Hennes & Mauritz’s (H&M) latest nine-month performance report card spanning December 1, 2022 to August 31, 2023 shows the group’s net sales in Swedish Krona increased by 8 per cent to SEK 1,73,385 million. In local currencies, net sales were flat compared to previous year. Gross profit increased to SEK 87,239 million which corresponds to a gross margin of 50.3 per cent. Selling and administrative expenses amounted to SEK 78,016 million and in local currencies, these expenses decreased by 3 per cent. Operating profit increased to SEK 10,205 million corresponding to an operating margin of 5.9 per cent. In 2022 one-time costs for Russia of SEK 1,751 million were charged against the nine-month result. Adjusted for these one-time costs the increase compared with the previous year was 26 per cent. Post-tax revenue is up 61 per cent to SEK 7,147 million. 

Western Europe remains largest market 

The report shows H&M’s unquestioned largest market remains within Western Europe with sales at SEK 57,723 million followed by the combined Americas at SEK 39,818 million. Asia, Oceania and Africa contributed SEK 23,074 million in sales. 

Within Europe, Eastern Europe fared the lowest at SEK 14,093 million.  Sales were temporarily resumed in Russia from August until November 2022. Development in Eastern Europe should be seen in light of H&M group’s operations in Russia and Belarus which completely closed down since November 30, 2022, while operations in Ukraine paused since end of February 2022. Excluding Russia, Belarus and Ukraine, sales in Eastern Europe for the first nine months, increased 17 percent in SEK. Sales during September 2023 are expected to decrease by 10 per cent in local currencies compared to September 2022. 

The discontinued operations in Russia account for 4 percent points of the decrease. The figure for September should be seen in the light of unusually hot weather in several of the company’s European markets, which has had a substantial negative impact on sales during the month. H&M plans to gradually reopen most of its stores in Ukraine from November 2023 onwards. H&M clocked SEK 22,723 million and SEK 15, 954 million in these nine months in Southern Europe and the Nordic countries respectively. 

Customers a priority over profits

Speaking on the results CEO Helena Helmersson says, “In times of high inflation where household living costs continue rising significantly, it is more important than ever to offer customers the best price and unbeatable value for money. Our highest priority remains the customer offering, where work to improve the assortment and the customer experience is making progress, alongside further integration of the two channels.” H&M is continuing investments in tech, AI and the supply chain, which is enabling improved flexibility, faster response times and greater precision in buying. This leads to customers having access to an even wider and more relevant assortment. 

She also emphasized their efforts to create conditions for profitable growth towards long-term goals is taking H&M in the right direction. “The cost and efficiency programme is proceeding at full speed and will continue to have an effect in the coming quarters. With a strong customer focus, improved cash flow and increased inventory efficiency our goal of an operating margin of 10 per cent during 2024 remains.”

In a groundbreaking kick-off meeting hosted by Mango, Euratex, and 20 pioneering members, ReHubs Europe has officially unveiled its mission to transform textile recycling on an international scale. After three years of meticulous preparation, backed by a comprehensive Techno-Economic Study, this non-profit organization is set to propel Europe into a sustainable textile future.

The news angle here is the emergence of ReHubs Europe as a powerful response to upcoming EU legislation mandating the collection and sorting of textile waste by 2025. To meet this ambitious target, the organization aims to unite key stakeholders from the entire textile value chain, including manufacturers, fashion brands, collectors, recyclers, chemical industry, and technology providers. Their joint ambition is nothing short of recycling 2.5 million tons of textile waste by 2030, necessitating up to 250 industrial projects throughout Europe focused on various forms of fiber-to-fiber recycling.

Heading this transformative initiative as Executive Director is Chris Deloof, a seasoned textile sector professional and advocate for cross-industry collaboration. ReHubs Europe's mission aligns seamlessly with Deloof's commitment to driving the transition towards a circular economy.

Euratex President Alberto Paccanelli lauded the launch of ReHubs Europe, emphasizing the unity of the textile value chain segments in this endeavor. The organization, based in Brussels and closely partnering with EURATEX, invites companies keen on investing in European textile waste recycling to join its ranks. In a challenging global landscape, ReHubs Europe stands as a beacon of sustainability, ushering in a new circular business model for the textile industry.

September 25, 2023, the Orchid Hotel in Mumbai hosted the 13th Annual General Meeting (AGM) of the Indian Technical Textile Association (ITTA), a landmark event for the technical textile sector in India. The meeting was chaired by Amit Agarwal, and S. P. Verma, Addl. Textile Commissioner & Secretary- Textile Committee, Ministry of Textiles (MoT), Government of India, graced the occasion as the Chief Guest.

Verma praised the industry’s potential for growth and innovation and acknowledged ITTA’s role in facilitating industry dialogue and fostering R&D partnerships to tackle industry issues. 

He urged the industry to invest in technical textiles and pursue new R&D projects under the National Technical Textile Mission (NTTM), assuring full backing from the textile ministry. He also emphasized the need to simplify export procedures for better competitiveness and pointed out opportunities for joint ventures and innovations in the sector.

The event also honored Yogesh Kusumgar, the “Father of Technical Textiles,” with the Lifetime Achievement Award in the Technical Textile Industry for his outstanding contributions to the sector.

The AGM also witnessed the formation of a new ITTA Board, with Avinash Misar as Chairman and Shri. Mahesh Kudav as Vice Chairman. Amit Agarwal continues to be an ex-member of the Board, providing guidance along with Dr. Sundararaman K. S.

ITTA also appreciated the government schemes such as the Production Linked Incentive (PLI) Scheme

Tim Hortons, the iconic Canadian coffee and donut chain, has achieved a milestone of over 300 stores in the Gulf Cooperation Council (GCC) and India. This expansion is a testament to the brand's growing popularity in the region, as it continues to foster deep ties with communities and set new benchmarks in service excellence.

Brewing Success Across the Region

Neeraj Teckchandani, CEO of Apparel Group, the master franchisee for Tim Hortons in the GCC and India, commented, "This achievement is a matter of great pride for us, and it reflects the deep bond that Tim Hortons shares with its customers. We are committed to further expanding our presence in the region and providing our customers with an unparalleled coffee and dining experience."

In India, Tim Hortons has been well-received by customers, with a growing store count of 22 outlets across Delhi NCR, Punjab, Mumbai, and Bangalore. The brand has also introduced delightful culinary additions to its menu, such as the Malabari Ghee Roast Paneer Pocket and the Pepper Chicken Pocket, tailored to the Indian palate.

Tim Hortons plans to further expand its presence in India in the cities of Bangalore and Pune, while continuing its growth trajectory in North India and Mumbai.

In the GCC, Tim Hortons has a robust presence of 285 outlets across UAE, KSA, Oman, Bahrain, Qatar, and Kuwait. The brand is known for its unwavering commitment to quality, consistency, and community connection in the region.

Tim Hortons' success in the GCC and India is a testament to its global appeal and its ability to adapt to local cultures and tastes. The brand is well-positioned for continued growth in these regions, as it continues to brew success and bring people together over coffee.

The Alliance of Textile Chemical Recyclers (ACTR) is a working group created by Accelerating Circularity, a non-profit organization dedicated to creating new supply chains and business models to turn textile waste into mainstream raw materials. 

The ACTR aims to advance textile chemical recycling technology, share common definitions, and address policies in a collaborative way to maximize the elimination of textile waste to landfills and incineration.

Chemical recycling technology has many benefits, including quality more similar to virgin fiber and the ability to recycle multiple times. 

The ACTR plans to provide the industry with information on how textile chemical recycling can offer solutions for diverting textile waste to landfill, enable textile to textile recycling versus incineration/landfill, provide sustainably sourced/circular materials, support brand/retailers/producers in achieving their CO2 reduction targets, and provide long term price stability and consistent supply of raw materials versus virgin.

Members of the ACTR include founding members Eastman, Lenzing, and The LYCRA Company, as well as key innovators Circ®, Sappi, Renewcell, Infinited fiber, Worn Again Technologies, Gr3n, CuRe Technology, and OnceMore® from Sodra.

As a first step, the ACTR is introducing a dictionary of common terms developed to educate the industry on the chemical recycling of textiles.

The ACTR is a welcome development for the textile industry, as it has the potential to accelerate the adoption of chemical recycling technology and help to create a more circular economy for textiles.

ECOSENSOR™, a Japanese fabric producer and a division of Asahi Kasei Advance, will unveil three special features at Performance Days, an esteemed international technical textile show in Munich.

PFC-FREE Super DWR Fabric: Next-Level Water Resistance

ECOSENSOR™'s cutting-edge PFC-FREE Super DWR fabric matches the highest standards for durability and water repellency, surpassing the performance of conventional C0 fabric treatments. It has achieved an outstanding Rate 4 result for water resistance using the Bundesmann Method, even under more challenging test conditions than the standard spray test.

Lightweight 3-Layer Fabric: Combining Performance and Sustainability

ECOSENSOR™'s lightweight 3-layer fabric is a remarkable breakthrough in waterproof and breathable solutions. Crafted with a 12d face fabric, a 7μ membrane, and a 12d recycled polyamide tricot backer, this fabric delivers top-notch performance while also demonstrating the brand's dedication to sustainability. Bemberg™ Knitted Fabrics: A Circular Economy Approach

ECOSENSOR™'s range of knitted fabrics made with Bemberg™ showcases the brand's unwavering commitment to sustainability and circular economy. Bemberg™ is a cellulosic fiber derived from cotton linters that is both innovative and responsible

"We are delighted to showcase our latest advancements in technical textiles at Performance Days," said Yuji Ishidate, Manager of Marketing Division at ECOSENSOR™. "Our PFC-FREE Super DWR fabric and lightweight 3-layer fabric embody our solid commitment to innovation and sustainability."

In a groundbreaking move set to revolutionize the fashion industry, the inaugural Pure London x JATC show, named 'The London Festival of Fashion,' is scheduled to take place from February 11th to 13th, 2024, at the iconic Olympia London venue. This event promises to be a dynamic gathering of global fashion designers, brands, buyers, creative minds, and educational seminars, redefining the fashion buying experience.

The London Festival of Fashion aims to unite the fashion world under one roof, with a focus on sustainability. It strives to provide a platform for conscious exhibitors, fostering awareness about environmental and social impact issues within the fashion industry.

The event will feature nine distinct destinations, with "Woman" being the largest. Here, buyers can explore a wide spectrum of styles, from athleisure to luxury, occasionwear to lingerie, brought to life by established and emerging designers. Additionally, the "POP" sector, inspired by pop culture, will showcase alternative, gender-fluid collections and tech-infused pieces, encouraging self-expression without limits.

One of the show's highlights is its unwavering commitment to sustainability. The "Sustainable" destination will return, featuring exhibitors dedicated to reducing their environmental footprint and promoting ethical fashion practices. This initiative aligns with the United Nations Sustainable Development Goals (SDGs) and reflects the industry's push for a more sustainable future.

Gloria Sandrucci, Pure London Event Director, expressed excitement about the show's potential, emphasizing the diverse range of women's fashion it will present.

The London Festival of Fashion will also include destinations for menswear, footwear, accessories, jewelry, lifestyle, and beauty, ensuring a comprehensive experience for buyers.

Juls Dawson, Creative Director of JATC, highlighted the event's significance, offering over 300 brands across various destinations for a cohesive, streamlined experience.

In tandem, Scoop International will also be held at Olympia West from February 11th to 13th, 2024, adding another dimension to London's fashion scene. This combined showcase promises to redefine fashion buying and sustainability in the industry.

Renowned figure in the yarn manufacturing and retail industry, Rajendra Agarwal, has been honored with the prestigious "India's Influential Leader 2023" award, a distinction presented by Team Marksmen in collaboration with Marksmen Daily. This accolade recognizes modern leaders who have demonstrated remarkable resilience in the face of significant challenges. Agarwal's visionary leadership and unwavering commitment to innovation have earned him this esteemed recognition, and his journey is marked by academic excellence, having achieved gold-medalist status in Textile Technology from V.J.T.I., Mumbai.

As the Managing Director & Mentor of Donear Group,  Agarwal has overseen a remarkable transformation, propelling the company from a textile-focused entity to India's leading lifestyle and fashion house. His dedication to adapting to evolving times has paved the way for meticulous expansion and diversification, including the strategic acquisitions of globally renowned textile companies GBTL Ltd. and OCM PVT. LTD., along with the MAYUR brand from RSWM Ltd. These moves have significantly bolstered Donear Group's product portfolio and global presence.

In response to receiving the award, Rajendra Agarwal emphasized the collective effort of the Donear team, stating that their success is a testament to dedication and innovation. He reaffirmed the company's commitment to innovation and shaping lifestyles within the textile and fashion world.

Today, Donear Group is the leading producer of branded menswear suiting fabric, offering a diverse range of high-quality fabrics. Additionally, the group has ventured into retail with the successful establishment of the D’Cot brand, boasting over 400 stores across India.

Rajendra Agarwal's legacy is defined by his dedication, adaptability, and pursuit of innovation, positioning Donear Group as India's premier lifestyle and fashion house. The "India's Influential Leader 2023" award underscores his exceptional leadership in the industry and his dedication to excellence.

China’s chips have been down since Covid started four years ago with a chain reaction of global supply-chain upheavals. The effects are expected to persist for many more years as the negative effects of a global economic slowdown has led to a continued drop in the country’s exports. The mega apparel sourcing power houses of the US and European Union are continuing their de-risking operations by cutting down imports and taking steps to make their trade with China less risky. 

As a result, Chinese exports suffered its steepest decline in June 2023 since the pandemic began, falling by a drastic 12.4 per cent as compared to 2022, after having had negative growth and dropping by 7.5 per cent in May. 

As per International Monetary Fund (IMF) data, China’s share of US imports peaked in 2017 at 21.58 per cent. But this was before the US-China trade war and despite a slight rebound in 2020, overall trend remained negative, with shares dropping to 16.53 per cent last year. In the first four months of 2023, around, 20.9 per cent of textiles and apparel the US imported were from China, down about 4 per cent from 2022. The figure further fell to almost half of the total figures seen more than a decade ago, reveals Office of Textiles and Apparel under the US Department of Commerce (OTEXA) stats.

Most South Asian countries see trade slowdown 

There has been a slowdown in global trade activity and this has hit most Asian economies like Taiwan, Vietnam, and South Korea along with China, both in the apparel as well as electronics segment. In June 2023, South Korea recorded a 6 per cent year-on-year drop in exports, which have declined for nine months in a row; Taiwan’s exports plunged 23.4 per cent for the 10th consecutive month, the steepest slump in almost 14 years. Vietnam also suffered the same kind of losses, by almost 10.25 per cent for the fourth straight month.

China’s export activity has fared slightly better as it has a more diversified product portfolio and is slightly more resilient but it still faces weakening demand in the US and EU. Earlier, the same shipments to these countries used to account for around a quarter of China’s total exports. However, now the situation has changed for the worse and this is just the tip of the iceberg as exports will be difficult to improve this year as it will depend on the destocking situation in overseas market. There may be a certain hike in demand during festive period but the sustainability issue remains unclear and the climb is difficult to maintain. Also, the upcoming autumn/winter demand will be slow as last year's inventory is still unused and even after the festive sales, the slowdown will continue. 

Focus on trade diversification and dumping issues

A recent focus on trade diversification is currently creating a shift in demand for Chinese goods between different markets and not just eliminating China-made products, as many Western apparel companies cannot simply let go of the super-competitive Chinese production and logistics ecosystems, which other Asian countries have been unable to replicate over the years.

The dumping of Chinese products where the practice of exporting goods to another country at prices lower than even their manufacturing cost has created an imbalance in global trade practice. It is not only harming the domestic industries of importing country but also escalated trade tensions between China and trading partners and created legal problems and trade disputes.

With a growing sentiment among fashion companies in the US to reduce China exposure further due to concerns about the forced labor risks in the supply chain and escalating US-China geo-political tensions and quality concerns of low-priced Chinese goods, the situation doesn’t look too promising in the near future.

The first combined Pure London x JATC show, The London Festival of Fashion, will take place on February 11-13, 2024 at Olympia London, offering buyers an increased number of inspirational brands across nine exciting destinations.

Pure London

In Pure London, Woman, the show's largest destination, will unite all womenswear in the Grand Hall and feature collections from both established designers and up-and-coming names. Buyers can expect a comprehensive and varied selection of styles, from athleisure, street, and everyday basics to luxury, heritage, occasionwear, and timeless classics to lingerie and resort.

Sustainable

Pure London x JATC understand the importance of reducing the environmental impact within the fashion industry and will continue to put sustainability at the heart of the show. The February show will see the return of the Sustainable destination, showcasing a carefully curated selection of conscious exhibitors leading the way in addressing their environmental and social impact.

JATC Destinations

The expanded combined show will house JATC destinations in the Grand Hall Gallery. Footwear and Accessories will feature men's and women's must-have shoes for every occasion. Buyers will also find accessory ranges spanning handbags, backpacks, wallets, purses, scarves, gloves, belts, ties, sunglasses, and more.

The all-encompassing Jewellery sector will showcase fashion jewellery and statement pieces to semi-precious stones and gold-plated jewellery.

Buyers will uncover an enlarged Menswear destination that spans the full spectrum of subcategories to showcase brands exhibiting formal, smart, sport, denim, skate, surf, swim, lifestyle, and heritage.

The must-visit Lifestyle and Beauty destination will be home to innovative brands presenting a broad range of product collections including beauty, candles, fragrance, grooming, homeware, skincare, and wellness.

Pure London x JATC, The London Festival of Fashion, will be a truly landmark event for the fashion industry. Visitors and buyers can expect a comprehensive and diverse showcase of everything fashion has to offer.