Private equity firm backed by French luxury giant LVMH, L Catterton has agreed to buy a 60 per cent stake in Italian fashion company Etro. The deal values Etro at about €500 million.

Etro said in a statement that L Catterton was taking a majority stake in the company, while the Etro family would retain a significant minority interest. Gerolamo Etro, who founded the company in 1968, will be the chairman and the deal is set to be closed by the end of the year.

In April, the Milan-based luxury brand considered an expression of interest from L Catterton, an investment firm born out of a partnership among Catterton, LVMH and its billionaire owner Bernard Arnault.

One of the sources said Etro’s four children would stay on as shareholders with a 40 per cent stake and would remain owners of Etro’s real estate property and directly operated stores.

L Catterton recently bought German sandal maker Birkenstock. LVMH, which owns a string of Italian labels including jeweller Bulgari, also boosted its stake in Italian luxury shoemaker Tod’s to 10 per cent in April

Global ingredient manufacturer Kemin Industries has announced that Garmon Chemicals (Garmon), Kemin’s textile auxiliaries business unit and the chemical solutions brand for the denim and fashion industry, is opening its fashion laboratory, Garmon Studio, in Jiangmen, Guangdong Province, China.

Garmon Studio China is the first applications laboratory that Kemin Textile Auxiliaries has opened outside of San Marino – a milestone with important implications for the company.

The biggest benefit of opening its first international Garmon Studio in China is that Kemin Textile Auxiliaries is now closer to local customers – both denim mills and laundries – broadening the opportunity for its technicians to work with a group of companies that previously faced language barriers or travel restrictions. With Garmon Studio China, Kemin Textile Auxiliaries will also be able to create local collections that better match domestic styles and trends.

The second major advantage of the new Garmon Studio’s location is that it provides Kemin Textile Auxiliaries technicians in China the ability to sharpen their skills, giving them the equipment, space and time needed to perform tests and experiments to get the most out of Garmon’s products. The fashion laboratory will be equipped with the most modern equipment available, including Kemin Textile Auxiliaries’ revolutionary Smart Foam system that reduces water consumption by up to 80 percent.

On July 22, the hosiery, sportswear, lingerie, seamless and 3D footwear supply chain will meet online to analyze the sector’s global development trends and opportunities, marking the start of the countdown to FIMAST 2021, Italian Exhibition Group’s much-awaited B2B trade show event scheduled to take place, with physical attendance, at the Brixia Forum in Brescia from October 19- 22, 2021.

FIMAST is setting off on a new development route for the trade show which will focus on responsible and sustainable innovation along the supply chain it represents. The first steps in this direction include activating a top-level partnership with the ecohub C.L.A.S.S. (Creativity Lifestyle and Sustainable Synergy) and constant dialogue with the sector’s global players.

The event will consist of two online talks, coordinated and moderated by C.L.A.S.S. The first, entitled “Smart-tech visions to meet responsible innovation values”, will be held in English and start at 11 am, with focus on responsible and sustainable innovation for hosiery, lingerie, sportswear and fashion supply chains. The Lonati Group, Karl Mayer Group, Fulgar and ROICA™ by Asahi Kasei are the companies that will intervene by putting their international experience into play to explore the supply chain’s different technological aspects, from cutting-edge textile machinery to new generation fibres.

The second talk, “Conversations about sustainability journeys”, scheduled for 4 pm, will highlight sustainability among the current and future challenges for companies operating in the fashion and accessory industry in order to meet the needs of an increasingly more global market and consumers who are increasingly aware and responsible. Two international brands of reference, both inspirational companies in the sector, will share their views: Calzedonia Group and Wolford.

Furthermore, professional profiled visitors visiting the event and companies on the FIMAS CONNECT platform will have the chance to meet and do business.

The fourteenth edition of Maredamare will be held at the Fortezza da Basso up in Florence from July 24 to 26.

The event will have 50 per cent foreign exhibitors. MAREDAMARE has recently been recognized as an international fair and a European and world reference in the beachwear sector. It has activated important collaborations for the promotion. First of all with ICE (Agency for the promotion abroad and the internationalization of Italian companies) which will promote the fair and the italians exhibitors to international buyers; with ICEX (a public corporation at the national level whose mission involves promoting the internationalisation of Spanish companies and attracting foreign investment to Spain).

ICEX, together with the Economic and Commercial Office of Spain in Milan, will coordinate the participation of a selection of Spanish companies and will be present in fair with a dedicated area. Also ABIT (Brazilian Textile and Apparel Industry Association) encouraged the presence in Fair of a selection of Brazilian companies. This is proof of the interest and trust given to the event which, even during the pandemic, was a point of reference for the sector through the virtual fair Hub and through Maredamare Academy.

Data by China Commercial Circulation Association of Textile and Apparel (CATA) shows, national textile and apparel specialized market manager’s prosperity index declined 0.16 percentage points to 50.00 in June 2021 as compared to 50.16 in May. As per China Textiles, the merchant’s prosperity index for specialized markets declined by 0.46 percentage poihts to 49.71, from 50.17 in May. In June, the specialized market of textile and apparel was basically stable, and the prosperity index fluctuated slightly.

The overall prosperity indexes of managers and merchants in the national textile and apparel specialized market dropped compared with May. The manager’s prosperity index dropped by 0.16 percentage points while the the merchant’s prosperity index dropped by 0.46 percentage points

In June, 67.74 per cent of the total market operations were flat, and 67.74 per cent of the market logistics shipments were flat, both exceeding 50 per cent. The total market operations index and logistics shipment index were generally stable, and the off-season continues in the textile and apparel specialized market.

The data shows that for managers, the next manager’s prosperity index declined by 0.32 percentage points to 50.65 from 50.97 in May; the next business environment index declined by 0.32 percentage points to 49.68. As for merchants, the next merchant’s prosperity index declined by 0.14 percentage points to 50.48 in May; the next operating environment index declined by 0.07 percentage points to 50.48 from 50.55

A new report by Fashion Revolution says, majority of British high street brands are not transparent about their operations. Around 99 per cent brands hide the actual number of workers getting living wage in their supply chains. Only 17 per cent of the big global brands disclose their carbon footprint, says the report. They also fail to disclose the origin of raw materials.

The report ranks swimwear company Speedo as the most transparent British brand with a score of 53 per cent; followed by Sainsbury’s and Marks & Spencer with a score of 48 per cent. The report surveyed 250 brands including smaller companies such as the Bristol-based Yes Friends.

However, introduction of a legislation holdings brands accountable for their environmental impact has helped raise transparency over the years, says the report. Around 32 per cent brands have introduced new recycled schemes in their companies. They have also launched new eco-friendly ranges.

Fashion organizations in Malaysia have appealed to the government to allow them to operate under Phase Two of the National Recovery Plan (NRP), reports The Star. Datuk Seri Tan Thian Poh, President, Federation of Malaysian Fashion said, his federation is concerned with the current situation as it might only be allowed to operate when the country reaches Phase Three of the NRP. This will lead to a loss of RM163 million per day for retailers and manufacturers, he added.

To avoid the collapse of industry, it is important to be allowed to operate under Phase II, he added. Since the first movement control order in 2020, about 15 per cent of fashion, textile and apparel businesses had ceased operations while 30 per cent were on the verge of closing down due to a lack of cash flow and future uncertainties, he added.

The situation will deteriorate further and will be beyond salvaging as some members are facing litigation and risk losing their overseas customers, Tan warned.

Ethiopian-brand ZAAF plans to venture into other African countries. Set up in 2014 by entrepreneur Abai Schulze it deals with leather bags and apparels. The brand opened its first retail outlet in 2015, in Addis Ababa. Its clientele is mostly international tourists or business visitors, as well as Ethiopian diaspora on their trips home.

ZAAF currently runs two stores and an e-commerce platform that ships globally. It has added jewellery, shoes, garments and other accessories to its line that are produced in Ethiopia, Senegal, Niger, Kenya and Rwanda. For the online shop, ZAAF focuses on one-size-fits-all products to reduce the complexity of returns if garments don’t fit. Leather sandals from Kenya and jewellery from Niger are proving popular.

ZAAF currently has 17 full-time employees in the US and Ethiopia and various partners in the other African countries from where it sources products.

Apparel and accessories store sales in the US increased 2.6 per cent in June 2021 compared to previous month and 47.1 per cent from a year ago, reveals analysis by the Women’s Wear Daily of the latest Census Bureau Data. Department store sales rose 9 per cent from May and 24.4 per cent from a year ago while e-commerce sales increased 1.2 per cent from May and 12 per cent compared with a year ago. Total sales in the first half of the year increased 19 per cent from the first half of 2019.

Sales of specialty stores increased only 7 per cent in the first half of the year compared to two years earlier, while sales of department stores declined 2 per cent.

E-commerce sales jumped 40 per cent during the period as brands rushed to improve their websites and offer curbside pickup and other online friendly options. Jack Kleinhenz, Chief Economist, National Retail Federation says, the sector is benefitting from the continued government support, reopening of stores and increased vaccinations.

Spanish textile firm Nextil Group plans to expand capacity by opening a new fabric production plant in Guatemala. Spanning 25,000 sq mt, the plant is expected to be operational in Q1 2023. It will enable Nextil Group minimize losses, secure maximum efficiency in logistics and distribution, with preferential tariff arrangements.

The plant will be set up with an overall investment of €40 million. It will have 350 local employees on its payroll and train Guatemala university students who wish to go into the textile sector. The plant will optimize its cost structure in line with other plants in the group and maintain the certifications of origin for its products. Nextil Group will maintain its existing production plants in Spain and the US for value-added specialties, for the development of new products and for local and commercial logistics.

The industrial group will build a state-of-the-art factory. In keeping with its policy of environmental commitment, the new plant will implement a plan to maintain a low carbon footprint and incorporate cutting-edge machinery and advanced systems in energy saving, rainwater treatment and reuse of resources, among others.