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Hugo Boss has announced a multi-year design partnership with iconic celebrity David Beckham. A significant step for the German fashion giant's Boss brand, this collaboration will involve Beckham designing and curating both formal and casual menswear collections for the brand. The first of these collections will debut for Spring/Summer 2025, following Beckham's appearance as a campaign star for Fall/Winter 2024.
This partnership is described as the first of its kind for Boss Menswear, promising to evolve the brand's collections with innovative designs that blend the style and aesthetic values of both David Beckham and Boss. The collaboration aims to appeal to a broad global audience over the coming years.
Highlighting his desire to invest more time in design and fashion, Beckham looks forward to unveiling the results of their collaboration, starting with the Fall/Winter 2024 campaign.
Since retiring from football, Beckham has successfully launched multiple businesses and endorsement deals, often collaborating with the super-successful Authentic Brands Group. This partnership has allowed Beckham to further expand his brand, demonstrating the synergy between strong brands and top-tier partners.
Hugo Boss has been actively reinventing its Hugo and Boss labels, incorporating celebrity collaborations for both campaigns and design ventures. Earlier this year, Boss announced a travel-focused womenswear collection with Naomi Campbell, underscoring the brand's commitment to high-profile partnerships.
Overall, this collaboration between Hugo Boss and David Beckham promises to bring fresh, captivating designs to the global fashion scene, reinforcing both the Boss brand and Beckham's influential presence in the fashion industry.
Under Armor announced a comprehensive restructuring plan following a significant 10 per cent drop in sales within its largest market, North America, and a forecast predicting further decline throughout the current fiscal year.
The athletic apparel retailer's profits plummeted by over 96 per cent in its fiscal fourth quarter compared to the same period last year. The company has not disclosed how many employees will be laid off as part of the restructuring, which is expected to cost between $70 million and $90 million, partially allocated for employee severance and benefits.
In Q4, FY24, Under Armor’s net income declined to $6.6 million from $170.6 million, a year earlier. Excluding one-time items, earnings were 11 cents per share.
Sales fell by 5 per cent to $1.33 billion from $1.4 billion the previous year. North American sales dropped 10 per cent to $772 million, missing analysts' expectations of $780 million according to StreetAccount.
Under Armor projects North American sales to decline between 15 per cent and 17 per cent in the current fiscal year. Kevin Plank, CEO attributed the decline to lower wholesale demand and inconsistent business execution, emphasising the need for strategic decisions to enhance the brand's premium positioning, despite short-term financial pressures.
The company anticipates a ‘low-double-digit percentage rate’ revenue decline this fiscal year, contrary to analysts' expectations of 2.1 per cent growth according to LSEG. To improve gross margins, Under Armor plans to reduce promotions and discounting, expecting an increase of 0.75 to 1 percentage point for the fiscal year.
This turbulent quarter follows the recent departure of former CEO Stephanie Linnartz, who left after less than a year in the role. Kevin Plank, the company's founder, has resumed the CEO position. Linnartz was the second CEO to leave within two years, having been hired for her success with Marriott's Bonvoy loyalty program and digital revenue growth, despite her lack of retail experience. Before her departure, she revamped the C-suite and expanded the loyalty program, pivoting towards more stylish athleisure options aimed at women.
Plank aims to reverse some of Linnartz's initiatives, refocusing on the core men’s apparel business, which he believes suffered due to a shift in focus. He emphasised that this does not mean deprioritizing footwear or women’s business but highlighted that men’s apparel would be the highest priority.
As part of the reset, Under Armor plans to reduce its style counts by 25 per cent over the next 18 months and shorten product development cycles from 18 months to 6-12 months. This restructuring will streamline operations, reduce silos, and align staff efforts with the primary goal of selling more shirts and shoes.
Kim Glas, President and CEO of the National Council of Textile Organizations (NCTO), has praised the US Department of Homeland Security (DHS) for adding 26 Chinese textile companies to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List. This expansion brings the total number of entities banned from importing goods into the US to 65, reinforcing efforts to curb forced labor in global supply chains.
Glas emphasized the importance of this move in combating the influx of slave labor cotton and man-made fibers from Xinjiang, China, into the US market. She noted that 76 per cent of Chinese cotton products contain Xinjiang cotton, which infiltrates global supply chains and undermines US textile producers. The influx of these products has led to the closure of 17 American textile plants in recent months, resulting in significant job losses.
The expanded Entity List aims to enforce anti-forced labor legislation more rigorously and sends a strong message to offenders. However, Glas argues that more companies outside China should be scrutinized for their involvement in forced labor. She also calls for closing the de minimis loophole, which allows uninspected imports of slave labor goods and other harmful products directly into the US.
To further mitigate economic harm and enforce UFLPA, the NCTO recommends increased inspections, expanded isotopic testing of shipments, and enhanced verification measures with Western Hemisphere trade partners. These steps are part of a broader DHS strategy to protect the US textile industry and deter entities that exploit forced labor.
Glas concluded by stressing the critical need for comprehensive enforcement actions to safeguard domestic manufacturing and uphold labor standards.
Trutzschler Group is gearing up to showcase its trailblazing advancements in spinning, card clothing, and nonwovens at ITM Istanbul, Turkey, running from June 4th to June 8th, 2024. The spotlight will be on Booth 714A in Hall 7, where visitors can witness firsthand the pinnacle of textile technology.
In the realm of spinning, Trutzschler will unveil a trifecta of innovations addressing crucial customer demands: heightened efficiency, sustainable raw material utilization, and intelligent automation. Their showcase will feature the TC 30i card and IDF 3 integrated draw frame, alongside the innovative TCO 21XL, heralded as the world's premier 12-head comber. Moreover, the introduction of Truecycled, a brand dedicated to textile recycling, underscores Trutzschler's commitment to sustainability.
Trutzschler Card Clothing (TCC) will present a comprehensive array of technologies, with a focus on Supertip, renowned for its durability and precision, elevating yarn quality and operational uptime. Emphasizing sustainability, TCC will highlight its contributions to recycling applications.
In the domain of nonwovens, Trutzschler will shine a light on premium, sustainable solutions tailored for flushable and baby wipes, alongside innovations like the T-Suprema needle-punching line, catering to diverse industrial applications.
ITM Istanbul 2024 promises to be a pivotal event, offering industry stakeholders a glimpse into the future of textile manufacturing with Trutzschler at the forefront of innovation.
Texworld Apparel Sourcing Paris's trend book, ‘IMPERFaiCTION’, for the Autumn-Winter 2025-2026 season delves into the juxtaposition of human limitations against the burgeoning potential of artificial intelligence. The collection, created by artistic directors Louis Gérin and Grégory Lamaud, offers a poetic interpretation of human flaws and frames our biological reality as a "zone to defend."
Set to debut from July 1-3, 2024, at the Parc des Expositions, Porte de Versailles, the trend book presents four distinct themes:
Confrontation: This theme highlights the stark contrast between AI's limitless capabilities and human fragility. The color palette is rooted in nature with ivory, soft green, and woody tones, complemented by protective, fluffy textures inspired by the geological world.
Seduction: Here, the allure of AI is at its peak. The theme celebrates life's vibrancy through organic textures, human motifs, and mineral inlays. The colors range from carnal and languorous to bright and floral, encapsulating the enchanting phase of technological fascination.
Alienation: As AI dominance grows, human autonomy diminishes. This theme showcases warm, assertive colors applied to life-like materials, featuring draped textures and embroidery, symbolizing the encroachment of AI into every aspect of life.
Annihilation: In the final theme, AI completely overtakes humanity, leading to our erasure. The color scheme is stark and mineral, with technical fabrics creating smooth, metallic, and lunar-inspired textures.
These themes will be featured in two Trend Forums: one for fabrics at Texworld Paris and another for finished products at Apparel Sourcing Paris. Visitors can explore the curated looks, fabrics, and products, offering a comprehensive glimpse into the envisioned future of fashion.
Maintaining a robust trajectory, Pakistan’s textile exports reached $13.68 billion during the first ten months (July – April) of the fiscal year 2023-24.
Representing a marginal decline of 0.19 per cent compared to the same period in the previous fiscal year, this figure highlights the resilience of Pakistan's textile sector amidst global economic fluctuations.
According to a report by the Pakistan Bureau of Statistics (PBS), despite the slight dip, several textile commodities experienced positive trade growth. Exports of raw cotton grew by an impressive 319.91 per cent, from $13.357 million last year to $15.944 million this year. Cotton yarn exports increased by 32.83 per cent, rising from $636.832 million to $845.923 million, while bed wear exports saw a 1.82 per cent growth, climbing from $2,249.778 million to $2,290.796 million.
Exports of towels also witnessed significant growth of 4.81 per cent, reaching $864.547 million from $824.879 million, and made-up articles rose by 0.67 percent to $589.026 million from $585.102 million.
However, exports of certain textile commodities experienced negative growth during the review period. For instance, exports of cotton cloth declined by 7.53 per cent, from $1,684.724 million to $1,557.909 million, while exports of cotton carded or combed decreased by 15.93 per cent, from $0.996 million to $0.837 million. Exports of yarns other than cotton yarn declined by 20.76 percent, dropping from $36.302 million to $28.766 million while knitwear exports dipped by 3.92 percent, decreasing from $3,712.066 million to $3,566.624 million.
Similarly, exports of tents, canvas, and tarpaulin decreased by 16.52 per cent, from $116.959 million to $97.632 million, and ready-made garments saw a slight decrease of 0.57 percent, declining from $2,904.693 million to $2,888.177 million. Additionally, exports of art, silk, and synthetic textiles experienced a decline of 12.08 per cent, dropping from $342.917 million to $301.496 million.
Despite these fluctuations, Pakistan’s textile exports witnessed a year-on-year increase of 0.37 percent, rising from $1,232.803 million in April 2023 to $1,237.316 million in April 2024. However, on a month-on-month basis, textile exports decreased by 4.84 percent compared to the exports of $1,300.288 million in March 2024.
Teejay Lanka PLC, Sri Lanka's pioneering multinational textile manufacturer, reported a significant net profit growth in the final quarter of the 2023-24 financial year. The company achieved a net profit of Rs 549.1 million for the quarter ending March 31, 2024, marking a 260 per cent increase over the same period last year and a 15 per cent rise from the previous quarter.
This impressive quarterly performance helped offset the year's challenges, which included the appreciation of the Sri Lankan Rupee. Despite an increase in sales volumes, quarterly revenue fell by 4 per cent from the third quarter and 12 per cent from the previous year, totaling Rs 15.3 billion.
For the full fiscal year, Teejay Lanka reported revenue of Rs 60.8 billion, a profit before tax of Rs 1.6 billion, and a net profit of Rs 1.1 billion, reflecting declines of 28 per cent, 49 per cent, and 48 per cent respectively from 2022-23 due to softer global market conditions. However, the company maintained a robust balance sheet with cash and equivalents of Rs 8.9 billion and net assets of Rs 30.1 billion. The net asset value per share was Rs 42, down 6 per cent year-on-year due to currency fluctuations.
CEO Pubudu De Silva attributed the Q4 profit growth to effective capacity utilization and stable yarn prices, expressing confidence for the future. Chairman Ajit Gunewardene highlighted strategic initiatives aimed at digitalization, ESG frameworks, cost reduction, new product development, and human capital enhancement as pivotal for future resilience.
Teejay Lanka's adherence to high standards is underscored by its ISO certifications and recognition by Transparency International Sri Lanka for corporate reporting transparency. The company's strategic backers include Brandix Lanka and Pacific Textiles, enhancing its market position and operational strength.
Italian textile machinery manufacturers are gearing up for a significant presence at the upcoming ITM industry trade fair in Istanbul from June 4 to 8, 2024. Turkey, as a key trading partner, holds immense importance for Italy's textile machinery sector, ranking second among foreign markets. In 2023 alone, Italian textile machinery exports to Turkey amounted to a substantial 183 million euros.
At ITM, Italian companies will showcase their cutting-edge solutions, with 16 exhibitors featuring in the area organized by the Italian Trade Agency and ACIMIT – the Association of Italian textile machinery manufacturers. These include renowned names like Bematic, Kairos, and Martex, among others.
Marco Salvade, President of ACIMIT, emphasized the strong partnership between Italy and Turkey in the textile industry, with Turkish manufacturers investing significantly in Italian technology over the years. Salvade highlighted Italy's leadership in supplying advanced technology, particularly in digitalizing production processes, which enhances efficiency and optimization.
The focus at ITM will be on showcasing the latest technological developments aimed at boosting the competitiveness of Turkish textiles. Italian exhibitors are poised to offer tailored solutions that align with the evolving needs of the Turkish market, reinforcing Italy's position as a preferred technology provider in the sector.
B.I.G. Yarns makes a grand entrance at Clerkenwell Design Week 2024, unveiling a groundbreaking fusion of sustainable craftsmanship, vibrant hues, and innovative design. As a pivotal moment for the design industry, the event serves as a global stage for B.I.G. Yarns to redefine the future of spaces with their eco-conscious yarn materials.
The spotlight shines on their array of future yarns, meticulously crafted from renewable sources and recycled content, including the revolutionary low-impact PA6 carpet yarn. Offering a comprehensive solution, B.I.G. Yarns presents their coveted Eqo-range, featuring the sustainably focused EqoBalance, EqoCycle, and EqoYarn, alongside Solution Dyed BCF PA6 nylon.
Glenn Hyzak, Global Sales Director Yarns, emphasizes the company's dedication to reducing environmental footprint while empowering designers with a spectrum of vibrant hues. At the heart of their ethos lies the belief that sustainability should not compromise artistic expression, evidenced by their eco-friendly yarn solutions that offer unparalleled color freedom.
Clerkenwell attendees are treated to an immersive experience at B.I.G. Yarns' booth, where the Sustainable Yarns platform takes center stage, guiding industry professionals towards responsible manufacturing practices. The Color Studio captivates visitors with a kaleidoscope of sustainable design options, showcasing the seamless integration of design, color, and sustainability.
Belinda Ottevaere, B.I.G. Yarns Key Account Manager, champions the convergence of design and sustainability, foreseeing a future where spaces are tailored to evoke sensory experiences. Initiatives like the 'Catch the Color' event empower designers to curate bespoke color palettes, revolutionizing the narrative from 'form follows function' to 'form follows feeling.'
Kraig Biocraft Laboratories, proudly reports significant strides in its spring production trials, marking a pivotal moment in the company's trajectory towards scaled manufacturing of spider silk. The firm remains dedicated to transparency, ensuring shareholders and the public are well-informed about its achievements and future plans. However, recent scrutiny from the OTC Markets Group regarding its investor relations (IR) program has prompted a review of its practices.
A recent editorial on 24/7 Market News, penned by a third-party contractor under the company's IR team, has garnered attention for its discussion on spider silk production advancements and potential market impacts. While Kraig Labs asserts the publication adheres to truthfulness and factual accuracy, it clarifies its lack of editorial control over the content.
Striving for compliance and transparency, Kraig Labs emphasizes the full disclosure of financial compensation to IR providers and cautions against speculative market predictions. Despite the rigorous adherence to regulatory standards, the company underscores its commitment to enhancing shareholder value through consistent communication and operational progress updates.
Moreover, Kraig Labs reassures stakeholders of its ethical conduct, highlighting no recent trading activities among company officers or third-party providers. The CEO's acquisition of a restricted non-tradable preferred share is duly noted, reinforcing the company's commitment to comprehensive reporting.
With optimism for the future, Kraig Labs anticipates continued growth and innovation in the field of recombinant spider silk, leveraging its recent achievements to propel market momentum and shareholder confidence.
