There is a need for a virtual marketplace for the garment business in Bangladesh, says Faruque Hassan, Immediate Past President, BGMEA. It could be set up either through individual companies or a common platform like the BGMEA for all, he adds. 

Hassan advises Bangladesh to seize the opportunity accorded by Amazon and Alibaba by successfully selling Bangladeshi garments through their virtual marketplaces. He recommends some minor adjustments to the existing e-commerce policy, such as permitting local companies to engage in international trade and transactions through virtual marketplaces, making amendments in customs and banking regulations to facilitate the launch of such a marketplace in Bangladesh, etc.

Establishing virtual marketplaces will reduce lead times, lower business costs, simplify international trade procedures, and decrease the number of middlemen, ultimately making the business more competitive, states SM Mannan Kochi, President, BGMEA, He aims to advocate for government amendments to the e-commerce policy, aiming to launch a digital marketplace for international garment trade.

Earlier too, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) had aimed to launch an international virtual marketplace. However, the initiative was halted due to the lack of supporting government policies.

Currently, the National Digital Commerce Policy of 2018 governs only the domestic market and lacks explicit provisions for enabling international e-commerce. As a result, local virtual marketplaces are limited to domestic trade.

In January, the International Finance Corporation (IFC) and LightCastle, on behalf of the BGMEA, conducted a study titled ‘Establishing A Virtual Marketplace for Bangladeshi Apparels.’ The study indicated significant potential for homegrown digital marketplaces to generate $489 million annually by 2027 through garment sales in the US, European Union (EU), and Africa.

The study projected that by 2026, the virtual garment market in the US, EU, and Africa would be worth a combined $308 billion. It estimated that Bangladeshi digital garment markets could capture a 0.20 per cent share of the US market, 0.10 per cent of the EU market, and 0.75 per cent of the African market by 2027.

Bloomingdale’s owner, Macy's has raised its annual profit forecast, indicating the positive results of its cost-reduction strategies including closing of underperforming stores and cutting jobs.

In February, Macy's announced plans to close approximately 150 stores by 2026 as part of a new strategy, expected to save $100 million in costs this year. Concurrently, the company is expanding its more successful brands by opening 15 new Bloomingdale's locations and at least 30 Bluemercury stores.

Macy's has now revised its annual adjusted earnings per share forecast to a range of $2.55 to $2.90, up from the previous estimate of $2.45 to $2.85.

Despite 2024 being viewed as a transition and investment year, Macy's has adjusted its outlook to consider the cautiousness of consumers in their discretionary spending.

The company expects net sales in fiscal 2024 to have ranged between $22.3 billion and $22.9 billion, slightly up from the prior forecast of $22.2 billion to $22.9 billion.

However, the merchandise margin declined by 100 basis points due to increased discounting of slower-moving warm weather products, reducing the gross margin rate to 39.2 per cent from 40 per cent a year earlier.

Macy's reported a 2.7 per cent drop in net sales to $4.85 billion, slightly below analysts' average expectation of a 2.42 per cent decline to $4.86 billion, according to LSEG data.

Despite a recent trend of Chinese shoppers spending more in other markets as they resume traveling, French luxury brand Chanel is moving forward with plans to open more stores in mainland China.

Emphasisng their importance of expanding their presence, Leena Nair, CEO, Chanel, says, the brand, renowned for its tweed suits, quilted handbags, and No. 5 perfume, sees potential in the Chinese market.

During a recent visit to China, Nair observed a keen interest among young shoppers in luxury items, viewing them as long-term financial investments. However, first-quarter sales updates from various luxury brands showed mixed results in mainland China, raising concerns about a swift rebound in Chinese demand for high-end fashion.

This uncertainty clouds the industry's outlook, which had hoped that China would provide a significant boost as post-pandemic spending in the United States and Europe slows.

Chanel has only 18 fashion boutiques in China, compared to the 40 to 50 stores that competing brands operate, notes Philippe Blondiaux, Chief Financial Officer.

Venturing into an unexplored market, luxury fashion house Balenciaga inaugurated its first standalone store in Illinois, Chicago. 

Situated at 15 East Oak Street, the 641-sq m, two-level store showcases Balenciaga’s distinctive Raw Architecture concept. This design approach intentionally leaves surfaces untreated and incorporates unique details such as rough edges, free-standing partitions, and a blend of materials. By exposing existing structural elements and minimising the use of new materials, the construction process highlights the building's history.

The store features expansive brushed concrete floors, reminiscent of sidewalk tiles, and walls made of concrete or cement board panels, creating a distinctive indoor/outdoor feel. A large luminous ceiling illuminates key areas, including the shoe section, staircase, and fitting rooms. This radiance is enhanced by suspended ceiling mesh, industrial lighting systems, and other technical fixtures throughout the store.

The interior design evokes a warehouse or studio ambiance, with hot rolled metal tables, angel hair-finish metal shelving, and hanging pipe racks. Seating is upholstered in recycled leather, while underlit shelving, smoked glass panels, inlaid carpet, and high-definition screens add warmth and modernity.

The store features Balenciaga’s latest collections, including men’s and women’s ready-to-wear, shoes, bags, accessories, eyewear, and jewelry.

This opening comes after the debut of a three-floor flagship store in the newly rebuilt Toraya Ginza Building in Ginza, Tokyo, last month.

Valued at $2,586.5 million in 2021, the western wear market in India is projected to grow at a CAGR OF 7.6 per cent to reach $6,041.8 million by 2032, as per the latest report by Allied Market Research

Titled, ‘The India Western Wear Market,’ the report indicates, the surge in disposable income and the expansion of apparel e-retailing have significantly boosted the demand for western wear clothing. The increasing youth population and growing fashion consciousness among consumers are further driving market growth. To keep up with dynamic fashion trends and avoid declining sales of existing clothing, brands are sponsoring fashion events and dressing celebrities to set specific trends. Additionally, manufacturers are collaborating with packaging companies to introduce innovative, eco-friendly packaging solutions like biodegradable barrier trays, further fueling market growth during the forecast period.

The India western wear market has experienced substantial growth, influenced by changing fashion trends, urbanisation, increased disposable income, and the growing influence of Western culture on Indian society. 

The market is bifurcated into men and women. The men’s segment currently holds the largest share, with jeans being particularly popular. However, the women’s segment is expected to grow at the highest CAGR, driven by a shift in fashion preferences towards western wear.

The market is classified into casual and formal wear. The formal segment holds the largest market share, with a trend towards incorporating traditional Indian elements into Western styles. The casual wear segment, however, is anticipated to grow at the highest CAGR, as consumers increasingly favor comfort and versatility in everyday clothing.

The market is divided into online platforms, specialty stores, supermarkets, hypermarkets, and brand outlets. In 2021, online platforms held the largest market share and are expected to grow at the highest CAGR. The rise in internet users and the convenience of online shopping have significantly increased the demand for western wear.

Major players in the India western wear market include Aditya Birla Fashion and Retail Limited, Chemistry, H&M Hennes & Mauritz AB, Forever21 Inc., Inditex SA, Mango, Shoppers Stop Ltd., Benetton Group, Vero Moda, and Westside.

Decathlon plans to make an investment in the startup Recyc’Elit through its Decathlon Alliances structure to develop recycled products from textile waste.

 Founded in 2019 in France, Recyc’Elit recycles complex polyester-based materials by sorting the fibers. The company now plans to build a prototype for this innovation by 2025.

Recyc’Elit aims to address the challenge of recycling complex textiles, such as polyester mixed with other fibers.  Decathlon will purchase this recycled polyester from Recyc’Elit in the long term to maintain its competitive edge and participate in the textile recycling value chain.

The long-term business partnership between Decathlon and Recyc’Elit involves creating a value chain with all committed partners and producing capsule collections.

In October 2023, Recyc’Elit secured €3.2 million from Demeter via Crédit Agricole Création, business angels, the Fonds d’Amorçage Industriel Métropolitain (FAIM) Lyon – Saint Etienne, Banque des Territoires, and the French government as part of the France 2030 initiative.

Decathlon, which operates 1,700 stores, reported €15.6 billion in global sales in 2023, a 1.15 per cent increase, and a net profit of €931 million, up 0.9 per cent.

On 501 Day-the day the world’s first blue jean received its official patent, Levi’s commemorated the iconic blue jean's patent with oversized replicas of the pioneering riveted pant. Across the United States, the legacy brand revealed five pairs of Giant 501 Jeans, towering at 12 ft tall, approximately five times larger than standard pairs.

Every detail of these Giant 501 Jeans, from the Levi’s Red Tab to the stitched arcuate on the back pockets, leather patch, and shrink-to-fit fabric, faithfully replicates the original 501 design. While a typical pair of 501s requires 1.5 yards of denim weighing around 2 lbs., each Giant 501 Jean demanded about 15 yards of denim, weighing 20 lbs.

Crafted by Levi’s Eureka Innovation Lab, these innovations pay homage to the brand's heritage while showcasing advancements in technology and sustainability. While it typically takes an apparel technician at Eureka about two hours to make a standard pair of jeans, each Giant 501 Jean required three days.

The Giant 501 Jeans are now on display at select Levi’s stores: Brickell City Center in Miami, 5th and Broadway in Nashville, Victoria Gardens in Rancho Cucamonga, Calif., Easton Town Center in Columbus, Ohio, and Ala Moana in Honolulu.

This event reflects a growing trend of oversized denim displays, as seen earlier this year with the auction of a 12-foot-tall Levi’s display ad from the 1940s. 

Additionally, a collaboration between Turkish mill Orta and Wouter Munnichs resulted in ‘The Biggest Sustainable Jeans,’ a 133x130 size jean made from 27 yards of sustainable fabric, paying homage to historical large denim displays from Levi’s, Wrangler, and Lee.

More than 35 Indian apparel exporters, primarily representing the MSME sector, are actively participating in the 17th edition of the International Apparel and Textile Fair (IATF) in Dubai. Under the guidance of the Apparel Export Promotion Council (AEPC), these exhibitors are dedicated to showcasing India's top-tier apparel designs in alignment with modern fashion preferences. 

The event highlights a wide range of garments crafted from traditional cotton and man-made fibers (MMF), placing a significant emphasis on sustainability and promoting women entrepreneurship. This focus resonates with the UAE's designation of 2024 as the "Year of Sustainability," emphasizing the industry's commitment to eco-friendly practices and innovation.

Saurah Kumar, AEPC's General Manager, highlighted the deliberate inclusion of more women entrepreneurs and sustainability-driven companies this year. Indian exporters are enthusiastic about demonstrating their dedication to eco-friendly practices and innovative solutions that mitigate the fashion industry’s environmental impact.

Benefiting from duty-free access to the UAE market via the Comprehensive Economic Partnership Agreement (CEPA), Indian exporters are eyeing expansion, especially in the MENA region. The Indian Pavilion's inauguration by Consul General of India at Dubai, Satish Kumar Sivan, marked the event's commencement on May 20, concluding on May 22. AEPC, pivotal in policy advocacy and scheme formulation like production-linked incentives and RoSCTL, supports the Indian apparel industry's growth.

In the previous fiscal year, India's apparel exports surged to $16 billion, highlighting its robust presence in the global market. Notably, exports to the UAE accounted for $983 million, capturing a significant 15.8 per cent share of the country's garment imports. 

The International Apparel and Textile Fair (IATF) Dubai, hosting over 400 exhibitors from 24 nations, stands as a key B2B fashion sourcing event in the MENA region. Positioned as a leader in sustainability, the Indian contingent at IATF Dubai leverages its rich textile heritage and commitment to eco-friendly manufacturing practices to attract discerning global buyers.

Spinners looking for sustainable and profitable mill operations should consider Uster FiberQ and RSO 3D systems, known for their attractive ROI and waste reduction capabilities. These systems will be showcased at ITM 2024, Booth 714B in Hall 7.

Effective raw material management can save 0.5 per cent to two per cent of waste, crucial since raw material costs account for six per cent to 75 per cent of cotton yarn production expenses. For a mill with 50,000 spindles, even a one per cent waste reduction can save USD 255,000 (€ 239,000) annually.

Uster FiberQ enhances raw material utilization through comprehensive software and hardware integration. It simplifies inventory management, ensures consistent laydowns, and improves quality and performance using data from the Uster HVI1000 system. Spinners report significant improvements, such as eliminating barré faults and achieving over 25 per cent better IPI quality.

The Uster RSO 3D system combines Uster Sentinel ring spinning optimization, Quantum 4.0 yarn clearers, and a linked winding machine, providing preventive quality control and traceability. It offers real-time quality mapping for each spindle, ejects outlier cops, and reduces winder stops, enhancing profitability.

Uster’s data-enabled software and expertise replace outdated methods, facilitating optimum yarn quality and performance daily. Investing in these advanced technologies supports long-term sustainability and profitability for textile mills.

The International Labour Organization (ILO) will convene its annual conference in Geneva from June 3rd to 14th. Representatives from 187 member states will tackle critical issues shaping the world of work.

A key focus will be "Renewing the Social Contract," exploring how to ensure fair labor practices and decent work opportunities. Discussions on biological hazard protection aim to establish new international labor standards.

The conference will also address the ongoing situation of workers in occupied Arab territories and the strategic importance of upholding fundamental worker rights.

Decent work in the care economy is another agenda item, highlighting the need for fair treatment in this growing sector.

Technical committees will delve into budget matters, application of existing labor standards, and potential abrogation of outdated conventions.

The World Day Against Child Labour will be observed with a special event celebrating 25 years of progress and charting a course towards its elimination.

Finally, the Global Coalition for Social Justice will hold its inaugural forum on 13 June, fostering collaboration to advance social justice worldwide.