According to an ESOMAR-certified market research and consulting firm FactMR’s market intelligence report, knitted fabric sales will rise at nearly 5 per cent CAGR from 2021 to 2031, reaching almost US$ 40 billion in revenue.

Historically, the market expanded at a CAGR of 4 per cent, closing in at around $ 24 billion by the end of the 2016-2020 periods. Advanced knitted fabrics with high compression strength, anti-tear, and flame-resistant properties have been developed as a result of technological advancements. Manufacturers' productivity has risen as a result of the rapid use of 3D knitting machines.

The growing usage of high-tech medical textiles in healthcare applications is projected to open up a slew of new prospects for knitted fabric manufacturers. To improve the texture and flexibility of knitted materials, they are using new printing processes.

By fabric type, warp-knitted fabrics will yield over 50 per cent of market demand by 2031. The automotive industry will remain dominant application area, growing at almost 5 per cent CAGR. The US will emerge as a substantial market, expected to register a CAGR of around 4 per cent. Asia will be the maximum contributor to market demand, yielding almost 60 per cent of overall sales

Fashion retailers are raising prices and scaling back discounts to make up for lost sales in 2020, and to offset rising supply chain costs.

According to the Department of Labor's June Consumer Price Index, apparel prices rose by 4.9 per cent in June versus the year before - the largest jump in a decade. Crocs, Michael Kors, and Ralph Lauren are among those brands that have already raised prices.

The supply chain crisis is driving up the cost of transporting goods, and leading to long delays. At the same time, retailers are trying to find workers in a tight labor market, and are raising wages or offering perks to attract talent. Ralph Lauren has been raising prices and cutting discounts since 2019. In its most recent quarter, its average selling prices have increased by 17 per cent.

Crocs has raised s average selling price by 8 per cent to $21.84, in the most recent quarter, and it is planning more price hikes in 2022, mostly for customers in Asia.

LVMH-owned Louis Vuitton has raised the prices of its Pochette Accessoires Monogram Canvas handbags by 25 per cent this year, from $630 to $790.

Chanel has hiked the prices of its handbags to offset missed sales in 2020. According to a note from Jefferies analysts, average global prices of its handbags went up as much as 17 per cent at the start of July.

John Idol, CEO, Capri, the retail giant behind Michael Kors and Jimmy Choo, said that prices at Michael Kors had already gone up and will go up "considerably" next spring.

German sportswear company Adidas raised its outlook for full-year sales and profitability as demand soared in most of the world but took a hit in China where Western brands faced a boycott of their products in late March. The brand now expects 2021 sales to grow up to 20 per cent, compared to a previous forecast for a "high-teens percentage rate", and for net income from continuing operations to reach 1.4-1.5 billion euros, up from a previous 1.25-1.45 billion.

Adidas’second-quarter sales soared by 52 per cent to €5.077 billion ($6.01 billion), while operating profit came in at €543 million, beating analysts' average forecasts for 4.97 €billion and €458 million respectively.

Currency-neutral sales almost doubled in North America and Europe, Middle East and North Africa in the quarter, but fell 16 per cent in Greater China, in part because the region saw a strong recovery a year ago as it emerged from coronavirus lockdown.

In May, Adidas initially saw a steep drop in demand in China but sales have since recovered slowly but steadily.

The UK Fashion and Textile Association (UKFT) plans to design, prototype and pilot a new technology platform based on IBM technologies. As per Innovation in Textiles, UKFT has collaborated with IBM, Tech Data, and the Future Fashion Factory for the project that will help the UK fashion and textile industry to drive sustainability and profitability through increased transparency within the supply chain.

The project will also include retailers Next, H&M’s COS brand, N Brown, New Look and yarn manufacturer Laxton. Known as the Sustainable Supply Chain Optimization, the project will be developed with £1.4 million funds from Innovate UK, a part of UK Research and Innovation, on behalf of the Industrial Strategy Challenge Fund (ISCF) Manufacturing Made Smarter Challenge.

The new technology platform will combine a number of emerging technologies like blockchain, AI and sensors to digitize the key processes in the supply-chain, creating a shared system of data that the different parties can trust and easily act upon.

It will provide a better understanding of where and how each garment’s fabric was processed and finished, by whom and in what conditions. It will enable manufacturers to spot potential disruptions before they have a chance to affect delivery. They will also be able to better monitor production processes and flows resulting in a real chance to reduce waste and optimize stock.

The nine-month project will deliver a solution built on a combination of IBM’s blockchain and AI technologies running on IBM Cloud. The blockchain technology will enable increased transparency in the supply chain and the AI technology will facilitate the detection and response to supply chain disruption and provide the insights for real-time analysis of current business performance, rapid problem solving and optimization of business flows.

Vietnam has temporarily shut around 35 per cent of textile and garment factories due to COVID-19, says Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS). Du Giang expects these factories to remain closed for a longer time as they do not have enough funds to pay for three-on-site working arrangements to support employees to return to work.

In addition, the vaccination rate of Vietnam's textile and garment industry is still very low, particularly in key production areas in the southwestern and southeastern provinces, he adds.

The total export turnover of these provinces in the central region accounted for 62 percent of the total export turnover of the industry.

The export value of the textile and garment industry reached $18.7 billion in the first six months of the year, while the target for the whole year is $39 billion.

The textile and garment enterprises in the country are under huge pressure due to the as they failed to ensure the production situation as planned. They are also worried about the worker exodus in Ho Chi Minh City. Their failure to return could cause a serious labor shortage in Vietnam in future, adds Du Giang.

Cambodia’s Council for Development of Cambodia (CDC) has approved eight new projects worth a combined value of 71.4 million. Six of these projects are dedicated to the garment, travel bag and shoe industries. They are slated to create nearly 10,000 new jobs. The remaining two projects are worth $8.5 million and will generate 1,500 new jobs

The Garment Manufacturers Association in Cambodia (GMAC) has welcomed these investments in the garment industry as a heartening development, particularly during this difficult pandemic period.

One approved projects includes a factory by Gianni Vince Bags (Cambodia) Co in Kandal province. Its parent company, based in Guangzhou, China, will commit $4.4 million to constructing the facility and employ 1,171 people, according to the CDC. The second project approved is Sen Wang Ying New Material Co hoe factory in Kampong Speu province. It is valued at $4.1 million and will create 403 jobs.

German fashion house Hugo Boss’ sales recovered to pre-pandemic levels in the second quarter and the brand expects this rebound to continue in the second half of the year as well. Hugo Boss’ sales recovered in key markets such as Britain and China during the quarter. However, sales its core Boss brand declined by a currency-adjusted 5 per cent while sales at Hug brand rose by 2 per cent.

Hugo Boss also recorded a recovery in formalwear sales due to pent-up demand for business and party fashion. Its formalwear sales in the UK increased by 7 per cent while those in mainland China surged by 33 per cent. Meanwhile, sales in Europe declined 4 per cent below 2019 levels, and sales in Americas declined by 5 per cent. Around 20 per cent of the company’s global store network remained closed during the second quarter.

The company expects currency-adjusted group sales in fiscal year 2021 to increase by between 30 per cent and 35 per cent

World’s leading industrial thread company Coats’ H1 2021 revenues increased to $732 million compared to $536 million of H1 2020. As per Apparel Resources, the company’s organic revenues increased by 1 per cent compared to 2019 and 34 per cent compared to 2020, despite recent lockdown impacts in India in May and June which have now ended.

Revenue in its core thread business increased 41 per cent compared to 2020. Its markets across the US, Europe and Asia performed well in the sports and athleisure segments. Revenues in the performance materials segment grew 19 per cent compared to 2020), with all segments performing strongly apart from personal protection, which continues to be impacted by US labour availability issues.

Coats also launched 12 new products in the first half, generating $ 11 million of incremental revenue. One of the most significant of its launches include EcoRegen, a biodegradable thread supporting the brand’s drive towards a circular economy, says Rajiv Sharma, CEO

In the second half of the year, Coats will continue to focus on profitable sales growth, strong customer relationships, digital, innovation and sustainability credentials and ongoing pricing and productivity actions.

The sudden rise in COVID-19 cases in China has compelled Messe Franfurt (HK) to postpone the Autumn editions of Intertextile Shanghai Apparel Fabrics, Intertextile Shanghai Home Textiles and Yarn Expo to October 09-11, 2021. The textile fairs were originally scheduled to open at the end of August at the National Exhibition and Convention Center in Shanghai.

Messe Frankfurt co-organizes Intertextile Shanghai Apparel Fabrics alongwith the Sub-Council of Textile Industry, CCPIT and the China Textile Information Centre. Yarn Expo is co-organized in association with the Sub-Council of Textile Industry, CCPIT and. Intertextile Shanghai Home Textiles is co-organized alongiwth Sub-Council of Textile Industry, CCPIT; and the China Home Textile Association (CHTA).

These fair form a part of Messe Frankfurt’s Texpertise Network, which consists of some 50 fairs around the world.

As per August 2021 edition of Cotton This Month by the International Cotton Advisory Committee (ICAC), global cotton production is expected to increase by 3 per cent to 25 million tonne in 2021/22 Consumption is expected to increase by 12.4 per cent during the year.

Production by the US is projected to increase by 22 per cent to 3.8 million tonne from the season before. India’s production is expected to remain high at 5.9 million tonne, and Brazil’s production is expected to reach about 2.3 million tonne.

Global cotton consumption is expected to increase by 12.4 per cent to reach 25.5 million tonne in 2021/22. However, the resurgence in COVID-19 cases leading to factory closures and shipping problems threatens to derail consumption.