparel industry activities in the country, they add. Jain has urged the PM to take immediate action to stop hedging and trading of Kapas and cotton by speculators on MCX and NYCE.

B2B fair Textile Fairs India will be held from July 21 to 23 at Hall No. 2, 3 and 4, Pragati Maidan, New Delhi. This trade show brings together textile businesses from across the country in categories from apparel to home textiles to generate business opportunities in the sector. The trade show aims at bridging critical gaps in the textile supply chain and providing a professional environment for manufacturers and buyers to network and transact business.

Textile Fairs India expects to feature over 500 textile and related businesses. The business-to-business event also expects to draw a crowd of between 20,000 to 50,000 people. The event is divided into different segments to focus on different product categories. Textile Fairs India includes the Apparel Sourcing Fair which will focus on readymade garments businesses in categories ranging from casual wear and western wear to ethnic and traditional wear for men, woman, and children.

Homtex, the event’s trade show for home textiles, will feature goods including bed linens, home décor, and upholstery fabrics, among others. Textile Sourcing Fair will focus on all manner of fabrics and Fabrics and Accessories will focus on businesses manufacturing accessories and parts used to make accessories. Finally, the India International Yarn Exhibition will feature fibers and yarns for the knitwear industry.

India’s monthly merchandise exports in December 2021 were 37 per cent higher than they were in December 2020. Export of readymade garments grew 22 per cent from December 2020 to December 2021. Exports from April 2021 to December 2021 were 35 per cent higher than they were in the same period in 2020. This is despite the fact local restrictions impacted operations in the first quarter during the second wave of the pandemic. So in spite of challenges Indian apparel exporters performed creditably and India has a fast growing order book from brands and buyers across the world. India’s exports in October 2021 rose 43 per cent compared to October 2020.

As per Sakthivel, Chairman, AEPC says, further, fast tracking trade deals with the US, UK, EU and UAE will make Indian apparels far more attractive. Going by trends, India is expected to achieve the merchandise export target for the current fiscal. Mega schemes have helped India reclaim its global leadership position in textiles and apparels. However the PLI scheme is said to be more beneficial if the investment and turnover targets are reduced by 50 per cent as most players in the apparel industry are in the micro, small and medium segments. Further, fast tracking of trade deals with the US, UK, EU and UAE will make Indian apparels far more attractive.

Intertextile Shanghai Apparel Fabrics will take place in China, March 9 to 11, 2022. The aim is to support the global textile and apparel industry in business recovery, information exchange and making progress on combating climate change. Held concurrently with the spring edition of Intertextile Shanghai Home Textiles, Yarn Expo Spring, Chic and PH Value, the entire textile supply chain can be found under one roof for buyers to conveniently source the products they are looking for. Exhibitors and visitors will also be able to catch up with the latest industry developments via Intertextile Apparel’s trend forum, seminars, panel discussions and product presentations which will cover topics on design and trends, market information and business strategies, sustainability issues, and technology and solutions.

The Intertextile fairs have remained a consistent source of business trading for the industry over what has been a challenging couple of years, with both the spring and autumn editions taking place in 2021. At both editions there was an uptick in the quality of buyers and strong intentions to place orders, and with the continuing strength of the Chinese economy, this is expected to continue in 2022.

China’s textile industry has continued to expand and has experienced growth in terms of production, revenue and profit in the first three quarters of 2021. Total profits of Chinese textile companies increased 31 per cent while China’s online clothing sales climbed 15 per cent.

The aim is to raise between Rs 1,200 crores and Rs 1,300 crores. The business’ IPO will mix a fresh issue and an offer for sale for existing shareholders. Mumbai-based Sanathan Textiles, manufactures and produces over 12,000 yarn products. The company is one of India’s leading yarn manufacturers engaged in the production and export of polyester filament yarn, high tenacity filament yarn, airtex yarns, polyester filament twisted yarns and cotton yarn and strives to provide customers with the best quality and variety of innovative yarns.

Sanathan Textiles expanded its margin to 17 per cent in the first half of the financial year 2022 owing to higher realisations, lower raw material prices and the management’s cost-reduction initiatives. The company recorded operating earnings of Rs 260 crores in the first half of the year and expects to be supported by higher volumes in the forthcoming fiscal year, with the completion of capex in cotton yarn and industrial drawn yarn.

The business’ products include cotton and polyester yarns and yarns for technical textiles. Sanathan Textiles also has a range of recycled textile products named Revir and a line of eco-friendly color polyester yarns named Born Dyed and makes functional and customised yarns to order.

Bangladesh’s readymade garment exports grew 52 per cent in December 2021 reveals BGMEA. In calendar year 2021, Bangladesh’s readymade garment exports witnessed about a 30 per cent growth. Apparel makers witnessed growth in terms of both export volume and prices. Bangladesh’s apparel exports have been posing a higher growth for the past few months compared to the fiscal year 2019-20, which saw Covid devastation across the globe. The country’s apparel export industry witnessed the growth in spite of a sequence of lockdowns, Id holiday-led factory shutdown and disruptions due to the countrywide transport strikes against diesel price hikes.

The country’s garment shipments continued impressive recovery, largely driven by volume, as the price hike rate has been very low, with normalcy restoration in the global supply chain from the pandemic's severe fallout. In the US market, the 23.8 per cent growth in export earnings was mostly driven by volume, which rose by 19.8 per cent, whereas in contrast the rise in price per dozen was a mere 3.3 per cent. In the EU markets export earnings rose 8.9 per cent against the backdrop of a rise in volume of 7.9 per cent as against the rise in price by an insignificant 0.9 per cent.