For the second quarter Lakshmi Machine Works net profit rose by 139 per cent. Net sales during the quarter increased by 50 percent.

Revenue of the textile machinery division was up 61 per cent. Revenue of the machine tool and foundry division was up 24 per cent. Total expenses rose by 47 per cent due to higher raw material costs, higher employee expenses and higher other expenses.

Lakshmi Machine Works is a leading textile machinery manufacturer in India and one among the three in the world to produce the entire range of spinning machinery. Lakshmi Machine Works provides spinning technology to Indian textile mills.The company is a leading textile machinery manufacturer and has brought out various innovative products during the year and worked towards its three pillars – automation, digitization and sustainability – with a greater focus on after sales and service.

Currently exports sales contribute to more than 40 per cent of the total revenue. The company has a strong presence in Bangladesh, Vietnam, Pakistan, Turkey, Indonesia, Iran, China and many African countries.

LMW Aerospace is involved in the production, assembly, supply of products and rendering of services for the aerospace industry. It is yet to commence operations.Lakshmi Machine is making the said investment in order to support working capital requirements of the wholly owned subsidiary company upon commencement of business operations.

Kornit Digital has a complete portfolio of high-volume digital production that empowers the industry to adapt for the new rules of supply and demand.

The direct-to-garment and direct-to-fabric solutions reflect the company’s dedication to ensuring brands and retailers can succeed in an industry often defined by waste and overproduction. The Kornit Apollo platform for highly automated, digital mass production on demand is an end-to-end system that ensures optimal total cost of ownership and the highest output per operator, with expected availability in mid-2023.Allowing the industry to realize the promise of on-demand, end-to-end fulfillment and production is the KornitX workflow solution as well as its new Smart Curing solution for delivery of highly durable and high-quality finished products. Holistically, the integrated Kornit portfolio enables companies to adopt lean and agile, on-demand fulfillment more effectively – from pixel to parcel to doorstep.

Kornit is a market leader in sustainable, on-demand digital fashion and textile production technologies. The company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment. Headquartered in Israel with offices in the US, Europe, and Asia Pacific, Kornit Digital serves customers in more than 100 countries and states worldwide.

For the third quarter of 2022 Kering’s revenue was up 14 per cent compared to the third quarter of 2021.

Revenue in the directly operated store network continued to grow at a rapid pace, up 19 per cent on a comparable basis. All regions posted growth.Momentum remained very strong in Western Europe, supported by both local customers and tourists, particularly from the US. Conversely, this factor weighed activity in North America itself. In Japan, revenue rose sharply.

Performance in Mainland China was mixed, impacting sales in Asia-Pacific, where overall trends posted a notable improvement. Wholesale revenue rose two per cent. Yves Saint Laurent’s revenue was up 30 per cent. Bottega Veneta’s revenue was up 14 per cent. Kering’s solid performances in the third quarter underscore the strength of the group. Kering delivered sharp top-line growth, both versus last year and from pre-pandemic levels. The ongoing focus on the exclusivity of its brands and on the quality of their distribution is yielding very positive results and reinforces their positioning in their key markets.

Kering is a global luxury group that manages the development of a series of renowned houses in fashion, leather goods and jewelry. By placing creativity at the heart of its strategy, Kering enables its houses to set new limits in terms of their creative expression while crafting tomorrow’s luxury in a sustainable and responsible way. Kering has more than 42,000 staff members.

The global textile industry is facing dismal prospects. So says the International Textile Manufacturers Federation.

Indicators for order intake, order backlog, and capacity utilisation rate have fallen. The business situation is very bad in Asia, although improving. While all segments have found themselves in negative situations, spinners’ situation has plunged to an unprecedented level. Expectations have improved in South Asia, North and Central America, and Africa. Spinners have also better prospects for March 2023, globally, indicating potential relief.

Companies in north and central and especially in south America have seen order intakes increase while the Asian regions continue struggling with an unsatisfactory order situation. Order backlogs have fallen on an average across all regions. South America is an exception; both order intake and backlog have increased. Only dyers/finishers and knitters/weavers have experienced a small increase in order backlog. In all other segments order backlog has fallen. While the capacity utilization rate dropped globally in September 2022, it increased in South America.

Fiber producers registered a steady decrease in capacity utilization rate and home textile producers seem to have reversed their downward trend. Weakening demand, high raw material prices, high energy prices, and inflation are the four major concerns of the global textile industry for the next six months.

The global garments market is growing at four per cent a year. High-end and luxury brands are moving towards a see-now-buy-now model, in order to capitalize on consumers inclination for discretionary expenditure, thereby appealing to their desire for instant gratification.

Reshoring (in the United States and Europe) and sustainable production are key strategies of manufacturers who are making significant investments in order to gain higher social acceptance, and to ensure faster deliveries with provisions for customizations.Women’s and men’s apparel generate 63 per cent of the revenue, and the rest is accounted for by hosiery, sports and swimwear, intimate apparel, and clothing accessories.

Garments marketed as fast-fashion designs have a high number of takers, especially in emerging markets. A rising middle class in emerging markets, along with their improved fashion-consciousness, is driving increased per capita expenditure. Market players are focusing on ensuring that the latest fashion trends can be incorporated into their offerings and they hit stores in a matter of weeks, resulting in the undercutting of specialist players who once led the industry.Most of the market is still controlled by brick and mortar stores. However, sale of garments online is expected to grow at a significant rate.

French brands are entering the US retail market. They see North America as a safe bet compared to the increasingly unstable European and Asian markets.

Mid-range and fast-fashion retailers like River Island and Mango are expanding their US footprints. French department store chain Printemps will open its first US store in spring 2024. Luxury leather goods brand Polène opened its first international store in North America in September, after only selling online internationally and in its Paris store for six years. The store is an extension of the brand’s visual identity, with minimalist interiors reflecting the product design. The company is focused on creating a desirable destination for potential customers outside of Paris.Along with the retail expansion, the brand plans to expand its product assortment to jewelry and footwear in 2023. It also plans to introduce an in-store upcycling initiative. Among the customer-facing innovations Polène has planned is a semi-robotized workshop that has been engineered to cut and sculpt small leather goods. Visitors will be invited to engage in each step of manufacturing by creating a product using leather scraps from a wide choice of patterns. This is expected to build on customer knowledge and intimacy with the brand as well as all aspects of manufacturing and production.

India is now the fastest growing market for Bangladesh. In the first quarter of the current financial year, exports to neighboring India grew by more than 66 percent.

Bangladesh exports more than 70 percent of its apparel to the US and EU countries. Bangladesh’s readymade export growth to Canada was 17 percent, Japan was 16 percent, Australia was 14 percent, Europe was 12 percent, and the US was five per cent.

Bangladesh’s garment exports to India have grown by about 70 percent in the last financial year. In the first two months of the financial year (July-August), the growth was 99 percent and in the last July to September quarter, the growth was 66 percent. Bangladesh has gradually started to come out from traditional export destinations. The main markets for garment exports from Bangladesh have been mainly western countries.

Exporting to India has many advantages for Bangladesh. One is the size of the Indian market. The population of India is massive and if Bangladesh can tap into this market and sell products a lot of its losses will be covered.Trade with India as a neighboring country has lower transport costs.

Fashion brands are on the cusp of a great opportunity but are often overwhelmed by complexity; especially along lengthy supply chains. So says Bain.

The consumer shift to products and labels that are embracing sustainability has created both opportunities and challenges for global fashion brands. At present, only 15 per cent of consumers consistently make buying decisions to lower their environmental impact.

Concern for the environment is running ahead of current shopper behaviour and that’s often because shopping sustainably can be hard.Sustainable shopping is an inevitable change. Concern for sustainability is strong among younger generations – and growing overall. Hence fashion brands need to embrace the sustainability conversation and make sustainable purchasing easier for all consumers.Brands that proactively design sustainability into their strategy and operations are expected to cement their relevance and capture a windfall of unmet demand, now and into the future. The industry’s practices are responsible for many damaging impacts to nature that put the sector’s survival at risk. The time is now for brands to take action on sustainability – they'll not only benefit from enhanced resilience but will have incredible opportunity to build brand loyalty with increasingly conscious consumers.

Despite being among the top six purchase drivers for most global fashion customers, sustainability is an explicitly lower priority than other, more tangible factors, such as product quality and durability.

From January 2022 to August 2022 Bangladesh’s denim exports to the United States rose by 46 per cent compared to the same period of 2021.

In 2021, Bangladesh became the top denim exporter to the US for the second consecutive year and currently holds a 22 per cent share in the US denim market. Bangladesh’s denim is the biggest brand in the US market and US buyers consider it an elite product of high quality.Bangladesh is maintaining its growth in exporting denim apparel to the US as the top supplier, despite the slowdown in the US due to falling consumer demand caused by global economic challenges.

Denim imports from Mexico to the US increased 20 per cent in the first eight months of 2022. Mexico has a share of 16 per cent in the US denim market. Imports from Pakistan soared by 41 per cent. Pakistan has a 11 per cent share. Imports from Vietnam grew by 28 per cent. Vietnam has a ten per cent share. Denim shipments from China to the US were up 13 per cent. China has a nine per cent share.

Bangladesh is doing well due to efficiency, strong backward linkage, quality products and many more reasons. Orders shifting from China and Vietnam are also a factor.

For the third quarter Adidas’ currency-neutral revenues grew four per cent. Currency-neutral sales in Greater China declined at a strong double-digit rate reflecting the continued widespread Covid-19-related restrictions as well as significant inventory take backs.

Excluding Greater China, currency-neutral revenues in the company’s other markets combined continued to grow at a double-digit rate during the quarter. In euro terms, the company’s sales increased 11 per cent. The gross margin declined one percentage point to a level of 49 per cent and operating margin reached eight per cent. Non-recurring costs related to accelerated cash pooling in high inflationary countries, a recently settled legal dispute as well as higher provisions for customs-related risks also had an adverse effect on the company’s gross profit, operating overheads as well as financial and tax expenses in the quarter.

Adidas now expects currency-neutral revenues for the total company to grow at a mid-single-digit rate in 2022, reflecting double-digit revenue growth during the fourth quarter. This growth will be driven by Adidas’ strong product pipeline, support from the Fifa world cup 2022 as well as easier prior year comparables. The company’s gross margin is now expected to be around 47 per cent in 2022. Consequently, the operating margin is now forecasted to be around four per cent.