The Clothing Manufacturers Association of India (CMAI) has launched a novel initiative, ‘Brands of India’, to display the diversity and quality of Indian apparel brands in the Middle East. The B2B trade show, which is supported by various entities, including the Embassy of India, Dubai Chamber, TEXMAS, Dubai Textile Merchants Association, and the RGM Group, will take place at the Dubai World Trade Centre, Halls 6 & 7, from November 27th to 29th, 2023.

The show will feature over 250 top Indian apparel brands across various categories, such as Indian ethnic wear, Western wear, and Fusion Wear for men, women, and children. Jayesh Shah, Vice President of CMAI and Chairman of the Brands of India Committee, said, “Indian craftsmanship has transcended boundaries, and we’ve surpassed our goal of featuring 150 brands, with over 250 to be showcased.”

The show aims to capitalize on the increasing global demand for Indian apparel brands, especially in the GCC countries and African markets. Rajesh Masand, President of CMAI, stated, “Indian apparel brands have made substantial advancements in the GCC countries and African markets, with Indian apparel exports estimated at approximately US$ 2426 million and US$ 913 million, constituting a substantial share of 21% and 19%, respectively.”

The show also aligns with the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, which seek to promote Indian manufacturing and self-reliance. Rahul Mehta, Chief Mentor of CMAI, highlighted the importance of the ‘Brands of India’ show in boosting Indian apparel brands in the global market.

The show will provide a platform for wholesalers, retailers, distributors, importers, and departmental chains in the MENA region to connect with leading Indian apparel brands. Some of the prominent participants include Louis Philippe, Soch, Spykar etc.

According to ANAROCK Capital’s report FLUX - 1H FY24, the average ticket size of private equity (PE) investments in the Indian real estate sector increased by 17% from USD 100 Mn in 1H FY23 to USD 117 Mn in 1H FY24. 

The report attributes this growth to a large deal of USD 1.4 Bn, in which Brookfield India REIT and GIC acquired two commercial assets from Brookfield Asset Management in Mumbai and Gurugram.

The report also reveals that:

The top 10 deals accounted for 95% of the total PE investments in 1H FY24, compared to 81% in 1H FY23.

Office assets were the most preferred by investors, followed by data centres and residential real estate.

Equity investments dominated the PE funding, with a share of 89%.

Domestic investments increased by 9%, while foreign investments decreased by 11%.

The controversy just gets deeper and deeper as media fill column after column chiding the global fashion sector over its apparent half-hearted attempts at understanding the gravitas of climate change and coming up with solutions that work rather than making it all look good. In the process, allegations of green washing got thrown around, fast fashion was turned into the dirty outcast of the industry and sustainable supply chains couldn’t provide the required proof and so on. 

Governments have already come into play setting stringent standards that have to be complied within a fixed timeline; much of scientific research is busy trying to find biodegradable fiber options that can stop the unsustainable cultivation of cotton and phasing out the likes of polyester and nylon.  While Europe was baking this July, the UN Secretary General Antonio Guterres gave out the wake –up call at a press conference, stating “Climate change is here. It is terrifying. And it is just the beginning. The era of global boiling has arrived.” Jason Judd, Executive Director, Cornell University’s Global Labour Institute said in a recent report “Extreme heat is exacting a huge toll on workers and through workers on output and earnings at the factory level. Intense flooding, which is arguably less predictable and more destructive, is also a growing risk in many of fashion’s major sourcing hubs. It’s hard to argue these are not material risks.” Judd has been analyzing how the global fashion sector will be impacted financially as climate change worsens and as per his deductions, the numbers don’t look good at all. 

Some brands show the way 

While global media abounds with stories of luxe retailer LVMH’s financial success and where its owner stands in the list of the world’s richest individuals, the group’s portfolio of climate commitment may have flown under the radar. As Hélène Valade, who oversees environmental work across all of LVMH’s 75 brands- points out, at the core of LVMH’s climate efforts is a new program called LIFE360 that lays out a range of climate and biodiversity targets for the company. The goals are extensive: no virgin plastics used in packaging by 2026, a 50 per cent cut in energy-related emissions by 2026 from 2019 levels, and zero deforestation from products in its supply chain by 2025. 

Valade summed up LVMH’s strategy in a credible manner when she was interviewed by one of the most reputed magazines worldwide that all LVMH products are derived from nature as champagne can’t be made without grapes, fragrances can’t be made without forests and clothes without cotton and that is why this august European corporation has such an ambitious environmental strategy. 

Climate change community disheartened by fashion side-stepping issue

Examples of sidestepping the present and critical issues of climate change are also evident from the responses provided by high-end puffer jacket label Moncler and the self-proclaimed leader of fashion’s sustainability the Kering Group.  When Moncler was questioned, it stayed focused on its robust earnings of the quarter (Moncler sales hit $1.1 billion for the first time ever) and climate change action was given a clever hook by its chief of marketing and operations, Roberto Eggs. He refused to divulge any committed goals but stated that Moncler was now going to cater to weather upheavals throughout the year with a portfolio of light and heavy puffer jackets and that is all there was to it. Similarly, such calls to the Kering Group and Adidas resulted in a few casual mentions. 

This begets the question why is the fashion sector not fully committed and can fashion really be sustainable ever?

Teejay Lanka PLC, a leading apparel manufacturer, received two accolades from the Institute of Certified Management Accountants of Sri Lanka (CMA) for its 2022-23 Annual Report. The report, titled ‘Interknitted’, was recognised as the ‘Best Annual Report in the Apparel Sector’ and also earned a Certificate of Merit for its high-quality disclosure of financial and non-financial information. 

The report showcases Teejay’s environmental, social, governance, and innovation practices, as well as its material topics and corporate strategies. 

Teejay’s CEO Mr Pubudu De Silva said the awards reflect the company’s commitment to excellence, transparency, value creation, and sustainability. He added that Teejay has invested in GRI reporting and established a strong ESG framework to support its long-term vision.

India is set to witness a surge in its textile and apparel exports in the fiscal year 2023-24, according to the Apparel Export Promotion Council (AEPC). The AEPC expects the exports to exceed $50 billion, a significant jump from the $45 billion achieved in the previous fiscal year.

The main drivers of this growth are the high demand from key markets such as the US and Europe, which account for a large share of India’s textile and apparel exports. The AEPC projects a 10-12% rise in exports to the US and an 8-10% rise in exports to Europe in FY24.

Apart from the strong demand, other factors that will boost India’s textile and apparel exports in FY24 are:

The government’s initiatives, such as the PLI scheme, to support the textile and apparel sector.

The growing global popularity of Indian textile and apparel products.

The rising demand for eco-friendly and ethical fashion items.

The AEPC’s forecast of $50 billion in textile and apparel exports for FY24 is a positive sign for the Indian economy. The textile and apparel sector is a major source of employment in India, and its growth will create jobs and spur economic development.

Emma Chamberlain, a multi-talented internet star, grew up in Northern California, where nature is abundant and diverse. She collaborated with Levi’s®, a brand that also originated in the same region in 1853 and became famous for its jeans. 

The Levi’s® x Emma Chamberlain collection is a tribute to the natural beauty of Northern California, with six cozy pieces that reflect Emma’s thrift store style. The collection has earthy colors, a unique tree ring print, and vintage-inspired shapes. 

It includes a Boxy Jacket, a Mockneck Sweater, a Fitted Knit Top, a Midi Skirt, Trousers, and 501® Originals. Emma Chamberlain said that the Levi’s® team helped her turn her ideas into reality and that the collection is nostalgic, outdoor-inspired, and timeless. She wanted to capture the essence of Northern California and create pieces that she would love to wear.

Apparel Group's Leading Designer Lifestyle Brand Honored for Branding Excellence

Tommy Hilfiger, Apparel Group's leading designer lifestyle brand, has been awarded the prestigious Superbrand status at the Superbrands Award 2023. This recognition is a testament to Tommy Hilfiger's exceptional ability to grow and exceed in the competitive market, reinforcing its status as a leading brand in the global fashion and lifestyle industry.

The Superbrands organization is renowned globally as an independent authority and arbiter of branding brilliance. The accolade is bestowed upon brands that demonstrate relentless pursuit of quality, innovation, and customer satisfaction.

Tommy Hilfiger's unique ability to resonate with consumers, offering products and experiences that stand out in the marketplace, is evident in its success in the highly competitive fashion and lifestyle industry. The brand's commitment to quality, innovation, and customer satisfaction is further solidified by this prestigious recognition.

The recognition of Tommy Hilfiger as a Superbrand is also a testament to Apparel Group's exceptional ability to nurture and grow brands in the competitive market. 

The group's strategic commitment to excellence and innovation is reflected in the success of its portfolio of brands, which includes some of the world's leading fashion and lifestyle brands. Apparel Group's strong position in the global market is further solidified by this prestigious recognition.

Overall, this award is a significant achievement for Tommy Hilfiger and Apparel Group, and it serves as a validation of their commitment to delivering exceptional products and experiences to their customers.

In a remarkable stride towards eco-conscious textile production, Birla Cellulose, a leading division within the Aditya Birla Group, has unveiled its revolutionary Circular Fiber Blend. This game-changing innovation boasts an impressive 50% mechanically recycled fiber content while maintaining exceptional yarn strength, ushering in a new era of sustainable fabric and garment manufacturing.

What sets this Circular Yarn Blend apart are its outstanding sustainability credentials. It has received recognition from the Global Recycle Standard (GRS) for its use of Pre-& Post-Consumer Waste (PCW) materials, holds the Recycled Claim Standard (RCS), FSC certification, and High Index certification. Moreover, the inclusion of blockchain technology ensures complete traceability throughout the supply chain, emphasizing transparency and accountability.

This innovation is a formidable response to various environmental challenges in the textile industry. The mechanical recycling process employed significantly reduces energy consumption and minimizes greenhouse gas emissions, consequently shrinking the carbon footprint. Additionally, it utilizes minimal water throughout its lifecycle and eliminates the need for additional dyes or pigments through in-situ coloration.

ManMohan Singh, Chief Marketing Officer of Birla Cellulose, expressed their commitment to addressing critical issues and fostering eco-friendly practices. This initiative is poised to encourage the textile industry to adopt sustainable alternatives while upholding the highest quality standards.

Birla Cellulose's cutting-edge approach combines recycled fibers with their proprietary cellulosic fibers, ushering in a new era of textile manufacturing with 50% pre and post-consumer waste content. This breakthrough marks a significant leap toward a more sustainable and environmentally responsible textile industry.

The late 1990s and early 2000s was the period of Y2K fashion. From flip-phones to over-the-top high-contrast colors, the low-rise jeans, the flared pants and space-age clothes jumbled up with pigtails, dazzling sneakers, metallic sheens and unique textures, Y2K fashion reflected the breakaway time from one millennium to another. As the 2000s settled down and the Y2K-technolgy anxiety faded away, so did Y2K fashion, replaced by a more toned-down sartorial expression which the millennials fostered. 

Then Gen Z arrived and decided they were not the millennial followers after all and set the fashion trend and tone for their generation. That’s when Y2K fashion got its seat back at the fashion table as Gen Z was its new patron. Paris Hilton, Brittney Spears, Sarah J Parker, Jennifer Lopez came out from the woodwork with their metallic tops, short and pleated skirts, baby t-shirts with zany graphics, sparkles everywhere and a lot of multicolored sass. Celebrity stylist Samantha Brown said in a recent interview in New York that Gen Z is moving the needle in fashion because they’re young, fresh and all about looking cool and casual. They’re determining what’s in style and watching the ‘IT’ girls, who are making each resurfaced trend their own.

Top influencers of Y2K fashion amongst Gen Z

They aren’t hard to spot at events, sporting the revival of Y2K fashion. A-list fashionistas like Sydney Sweeney, Bella Hadid, Sophia Richie and Kendall Jenner are out there, defining the fashion trends for fashionistas worldwide. They’ve won the thumbs up from Gen Z with the exposed bra, the micro-shades sunglasses and jorts. While gaudiness was a core component to the aesthetic that dominated the late ‘90s and early 2000s, the excess isn’t the only defining feature of fashion from that period. Y2K fashion re-emerged with labels like Versace and Blumarine including some of the trend’s nostalgic influences into their Spring/Summer 2023 collections. Blumarine teamed butterfly tops and low-rise jeans, while Versace enlisted Paris Hilton to model a sequined mini dress, essentially a pink version of her iconic 21st birthday party look from 2002.

The 2023 version of Y2K wear has combined a mix of style –genres. The looks have been remixed to be much more than bejeweled butterflies, low-rise jeans, boot cuts and diamante belly piercings. A new trend amongst TikTok fashionistas is to showcase bits and bobs of grunge, rave and the 2010 bling fashion into the mix. The extravagant Y2K fashion has been toned down just a little bit as if it’s an attempt to be a genre of its own. 

A New York trend analyst Casey Lewis points out numerous micro trends — often tagged with the suffix ‘core’ — have emerged in the past few years. In fact, she created a newsletter about them. From ‘Barbiecore’  to ‘mermaidcore’, which highlight the hot pink reminiscent of Mattel Inc.'s Barbie doll or sheer materials with ocean-like hues and sequins. And there is ‘coastal granddaughter’ that emerged from the youthful update of the ‘coastal grandmother’ trend featuring oversized cardigans and linen sets. The list is long indeed. What’s more retailers have been pushing these trends and consumers have been quick to pick them up.

For example, sales of women’s cargo pants increased a whopping 81 per cent from January to May, reveals Circana data, which tracks retail purchases. Fast fashion brands H&M and Zara saw success with biker jackets, denim garments and crop tops. Chinese fast-fashion retailer Shein,  saw its baby tee sales triple this year, making them by far the hottest T-shirt style of 2023.

Some fashion revivals from Y2K 

Exposed bras are a thing teamed with over-size T-shirts where the collar continues to slip off the shoulder or into cleavage. Wearing innerwear as outerwear are back in town as thongs peek boldly above low-rise jeans and embellished bras pass off as tops, teamed with jorts, i.e. jeans cut off just above mid-thigh. Supermodels Bella Hadid and her best friend Kendal Jenner brought back the “no pants” look in one-piece upper torso body suits paired with sheer stockings in late 2022 and early this year Jenner’s other sister Kylie killed it with her Instagram post “No pants, no problem #Y2K”. Another trend that returned was the Brittney inspired dress over jeans, but this time it could be termed as layered dressing over jeans as summer dresses are accessorized with bell-sleeved cut-away cardigans, all worn over a pair of jeans. The over-sized belts with chunky and sparkly buckles are now quite the rage coupled with at early 2000s trend on undone top buttons on jeans and skirts. 

Revival to reform

The good news that will certainly calm those concerned with sustainability and circularity in fashion will be pleased to know that the revival of Y2K fashion has brought out the best in pre-loved clothing as many attics are being plundered to bring out an aunt’s long cherished pieces back into play. 

Growth in RMG export

Bangladesh's RMG export reached US$ 11.61 billion during the July-September period of fiscal year 2023-24, up from US$ 10.27 billion in the same period of FY 2022-23, indicating 13.07% year-over-year growth.

Knitwear export grew by 19.70% year-over-year, while woven garments export grew by 4.97% year-over-year.

In September 2023, the country's RMG export grew by 14.46% year-over-year.

Challenges and opportunities

The global economic slowdown is a challenge for Bangladesh's RMG sector, as global import by Bangladesh's major markets is declining.

The increase in raw material prices, fuel, gas-electricity, and other production costs is also a challenge for the sector, as it is causing inflated prices of goods.

Despite the challenges, Bangladesh's RMG sector is showing resilience. The growth in export is being driven by the emerging diversity in product range within the industry and the appreciable progress in higher value addition.

Recommendations

Bangladesh should focus more on the future possibilities and diversification when it takes further expansion plans.

The country can direct its investment towards the future by focusing on diversification, technology, and innovation.

Overall

Bangladesh's RMG sector is showing resilience despite the global economic slowdown. The country should focus on diversification, technology, and innovation to maintain its growth momentum in the long term.