The impact of climate change is here and how.  Random flooding is commonplace and summer heat waves are the new normal. From the US to Australia, from Japan to Germany, climate change the new reality the world is grappling with alongside inflation, political conflict and wave after wave of uncertainty. 

In this mix, there is the writing on the wall for readymade garment manufacturing hubs that the continual cycle of flooding and heat waves will have a huge detrimental impact. Analysis by Cornell University’s Global Labor Institute and Schroders has stated this could mean not only losses to the tune of $65 billion but also a loss of over a million jobs in this sector by 2030 – bearing the brunt of this colossal damage would be primarily Pakistan, Bangladesh, Cambodia and Vietnam, followed by parts of China, India, Sri Lanka, Mauritius, Myanmar, Thailand and Nicaragua amongst others. 

The study included 32 garment manufacturing hubs spread across the world. Researchers mapped the supply chain footprint of six global apparel brands across the four production centers. The findings show workers and manufacturers for all six face productivity impacts from extreme heat and flooding

The realty on sectoral impact 

Researchers looked at the climate vulnerable apparel industries in Bangladesh, Cambodia, Pakistan and Vietnam, which collectively represent 18 per cent of global apparel exports, house approximately 10,000 apparel and footwear factories and employ 10.6 million workers. In a communiqué, Angus Bauer, Head of Sustainable Investment Research at Schroders commented: “Rising heat stress and intense flooding represent $65 billion in would be export earnings and nearly one million forgone jobs for key apparel producing regions for 2030, increasing significantly for 2050. These issues pose material risks for brands, retailers and investors as they manifest either through productivity losses, stranded assets or both. This research highlights the urgent need for action. Investors must begin to engage with apparel companies and their stakeholders to ensure they start to measure and address the significant challenges of physical climate impacts on workers and business models. Furthermore, apparel companies must look to partner with suppliers, and work with peers, worker organisations and policy makers to design suitable adaptation strategies that consider the impact on workers. Adaptation planning could have positive returns on investment for the industry and is a critical addition to mitigation efforts.” 

In the same communiqué, Cornell University’s Global Labor Institute’s executive director Jason Judd said, “Flooding and extreme heat pose significant risk to every constituency in global apparel production — workers, manufacturers, regulators, investor and brands themselves. But no one is factoring the on-the-ground costs of climate breakdown into their planning. The apparel industry and regulators have mostly framed their climate responses around mitigation issues—emissions, water usage, and recycled fabrics. They are ignoring the climate issues that are dramatically and directly affecting suppliers and their workers now. The Global North’s climate nightmares are already in evidence in Bangladesh, Pakistan, Cambodia and elsewhere. Life, let alone work, will become very difficult in these and many other hotspots that apparel brands and retailers depend on for production.”

The way forward

Readymade garment factory workers need protection from extreme heat conditions in the work place. Currently nothing exists in place to provide these vulnerable employees relief from constant deluge and rising heat waves. These alarming situations should be given the status of health hazard and adequate investments must be made to protect their lives and lifestyle. In order to deal with the day-to-day costs of climate breakdown, workers need social protection systems in place and living wages. 

Bangladesh’s biggest foreign exchange revenue is from readymade garment exports wherein it enjoys the position of being the world’s second largest exporter after China. When this South Asian nation’s apparel exporters face a challenge due to escalating yarn prices in the domestic market, it puts this competitive sector that works in slim margins and places the sector in a precarious position. Bangladesh’s textile mills have cited multiple reasons why they have been forced to increase the price of yarn and they are legitimate reasons. 

Buy local yarn, save the dollar

Bangladesh has been facing serious foreign exchange shortage for last few years and managed to secure a IMF loan, at the beginning of the year. The Bangladesh Textile Mills Association (BTMA), has been continually urging local manufacturers and exporters of readymade garments to buy locally produced yarn and save forex spent on importing. Industry leaders, economists and government advisors have also promoted this idea on how to support the local textile mills and prevent stockpiling of inventory and save the  dollar for importing more important items. 

Moreover, local garment manufacturers prefer using locally-made yarn instead of imported ones to maintain the current lead times of 45 to 60 days demanded by buyers, whereas earlier it was 90 to 120 days. However, textile mills have had to contend with high energy costs and higher cost of raw material, necessitating them to increase yarn prices. The most -consumed 30-carded yarn, used for less expensive, more basic projects, has been selling between $3.50 and $3.60 per kg whereas it was $2.90 to $3.10 a month ago, say textile mill owners. Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), say as orders for readymade garment export as well as for locally produced textiles have increased, mills have leveraged the demand to increase the price of yarn to make up for years of losses and static inventory. 

RMG manufacturers face the heat

Readymade garment makers are rightfully perplexed by the price rise as it cuts drastically into their already slim margins, prompting them to head for sources that are cheaper. BGMEA spokesperson Mohammed Ali Khokon stated that in the first week of July 2023, the price of 30-card yarn in the domestic market stood at $ 3.20 per ounce and that within the month, jumped to $ 3.50, and increase of $0.30 cents. Indeed, Khokon understands that textile mills have been operating under losses for a while with energy and raw material costs on an upward spiral, it hits the RMG sector hard.

Apparently, BGMEA members had agreed to pay a slight premium to purchase locally-produced yarn in show of solidarity and support but the recent price spikes are beginning to hurt their interests. Many BGMEA members are of the idea that yarn be imported as they can sources at lesser price. However, there are two roadblocks to this as well – the lead time will become longer and affect the running of production to meet deadlines. The other crucial problem is that Bangladesh’s foreign currency reserves are being built on by the government, making it difficult for individual manufacturers secure dollars for importing yarn that is readily available in the country. 

At the moment, Bangladesh needs to leverage the increase in orders and make the most of their competitive pricing – the two bodies BTMA and BGMEA need to work with the government to sort out the bottleneck.

This investment values RRVL at a pre-money equity value of Rs 8.361 lakh crore

KKR's follow-on investment will translate into an additional equity stake of 0.25% in RRVL on a fully-diluted basis

RRVL, through its subsidiaries and associates, operates India's largest, fastest growing, and most profitable retail business

RRVL's vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers

Founded in 1976, KKR has approximately $519 billion in assets under management as of June 30, 2023

KKR's follow-on investment in RRVL furthers its relationship with Reliance Industries Limited

Here is a more detailed explanation of each subtitle:

This investment values RRVL at a pre-money equity value of Rs 8.361 lakh crore. This means that the total value of RRVL, before the investment, is Rs 8.361 lakh crore.

KKR's follow-on investment will translate into an additional equity stake of 0.25% in RRVL on a fully-diluted basis. This means that KKR will own an additional 0.25% of RRVL after this investment.

RRVL, through its subsidiaries and associates, operates India's largest, fastest growing, and most profitable retail business. RRVL is a subsidiary of Reliance Industries Limited, and it operates a wide range of retail businesses in India, including grocery stores, fashion stores, and electronics stores.

RRVL's vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers. RRVL wants to make retail more accessible and affordable for all Indians.

Founded in 1976, KKR has approximately $519 billion in assets under management as of June 30, 2023. KKR is a global investment firm that has invested in a wide range of businesses, including technology companies, retail companies, and financial services companies.

KKR's follow-on investment in RRVL furthers its relationship with Reliance Industries Limited. KKR has previously invested in Reliance Industries Limited's digital arm, Jio Platforms.

The Biggest Technical Textiles Trade Fair in India.

The headline highlights the key information in the text, namely that the 9th edition of Techtextil India is opening today at the Jio World Convention Centre in Mumbai. The headline also mentions that the trade fair is uniting 160+ industry players and showcasing 200+ brands, which gives an indication of its scale and importance.

The text you provided also mentions that the technical textiles sector is set to see a brighter future, and that the trade fair will provide a platform for networking and knowledge sharing. These are all important aspects of the trade fair, and they are reflected in the headline.

The cashmere knitting yarn market is projected to grow at a CAGR of 8.9% from 2023 to 2030. The market is driven by the rising demand for luxurious and comfortable clothing, accessories, and home textiles.

The market is segmented by type, application, and region. By type, the market is segmented into carded yarns and combed yarns. Carded yarns are coarser and suitable for casual wear, while combed yarns are smoother and finer and ideal for luxury garments. 

By application, the market is segmented into cashmere clothing, accessories, and home textiles. Cashmere clothing includes sweaters, cardigans, and dresses. Cashmere accessories include scarves, hats, and gloves. Cashmere home textiles comprise blankets, throws, and cushions.

The key players in the market are Loro Piana, Cariaggi, Consinee Group, Filati Biagioli Modesto Srl, Erdos, Xinao, Filpucci, Kingdeer, and Zhongding Textile. These companies are investing in research and development, expanding their global distribution channels, and collaborating with renowned fashion brands to boost the market.

The report provides a comprehensive analysis of the cashmere knitting yarn market, including market size, growth drivers, trends, and challenges. The report also provides insights into the competitive landscape and the strategies adopted by the key players.

A report by Bain & Company and TMRW House of Brands predicts that digital disruptor brands are poised to surpass the growth of India's online fashion market, with an anticipated annual growth rate of 35 percent. This surge is expected to propel the market to $10 billion by FY28, up from its current size of $2.4 billion.

The report, titled 'India’s Digital Fashion Disruptors: Navigating the Future of Fashion,' highlights the remarkable growth of digital disruptor brands, which are brands originating from online sales. 

Over the past four years, these brands have grown by an impressive 33 percent and are expected to expand their market share further. The report emphasizes that younger consumers, particularly Gen Z and millennials, are driving this growth.

The report also anticipates that by FY28, approximately 50 digital disruptor brands are expected to surpass revenues of Rs 250 crore. Such successful brands will be characterized by disciplined product expansion, strategic channel approaches, effective marketing, and structured supply chain management. 

This growth potential is expected to instill confidence among investors in the Indian fashion sector, resulting in increased funding and investments.

Textil Santanderina, a leading denim manufacturer, has launched its new Advanced Black denim collection in collaboration with Archroma, a global leader in specialty chemicals. The collection uses Archroma's new DIRESUL® EVOLUTION BLACK LIQ dyestuff, which offers significant sustainability benefits over traditional sulfur dyes.

DIRESUL® EVOLUTION BLACK LIQ is a water-based dye that does not produce any ammonia, sodium salts waste or liquid effluents. It also uses 73% less water in the synthesis process than traditional sulfur dyes. As a result, the dyestuff has a 57% overall impact reduction on human health, ecosystems and resources.

In addition to its sustainability benefits, DIRESUL® EVOLUTION BLACK LIQ also offers excellent colorfastness and wash-down properties. This makes it ideal for producing on-trend black denim apparel with a high-quality finish.

The Advanced Black denim collection from Textil Santanderina is a major step forward in the development of sustainable denim. It demonstrates the commitment of both companies to reducing the environmental impact of the denim industry.

Here are some additional details that you can include in the text:

• The Advanced Black denim collection is available in a variety of washes and styles to meet the needs of different consumers.

• The collection is also certified by the Global Organic Textile Standard (GOTS), which guarantees that it has been produced using environmentally friendly practices.

• Textil Santanderina and Archroma are committed to continuing to develop innovative sustainable denim solutions. They are currently working on a new range of sulfur dyes that are even more sustainable than DIRESUL® EVOLUTION BLACK LIQ.

Textil Santanderina, renowned for quality fabrics and traceability, unveiled the Advanced Black denim collection in partnership with Archroma, a global leader in sustainable chemicals.

This collection features Archroma's DIRESUL EVOLUTION BLACK LIQ dyestuff, delivering authentic black denim with outstanding sustainability. It reduces overall impact by 57% compared to standard Sulfur Black 1 liquid, minimizing harm to people and the environment.

The innovation eliminates ammonia and sodium salts waste while reducing water consumption by 73%. When used with the Archroma coloration system, it yields a unique black shade and wash-down effect with cleaner effluent.

Umberto De Vita, Director at Archroma, said, "DIRESUL EVOLUTION BLACK LIQ redefines denim's future for brands like Textil Santanderina."

Textil Santanderina's Fashion General Manager, Sr Ramón Ríos Quintana, added, "Our collaboration with Archroma ensures outstanding resource savings and innovative denim looks."

This collaboration follows their successful aniline-free indigo denim collection, showcasing their commitment to sustainable fashion.

Archroma has been at the forefront of sulfur dye evolution, from low-sulfide DIRESUL RDT to eco-advanced EarthColors and FiberColors ranges, now culminating in DIRESUL EVOLUTION BLACK LIQ manufactured in Spain near Barcelona.

The sustainability of this innovation is verified by Ecoterrae, a leading Spanish sustainability consulting firm.

The global textile industry is facing a complex and evolving landscape, as industry leaders share their insights and concerns. Deepak Gupta, Head of New Product Development at Aditya Birla Yarn (ABY) in Jakarta, Indonesia, expressed the challenges faced by the company, stating, "Despite very low demand, we are working close to 90% of our capacities, and hence there is huge pressure on margins, and we are also building our inventories." This emphasizes the strain on textile businesses as they navigate turbulent waters.

Tapan Sannigrahi, VP Marketing & Downstream Development at APR (Sateheri), Jakarta, Indonesia, highlighted the global slowdown, he added, "the spinners are working under capacities," implying that while the market is challenging; however, it's not as dire as some may have anticipated.

Anil Tibrewal, CMO of Spun Yarns at PT Indo-Rama Synthetics Tbk, pointed out the contradiction of increased cotton futures despite the low demand and the substantial idle capacity in the spinning sector world over, with approximately 25 million spindles lying dormant. He warned that when this idle capacity starts getting utilized, cotton prices could rise further, calling for the market to brace itself for higher prices.

China, the largest producer of polyester, faces its own challenges with abundant capacities. Additionally, the Indian spinning sector has witnessed significant expansions, which Yatish Pandey, CMD of Texperts, finds surprising, given the low domestic demands and exports due to high cotton costs. However, Pandey also sees a silver lining for Indian spinners, suggesting that they may play a more prominent role in the cotton yarn sector, considering the changing dynamics in China. He highlighted the need for upgrading technology, as outdated methods could hinder progress.

The Yarn Expo Autumn 2023 event, Asia's largest yarn and fibre trade platform, offered a glimpse into the industry's future trends and potential growth areas. It featured over 500 exhibitors from various countries, showcasing innovative yarn and fibre products, eco-friendly cotton, and green products across multiple zones. Notably, the event highlighted the significance of technology upgrades and international collaboration to navigate the challenges facing the textile industry.

Yarn Expo Autumn was held in conjunction with Intertextile Shanghai Apparel Fabrics – Autumn Edition, CHIC, and PH Value, creating a platform where various sectors of the textile and fashion industries converged, fostering opportunities for exhibitors and buyers alike.

Techtextil India 2023, inaugurated today at the Jio World Convention Centre in Mumbai, marks a significant milestone in the textile industry. With over 160 industry players showcasing more than 200 brands, the event is a bustling hub of innovation and technological solutions. This edition of Techtextil India holds immense promise, driven by ongoing research and development efforts, government initiatives, and the growth of various industries within India.

Darshana Jardosh, Minister of State for Railways and Textiles, emphasized the need for India to shift towards self-reliance in high-performance fibers and innovation. She hailed platforms like Techtextil India for contributing to industry growth by presenting global and domestic trends, products, and innovations under one roof.

The event's inauguration featured key dignitaries, including government officials and industry leaders. Techtextil India 2023 boasts a diverse range of exhibitors, showcasing machinery, equipment, fibers, non-wovens, filtration, and more. The presence of both Indian and international companies, including Arvind Limited, Reliance, and Karl Mayer, highlights the event's global significance.

Raj Manek, Executive Director of  Messe Frankfurt Asia Holdings Ltd, expressed optimism about the event's potential to catalyze industry growth and praised the Ministry of Textiles for its unwavering support.

The Techtextil Symposium, featuring discussions on geotextiles and India's infrastructure, promises to enrich industry knowledge. Additionally, the concurrent MEDITEX TM conference will explore opportunities in medical textiles.

Supported by various government bodies and industry associations, including the Ministry of Textiles and the Indian Technical Textile Association, Techtextil India reaffirms its role as a platform for fostering industry growth, enhancing trade relations, and positioning India as a global leader in the technical textile market.