Raymond is experiencing an increase in exports and is adding new overseas customers every month.

One of the country’s leading branded fabric manufacturers and fashion retailers went through a tough period during the pandemic and the resultant restrictions.

But after things opened up, it was able to improve its efficiency, which translated into good sales. Cost control initiatives helped improve overall performance. The company is looking forward to a good season ahead and is continuously focusing on product development. The shirting and suiting ranges are constantly evolving keeping customers in mind.

To attract new customers, new and younger looking products are being launched, especially apparel. The ratio between physical and online stores won’t change much in the coming days. At present, more than 90 per cent of Raymond stores are physical and will continue to be so in the near future.The strategy is to create the best product at the best price at the best locations. The strategy is to deliver customer delight. The company has entered the edtech segment, seeing this as avery good social objective, and has been opening schools. The hope is to have some 40,000 students in these schools by the next financial year.

Fast Retailing’s net profit for the latest year was up 61 per cent. Annual sales rose seven per cent. Fast Retailing owns Uniqlo, Theory and GU. Uniqlo Japan’s revenue was down two per cent and operating profit was up 0.6 per cent. Full-year same-store sales (including e-commerce) fell by three per cent year-on-year, but that was largely due to a weak first half. The second half was much more positive. Uniqlo International’s revenue was up rising 20 per cent and operating profit was up 42 per cent.

The Greater China region reported revenue up one percent but operating profit down 16 per cent. Uniqlo south and south east Asia and Oceania reported large increases in both revenue and profit. North America achieved a large increase in revenue and an operating profit margin just below ten per cent. Europe (excluding Russia) also saw a big revenue rise and a move to profits. But the company’s GU segment’s revenue was down one per cent and operating profit was down 17 per cent. Theory reported significant increases in revenue and profit thanks to a recovery in performance in both the United States and Japan. The label was able to successfully expand its customer base by offering comfortable, highly finished lightweight clothing and strategically expanding products with revised price lines.

Frasers has acquired Australian luxury footwear brand Sneakerboy.

The Sneakerboy concept store was at the cusp of the retail revolution. It was an online store with no stock, no cash, and no product to take home. All that was needed to make a purchase in the store was a smart phone. The rest of the available space was dedicated to the range of shoes, which meant Sneakerboy could boast a larger range of stock on a much smaller footprint.

Frasers will take on employee entitlements but will not take on additional liabilities of Sneakerboy. Sneakerboy has three remaining stores in Australia. From 2018 there were a few warning signs, pay was occasionally a tiny bit late, like a day late.Then over the years it would be one to two weeks late.

This acquisition further strengthens and diversifies the group’s luxury proposition, while securing the future of Sneakerboy and allowing the luxury footwear retailer to benefit from Frasers’ expertise in this sector. Frasers is a UK-based apparel and sportswear firm. Frasers operates businesses including Jack Wills, Flannels, USC and Sports Direct and also recently acquired N Brown, Studio Retail, Missguided and I Saw It First and has amassed stakes in both Hugo Boss and Mulberry.

Many spinning mills in Andhra Pradesh may have to close down. Mills in the states were operating with 50 per cent capacity earlier but now they have decided to close them due to soaring operational costs. The main reason for this situation is sluggish demand and a fall in cotton prices. There are 125 textile mills in Andhra Pradesh with a combined capacity of 35 lakh spindles.

Not only Andhra Pradesh-based spinning mills but the entire industry in the country is facing similar challenges. The recent price fall in cotton and polyester fiber could not encourage the downstream industry which is facing a lack of confidence regarding future demand. Spinning mills in other states across India are running at reduced capacity. Mills are facing lower demand even for cheaper polyester yarn.

Garment importers in major markets of the developed world are facing sluggish buying at retail stores. Therefore, they are giving limited orders to exporters. These exporters are also facing problems regarding order cancellations, acceptance of export consignments by importers and payments from buyers. The Russia-Ukraine war has caused an energy crisis which has led to higher inflation across the world. The global economy was already weak due to Covid and is not able to bear the current economic shocks.

2022 hasn’t been a year of cheer for Bangladesh and its apparel export business. The traditional importers of Bangladesh’s garment products have primarily been the US, Germany, the UK, Spain, France, Italy, the Netherlands, Canada, and Belgium. The pandemic and the ongoing economic crises looming across the Western world has affected the volume of Bangladesh’s export to the point the nation faces a foreign exchange reserve crisis.

Moreover, its focus on manufacturing and exporting cotton-fibre based garments may have given it an established market in the West, but now is stagnating due to lack of diversification. Bangladeshi manufacturers of RMG contribute around a fifth of its gross domestic product and 82% of its export earnings. The shrinking of demand from the West has become a grave concern.

Commenting on the current scenario in Bangladesh, Shahidullah Azim, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said, “Most factories are getting orders of less than 30% of their capacity for the next winter season amid record inflation rates across Europe and the US. To cope with the ongoing turbulence on the global economic and political fronts, we have started looking for [nearer] destinations to export to." Bangladesh cannot afford to slack off and has to quickly reclaim lost grounds as it grapples with dangerously low foreign exchange reserves. Sheikh Haseena’s government recently applied for a USD 4.5 billion loan from the IMF to help bring down the risk of the kind of instability that has swamped its neighbors Sri Lanka and Pakistan.

Eastward bound

It was only the logical way forward for Bangladesh to realise it needed market diversification and the East offered less crisis-related issues than the currently beleaguered West. Azim said, "We are going to hold garment expositions in Japan and Korea individually in October this year to attract more retailers and brands from these countries." Bangladesh has been eyeing the tiny but lucrative Singaporean market where its garment exports have been nominal as it does not have the advantage of being an ASEAN member like fellow competitor Vietnam. However, since the end of 2021, Bangladesh and Singapore have been working towards an FTA which might add an advantage to the South Asian nation. However, the best deal so far has been China agreeing to raise duty-free access to 98% of goods imported from Bangladesh.

Diversifying beyond cotton

Product diversification seems the way out of this situation and Bangladesh is eagerly embracing working with man-made fibres to enable them to enter trending niches such as athleisure, sports apparel and technical-textile made garments. Kutubuddin Ahmed, chairman of Envoy Textiles said, “In view of the prevailing situation, we are now focusing more in research and development to produce more low-cost fabric and man-made fabric, as people's buying capacity is going down due to inflation. Such a switch could also help clothing makers deal with soaring input costs. Raw material prices have hiked, so we are thinking how we can make our production cost effective.”

Bangladesh knows the importance of exporting garments which yielded rich results for its economy and made it the poster boy of under-developed nations who are on their way to becoming developing nations. Tipu Munshi, Minister of Commerce explained, “We’re planning an export target of 80 billion US dollars by 2024 and 100 billion US dollars in 2026.”

YKK Corporation has developed the AquaGuard Natulon zipper, replacing the conventional water repellent AquaGuard zipper. The environmental-friendly Natulon has a tape made of recycled PET plastic and a fluorine-free water repellent.

The new product also improves the AquaGuard zipper’s opening/closing operability as well as its appearance.By using recycled PET for the tape, the Natulon zipper contributes to resource utilization and reduction of greenhouse gas emissions.

Furthermore, switching the main material used in the water repellent finish (film) to one that is fluorine-free also leads to improvement of the manufacturing process environment. This move also meets the tightening of organic fluorine compound usage regulations in Europe and elsewhere.YKK made improvements to the structure of zipper parts such as the chain and slider, improving the pin insertion and the sliding force when opening and closing the zipper.

Founded in Japan in 1934, YKK has continuously set industry standards for quality, innovation, and sustainability in the production of zippers, plastic hardware, hook and loop fasteners, webbing tapes, and snap and buttons. YKK solves the most complex fastening and attaching challenges and continues to pursue further functionality of its fastening products while promoting the development of products that are friendly to the environment and contribute to the achievement of a sustainable society.

Imports of industrial textiles by the United States in the second quarter of this year were the highest in more than two years.

The country’s imports of industrial textiles were valued at $2.941 billion in 2021.US imports of industrial textiles increased in the second quarter compared to $720.832 million in the first quarter of the current year. However, the imports witnessed a downtrend in the preceding quarters. They were at $752.101 million in the fourth quarter and $765.800 million in the third quarter of last year. The country imported industrial textiles worth $752.054 million in the second quarter of last year, crossing the $700 million mark for the first time in six quarters.The US had imported industrial textiles worth $2.941 billion in 2021, $2.302 billion in 2020 and $2.616 billion in 2019. Imports reached $1.793 billion in the first seven months of this year and the number stood at $265.270 million in July this year.

Industrial textiles comprises conveyor belts, drive belts, computer printer ribbon, printed circuit board and ropes and some other items made of fiber that are used for special purposes.Increased imports of industrial textiles show improvement in industrial activities in the world’s largest economy.

Bangladesh’s knitwear exporters want the US dollar rate refixed upward. This, they say, will enable them to encash export proceeds as in the case of remittance earnings and would help them survive amid local and global shocks and maintain harmony between export and import rates.

The sector’s production cost has gone up significantly with the rise in global prices of oil, transportation, raw materials and other logistics, and as a result they say it has become tough for them to make the desired profit through exports. Exporters say they are incurring huge loss due to the difference between import bill payments and export proceeds encashments in dollars. So they want imports and exports to be in harmony.

The knitwear segment has retained its position as Bangladesh’s biggest exports earner in the readymade garment sector. Policy supports like cash incentives and utility have helped the entrepreneurs invest in the knitwear sub-sector including the backward linkage yarn, fabric and dyeing segments.Besides, changing patterns in fashion and buyers' preferences for quick delivery of products due to the long lead time caused by Covid-induced lengthy transportation also pushed buyers to source knit products from Bangladesh. Composite units having their own knitting, dyeing, sewing and finishing facilities are the other strengths of the country's knitwear sector.

Fashion Re:set Summit was held in the UK, October 11, 2022. The event was organised by the Association of Suppliers to the British Clothing Industry (ASBCI), the only association in the UK that brings together the clothing industry from fiber to garment manufacture, retail and aftercare.

The event was held around four key themes – ESG, sourcing, digital transformation, and staff well-being and talent management. There was a combination of presentations and panel discussions. The summit opened with a keynote presentation on the current state of the industry. There were sessions on sourcing, digital transformation and the skill shortage in UK garment manufacturing.The sourcing segment discussed how the industry can overcome the sourcing challenges of the last few years and the opportunities of new technologies, near-shoring, made-on-demand, and personalisation. The digital transformation segment debated the challenges, opportunities, benefits, and potential pitfalls of digital transformation. Yet another topic was one catapulted into the limelight by Covid – employee well-being and its link with talent management and the skills shortage.

ASBCI called on the fashion industry to work together to find collective solutions to its most pressing challenges. The event format was designed to encourage debate and foster collaboration at all levels between ASBCI members and the wider industry.

Sri Lanka’s apparel sector is coming under increased taxation.

The standard corporate income tax rate has been increased to 30 percent from 24 percent. The sector feels the additional rate of taxation will make the apparel industry very uncompetitive when compared with regional peers. Manufacturers fear the resulting consequences will be dire and may have disastrous outcomes for an industry that is striving to increase export income, local value addition, foreign direct investments, sustaining employee security, and economic growth.

Sri Lanka’s apparel sector is currently witnessing a significant decline in orders. The decline comes after impressive growth was seen in the first eight months of the year 2022. The country’s apparel industry is already confronting a 25 percent decline in its order books for the fourth quarter of 2022 due to rising inflation in the biggest export markets, disruptions in global supply chains, and geopolitical tensions.

For the period of January 2022 to August 2022, Sri Lanka’s merchandise exports increased by 12 per cent.Apparel andtextile exports increased by 19 per cent Except made-up clothing accessories, knitted fabrics, yarn and textile floor coverings, exports of other sub categories of the apparel and textiles sector increased.