PRGMEA has called for the final approval of new textile policy 2020-25 by the Economic Coordination Committee (ECC) of the Cabinet as it is vital for new investment and marketing plan in this major export-oriented sector.

As per Daily Times, AdeebIqbal Sheikh, Vice Chairman, PRGMEA, said that Prime Minister Imran Khan has already approved the five-year textile policy for onward submission to the ECC. However, the ministry was unable to oblige due to undisclosed reasons.

He said the government announced several schemes including settlement of outstanding refund claims, rationalization of refund regime, establishment of Exim bank, duty-free import of textile machinery and reduction of mark up rate for export refinance in past but the sector was not getting benefits yet.

Textile sector contributed about 60 percent to the country’s total exports, besides providing direct and indirect millions of jobs which required a proper policy, he added.

He urged the government to redress the problems of the industry by taking comprehensive and innovative solutions in the new textile policy.

AdeebIqbal added that a clear long-term policy will provide investors a clear vision that the government of Pakistan is ready to support the apparel sector of Pakistan on long-term basis.

He was of the view that further delay in textile policy would result in delay or even backing out of investors from future local and foreign investment in the industry. Presently, we are in short production capacity and several exporters are refusing export orders because there is not enough capacity available in the country.

As per a Bain & Company report, five qualities that will define a sustainable luxury brand in 2030 include: brand purpose, growth decoupled from volume, a fully transparent and traceable supply chain, real inclusivity and a bottom-line driven by sustainability. The report affirms, in future, luxury will be defined by growth decoupled from volume increases. It will focus on the resale and rental models with reselling lifting a luxury brand’s profit margin by 40 percent and its revenues by 65 per cent.

The rental model will also represent similar gains as a single luxury item will earn 41 per cent profit through the model besides acquiring new customers. The report also focuses on assembling more diverse boardrooms and re-centering inclusivity by working with ‘think-fluencers’ who are a channel of communication between the brand and customers.

The report believes, Gen Z will reward brands that have a positive impact on the environment and society. Visual supply chain maps are also a vision of the future, capturing trends toward localized, digitized and verticalized supply chains. According to the report, sustainable luxury, will also endorse brands that give detailed product end-of-life information.

The Zhejiang Export Online Fair is being organized by the Department of Commerce of Zhejiang Province and co-organized by Zhejiang Expo from March 15-19, 2021. The fair targets Indian buyers looking to source innovative products and accessories from key Chinese suppliers.

Supported by CREAT the expo features over 50 top manufacturers from Zhejiang showcasing latest garment and textile equipment products and accessories. It offers innumerable options such as sewing machine spare parts, industrial sewing machine & motor, overlock sewing machine, lockstitch sewing machine!, tape cutting/button feeding machine, industrial sewing machine, embroidery machine, hot air seam sealing machine, mattress overlock, brushless servo motor, cap making machine, ironing machine/equipment, pocket pasting machine, electric steam iron, sock linking machine, fusing machinebusbar trunking system, v belt, rotating hook, automatic sewing machine, automatic elastic joining machine, fusing machine, finishing press machine, etc.

The fair will strengthen trade relations between India and Zhejiang at a time when business has hit a new low due to the restrictions on travel and transportation. The range of products has been selected keeping in mind the requirements of the Indian market. All discussions amongst participants will take place online via the Zoom Video Conferencing platform.

The ITA Institut für Textiltechnik (ITA), RWTH Aachen University in Germany has installed a new Stoll CMS ADF 32 W next generation flat knitting machine for the research and development of advanced textiles. As per Knitting Industry, the machine will help the department of Fabric Production at ITA exploit the advantages of the flat knitting technology by digitalizing the product development, increasing productivity and creating new types of textile products through processing and integration of new types of fibers into the knitted fabric.

The Autarkic Direct Feed machine gives its user complete freedom in design and production. The yarn carriers are independent of the carriage and can move both horizontally and vertically. With this innovative yarn carrier technology, the machine creates a variety of knitting techniques and endless possibilities for pattern and color combinations.

The machine combines all advantages of different machine generations and yarn carrier techniques into one unique, high-performance, high-quality, efficient, flat knitting machine.

Following the military coup in Myanmar, Benetton Group has temporarily halted its distribution activities in the country for all new orders until peace and democracy are restored. Over the years, Benetton Group has become synonymous with inclusive and thought provoking advertisements portraying people of all backgrounds. The company’s latest move follows a statement issued last week by a dozen fashion trade and labor organizations, including the American Apparel & Footwear Association, the Ethical Trading Initiative, the Fair Labor Association and Social Accountability International, which called for quick and peaceful restoration of Myanmar’s legitimate civilian government.

The military coup on February 1 stirred civil unrest and protests across the country in support of Suu Kyi, who has been charged with violating import restrictions and contravening a natural disaster law, among other allegations. The civilian leader was denied legal representation. The country’s police and military forces have responded to the protests with at times lethal violence.

The global market for spinning machines is projected to grow at a CAGR of 5.5 per cent to reach $7.3 billion by 2027 says a ResearchAndMarkets.com study. One of its segments Ring Spinning is projected to record a 5.6 per cent CAGR and reach $3.1 billion by the end of the analysis period while the Rotor Spinning segment is projected to grow at 5.8 per cent CAGR for the next seven years.

China, the world's second largest economy, is forecast to grow at 8.4 per cent CAGR to reach a projected market size of $ 1.5 billion by 2027. Other noteworthy geographic markets such as Japan and Canada are forecast to grow at 3 per cent and 5 per cent respectively from 2020 to 2027. Within Europe, Germany is forecast to grow at approximately 3.5 per cent CAGR.

In the global Other Types segment, the US, Canada, Japan, China and Europe will drive the 4.4 per cent CAGR estimated for this segment. These regional markets will reach a projected size of $1 billion by the end of 2027. China will remain among the fastest growing in this cluster of regional markets.

Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $976 million by 2027, while Latin America will expand at a 5.9 per cent CAGR through the analysis period.

Expressing apprehensions over the government’s $6 billion export target, the Sri Lankan Joint Apparel Association (JAAF) has urged the industry to focus on reverting to pre-COVID performance. Tuli Cooray, Secretary General, JAAF believes, it would be difficult for the industry to achieve this target as strict protocols are in place across the country due to the pandemic. The COVID-19 situation is not allowing factories to work in full capacity, he adds.

He confirmed the industry has not set any targets but aims to revert to pre-COVID growth. As per a Daily FT report, Sri Lanka’s apparel exports declined 21 per cent in 2020 to $ 4.4 billion after posting a 5.1 per cent growth in 2019. Textile and garments exports in January 2021 declined by 11 per cent to $ 423 million from a year earlier, affirmed the Central Bank. However, other made up textile articles exports increased by 20 per cent to $ 13 million during the month.

Global demand for apparels has declined by 30 per cent, thereby posing a greater challenge for the industry and economy at large, added Cooray. However, earnings from PPE exports rose by 47.42 per cent to $876.44 million, added Export Development Board. Cooray further informed, JAAF is urging the Sri Lankan Government to finalize the impending free trade agreement (FTA) with China.

The global sports apparel market is expected to grow at a CAGR of 4.9 per cent to reach $247.4 billion by 2027, says ResearchAndMarkets.com study. It says, discount stores are expected to grow at 4.7 per cent CAGR to $ 81.2 Billion by the end of the analysis period. Brand outlets segment is expected to grow at 4.5 per cent CAGR for the next seven-year period.

Growth in the world`s second largest economy, China is expected to trail at a CAGR of 7.8 per cent from 2020-2027 to reach $ 51.9 billion by 2027. Other markets like Japan and Canada are forecast to grow at 2.8 per cent and 3.9 per cent respectively from 2020 to 2027 while Germany is forecast to grow at approximately 3.5 per cent CAGR.

In the global Supermarkets & Hypermarkets segment, US, Canada, Japan, China and Europe will grow at 4.8 per cent CAGR during the forecast period. These regional markets will reach a projected size of $42.6 nillion by 2027. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $ 33.4 billion by 2027, while Latin America will expand at a 5.5 per cent CAGR through the analysis period.

Uniqlo’s global flagship store at 666 Fifth Avenue in New York houses hundreds of living plants featured on display tables, mingling with mannequins and piled atop pilasters.

Unveiled under a new “Find Your Healthy” theme timed to the brand’s spring/summer collections, the botanical décorevokes natural joy and hope plants bring to people, especially given the difficult circumstances of the last year.

To design the display, management tapped Japanese-born Satoshi Kawamoto, the author, creative director and “master plant artist” whose work has been celebrated in the New York Times, GQ and Elle Décor. Kawamoto runs the trendy nursery Green Fingers Market on New York’s Lower East Side and also keeps garden shops in Tokyo and Milan.

While Uniqlo’s parent company Fast Retailing conceded “an operating loss” and “a large decline in revenue” in a January Q1 report, Uniqlo, as a whole, has actually weathered the storm quite well.

For the three months ending in November 2020, Fast Retailing’s sales were down only .6 percent to about $5.7 billion. (Fast Retailing owns a number of smaller apparel labels including Theory and J Brand, but Uniqlo is its main label.) The principal brand has been buoyed through the hard times by healthy ecommerce and a strong Covid-19 rebound throughout Asia.

As per the latest Goods Trade Barometer released by the World Trade Organization, though global trade has rebounded from the deep decline in the third quarter, prospects for 2021 and beyond are uncertain as new variants of COVID-19 have appeared.

The barometer’s current reading of 103.9 is above both the baseline value of 100 for the index and the previous reading of 100.7 from last November, signalling a marked improvement in merchandise trade since it dropped sharply in the first half of last year”, the report pointed out.

While all component indices are either above trend or on-trend. Furthermore, the indicator may not fully reflect the resurgence of COVID-19 and the appearance of new variants of the disease, which will undoubtedly weigh on goods trade in the first quarter of 2021, the report added.

The two most reliable wind direction indicators of global trade, the export order index (103.4) and the auto product index (99.8) have both peaked recently. In contrast, the container shipping index (107.3) and air transportation index (99.4) are still rising. Both the electronic component index (105.1) and the raw material index (106.9) are steadily above trend and rising, possibly due to inventory stockpiling.