BGMEA has called on the European Union to extend the transition period of GSP (EBA) from the current 3 years to 6 years in order to ensure a smoother graduation for Bangladesh.

Speaking at a seminar on “50 Years of EU-Bangladesh Partnership: Charting Ahead on A Legacy of Success” in Dhaka on March 14, Faruque Hassan, President BGMEA highlighted the challenges faced by Bangladesh after its graduation from the LDC category and stressed the importance of economic diplomacy and industry capacity development to overcome these challenges.

The seminar was attended by Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, and Charles Whiteley, Ambassador and Head of Delegation, Delegation of the European Union to Bangladesh, among others. In his speech, Hassan emphasized the need to build the capacity of the industries and improve the overall efficiency of the country's trade logistics infrastructure, noting that the government is implementing several mega projects to address these issues.

Adidas CEO, Bjorn Gulden, has pledged to rebuild the company's core business after the split with Yeezy, which resulted in the end of the lucrative Yeezy sneaker line.

The way forward for Adidas will depend on a variety of factors, including consumer demand, market trends, and the company's internal capabilities and resources. However, it is anticipated, by focusing on its core strengths, reducing inventory levels, and exploring new sustainability initiatives, Adidas can work to rebuild its brand and position itself for long-term success in the sportswear industry.

In addition, Adidas may need to focus on its core sports-based roots to regain its market position. The company has a long-standing reputation in the sportswear industry, and it may need to emphasize its core strengths and values to regain consumer trust and loyalty.

Another option for Adidas could be to focus on sustainability, as consumers are becoming increasingly concerned about the environmental impact of their purchases. Adidas could explore more sustainable manufacturing processes and materials, as well as develop more sustainable products and marketing strategies to attract environmentally conscious consumers.

Nanollose and Birla Cellulose's tree-free lyocell made from bacterial cellulose, Nullarbor, has been named the "Cellulose Fibre Innovation of the Year 2023" by the nova-Institute.

The product is significantly stronger than lyocell made from wood-based pulp, with even small amounts of bacterial cellulose added to wood pulp increasing the fibre toughness. The companies are now focusing on increasing the production scale and amount of bacterial pulp in the fibre.

Renewcell's Circulose made from 100% textile waste came in second place, while Gencrest Bio Products' Vybrana, a sustainable cellulosic fibre upcycled from agrowaste, won third place.

The "Cellulose Fibres Conference 2023" was held in Cologne and featured 42 international speakers from 12 countries, who presented the latest market insights and trends, and demonstrated the innovation potential of cellulose fibres. The conference also highlighted new technologies for recycling cellulose-rich raw materials and practices for circular economy in textiles, packing and hygiene, discussed in seven panel discussions with active audience participation.

Adidas has announced that the sportswear company will cut its 2022 dividend as it faces the possibility of its first annual loss in three decades, after ending its partnership with rapper and fashion designer, Ye, also known as Kanye West.

The company has pledged to rebuild it’s core business after the split, which resulted in the end of the lucrative Yeezy sneaker line, estimated to have accounted for up to 7per cent of Adidas' total sales in its best years. The split cost Adidas $632m in sales in Q4 2022, and the Yeezy line would have generated an estimated $1.2bn in revenue this year.

Adidas has not yet said what it will do with unsold Yeezy stock, while burning the shoes raises sustainability issues, giving them to charity is complicated due to their resale value. One option could be for Adidas to donate the proceeds from the sale of repurposed Yeezy stock to charity.

Adidas needs to reduce inventory levels and do less discounting. Inventories came in at just under €6bn at the end of December, up 49 per cent from the previous year, including €400m of Yeezy products.

The company forecast 2023 underlying operating profit at roughly break-even when taking into account the $500m loss from not selling existing Yeezy stock. The company is expected to return to its sports-based roots.

The online market for children and maternity apparel in the Middle East and North Africa (MENA) region is expected to experience substantial growth in the coming years, with estimates suggesting it could increase by USD 886.26 million between 2021 and 2026. This would equate to a Compound Annual Growth Rate (CAGR) of 5.55 per cent over the forecast period, as per a new report by Technavio.

The mass category segment is expected to experience significant growth during the forecast period, driven by the increasing demand for a variety of children's and maternity apparel, as well as the expansion of middle-income households in MENA. The rise in internet penetration and the number of smartphone users has created significant opportunities for vendors operating in this segment.

One of the key growth drivers for the market is the increasing awareness of children and maternity wear among consumers, particularly women. Advertising through television, digital, and social media has influenced the purchasing decisions of women, and several market players are spending on advertisements with the help of maternity modeling to create a better connection with pregnant women.

A major trend in the market is the increasing demand for eco-friendly, high-quality, comfortable, and stylish maternity clothing. Customers are becoming more conscious of the materials used in their clothes and are exhibiting increased demand for eco-friendly maternity clothes that use organic materials, such as organic cotton and recycled polyamide. To cater to this demand, market players are increasing the use of sustainable materials to make children and maternity apparel.

However, the high overhead costs for online retailers are identified as a major challenge in the market, with logistical complications, which consequently affects the profit margins of market players.

Luxury fashion house Chanel has caused a stir on social media with the sale of a second-hand ‘shopping basket’ for an eye-watering $101,298.

The basket, which is part of the Autumn/Winter 2014 collection, is silver plated and wrapped with strips of black leather, and features the brand’s iconic interlocking Cs logo. The product is available in three sizes and was modelled on the runway by Kendal Jenner and Stella Tennant.

The bizarre item has been met with confusion and disbelief on social media, with many users questioning why anyone would pay such an exorbitant amount for a shopping basket. The listing for the basket on Farfetch's website reads: "For AW14, Chanel created its own supermarket to showcase one of the brand's most memorable runways. Forming part of said collection is this basket bag, wrapped with the maison's signature leather and chain-link straps."

While luxury brands are known for their over-the-top designs and exorbitant price tags, this latest offering from Chanel has raised eyebrows even among the brand’s most dedicated fans. It remains to be seen whether anyone will actually shell out over $100,000 for a second-hand shopping basket, but in the meantime, the product has certainly generated a lot of attention and sparked debate about the value of luxury goods.

At the Bangladesh Business Summit 2023, business leaders in the apparel and textile sectors called for fair and ethical prices for their products sourced by international buyers and brands.

They emphasized that Bangladesh has significantly improved in terms of quality, product diversity, and compliance compared to competing countries, but buyers still pay lower than the global average to garment suppliers in Bangladesh. The leaders demanded that buyers prioritize fair product prices and ensure sustainable growth in the industry by collaborating with all stakeholders, including suppliers and the government.

Despite achieving international standards in working environment, fire safety, and building safety, Textile and Jute Minister Golam Dastagir Gazi acknowledged the challenges the industry faces due to the Covid-19 pandemic, global political instability, and inflation. He emphasized the continuous growth in demand for yarn and fabric, buoyed by Bangladesh's garment exports.

The leaders concluded that sustainability and continuous improvement of the garment industry in Bangladesh require a concerted effort from all stakeholders, and by addressing its challenges, the industry can become more competitive, profitable, and sustainable.

Italian knitwear B2B company, Cifra, has unveiled its latest Fall Winter 2024 sportswear collection, featuring a blend of natural fibers and sustainable yarns.

The collection showcases Merino wool's natural heat insulation, durability and moisture-wicking properties, combined with the latest sustainable fibers through the use of WKS technology. The Warp Knit Seamless technique is used to create exclusive and customized garments, emphasizing sustainability, design, and a traceable value chain.

The collection includes a world-first introduction of the SENSIL ByNature yarn, a premium nylon 6.6 fiber produced by Nilit, which uses certified Biomass Balance material to replace fossil raw materials with renewable ones. The technology reduces greenhouse gas emissions and reliance on non-renewable resources, while still providing the same level of comfort, performance and durability expected from the SENSIL brand.

Cifra's latest sportswear collection represents an evolution in sportswear and outdoor wear, with a focus on sustainability, function, and design. The company's commitment to a virtuous and traceable value chain is evident in the collection's unique garments, which enhance performance while reducing the carbon footprint.

The era of larger-than-life fashion designers such as John Galliano and Karl Lagerfeld may be coming to an end, as many brands are shifting towards a low-profile approach.

Recent controversies involving Balenciaga’s creative director, Demna Gvasalia, and rapper Kanye West have highlighted the risks of having a provocative figurehead. While Gvasalia has been credited with making Balenciaga one of the hottest brands, his edgy approach and celebrity friends have become a liability.

Many brands, including Louis Vuitton and Gucci, are moving away from the big-name designer model. The departure of Alessandro Michele from Gucci and the tragic death of Virgil Abloh from Louis Vuitton have meant that their studios are now in charge of design work.

According to fashion consultants, brand identity is no longer solely about the designer, and designers are seen as interpreters of brand identity. The shift towards a low-profile approach is reflected in the appointment of lesser-known designers at brands such as Hermes, Chanel, and Dior. The trend can be traced back to 2011 when Galliano was removed from Dior after making an anti-Semitic outburst. While brands want to sell products, they also need to entertain and ask questions, which require a little seduction and madness. It is a delicate balance, and the challenge for brands is to strike the right balance between being provocative and being commercially successful.

The US saw a decrease in the import of cotton products in 2022, measured in square meter equivalent, after reaching the highest level in a decade.

However, the International Trade Administration's Office of Textile and Apparels reported that the value of cotton products imports in 2022 was a record $57 billion, which was nearly $8 billion higher than the previous year. The increase in value was attributed to greater unit values and sustained demand from US consumers. Despite consumer inflation, purchases were supported by robust levels of consumer discretionary income, low unemployment, and higher wage growth, according to the United States Department of Agriculture.

China remained the largest supplier of cotton products for the 20th consecutive year, despite the Section 301 tariffs and the Uyghur Forced Labor Prevention Act. Cotton's market share of total apparel imports fell to approximately 40 per cent, while man-made fibres including polyester, nylon, spandex, and acrylic tied its record for market share among all US apparel imports at nearly 60 per cent.

Global trade of cotton is forecasted to be down to 39.6 million bales, the lowest level in six years, mostly attributed to lower global consumption. Global ending stocks are forecast to be up to 91.1 million bales, with China's beginning and ending stocks being revised higher due to changes in consumption in 2021-22 and higher 2022-23 production. The US balance sheet is unchanged, and the projected US season-average farm price is also unchanged at 83 cents per pound.