According to global brands, Bangladesh has the potential to export readymade garment products worth $100 billion annually within next 10 years. Ziaur Rahman, Regional Head, H&M Group-Bangladesh, Pakistan and Ethiopia says, Bangladesh is one of the major RMG sourcing destinations for the group. The group outsources around 11-12 per cent of total demand from the country annually. Rahman believes, innovation will help Bangladesh achieve new milestones in the sector and reach $100 billion market size in next 10 years.

He urges industry leaders to devise new plans to make Bangladesh the biggest market for global brands in the next five to 10 years. Shafiur Rahman, Regional Operations Manager, G-Star RAW opines, innovation with research and development can help Bangladesh expand its garment industry. His company plans to procure up to denim worth $90 million from Bangladesh. As per Export Promotion Bureau (EPB) data, Bangladesh apparel exports rose 36 per cent to $35.36 billion during the first 10 months.

Knitwear exports increased 37.49 per cent to over $19.24 billion and woven exports surged by 34.23 per cent to nearly $16.12 billion during the first 10 months of the current fiscal year. In current fiscal year, Bangladesh aims to achieve its $50 billion RMG export target.

A new report ‘Western Wear Market’ by the Allied Market Research estimates, global western wear market valued at $74,497.50 million in 2020, is projected to grow 5.37 per cent to reach $136,881.41 million by 2031. The formal wear segment is expected to grow at a CAGR of 4.8 per cent in value during the forecast period. Asia-Pacific region is expected to register the highest CAGR of 6.6 per cent during period. Developing lifestyle and rise in disposable income of consumers are expected to drive the Asia-Pacific market.

Europe is expected to grow at 4.1 per cent CAGR. In 2020, Europe accounted for approximately one-third share of total western wear market, and is expected to maintain its position during the forecast period. In global western wear market, India is expected to grow at a CAGR of 8.0 per cent, in terms of value.

Q1 FY22 revenues of global sustainable chemical producer Indorama Ventures increased 77 per cent Y-o-Y and 41 per cent Q-o-Q to $650 million while its production volumes increased 4 per cent to 3.80 MMT. The company witnessed growth in all three business segments as it benefited from higher crude oil prices, increased ocean freight rates and a strengthening of the US dollar, led by resurging consumer demand and global mobility.

IVL’s Integrated Oxides and Derivatives (IOD) business also benefitted from high crude oil prices environment. PET and Fibers segments gained on increased import parity pricing in Western markets, where about two thirds of its portfolio is situated. Revenues in combined PET segment surged by 67 per cent Y-o-Y and 63 per cent Q-o-Q to $435 million. Revenues in the IOD segment grew by 3 per cent Q-o-Q and 258 per cent Y-o-Y to $126 million while revenues in the fibers segment grew by 4 per cent Q-o-Q and 17 per cent Y-o-Y to $85 million.

Unique and creative fabrics like weaving and batik can become profitable commodities for Malaysia and bring the nation to international market, says Datuk Seri Ismail Sabri Yaakob, Prime Minister. As per The Edge Markets report, Yaakob opined, fabrics like Royal Pahang Weave, batik, songket and tekat (embroidery) can help Malaysia attract global attention and generate more income. He urged the industry to introduce more such fabrics in the London market. He urged industry to improve weaving programs in Malaysia in terms of training and skills, as well as gaining public support.

He said, the government plans to establish more institutes like the upcoming weaving centre in Pekan, Pahang for providing technical and vocational training education in the country.

In the first four months of this year, China’s textile and apparel exports grew 8.65 per cent Y-o-Y to $95.84 billion, as per a report by The Nation. China’s textile exports grew 11.14 per cent Y-o-Y to $48.82 billion while apparel exports grew 6.17 per cent Y-o-Y to $47.02 billion. In April alone, China’s textile exports surged by 1.63 per cent Y-o-Y to $23.59 billion.

Japan’s textile and apparel imports increased 15.9 per cent to 349.36 billion yen in March this year. Apparel imports increased 15.2 per cent Y-o-Y and 25.6 per cent M-o-M to 247.7 billion yen during the month. Of this, imports from China increased 19.3 per cent Y-o-Y and 32.8 per cent M-o-M to 193.93 billion yen in March,

The Russia-Ukraine conflict had led to over 13 per cent fall in value of Japanese yen against the US dollar in less than two months. This caused the volume and value of Japan’s textile and apparel imports to slip month-on-month and year-on-year in February this year.

As per a CCF Group report, Japan’s textile and apparel imports declined 3.4 per cent Y-o-Y to 277.41 billion yen in February. Its imports from China had declined by 8.8 per cent Y-o-Y to 146 billion yen, Japan’s apparel imports declined by 6.2 per cent Y-o-Y to 197.3 billion yen, of which imports from China declined by 10.6 per cent Y-o-Y to 104 billion yen.

India’s readymade garment exporters have sought a ban on cotton exports as soaring cotton and yarn prices are causing severe liquidity crisis, making it difficult for them to deliver shipments to foreign buyers on time. Cotton prices have grown 40 per cent, and are currently at an 11-year high due to a demand-supply mismatch. The price of a single cotton candy has surged past Rs 100,000 causing a severe liquidity crisis for exporters.

The increase has affected medium and small enterprises (MSMEs) the most as they form almost 80 per cent of production base, says Lalit Thukral, President, Noida Apparel Export Cluster. Cheap imports by Bangladesh, Vietnam and Thailand are adding to the threat of India’s cotton sector, making ban on exports a necessity, adds Thukral. Raja M Shanmugham, President, Tiruppur Exporters’ Association highlights, around 18 months ago, knitwear units could buy one kg yarn for Rs 200 whereas now the same money can buy only 400 gm of yarn. The Tiruppur garment-export cluster annually exports Rs 35,000 crore worth knitwear garments. Exporters in the cluster believe they would not be able to survive if the problem is not addressed immediately.

As demand for sustainable products rise, luxury re-commerce is emerging as a big opportunity for brands to capture the millennial audience. However, with brands being slow in catching up with this trend, third party platforms such as The RealReal, Vestiaire Collective, and ThredUp are fast emerging.

However, a Business of Fashion report suggests experts are now questioning the profitability of these platforms. They point out publicly traded companies like The RealReal are yet to make profits with increased competition, digital processing, authenticating and listing of thousands of unique items, impacting bottomline.

Brand-operated resale over third party platforms

As per a Forbes report, Andy Ruben, Founder and CEO, Trove, however, believes, selling branded luxury items can help retailers like Dior, Louis Vuitton, and Valentino control their intellectual property and retain their newly acquired customers. Earlier reluctant to sell pre-owned luxury items, brands are now embracing the opportunities being offered by luxury recommmerce to retain customers and grow their client base. A recent survey by First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania shows, over 65 per cent American consumers preferred to buy products from brand-operated resellers against third party platforms.

Technology facilitates customer’s shopping experience

Technology is helping brands and third-party platforms sell thousands of pre-loved fashion items every day. Third party platform Vestiaire Collective adds 140,000 new items to their online inventory each week to digitize the entire shopping process and offer consumers a seamless and pleasant experience. Technology also enables brands to position resale as additional revenue channel for fashion and luxury brands. It helps brands convey the benefits of buying pre-loved products to customers. .Trove has launched a technology that allows brands to expand their business without causing any harm to the environment.

With technology, brands can control their own resale channel to offer consumers a better shopping experience than third party sellers. They can form deeper ties with consumers offering them early access to new products besides offering discounts. Technology can also offer brands an invaluable insight into data, enabling them to strengthen their ties with consumers.

PVH Europe has entered into a multi-year partnership agreement with circular fashion technology group Infinited Fiber Company. As per the Spin Off report, the agreement aims to elevate the sustainability of products offered in Europe by its Calvin Klein and Tommy Hilfiger brands.

Infinited Fiber Company uses a new technology that allows textile waste to be regenerated into Infinna, a new textile fiber, that will be used to make Tommy Hilfiger products in Europe initially, and, in a second phase, for Calvin Klein as well.

This new partnership confirms with PVH Corp.'s long-term commitment to innovation, circularity and its Forward Fashion strategy to reduce all negative impacts to zero by 2030.

Infinna is a patented regenerated textile fiber with a soft, natural look and feel very similar to that of virgin cotton. Created using tried and tested technology, these premium fibers can be made from cotton-rich textile waste that would otherwise end up in landfills or be burned. Currently sourced locally in Finland by Infinited Fiber, the old fabrics are broken down at the molecular level and reborn as new fibers.

With consumers across the world focusing exercise and active lifestyle, performance apparel with a more business-casual style is emerging.

To best serve such needs, brands are also focusing on innovative raw materials Hyosung has launched Xanadu, a mechanical stretch fibre helps brands achieve the desired aesthetics. A multi-functional fibre, Xanadu is made from a blend of PET and corn-based materials.

The fibre’s spring-like structure provides comfortable stretch and recovery. Its additional benefits include rapid moisture transport and quick drying.

Besides, Xanadu is also wrinkle resistant and retains its colour, making it the perfect fibre for long-lasting, easy-to-care-for apparel.

Hyosung is also known for its various sustainability initiatives and with the popularity of its multi-functional, recycled yarns also increasing, the company was motivated to publish a Life Cycle Assessment (LCA) for its GRS-certified, 100 per cent recycled regen polyester fibres made from post-consumer PET.

The study, which was conducted by third-party certifier, discovered that regen polyester reduces carbon dioxide generation by 66.5 per cent compared to virgin polyester in the production of 1 kg.

As the first Korean company to establish a corporate affiliate research institute, Hyosung has been dedicating itself to creating a new lifestyle culture throughout the world in textiles, industrial materials, chemicals, heavy industry and information and communication.