When the going gets tough, the tough get going to renew and reinvent themselves in order to survive. The global luxury market is currently doing just that due to post-pandemic-induced high inflation, cost-of-living crisis, a slowdown in the Chinese economy along with geo-political tensions. All these factors have changed the world we once knew. Consumption patterns and choices are changing fast and it’s the younger world with Gen Z and Gen Alpha who are expected to make up around 45 per cent of the global population by 2030. As the largest target group for apparels and personal accessories luxury brands, they will also have to adapt their products, distribution and marketing schemes to fit in with the demands of a new generation.

Market studies focus on high-tech transformation

A recent Euromonitor International --the  world’s leading provider of global business intelligence and market analysis -- study has shown that e-commerce will become far more high-tech including Artificial Intelligence-driven personalization tools, along with virtual sampling of products, omni-channel digital experiences like virtual fashion shows for both online and offline sales. 

All luxury brands will need to invest in transforming digitally and have a wide portfolio of environmentally-friendly products that are sustainable and durable. Stricterer company regulations on green-washing and being environment friendly will be needed. The post-Covid years have pushed luxury lifestyle segment into a holistic feel-good environment that includes everywhere and everything a consumer does at home, office, or on holiday that enriches living.

A Bain & Company–Altagamma Luxury Study in 2022 on the luxury segment has said that the US and Europe will be leading the post-Covid markets while new luxury markets are generating positive growth for 95 per cent brands. The global luxury market was projected to grow 21 per cent in 2022, reaching €1.4 trillion while the personal luxury goods market was also expected to grow 22 per cent to €353 billion and see further growth of at least 3-8 per cent this year. 

The 2023 luxury segment is expected to be even more resilient to recession than during the 2009 global financial crisis and there will be great market value for luxury goods through the next decade, showing good living is paving the way for the future. There will also be more moderate to high growth spending on luxury experiences with the resumption of international tourism and business travel.

Secondary second-hand market has become popular

Meanwhile, luxury brands aim to support long-term sustainable goals through the thriving secondhand luxury resale market with demand from aspirational customers on a limited budget. 

However major challenges such as checking for authenticity is an issue as there are no guarantees against fakes and consumers sometimes end up buying counterfeits from dishonest players. This segment is also extremely labor intensive with marginal profits and a large group of sellers and buyers need to network together cohesively for the resale business to be truly profitable. 

Only the bigger premium accessory brands such as handbags grow revenues by getting the same customers to buy more coveted goods at discounted prices.

Professional traders such as Privé Porter- who are the world’s largest reseller of Hermès bags- use marketing tactics such as encouraging their loyal customers to buy other Hermès products to qualify for the chance to buy another branded luxury product such as Birkin or Kelly bag. 

Others like Rolex (with Bucherer) have included certified pre-owned as a clever way to limit demand spillover to competitors because of limited production capacity constraints, so sometimes this makes better profits as they are above the new recommended retail price.

Analysts say the pre-loved and pre-used segment is growing four times faster than the primary luxury market, at around 12 per cent per year compared to 3 per cent per annum for the latter, and is a thriving $24 billion market today, with scope to grow further if handled right. 

The American Association of Textile Chemists and Colorists (AATCC) has announced the recipients of its 2023 Future Leaders Award. The award recognizes promising young professionals in the fields of textiles, apparel, and related material sciences.

The recipients are:

• Tova Williams, Assistant Professor, Textile Engineering, Chemistry, and Science Department, North Carolina State University

• Julian Rojas, Method and Capability Development Scientist, Henkel Consumer Brands R&D

• Joanne Brasch, Special Projects Manager, California Product Stewardship Council

• Jessica Brooks, Colorist, Vertical Business Units, W. L. Gore & Associates

The award recipients were selected by each of AATCC's Interest Groups. They were chosen based on their leadership skills, their commitment to the textile industry, and their potential to make significant contributions to the field.

The Future Leaders Award is presented annually at the AATCC Textile Discovery Summit. The 2023 Summit will be held in Atlanta, Georgia, from October 23-26.

The award recipients will be honored at the Summit's Awards Luncheon on October 25.

The AATCC Future Leaders Award is a prestigious honor that recognizes the next generation of leaders in the textile industry. The award recipients are all making significant contributions to the field, and they are sure to have a bright future ahead of them.

VIEW Launches New Late Ordering Date Event in September at MOTORWORLD

The textile industry will have a new late ordering date option in Munich this September, with the first edition of VIEW as reVIEW Autumn.Winter 24/25. 

The event will be held at the MOTORWORLD, a new venue for VIEW, and will feature more than 300 international premium collections in the sectors of Fabrics, Denim & Sportswear, Additionals and Design Studios.

The reVIEW Autumn.Winter 24/25 will be the first time that VIEW has been held in September, and it will also be the first time that the event has been held at the MOTORWORLD. 

The move to the MOTORWORLD is a significant one, as it will allow VIEW to expand its space and exhibitor portfolio. The MOTORWORLD is also a more technologically advanced venue, which will improve the infrastructure for VIEW.

The reVIEW Autumn.Winter 24/25 will be held from September 13-14, 2023. The next edition of VIEW, the preVIEW for the Spring.Summer 25 season, will be held from November 28-29, 2023.

The global coated fabrics market is projected to grow from $21.6 billion in 2022 to $29.79 billion by 2030, at a CAGR of 4.1%. The growth of the market is driven by the increasing demand for coated fabrics in a variety of applications, such as protective clothing, furniture, roofing, and industrial applications.

Coated fabrics are treated with polymers and rubber to improve their properties, such as water resistance, UV resistance, and resistance to dirt and oil. These fabrics are also known for their durability, weather resistance, and corrosion resistance.

The growing emphasis on safety measures and stringent industry regulations is also driving the growth of the coated fabrics market. This is especially evident in sectors such as automotive, chemicals, and oil & gas.

In addition, the increasing demand for environmentally friendly materials is also boosting the growth of the market. Coated fabrics can be made from a variety of materials, including natural fibers (like cotton and hemp) and recycled materials (such as plastic bottles).

The market is also expected to benefit from the growing demand for fabrics with water-resistant and high-flame properties. This trend is expected to amplify the utilization of coated fabrics across various applications throughout the forecast period.

Despite facing challenges such as the Russia-Ukraine conflict, inflation, and cotton import decline, Bangladesh's readymade garments (RMG) sector has grown by 10% in the fiscal year 2022-2023. The growth rate was 5.64% in the first half of the year.

The sector has benefited from the high global demand for RMG and the low production costs in Bangladesh. 

However, it also faces some risks, such as yarn shortage and gas crisis, that could affect its performance in the future.

Bangladesh's RMG sector is optimistic about its prospects. It aims to take advantage of the global apparel market and the government's support.

Bangladesh RMG Sector Defies Headwinds.

The Intex Sri Lanka 2023 international textile sourcing fair was a resounding success, with a record attendance of 4,780 visitors. 

This was an overwhelming response from the Sri Lankan textile and apparel industry, and it further cemented Intex's position as the premier textile sourcing event in the region.

The fair was a fruitful and meaningful experience for participants and buyers across the textile supply chain and value chain. Professionals from all over the world came together to explore the latest developments in the industry, forge valuable connections, and learn about new opportunities.

The fair was truly a global affair, with representatives from over 10 countries in attendance. This international presence highlighted the fair's significance on a global scale and underscored its role in facilitating cross-border partnerships to grow the industry.

The next edition of Intex Sri Lanka will be held on 7-8-9 August 2024 at BMICH, Colombo. 

Vietnam's export sector is poised for a rebound in the fourth quarter, according to VinaCapital it attributed this recovery to two main factors: the stabilization of the US inventory cycle and the acceleration of manufacturing relocation from China to Vietnam.

The US is Vietnam's largest export destination, and the country's exports to the US fell by over 20 percent in the first seven months of the year. 

This was due to a combination of factors, including the destocking of inventories by US retailers and the relocation of manufacturing from China to Vietnam.

However, Kokalari noted that the destocking phase is nearing its end, and that Vietnam's exports to the US have started to rebound. He also pointed to the fact that Vietnam's exports have fallen less than those of other Southeast Asian countries, which is a sign that manufacturing is indeed relocating to Vietnam.

Kokalari believes that the export-oriented resurgence in Vietnam's economy will drive a surge in the earnings growth of the VN-Index, the country's stock market index. He predicts that the VN-Index will grow by over 20 percent in 2024.

The Fall 2023 collection from Charles & Keith is inspired by the minimal and monolithic sculptures of Constantin Brancusi. The Pixie series of shoes features platform heels in three different silhouettes: an ankle boot, a sculptural mule, and Mary-Jane pumps. 

All three styles are designed with a succinct approach, devoid of details, seams, and embellishments. The padded uppers are fully lasted over the heels and platforms, leaving behind nothing but an austere and definitive silhouette.

The bags in the collection also take on a minimalist approach. The Petra Curved Shoulder Bag makes a triumphant return for Fall, with a new square buckle that adds a touch of modernity. Presented in a color palette to match the Pixie shoes, the two products are styled together in the campaign fronted by Han So Hee.

The Sculptural Top Handle Moon Bag is another highlight of the collection. It is seemingly crafted into a singular form but opens to reveal a surprisingly roomy interior. The iconic Koa bag is also reintroduced in an East-West top-handle silhouette with a softer, more rounded body.

The Fall 2023 collection from Charles & Keith is a celebration of the continual exploration of freedoms of self-expression, with fashion as a medium. The minimalist shoes and bags are a reminder that we can redefine our personal boundaries and express ourselves in our own unique way.

The 42nd HKTDC Hong Kong Watch & Clock Fair and 11th Salon de TE will be held from 5 to 9 September at the Hong Kong Convention and Exhibition Centre (HKCEC). 

The fairs will gather more than 700 global exhibitors from 17 countries and regions, showcasing a wide range of watches and clocks, from high-end luxury timepieces to affordable fashion watches.

One of the highlights of the fairs is the debut Guo Chao theme, which will welcome several remarkable mainland watchmakers who will showcase timepieces that intricately blend Chinese cultural elements. 

The World Brand Piazza will also be a major attraction, featuring an impressive lineup of 10 international watch brands, including Bovet, Carl. F Bucherer, Corum, CVSTOS, DeWitt, Franck Muller, Jacob & Co., Kerbedanz, Parmigiani Fleurier and Sarcar Geneve.

In addition to the exhibits, the fairs will also feature a variety of forums, seminars, watch parades and networking events. Salon de TE will be open to the public aged 12 and above on 8 and 9 September, and will feature exciting activities such as watch parades, watch and painting demonstrations, embroidery watch crafts, product launches and more. 

Visitors can also participate in lucky draws, with prizes including luxury watches, fashion accessories, dining vouchers and more.

The fairs are a major event for the watch and clock industry, and provide a platform for buyers and sellers to meet, network and do business. They are also a great opportunity for watch enthusiasts to learn about the latest trends and see the latest products from leading brands.

Lenzing Group, a renowned producer of wood-based specialty fibers, unveiled its innovative LENZING  ECOVERO  with REFIBRA  technology at the Intertextile Shanghai Apparel Textile Fair. The technology, an expansion of the successful TENCEL Lyocell fibers with REFIBRA, aims to enhance post-consumer content, underscoring Lenzing's commitment to a circular economy in the fashion industry.

Florian Heubrandner, EVP Global Textiles Business at Lenzing, emphasized the brand's alignment with eco-conscious efforts. "LENZING ECOVERO with REFIBRA technology responds to the demand for circular design innovations," he stated, inviting partners to join Lenzing in elevating circularity within the textile value chain.

LENZING ECOVERO with REFIBRA integrates up to 20% post-consumer textile waste, sourced from cellulose-rich or polyester-cotton blend materials. Lenzing collaborates with industry leaders to collect and sort waste, driving responsible viscose fiber production for a global market.

Aligned with their "Better Growth" strategy, Lenzing's circular approach aligns the industry with evolving demands. The fiber's traceability empowers brands and consumers to make eco-conscious choices, bridging the gap between sustainability and style.