Mango, the Spanish fashion giant, is set to make a formidable mark in global markets with plans to open 500 new stores by 2026, targeting key locations such as the United States, Canada, France, Italy, the United Kingdom, and India. 

Aiming for record-breaking sales this year, the company anticipates a minimum 12% increase over 2022, exceeding 3 billion euros. This surge is attributed to the successful entry into the U.S. markets of Texas, Georgia, and California.

In a strategic move, Mango is doubling its presence in the United States, bouncing back after two previous unsuccessful attempts. Having already inaugurated 130 new stores and revamped 80 in 2023, Mango boasts a total of approximately 2,700 outlets across 115 markets. 

As part of its expansion plan, the family-owned retailer is diversifying its board of directors by adding four independent members, notably including Marc Puig, chair of Spanish cosmetics group Puig, which owns renowned brands like Carolina Herrera and Paco Rabane. Mango, founded 40 years ago in Barcelona, is not only broadening its retail footprint but also reinforcing corporate governance by expanding its board to nine members.

Furthermore, Mango's Chief Executive, Toni Ruiz, has personally invested in the company, acquiring a 5% stake. This strategic move underscores the company's commitment to sustained growth and global prominence in the highly competitive fashion industry.

In a surprising twist amidst global luxury market contractions, India witnesses a remarkable surge in pre-owned luxury sales, indicating a shift in consumer trends.

Luxepolis, with a burgeoning online user base of 3.5 million, reports an impressive 80% growth this year. 

The durability and investment appeal of pre-owned watches, particularly Rolex, Omega, Cartier, IWC, and Panerai, contribute to sustained growth.

This resurgence signifies a paradigm shift, with pre-owned luxury becoming a sought-after trend among India's aspirational youth and expanding into untapped tier-II and tier-III markets.

In November 2023, Sri Lanka’s export earnings from the apparel sector declined by 12.68 per cent Y-o-Y to $371.17 million.

However, Sri Lanka apparel export earnings during the month reported a rise from $333.18 million in September and $330.95 million in October, indicating a potential turnaround, especially with the seasonal demand. 

Provisional data by the Joint Apparel Association Forum (JAAF) shows, Sri Lanka’s export earnings from the United Kingdom surged by 19.7 per cent Y-o-Y to $48.34 million during the month. 

On the other hand, exports earnings from key markets such as the United States dropped by 15.12 per cent Y-o-Y to $141.09 million, while from the EU, earnings declined by 7.18 per cent Y-o-Y to $126.62 million. Exports earnings from ‘other’ markets contracted by 2.87 per cent Y-o-Y to $55.07 million.

The largest decline in export earnings in the sector was seen from the United States markets, where export earnings declined by 23.81 per cent Y-o-Y to $1.63 billion.  

Similarly, the EU and the United Kingdom markets reported a 17.81 percent Y-o-Y and 13.76 per cent Y-o-Y decline in export earnings to $1.26 billion and $572 million, respectively. Sri Lanka’s exports to ‘other’ markets contracted by 18.17 per cent Y-o-Y to $ 642 million.

Sri Lanka’s largest industrial export sector, apparel earned $ 5.95 billion in 2022. The sector employs around 300,000 people, most of whom are women.

Sri Lanka’s export earnings from textile and apparel sectors are expected to decrease by approximately one billion dollars this year, as per JAAF estimates.

Boycott calls by pro-Palestine activists has forced fast fashion retailer Zara to pull out an advertising campaign featuring mannequins with missing limbs and statues wrapped in white, from the front page of its website and app. 

Inspired by men’s tailoring from past centuries, the collection was launched by Zara on December 7. Its campaign photos depict a studio with ladders, packing materials, wooden crates and cranes, and assistants wearing overalls.

First featured on Zara's online store home page, the photos have been removed from both the brand’s website and also its app.

The move highlights consumers’ heightened sensitivity to international issues like the Israel-Gaza war. 

Comprising six jackets, the collection is one of Zara's most expensive, priced from $229 for a grey wool blazer with chunky knit sleeves, to $799 for a studded leather jacket.

Celebrating its 50th anniversary, tech solutions group Lectra released a white paper titled "Industry 4.0 Growth Increases Manufacturing Efficiency." 

The paper, a collaboration with global experts, explores the impact of Industry 4.0 on sectors like fashion and automotive. 

Lectra's Observatory, dedicated to tech and industrial innovations, aims to foster discussion and collaboration in the evolving landscape. 

Emphasizing the shift towards circularity, agility, and fluidity, Lectra positions itself at the forefront of the fourth industrial revolution, providing insights and solutions for businesses navigating digital transformation.

In a significant development in the Russian retail scene, MAAG, the Lebanese clothing brand that stepped in to fill the void left by Zara's departure, is facing widespread disappointment, according to a survey by the Union of Shopping Centers (STC). The study, reported by RIA Novosti, designates MAAG, owned by Dubai-based Fashion And More Management DMCC, as the "disappointment of the year" among Russian landlords.

Following the closure of Zara and other Inditex stores in Russia last year, MAAG took over their former locations in May. However, the survey reveals that MAAG stores have reported the poorest sales performance since their inauguration, drawing criticism from landlords. STC Vice President Pavel Lyulin, referring to the survey, highlights factors such as an inadequate product range, minimalist design, and ineffective advertising campaigns as contributors to MAAG's lackluster results.

The disappointment unfolds against the backdrop of changing dynamics in the Russian retail sector, where brands from Turkey, China, India, and other "friendly" nations have expanded their presence, replacing Western firms exiting due to Ukraine-related sanctions. MAAG's struggles underscore the intricacies of successfully replacing well-established international brands, especially in Russia's diverse and competitive market.

As MAAG grapples with the aftermath of the survey, the incident serves as a cautionary tale for businesses eyeing vacated market spaces, underscoring the importance of understanding local consumer preferences, implementing effective marketing strategies, and offering a compelling product range for a seamless transition and sustained success.

Indorama Ventures has launched ECOModa100, a 100 per cent recycled spandex to address the industry’s need for sustainable fashion. 

Enhancing the environmental profile of garments, ECOModa100 also enables companies to create fully recycled fabric collections.  The versatility of this spandex allows fashion brands to seamlessly integrate it into various apparel categories, from activewear to denim to everyday fashion. It allows global fashion brands to transition towards a net zero carbon future by creating a100 per cent recycled fabric collection.

A testament to the Indorama’s dedication to balancing style with environmental 

responsibility, ECOModa100 makes the company’s the path to a fully sustainable fashion landscape clearer. 

China plans to set up a national-level cotton and yarn trading center in the Xinjiang to promote the development of the cotton industry in the region,

The center will serve as a foundation for Xinjiang to strengthen trade with China's neighboring countries, and become a globally influential cotton and yarn production and sales center.

The largest cotton-production region in China, Xinjiang produced almost 90 per cent of the 5.98 million tonne of cotton produced nationwide in China in 202. 

The new trading center will help China establish world-class industry clusters for cotton and textiles. It will enable the state to study the migration of its textile manufacturing and cotton production industries from the coast and river valleys to western inland areas such as Xinjiang. These areas have relatively low labor costs and other industrial advantages. 

Despite being a significant contributor to the country’s economy, the garment sector in Bangladesh faces several challenges in not only sustaining growth but also navigating complex political equations and competition from other countries. 

Last month, fuelled by dissatisfaction with a government-imposed pay increase, hundreds of garment workers in the country took to the streets, leading to the closure of nearly 40 factories. . .

Shahid Soorty, CEO, Soorty Group, notes, the strikes have increased the risk profile of business in Bangladesh, leading to retailers tempering their orders to the nation. In Q1 FY23,

Bangladeshi readymade garment traders also view the recently received letter from eight US Congressmen on minimum wage as a conspiracy against the export-oriented sector. The traders suspect it to be an attempt to destabilise the sector by capitalising on two days of workers’ unrest.

A few garment industry experts believe that various domestic and foreign conspiracies are taking place in the sector. There are rumors of slapping a sanction on the RMG sector amid ongoing political unrest are being exploited to provoke unrest.

According to Rakibul Alam Chowdhury, Vice-President, BGMEA, a vested quarter is creating these disturbances in the country's garment sector.

Nasir Uddin Chowdhury, Vice-President, BGMEA, adds, the diplomatic mission in Bangladesh needs to urgently meet r buyers and make them understand that the messages being sent about Bangladesh's garment sector are wrong.

 Business leaders have called for the appointment of strong lobbyists to prevent rumours and misinformation about the sector. They urged diplomatic missions to work actively, engaging with buyers to correct any misinformation and present a more accurate picture of the situation.

Cotton Association of India (CAI) has maintained its cotton pressing estimate for the 2023-24 season at 294.10 lakh bales of 170 kg each. 

CAI estimates, total cotton supply till end of November 2023 will remain at 92.05 lakh bales of 170 kg each. This will include arrivals of 60.15 lakh bales of 170 kg each, imports of 3.00 lakh bales of 170 kg each and the opening stock at 28.90 lakh bales of 170 kg each. 

Cotton consumption upto the end of November 2023, is estimated to remain at 53 lakh bales of 170 kg each while exports are estimated to hover at 3.00 lakh bales of 170 kg each. Cotton end stocks at the end of November 2023 are estimated to remain at 36.05 lakh bales of 170 kgs each. These will include 27 lakh bales of 170 kg each with textile mills and the remaining 9.05 lakh bales of 170 kg each with CCI, Maharashtra Federation and others including cotton sold but not delivered.

The total cotton supply till end of the cotton season 2023-24 is expected to remain at the same level as earlier i.e. 345 lakh bales of 170 kg each. This includes opening stock of 28.90 lakh bales at the beginning of 2023-24 season on October 01, 2023. Imports for the season are estimated to increase by 9.50 lakh bales of 170 kg each to 22 lakh bales of 170 kg each. .

CAI has also retained its estimates for domestic consumption same as last year i.e. 311 lakh bales of 170 kg each. The association expects exports for the season 2023-24 to decline slightly to 14 lakh bales of 170 kg each from 15.50 lakh bales of 170 kg each last season. 

The closing stock as on September 30, 2024 is estimated at 20 lakh bales of 170 kg each as against 28.90 lakh bales of 170 kg each in last year.