International cotton prices traded at seven-week high in August while prices in India jumped over 12 per cent during the month. The rise in cotton prices is mainly a result of crop losses due to pests and heavy rains across cotton-growing areas despite a rise in area under cultivation, says Ravindra Rao, VP-Head Commodity Research. Prices are also rising owing to defaults in imports that are causing stock depletion.

Weather, pests damage cotton crops

Atul Ganatra, President, Cotton Association of India, attributes the rise in cotton prices to low volumes caused by acute liquidity shortages. In August, cotton bales in India totaled 25,000 bales a decrease of 10,000 bales from October and November, he adds. However, the area under cotton cultivation increased to 121.3 lakh hectare during the month, says Ajay Kedia, Commodities Expert. He believes, lurking fear of pest attacks is causing cotton prices to surge coupled with the harm caused by last year’s untimely rains in October-November. The crop will continue to be affected by weather conditions and rising pest attacks, he adds. Cotton price rise has led to a decline in demand from the textile industry. Demand across the country is slow but steady, says Kedia. However, with monsoon intensifying further crop damage may occur, he warns.

Global projections decline

Cotton prices in the US are increasing on account of higher sales, exports for new season crops and lower crop production. Cotton stocks on ICE Cotton (December) jumped to its highest levels in two months as reports of deteriorating crop condition due to hot, dry weather in key growing areas, surfaced. Currently, cotton stocks in the country are trading around 118 cents per pound.

In its monthly report, United States Department of Agriculture (USDA) has cut US cotton production forecast by three million bales to 12.6 million bales for 2022-23. The country’s exports are projected to fall by two million bales to 12 million bales during the current year. US ending stocks are expected to decline to their lowest levels in a century to 1.8 million bales. Abandonment estimate by the USDA increased 1.42 million acre in a single month while textile production estimate dropped from 7.7 million bales to 2.9 million.

Demand stabilization has eased supply chain pressures and is supporting prices. However, rising cotton prices may pressurize profit margins of textile players, believes Kush Godasara, Independent Market Expert. They will have to bear this burden for a while as slackening demand makes it impossible to pass on the increased costs to consumers.

At a recent conference to connect the supply and demand of raw materials for Vietnam’s textile and garment industry, the Ministry of Industry and Trade confirmed the country has risen to be the third largest clothing exporter in the world. Organized by the Trade Promotion Department under the Ministry of Industry and Trade, the conference noted, Vietnam’s share in the global textile and garment market is 6.4 per cent behind China’s 31.6 per cent and Europe’s 27.9 per cent.

Textile and garment turnover rises by 21.6%

As per economist Huynh Thanh Dien, Europe, the US and Japan are Vietnam's three main textile and garment export markets accounting for 34.1 per cent, 16.8 per cent, and 5.3 per cent of global share respectively. Growing rapidly, Vietnam’s textiles and garments export turnover accounted for 12 per cent of the country’s total export turnover in 2021. It amounted to $40.4 billion. In the first half of 2022, Vietnam’s textile and garment export turnover increased 21.6 per cent to $23 billion against the same period in 2021.

Consumer demand decline due to inflation, COVID-19 risk

Despite growth, Vietnam’s textile and garment industry faces multiple challenges today, says Huynh Minh Vu, Deputy Director, Center for International Integration Support. Rising inflation in the US and EU has led to major demand drop in these countries. The Russia-Ukraine war has also pushed up raw material prices. The country also faces the risk of COVID-19 resurgence with sub-variants. This is affecting the textile supply chain as trading partners including China, Japan, and Taiwan have applied strict anti-pandemic measures.

Trade remedy cases rise

The industry’s performance is also being impacted by 15 new Free Trade Agreements (FTA) with 60 countries and territories that Vietnam is participating with, opines Phan Khanh An, Deputy Head-Legal Department-Trade Remedies Authority of Vietnam, Ministry of Industry and Trade. So far, foreign countries and territories have initiated over 210 trade remedy cases against Vietnamese exported goods. Of these, 22 cases are related to textile products, mainly concerning anti-dumping and safeguard measures in Turkey, the US and India. Vietnam exports around 60 per cent of recycled yarns to China. However, the Zero COVID policy being implemented by China is threatening to disrupt China’s market for recycled yarns.

New trade policies way ahead

The pandemic has made Vietnam textile and garment industry heavily dependent on imported raw materials. The country currently sources 55 per cent it is requirements of raw materials locally. Textile and garment enterprises are currently not accepting long-term orders due to the risk of low unit prices. They are urging authorities to introduce new policies to encourage investment and attract FDIs in raw material development. Many domestic enterprises are collaborating with other companies to expand their capacity and become self-sufficient in production

The H&M Group has collaborated with The Renewal Workshop to launch a new test collection made from unsold clothes that have been repaired and brought back to market through its COS (Collection of Style) branded stores.

As per a Textile Value Chain, report, this first of its kind ‘Restore’ collection developed by its internal innovation department ‘The Laboratory’ and its fashion brand COS (Collection of Style) will launch in three stores located in Berlin, Stockholm and Utrecht. The COS brand launched in 2007 and currently operates over 250 stores in more than 40 worldwide markets.

Laura Coppe, Head-Circular/Sustainable Business Development, The Laboratory, says,the brand launches new solutions for a lower impact on the environment whilst offering customers quality, beautiful products that last.

Global leader in custom apparel, Indochino has expanded its women’s suiting range.

The brand will now offer a new women’s base pattern, developed over the past year. This will help the brand further streamline the measurement and fitting process, as well as accommodate diverse body shapes and silhouette trends.

Focusing on personalization, this new silhouette will better allow customers of all genders to create a made to measure suit that fits their style preferences and identity. The silhouette will be offered in all of the brand’s fabric options, and with all of the stylistic customization options that have become hallmarks of the brand’s shopping experience.

The women’s suiting range is now available at 8 showrooms across the US and Canada, including locations in Vancouver, Toronto, New York City, Seattle, and Bellevue, with plans to expand to additional showrooms in 2023. Each item in the collection is customizable and made to measure. Custom suits from $449 and separates from $99.

Organized by SteppinOut and SoleSearch in association with Royal Enfield, India’s largest sneaker festival Sneaking Out ended in Hyderabad recently.

The event celebrated the rising trend of streetwear, sneakers and hip hop culture with an exciting opening act by the phenomenal DJ Ivan Lendl as well as renowned artists including BohB, DJ Mavericks and Venom. Along with the biggest curation of sneakers and streetwear seen thus far, from the finest homegrown as well as international brands, the pop culture extravaganza hosted an elite lineup of over 100 exhibitors from around the country.

Several brands showcased their line of products including Farak, VibeTheHype, Cop Underdog, Helios and Prosperity. The festival also featured performances by some of the top music artists in the country and hosted other exciting activities like auctions, gaming zones and a whole lot more.

KhusbuMav, Marketing Head, SteppinOut, says, events like SneakinOut are not just a platform for these resellers, they are actually a celebration of sneaker culture and creating experiences which have become an integral part of the sneakerhead community and are here to stay.

The sneaker fest partnered with brands like Royal Enfield, Casa Bacardi, Jimmy’s Cocktails and served as just the right opportunity for the sneaker and streetwear communities to learn and celebrate their mutual love. It concluded on a grand and successful note, and is expected to return at an even higher scale soon.

The entire spandex value chain saw weaker demand and cost during as prices of BDO collapsed in late June. Players of spandex value chain were more determined to reduce production with plunging cost, depreciating PTMEG and spandex inventory and weak demand for downstream fabrics.

Supply of PTMEG remained high in China. The settlement of price was passive since Q2, mainly following the price trend of BDO, while the profitability of PTMEG started being feeble after Q2.

Spandex 40D has been unprofitable since Q2. BDO market also witnessed apparent losses after price slumped. The whole value chain suffered deficit. Market players tried to reduce supply to ease the contradiction of supply glut after faced great losses, which could further lower inventory.

More factories scaled down output with pressure from losses and inventory. The whole value chain saw great production curtailment in July, with run rate down to 50-60 per ent. The pressure of mounting inventory weakened after production was cut. Sales improved. The competition under low prices dwindled under losses. Price gradually touched bottom. Price of BDO started stabilizing from mid-Aug. As a result, the whole value chain is estimated to touch bottom in short term.

Downstream demand is supposed to largely increase in traditional peak season Sep and Oct by convention, which may also warm up this year, but the improvement is likely to be pressed. With the expectation of economic recession, weaker consumption and high stocks of downstream and middle stream products, demand is anticipated to grow slowly.

Price of BDO-PTMEG-spandex is expected to touch bottom in short run. Downstream buyers may slightly increase purchasing in expectation of recovering demand, which will lower high inventory burden. However, the specific improvement still needs further confirmation.

The whole value chain has witnessed a new round of capacity expansion. Producers may adjust unbalanced supply/demand pattern by altering supply. With supply glut, prices are expected to shiver near the cost line for a long period.

Burberry has launched its Autumn/Winter 2022 campaign that captures the power of community.Highlighting the collection’s theme of belonging under the bright LA sun, the campaign uses bold images and film to harness the power of self-expression to forge togetherness.

Building upon the brand’s code of duality, the campaign studies different identities. It features elevated studio shots for the womenswear collection and candid outdoors shots for the menswear collection

Riccardo Tisci, Chief Creative Officer, Burberry reconnects with photography duo and friends of the brand Inez and Vinoodh to further explore his avant-garde approach to the house, whilst stylist LottaVolkova brings definition and a new perspective to the attitudes expressed throughout the collections.

Offering a playful twist on tradition in a reconstruction of heritage, the classic women’s trench is recreated as a voluminous strapless gown with signature details, whilst car coats are enlivened with chain-link elements. Across womenswear, waxed cotton coats and field jackets are presented alongside vintage-inspired floral lace corset tops in candy pink and red with matching pleated skirts, black leather bodysuits and skirts. The Lola bag also features in the campaign, celebrating the heritage of the brand and its founder Thomas Burberry.

The Indian Government has issued a notification to ease the metrology (packaged commodities) rules for inner garments and hosiery products. It gave consumers the liberty to touch and feel the product before purchasing. However, trial of the garments will not be practical due to hygienic considerations.

The notification gives a clear definition of a ‘loose’ garment as one sold loose or open at the point of sale in such manner that the consumer can inspect the product before buying.

The Federation of Hosiery Manufacturers Association (FOHMA) has been representing to the concerned ministries for years on this issue. It argued that garments by their very nature can be seen, touched, felt, and even tried in some products, and hence they should not be included in the ambit of a “packaged” commodity, where the consumer buys the product in a sealed condition without having the opportunity to see, examine, or test the communicated parameters.

Organized by the Hong Kong Trade Development Council (HKTDC) and sponsored by Create Hong Kong* (CreateHK) of the Government of the Hong Kong Special Administrative Region (HKSAR), Centerstage will be held from September 09 to 11, 2022.

Sophia Chong, Executive Director, HKTDC, says, this year's event will focus on the theme of ‘Inclusion and Diversity’ with an emphasis on authentic self-expression, projecting a common goal of enabling everyone to express their bold imagination through beauty and aesthetics. The three-day event will feature 20 fashion shows and showcase the latest collections of more than 230 brands from 15 countries and regions. A series of digital experiences have been added in 2022, amplifying the enjoyment of this iconic event.

The opening show, Centrestage Elites will feature Hong Kong and Japanese brands DEMO and Children of the discordance - both chosen by Fashion Asia Hong Kong as among the 10 Asian Designers to Watch in 2020. Derek Chan will launch the latest 2023 spring/summer collection of his gender-neutral fashion label DEMO together with co-founder Mite Chan. At the same time, Japanese designer Hideaki Shikama, founder of young fashion label Children of the discordance will be showcasing his collection in Hong Kong for the first time. The show will be live streamed through the CENTRESTAGE fair website and social media platforms (Facebook and Instagram).

The Fashion Hong Kong Runway Show will feature six Hong Kong brands presenting their 2023 spring/summer collections. A series of "Brand Collection Shows" and "Designer Collection Shows" will be launched over the three days of the event. The former will feature a number of renowned Hong Kong fashion brands while the latter will showcase the best works from different fashion designers. In addition, this year's Centrestage will welcome the participation of Fashion Farm Foundation (FFF), which works to promote Hong Kong fashion design.

The global protective clothing market is likely to grow at 6.3 per cent CAGR to reach $13.72 billion by 2030

As per a Textile Today report, North America will command the regional market with the largest share growing at a CAGR of 5.7 per cent during the forecast period. Oil & gas, construction & manufacturing, healthcare/medical, firefighting & law enforcement, and mining are among the industries whose demand for thermal protective clothing has increased in North America.

Asia-Pacific will hold the second-largest share of $4.38 billion, growing with the highest CAGR of 7 per cent during the forecast period. Construction and building is Asia-Pacific’s most rapidly expanding industry, particularly in China and India. During the forecast period, expanding industries such as building and construction, oil and gas, mining, and automotive will boost demand for protective clothing.