The secondhand luxury goods market is growing at nine per cent a year. Secondhand luxury goods represent premium personal products that are purchased by a second or later end-user.

They generally include antique furniture, footwear, apparel, artwork, jewelry, and fashion accessories such as bags and watches. Several luxury goods are usually durable with an extended warranty period, which makes them suitable for the resale market. In line with this, the re-selling of these items instead of discarding them also offers economic benefits to the seller.

As such, secondhand luxury goods assist in minimizing the dependence on high-quality raw materials for manufacturing new products and reducing waste production levels. Furthermore, they are commonly sold at bazaar-style fundraisers, privately-owned consignment shops, auctions, charity events, etc. The escalating demand for high-end fashion accessories at lower prices is primarily augmenting the secondhand luxury goods market. Additionally, the increasing consumer living standards and the inflating disposable income levels are further positively influencing the global market.

Besides this, the easy availability of secondhand luxury goods on online retail channels that are extremely beneficial for the sellers, as they allow firsthand buyers to invest the resale money in buying new full-priced premium products, is acting as another significant growth-inducing factor.

Italy has introduced a digital ready certification for textile machinery manufacturers.

The certification is designed to simplify the production process, making use of a standard language and unique data reading system that allows different types of machinery to dialogue with production systems. The certification aims to build customer loyalty while establishing a link between textile machinery manufacturers and their customers. It provides standardisation of machine management and production data and simplifies use.

The international certification body Rina is authorised to issue the certification to associated member companies. A company intending to obtain digital ready certification for its machinery is required to abide by a framework that includes identification of the machine and collection of data, an analysis of all documents and on-the-spot audits and verifications by Rina.

The digital ready itinerary implemented for a manufacturer’s specific machine will lead to certification valid for all machinery of the same production type, for which there will be no need to replicate the procedure. The certification has a duration of five years.

The value of Italian textile machinery sales in 2022 is estimated to be up about ten per cent from 2021. Exports account for more than 85 per cent of this value.

Paramount Textiles has joined ITMF as corporate member.

Based in Bangladesh, Paramount Textiles, established in 2006, manufactures a diversified range of dyed yarns and dyed, finished, and printed woven fabrics. In 2021, the company exported more than 60 million dollars worth of merchandise worldwide.

Founded in 1904, ITMF (International Textile Manufacturers Federation) is the international forum of the global textile value chain for producers of fiber to finished products. Its members are from textile and apparel-producing countries representing approximately 90 per cent of global production.In addition, ITMF offers its members information that helps better understand the dynamics of the industry.

Companies from the entire textile value chain see value in being part of a neutral international platform that provides relevant information as well as a unique international network.Meeting old and new friends and colleagues in a relaxed atmosphere outside the regular business environment is helping people better understand the ongoing dynamics in the global textile industry. Meeting persons from the entire textile value chain, from fiber producers to brands/retailers as well as affiliated industries like textile machinery producers, textile chemical producers, etc., provides a wider spectrum of perspectives.

The ITMF Annual Conference 2022 in Switzerland highlighted the importance of discussing emerging trends with experts and colleagues face to face.

The wave of layoffs in Indonesia’s textile and footwear industries is expected to continue in 2023.

This is because the demand for export-oriented products is still weak due to the world recession. Since the beginning of the second semester of 2022 there has been a decline in the demand for textile and footwear products in global markets, especially for developed countries.

This condition has forced companies in the sector to significantly reduce production leading to reduced working hours and layoffs. There have been layoffs of 87,236 workers from just 163 companies. In other words, the world economic situation continues to show a negative trend. The projected layoffs remaining until the end of 2022 are very likely to exceed 2021 layoffs due to the global economic crisis that has occurred at the end of 2022.

Indonesia’s textile exports have dropped dramatically after the Russia-Ukraine war. The loss of this export market has made textile companies in Indonesia overstock. Because, on the other hand, the domestic market is not available since it is flooded with imported products. So this condition causes domestic textile products to go nowhere and the impact of which has been that textile companies in Indonesia are experiencing overstock.

Sitip’s sustainability strategy stems from the need to rethink any business field from a green perspective.

The development model is based on innovative technologies that allow the company to obtain benefits in terms of economic, social and environmental sustainability, in order to achieve ever more efficient goals. Sitip has developed a range of sustainable textile fabrics obtained from GRS-certified recycled yarns produced with chemicals with a low environmental impact and with a lower consumption of natural resources.Continuous innovation goes hand in hand with a far-sighted corporate strategy since Sitip makes use of the most recent technologies and the most advanced machinery to allow continuous production and quality updating.

Sitip is a reliable partner within a responsible supply chain. Sitip has voluntarily published its first sustainability report with the aim of giving concreteness and transparency to the commitment supported by the company in the field of sustainability, thanks to constant innovation and cutting-edge technology.

Based in Italy, Sitip has over 60 years of experience, specializing in the production of synthetic warp-knitted fabrics, intended for the technical industrial world, and stretch and circular fabrics, intended for clothing. Sitip’s fabric collections for sportswear, urbanwear and athleisure ensure exceptional performance, impeccable style and attention to sustainability.

The Production Linked Incentive (PLI) scheme for textiles will promote the production of manmade fiber apparel, fabrics and products of technical textiles.

An outlay of Rs 1480 crores for the National Technical Textiles Mission has been allocated to promote and develop the technical textile sector in India. India’s share in technical textiles is about six per cent of the world’s market size.

The penetration level of technical textiles is low in India but the annual average growth of the segment is 12 per cent as compared to the four per cent world average growth.With adequate support, Indian exports of technical textiles can grow and achieve their true potential. So says the Synthetic and Rayon Textiles Export Promotion Council. Inclusion of technical textile products under the Interest Equalization Scheme and creating awareness about the capacity of the Indian technical textile sector to supply high quality technical textile products in the world market has also been recommended by the SRTEPC.

The council wants the government to provide enhanced RoDTEP rates for technical textile export promotion for a period of three years. Fixation of SION for technical textile products on a priority basis has also been called for. SRTEPC says inclusion of certain HSN codes of technical textile products under the PLI 2 scheme would go a long way in promoting technical textiles in the country.

Good American will be at H&M. This is a brand founded by Khloé Kardashian and Emma Grede known for denim in an inclusive size range of 00 through 32.

The fast fashion retailer will feature Good American on its Swedish and German websites starting this month. Other pieces in the collection include a spaghetti strap dress in imitation leather, a metallic lilac vest and trouser set, corsets and a scuba bodysuit.

Good American has projected itself as more than just a fashion brand, but a platform for inclusivity, diversity and body positivity. Good American felt that H&M’s new multi-brand retail concept aligns with Good American’s brand ethos of empowering all women and encouraging customers to feel inspired when shopping.

As for H&M, net sales increased by 12 percent for the 2022 financial year. For the fourth quarter net sales increased by ten percent. H&M’s operations in Russia and Belarus were wound up during the quarter, with the remaining stock being sold off and the last stores having closed on November 30. During the quarter around 25 to 50 stores in China were temporarily closed due to new Covid outbreaks. H&M has cut some 1500 jobs. This has been made necessary because of weaker profits.

For the first nine months of 2022, the EU’s apparel imports grew by 25 per cent.

Apparel imports from China grew by 25 per cent. Imports from Turkey grew by 14 per cent. Imports from India grew by 25 per cent. Imports from Vietnam grew by 29 per cent. Imports from Pakistan grew by 30 per cent, Cambodia 41 per cent and Morocco 12 per cent during the January to September period of the current year. And imports from Bangladesh grew by 43 per cent.

Obviously, among the top apparel suppliers to the EU, Bangladesh attained the highest growth rate. Considering the war and the ongoing global economic situation, Bangladesh is in a better position than most of its competitors. Bangladesh is always at the top of buyers' choice as the safest sourcing destination. Moreover, Bangladesh is now at the top as a sustainable producer with a better working atmosphere and an improved eco-friendly industry. If all this is maintained, when the world economic situation gets back to normal, then Bangladesh hopes to face a vastly improved situation. Moreover, some other issues such as Sino-US relationsand brands' moving away from Myanmar have also strengthened the advantageous position of Bangladesh.

Go Sport expects a return to profit in 2023 after 17 years of losses.

The sporting goods retailer, based in France, was bought by Hermione People & Brands from the Rallye group in late 2021 for a symbolic one euro. It has 2160 employees. The retail chain has 223 stores, 80 of which are owned by the company.

Go Sport is a retailer of sports goods catering to women, men and children. The company offers sports outfits, gym equipment, bicycle, jersey and track pants, thereby providing a one-stop shop for sports accessories.With a 16 percent market share in its home country of France, Go Sport is that country’s second largest sporting goods retailer. Go Sport has established itself as a seller of major brand names while also promoting its own labels, Go Sport, for its sporting goods, and Wannabee, for its sports-related clothing.

Go Sport’s own label sales account for less than 20 percent of its sales. Go Sport will step up its number of new store openings to as many as 30 new stores per year. Targeting primarily midsized cities, the average Go Sport has roughly 1,500 square meters of selling space. Go Sport also has been targeting international growth.

China has cancelled purchases of US cotton. This is the largest purchase cancellation in a decade in fresh signs of demand headwinds for the world’s biggest exporter. China nixed 1,44,400 bales of purchases for the week ended December 15, 2022. This has been the biggest weekly cancellation since June 2012. It pulled down overall American sales.

China’s demand has slowed due to Covid lockdowns and a contraction in manufacturing. The Asian nation is the world’s biggest importer of the fiber and the biggest US customer.Cotton futures tumbled as much as 4.5 per cent on ICE Futures US, on pace for the biggest loss since November 21. The price has plunged more than 45 per cent since reaching a decade high in May amid mounting demand worries.

International sanctions against cotton produced in the region of Xinjiang, by far China’s largest producing province, are also keeping more of the fiber at home, reducing Chinese imports of yarn.China’s cotton consumption in the 2022/2023 crop year that began in September 2022 was 7.5 million tons, 2,00,000 tons lower than the forecast. Growing enthusiasm by farmers to sell corn ahead of next month’s Lunar New Year holiday as well as easing Covid restrictions on movement have boosted supply of the grain, pressuring the market.