The value of fabric imports by the US from January to April 2020 declined 11.37 per cent, revealed latest reports by OTEXA. According to the report, the country imported $1.83 billion worth of fabrics during the period. However, volume-wise decline was less than the previous year. The country imported 4,023.27 million SME of fabrics during the period. As far as major exporting destinations are concerned, China plunged significantly in both volumes and values by 23.07 per cent and 29.30 per cent, respectively.

Korea Republic, the second largest fabric exporter to the US, fell in its value-wise fabric exports but shipped more volumes of fabrics than the last year. Noting 8.22 per cent surge, Korea Republic shipped 416.67 million SME fabrics to the US worth $180 million which fell 6.16 per cent. India too fell by 4.21 per cent to ship 531.72 million SME of fabrics to the US in the review period and clocked $155.18 million revenue which is 6.78 per cent less than the same period of 2019.

In contrast, non-traditional fabric exporting countries such as Cambodia, Myanmar, Indonesia, Australia, Malaysia and Denmark registered huge growth in their volume-wise fabric exports to US. Some of these even noted growth in value-terms.

APTMA demanded competitive pricing for energy in Pakistan including electricity and gas. It has also urged the government to reduce the rate of sales tax and ensure quick issuance of refunds. According to APTMA, Pakistan’s textile exports are likely to reach $17.5 billion in the financial year 2020-21 as textile manufacturers are receiving orders from various exporting countries that could result in utilization of 80-90 per cent production capacity by next quarter.

The export earning of the textile sector is likely to increase by $3 billion this year keeping in view the demand in the international market, which will not only increase exports of the sector with a possible value of $17.5 billion but it could enhance the overall exports of the country by $27 billion in the next financial year.

The export earnings of the textile sector will also support the dwindling foreign exchange earnings in case of dwindling inflows of remittances, the letter added. However, textile exporters could also achieve these benchmarks if the government revisits the financial bill and introduces incentives for the sector.

Pakistan government has released additional Rs 6.2 billion refunds to support its textile sector which has been badly hit by the outbreak of COVID-19 in the country. The money has been released under the drawback of local taxes and levy (DLTL) scheme of the government to facilitate exporters.

With the release of additional money, the cumulative amount released under the scheme reached Rs 51.2 billion during FY20. The government hopes this will resolve the liquidity issues of its exporters and enable them to further their exports through investment.

Pakistan's exports including the textile sector have been badly affected by the outbreak of the pandemic, partially due to closure of manufacturing units during the lockdown period and partially due to the fall in demand of Pakistani products in the international markets. Earlier in April, the government had issued DLTL refunds of Rs 20.5 billion for the textile sector to help industrialists pay dues to their employees during the closure of industries during the pandemic.

Last month, the Pakistan Readymade Garments Manufacturers and Exporters Association demanded several incentives from the government including release of the DLTL for export-oriented sectors including textile sector to sustain the industry amidst the severe liquidity crunch due to COVID-19.

It may become harder to find second-hand clothing in future as COVID-19 has put many clothing and textile bank collection systems at risk. In May ,the UK’s Textile Recycling Association said the average price of clothing left in textile banks fell from £130 a ton in March to £30 in April. The International Bureau of Recycling warned that the textile salvaging industry has entered a critical stage which threatens the existence of many collection, sorting and recycling operations.

Closure of retail outlets around the world has led to a glut of raw materials and finished products. This has pushed the price of raw materials so low that it’s often not economically viable for textile recyclers to collect them. In future, this could reduce the supply of second-hand clothing further down the line.

A May report by UK’s Textile Recycling Association revealed the average price of materials left in textile banks had plunged from £130 a ton in March to £30 in April, with further declines expected. Even in the more positive scenarios, it would take 18 to 24 months until the current stocks have been reduced to normal levels and business is normalized.

According to Forrester Research, hurt by the closures of its department and retail stores due to the COVID-19 lockdowns, Nike Inc has reported its first quarterly loss in more than two years. The brand’s wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis. This led to a 50 per cent fall in shipments, increased inventory and higher costs due to order cancellations.

As a result, gross margin of the brand fell by 820 basis points in the fourth quarter. However, Nike’s investments in its digital platform over the years helped it to record a 75 per cent rise in online sales, as many consumers shopped for activewear and sneakers from the comfort of their homes.

The company is now accelerating focus on its online presence, and expects its overall business to reach 50 per cent digital penetration. Online sales accounted for 30 per cent of total revenue in the quarter.

The Italian Chamber of Fashion has decided to reappoint Carlo Capasa as president until 2022. Capasa was first appointed in this role by the Milan-based association in April 2015. He succeeded Mario Boseli, who headed the organization for 15 years and is now its honorary president.

Since his appointment, Capasa has been focusing on several aspects of development including: sustainability, inclusion and diversity, digitization and support to young designers. Last year, the association issued a manifesto to guide companies in implementing inclusive practices. He has also forged tight relationships with international institutions and promoted Italian fashion through compelling storytelling.

In particular, Capasa has hosted roundtables and collaborated aimed at defining practical guidelines to promote sustainability across the whole fashion chain besides launching the Green Carpet Fashion Awards Italia project in collaboration with Livia Firth, founder and creative director of Eco-Age. Last year, the organization additionally joined the Kering-led Fashion Pact initiative with the role of coordinating Italian brands. In his new tenure, Capasa will lead the organization’s relaunch after the Coronavirus pandemic forced brands to reconsider their overall strategies.

Crocs Inc plans to open new global headquarters in Broomfield, Colorado, which will enable the casual footwear company to employ more full-time staff. In addition to the 375 positions already maintained at the company’s corporate headquarters, Crocs plans to hire new full-time employees for the Broomfield facility. Its new global HQ offers its employees a wide range of adaptable collaboration spaces, from video technology-equipped conference rooms to huddle spaces and one-on-one meeting rooms. Other features of the headquarters include living green walls, skylights and roll-up doors for maximizing the presence of natural light in the environment, a full-service café, and wayfinding technology designed to help staff navigate the space.

Crocs also intend to make a positive impact on its new HQ’s local community by supporting small businesses in the region. It has started making donations to the Broomfield Chamber of Commerce and the Denver Metro Chamber of Commerce for their "Prosper Colorado" initiative. It will also be looking for new ways to get involved in the Broomfield community in the future.

The Coronavirus crisis has also taken its toll on the company’s first quarter financial results, contributing to a decline of 5.0 per cent in quarterly revenues, which totaled $281.2 million. Crocs’ net income for Q1 was $11.1 million, or $0.16 per diluted share.

In its latest update to the World Economic Outlook, the International Monetary Fund (IMF) cut its projection for India’s growth. The organization estimated Indian economy to contract by 4.5 per cent this fiscal following a longer period of lockdown and slower recovery than anticipated in April, but will smartly bounce back during the next fiscal.

The outlook projected that India will grow by 1.9 per cent during the current fiscal. It also projected a growth of 6 per cent during the next fiscal. However, it is 1.4 percentage points lower than the April outlook. Taking note of liquidity support under the Atmanirbhar Bharat package, it feels that various sectors will gain from that.

Much like last year, the upcoming edition of Copenhagen Fashion Week will also feature 34 brands from Denmark, Sweden, Norway, Finland, Germany, and the UK at its upcoming edition. The event will be held from August 9-12, 2020. The steady number of participating brands clearly indicates that the industry continues to support the fashion week and believes in the value of standing together - also in an era where nothing is as it was.

The fashion week will present a wide range of the brands that have given Copenhagen Fashion Week its international attention. Danish brands include Ganni, Stine Goya, and Henrik Vibskov, while Sweden will participate with Rodebjer, Hope and Whyred; Norway with Holzweiler; Finland with Marimekko; Germany with Lala Berlin and Malaikaraiss and the UK with Rixo. It will be a combined line-up that especially represents Scandinavian brands and also includes other strong Northern European brands.

The fashion week will follow a new hybrid format that mixes digital experiences with physical events. The physical shows and presentations still remain a large part of the schedule with brands like Soulland and Mark Kenly Domino Tan staging physical events to be streamed digitally to secure exposure and reach. Many brands, like Baum und Pferdgarten and By Malene Birger, will present their universe entirely digitally, fostering new and innovative material to be showcased for the first time at Copenhagen Fashion Week. Ganni, among others, are preparing for a hybrid showcase format bridging physical and digital.

A projection by market research company eMarketer, China is likely to produce $5.072 trillion in retail sales in 2020 compared to $4.894 trillion to be produced by the US as the American market is likely to shrink by a large amount. China’s e-commerce battle between JD.com, Alibaba and Pinduoduo, and the nationwide implementation of digital innovations, is helping the country’s retail market bounce back much quicker than the rest of the world’s including the US, amid COVID-19 recovery.

Also, China’s potential growth rates for consumption and retail sales are higher than those of the US and other major markets as international factors — such as the protests in Hong Kong, territorial disputes with India and South East Asia countries, and the trade war with the US — could impede China’s recovery.