Go Sport expects a return to profit in 2023 after 17 years of losses.

The sporting goods retailer, based in France, was bought by Hermione People & Brands from the Rallye group in late 2021 for a symbolic one euro. It has 2160 employees. The retail chain has 223 stores, 80 of which are owned by the company.

Go Sport is a retailer of sports goods catering to women, men and children. The company offers sports outfits, gym equipment, bicycle, jersey and track pants, thereby providing a one-stop shop for sports accessories.With a 16 percent market share in its home country of France, Go Sport is that country’s second largest sporting goods retailer. Go Sport has established itself as a seller of major brand names while also promoting its own labels, Go Sport, for its sporting goods, and Wannabee, for its sports-related clothing.

Go Sport’s own label sales account for less than 20 percent of its sales. Go Sport will step up its number of new store openings to as many as 30 new stores per year. Targeting primarily midsized cities, the average Go Sport has roughly 1,500 square meters of selling space. Go Sport also has been targeting international growth.

China has cancelled purchases of US cotton. This is the largest purchase cancellation in a decade in fresh signs of demand headwinds for the world’s biggest exporter. China nixed 1,44,400 bales of purchases for the week ended December 15, 2022. This has been the biggest weekly cancellation since June 2012. It pulled down overall American sales.

China’s demand has slowed due to Covid lockdowns and a contraction in manufacturing. The Asian nation is the world’s biggest importer of the fiber and the biggest US customer.Cotton futures tumbled as much as 4.5 per cent on ICE Futures US, on pace for the biggest loss since November 21. The price has plunged more than 45 per cent since reaching a decade high in May amid mounting demand worries.

International sanctions against cotton produced in the region of Xinjiang, by far China’s largest producing province, are also keeping more of the fiber at home, reducing Chinese imports of yarn.China’s cotton consumption in the 2022/2023 crop year that began in September 2022 was 7.5 million tons, 2,00,000 tons lower than the forecast. Growing enthusiasm by farmers to sell corn ahead of next month’s Lunar New Year holiday as well as easing Covid restrictions on movement have boosted supply of the grain, pressuring the market.

Pakistan’s textile exports are in free fall. So says All Pakistan Textile Mills Association (APTMA).

The sector is currently operating at less than 50 per cent capacity utilization. The decline is caused by the Ukraine crisis, the floods in Pakistan, supply chain disruptions, liquidity constraints, energy shortages, and non-functioning of new projects.

Since floods have destroyed the cotton crop, only five million bales are available this year while the industry requires 14 million bales. Foreign exchange issues have curtailed the import of cotton and other essential inputs for exports. The cost has increased by 20 per cent due to demurrage /detention and delays.

A very substantial number of jobs have already been lost and many more are to follow if remedial measures are not urgently undertaken. Among these are exempting export-oriented sectors from import controls allowing letters of credit for raw material machinery, spare parts and other items to restore the industry’s supply line, and refunding all demurrage and detention charges incurred by the EOU sector to maintain competitive costs for exports and clearing all imports of export-oriented sectors which have arrived at parts whether against letter of credit or cash against documents. A moratorium on capital repayment for the textile sector has also been suggested.

As European cities are leading the way in sustainable shopping – from purchase of pre-loved clothing and accessories to eco-friendly packaging, Savoo conducted a survey amongst Europe’s 30 most populous nations. The research was based on the metrics: Sustainable Development Report (SDR) ranking, recycling rate, consumption footprint, waste per capita, and the number of flea/street markets and antique stores. Savoo is a pan-European money-saving and online-fundraising platform that offers shoppers excellent discount deals and when these deals are used, a percentage is donated to several charities across Europe. As per the survey, Finland leads the SDR, what’s more Zara has listed used apparels.

Finland leads the way

Based on the Sustainable Development Report’s ranking of all 193 UN Member States, Finland sits on top with 86.51 score out of a possible 100. The other top-10 European countries were: Denmark, Slovenia, Austria, Sweden, the UK, the Netherlands, Belgium, Spain and Germany. In overall score, Finland was rated alongside Denmark with 7.2 points, Slovenia and Austria with 7 points, Sweden with 6.9 points, the UK with 6.5 points, the Netherlands with 6.4 points, Belgium 6.2, Spain 6.1 and Germany 5.9 points.

Finland has the distinction of having reduced its consumption by an impressive 20.37 per cent between 2010 and 2020, which is considered the fourth biggest reduction after Italy at 26.03 per cent, Sweden at 21.99 per cent and Greece at 20.75 per cent. The UK had the worst score in this regard, with a – 26.09 per cent.

The survey however found that Finland had only 53 flea markets and antique stores for its population of 5,540,720, which puts it behind other European nations. Additionally, its recycling rate amongst the top 10 European countries rated as per the Sustainable Development Report ranking was on the lower side at 41.6 per cent compared to Germany leading with 67.1 per cent and Slovenia at 59.3 percent. Spain was reported to be the least recycle-friendly country within the top 10, with 36.4 per cent. Finland recorded a textile waste per annum at 14,934 tonnes which was on the lower side as well, when compared to Germany wasting 391,752 tonnes of textile per annum.

Malta is the worst in sustainable shopping

The report also compiled the top 10 European countries that have the least sustainable shopping practices. Heading the list is Malta with an overall score of 4.4 points, followed by Ireland with 4.6 and Greece 4.8 points. The tiny country of the super-rich, Luxembourg scored 5 points along with Romania and Portugal. The relative less affluent Bulgaria and Hungary fared better with 5.2 and 5.3 points respectively. Lithuania and Croatia ended the list with 5.4 and 5.5 points respectively.

Zara has the most-listed used apparel

Savoo spread the research across resale apparel platforms Depop, eBay, Vestiaire Collective, and ASOS Marketplace to find that Zara was at the top. Depop has the most Zara items listed at 439,696 and a total number of listings standing at 670,616 items. Sports brands Nike and Adidas were at the number two and three spots with total listing of 610, 141 items and 467,025 items respectively. H&M came in fourth with 407, 216 listed items. In terms of monthly average searches for pre-loved items, luxury brands Louis Vuitton, Chanel and Gucci were the most searched at 5400, 2900 and 2400 searches. Interestingly, luxury pop fashion brand Prada had only 1300 searches per month and iconic British brand Burberry a thousand.

Stephanie Linnartz is chief executive at Under Armour. She comes from the hotel chain Marriott, where she served in various roles for the last 25 years. But her experience in e-commerce and branding strategy is expected to help revive sales at the apparel maker.

Linnartz takes over at a time when the company is grappling with uncertain demand for clothes and discretionary items as decades-high inflation curbs consumer spending.

Under Armour based in the US cut its annual guidance last month, pressured by promotions and a stronger dollar. Its stock has more than halved so far this year. Under Armour is a global innovator and leader in athletic performance apparel, footwear, and accessories. At the end of 2021, approximately 40 percent of fabrics used in the company’s apparel and accessories were made from materials capable of being recycled.

Under Armour aims at eliminating 100 percent of biocides in its products by 2025.Other objectives are advancing low-impact manufacturing, reducing the environmental impact of its materials, and targeting net-zero emissions by 2050. Under Armour will work toward reducing the environmental footprint associated with its products and operations while accelerating its social and community impact. The company has a renewed commitment to continuous improvement, industry wide collaboration, and transparent communication with stakeholders in the ongoing sustainability journey.

Sri Lanka’s garment exports grew by 15 per cent during January 2022 to October 2022.

During the same period, textile exports from the island nation increased by four per cent year on year (YoY). However, exports of other made-up textile articles fell by seven per cent. Exports of textiles, garment, and other made-up textile articles together accounted for 56 per cent of all industrial exports from Sri Lanka during the period under review. Exports of all textile products from January 2022 to October 2022 were 14 per cent higher than shipments during the same period last year.

In October 2022, garment and textile exports from the South Asian nation fell by 13 per cent YoY. Garment exports decreased by 12 per cent while textile exports fell five per cent. Exports of other made-up textile articles were down by 39 per cent. On the other hand, imports of textiles and textile articles rose by six per cent while clothing and accessories imports were up by four per cent during January 2022 to October 2022.

But despite impressive exports so far in 2022 the industry envisages a 25 per cent to 30 per cent decline in the remainder of the year. This is mainly due to the economic downturn’s impact on future orders from the US and EU, while the war in Ukraine has pushed up logistics and energy costs.

Bangladesh has strengthened its position as the global leader in green apparel factories.

The country now has 180 such factories with United States Green Building Council’s LEED certification (certificate for green factories).Two more Bangladesh garment factories have achieved green building certification from the USGBC in the gold category in December. Bangladesh has achieved 27 green building certification in 2022, including 13 in platinum category which is the highest in a year, so far.

Of the total 180 green certified factories, 58 are platinum-rated, 108 gold-rated, 10 silver-rated and four are only certified.Besides, some 550 are also in the pipeline to get the USGBC’s LEED certification. USGBC honours factories based on several criteria – transformation performance, energy, water, and waste management. The best performers are rated with platinum, followed by gold and silver.

Bangladesh, the second largest readymade garment exporter in the world, has taken a leading position in sustainable green industrialization. After independence in 1971, Bangladesh was held up as an example of a failed state. People were used to thinking of the Bangladesh readymade garment industry as a place of forced labor, child labor and small factories. It’s hoped that about ten per cent of the total readymade garment sector in the next decade will use green technology.

Orta has been certified as the first denim mill to use locally sourced, sustainably farmed GMO-free Turkish Cotton. This partnership expands Orta’s Bluesky mission of using the most sustainable, climate-positive cotton fibers possible.

Orta is constantly searching for more eco-conscious, circular solutions that support sustainable farming and sustainable consumption.This new partnership with GMO-free Turkish Cotton meets critical environmental and social compliances important to Orta’s Bluesky mission. Orta can now source certified local fiber that covers a better practice than conventional systems due to non-GMO content. It supports Orta’s Bluesky mission of climate justice and social justice, producing less carbon emissions with shorter, local transportation, while supporting local economic growth.

The GMO-free Turkish Cotton program eco-certifies its transparency and traceability, which is important to Orta’s leading denim brand partners and eco-conscious consumers.By partnering with the GMO-free Turkish Cotton project, an initiative launched by the İzmir Commodity Exchange and the National Cotton Council of Turkey, Orta strengthens its climate-conscious innovation goals, enabling more local sourcing aimed at significantly reducing carbon emissions.The goal for better, natural and sustainable cotton is imperative today, especially given that cotton comprises an estimated 50 percent of all fabric produced worldwide. Alongside Greece and Spain, Turkey is a leading country in producing GMO-free cotton.

Black Design Collective has partnered with TUKAweb.

The aim is to bring fashion tech and education to underserved designers in the US apparel industry and provide an exclusive platform offering affordable online training, fashion design, presentation, and production software to members of the BDC community. Both Black Design Collective and TUKAweb are based in the US.

BDC promotes scholarship, mentorship, and entrepreneurship within emerging generations of black fashion design talent. Through this work, BDC aims at ultimately fostering an independent and self-sustaining black fashion community.

TUKAweb, a fashion technology company, develops software and machinery for apparel product development and garment manufacturing.As part of this alliance, TUKAweb will support the amplification of BDC’s mission by providing professional software, manufacturing equipment, and training resources to chapters of BDC.

The core initiative of the alliance between TUKAweb and BDC is to establish a culture of professional education and training.The programs created through this alliance will consist of the use of both software and hardware technologies. Participants will be taught the complete cycle of the garment making processes from concept to consumer, including but not limited to 3D design, virtual models, pattern design, grading, marker making, plotting, digitizing, and laser cutting.

Fashion circularity is no longer a concept celebrated in industry forums and seminars but a living lifestyle choice as rentals are growing phenomenally. Owning a fashion piece is no longer in, it’s all about usability. Rented wardrobes may soon become the norm as consumers are expressing their preference to used pre-loved items than buy new ones.

Making fashion statements with rentals

As per Tracxn, a growing rental market, India currently has over 40 reputable high-fashion rental startups online. The high and mighty Harrods has partnered with MY Wardrobe HQ, offering a $10,000 bespoke outfit for rent of $134 a day. The idea of hand-me-downs being second best is over. Increasingly, circular retail products will be seen as better than new.

Levi’s, the all American jeans now offers to take back its used jeans, repair and resell at a lower price. Fast fashion brand H&M has an online portal where it communicates extending the life of clothing through their Re-Wear scheme. IKEA’s BuyBack scheme offers IKEA credit to those who return used furniture that is repaired or touched up for reselling. British home store brand John Lewis has partnered with Fat Llama and offers a 500-line rental furniture targeting Airbnb.

Apple began offering discounts with trade-ins in 2013. Apple then refurbishes these trade-in-devices and resells them into emerging markets such as India, Latin American and Africa. This has helped Apple capture consumers in emerging markets successfully.

According the Grand View Research, traditional renting is expected to register a CAGR of more than 8.7 per cent during the forecast period of 2022 to 2023. Traditional clothes are worn during festivals, at rare and special occasions thus, are used very less. Hence, consumers prefer renting them instead of purchasing them. The global online clothing rental market was worth $1.12 billion in 2021. It is expected to expand at a CAGR of 8.7 per cent from 2022 to 2030. Online rental market set to grow The online clothing rental market is expected to expand due to increasing online retail. It is the primary driving factor for this growth. Moreover, technological advancements, internet penetration, and the increasing popularity of online shopping portals during the last few years are the factors driving the market. Furthermore, the rise in popularity of fashion vlogs, the film industry, and the TV industry is expected to fuel market growth. These industries require clothes for a short duration and thus, they prefer renting them instead of buying them.

Soaring demand for luxury designer dresses, as well as continuous shifts in consumer fashion sense, are the factors predicted to fuel the rise of the online garment rental sector. In addition, consumers’ increased spending on fashionable pursuits as their disposable income rises, coupled with the rapid growth in the number of fashion brands, is a major element driving the market.

Manufacturers' increased attention to children's segments is expected to provide profitable market opportunities in the coming years. Kids have become more style- and brand-conscious as a result of their parents' changing lifestyles, which is likely to boost the growth of the online clothing rental space. However, the industry is significantly fragmented in nature due to the presence of several unorganized manufacturers selling low-cost, non-branded goods, which can act as a restraint and hamper market growth.

According to a report published by the Royal Geographical Society with IBG in 2020, at the beginning of the pandemic, consumer spending on apparels was reduced by more than 50 per cent in major markets including the US, UK, and Germany. This is a clear indication that developed economies are leading the rental movement by using pre-loved clothing rather than buying new ones. Fashion circularity is now gearing to replace wasteful fast fashion.