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In a significant move, the 80th Annual General Meeting of Lenzing AG, held on Thursday, April 18, 2024, saw the discharge of members from both the Managing and Supervisory Boards for the 2023 financial year. Additionally, the remuneration for Supervisory Board members for the 2024 financial year was established pre-emptively. KPMG Austria GmbH Wirtschaftsprufungs- u. Steuerberatungsgesellschaft secured the role of auditor for both the annual and consolidated financial statements for the fiscal year 2024.
Election results were also announced, marking transitions within the Supervisory Board. Markus Furst stepped down from his position at his own behest, having served since 2021. Cornelius Baur was elected as a new member, while Melody Harris-Jensbach’s tenure was extended until the 2028 General Meeting. The Supervisory Board now comprises ten members, with Cord Prinzhorn, MBA, elected as Chairman and Stefan Fida as Deputy Chairman in the subsequent constitutive meeting.
These developments reflect strategic shifts within Lenzing AG’s leadership structure, with an emphasis on continuity and fresh perspectives. The inclusion of new members and the extension of mandates signal a commitment to diverse expertise and sustained governance. Such changes could potentially influence the company's direction and decision-making processes in the coming years.
With the opening of 215 new stores, the retail sector in India expanded by 44 per cent during Q4 FY2-23-24 compared to the preceding quarter.
As per IndiaRetailing Insights, this growth could be attributed to various factors, including strategic timing with festive periods like Makar Sankranti, Pongal, and Holi, which typically witness heightened consumer spending. Berry Singh, COO,
Ace Turtle, notes, retailers often strategically align store openings with these festivities to leverage increased consumer activity. Moreover, Q4 presented an opportunity for retailers to expand their presence ahead of the new financial year.
Anshuman Magazine, CEO, CBRE India, highlights, 2023 witnessed record leasing activity in the retail sector, with notable increases in prime retail space absorption across major cities. This leasing boom, reaching a historic high of 7.1 million sq ft, contributed significantly to the retail space demand, especially in newly completed malls.
Region-wise, the North and West regions experienced substantial growth in new store launches, with a 57 per cent and 55 per cent increase respectively in Q4 compared to the previous quarter. Meanwhile, the South region saw a slight decline of 2 per cent, while the East region nearly doubled its store launches, indicating emerging retail potential in that area.
Several prominent brands contributed to the surge in store openings during Q4, including international names like, Gap, Levi’s, H&M, and Louis Philippe. The retail landscape also witnessed significant acquisitions and partnerships, with Reliance Brands acquiring the UK-based Asos, while Tata Group's Misbu announced its entry into North India.
In terms of fundraising, various direct-to-consumer (D2C) brands and retail players secured significant investments totaling over Rs 1,105 crore in the fourth quarter.
In an article titled ‘Five trends for knits & woven fabrics watch out for AW23/24’ published in May 2022, Fashion United discusses a few trends for woven fabrics for the Autumn/Winter 2024 season. Here's a quick rundown of these mentioned trends.
For Autumn/Winter 2024, woven fabrics will focus on three main trends, says Fashion United. These include:
Fluid Structures: Woven fabrics that drape elegantly and can hold their shape to create flowy silhouettes with interesting waves, stitches, and textures will be in demand during the season. Luxurious and tactile fabrics like velvet, corduroy, and satin are likely to be popular choices for Autumn/Winter. These fabrics not only offer warmth but also add a touch of opulence to cold-weather ensembles.
Soft Focus: Moving away from overly-perfect fabrics, designers will focus on jumbled weaves, smokey effects, and even a touch of destruction for a more organic and interesting look. Soft jacquards with subtle light reflection and fabrics with a deliberately imperfect, rustic feel will also be in vogue during the season.
Crafted Luxury: Woven fabrics like tweed and velvet will get a refresh with a focus on a handmade aesthetic. Multi-colored irregularities and a soft, luxurious touch will add to the growing popularity of these fabrics.
Eco-Friendly Materials: Sustainability continues to be a key focus in the fashion industry. Look for woven fabrics made from eco-friendly materials such as organic cotton, hemp, recycled polyester, and Tencel. Brands may also explore innovative sustainable weaving techniques.
Bold Prints and Patterns: Woven fabrics featuring bold prints and patterns can add excitement to winter wardrobes. Expect to see statement-making plaids, checks, florals, and abstract designs that reflect the season's mood and aesthetic.
Premier international textile sourcing show, Intex Bangladesh 2024 will host participants from over 10 countries across the textile supply and value chain. To be held from May 30 to Jun 01, 2024 at the International Convention City Bashundhara (ICCB), the exhibition will be spread over 200,000 sq ft across four state-of-the-art convention halls.
Global and regional exhibitors will showcase their latest innovative, sustainable, fashion and functional products, services and solutions for Bangladesh’s booming textile and apparel industry. Serving as a B2B platform, the exhibition will help connect Bangladesh’s industry professionals with global manufacturers and exporters of fibres, yarns, fabrics, trims and clothing accessories, textile dyes and chemicals, printing and packaging as well as allied service providers such as Certification, Logistics, IT Solutions, Fashion Trends and Technology, bridging the gap in sourcing for the textile and apparel industry. Till date, Intex has successfully connected over 600 domestic and international textile companies with over 10,000 trade buyers, forging lucrative partnerships and enabling industry growth since 2018.
This year, Intex will once again host the ‘Made in India Textiles Pavilion’ organised by The Cotton Textile Export Promotion Council (TEXPROCIL) and Powerloom Development & Export Promotion Council (PDEXCIL) under the aegis of the Department of Commerce, Ministry of Commerce & Industry, Government of India.
Intex Bangladesh 2024 will also host country pavilions and group participation from India, Sri Lanka, Bangladesh, China, Hong Kong, Thailand, Malaysia, Indonesia, Uzbekistan, UK, USA and more. The exhibition will showcase high-end value-added garment products focused on man-made fibers, sustainable practices, and value-added solutions to enhance product quality, functionality, and design.
Offering a dynamic learning environment, Intex Bangladesh will host industry seminars and conferences to help the Bangladesh garment industry adapt and enhance operations.
Arti Bhagat, Executive Director, Worldex India and Organiser, Intex Bangladesh says, the exhibition empowers Bangladesh’s RMG industry to seize the global demand for high-value, sustainable apparel. It also helps consolidate Bangladesh’s position as a leading apparel exporter by fostering knowledge exchange, innovation and crucial collaborations with international suppliers on this global platform.
The past editions of Intex were endorsed by the Ministry of Textile & Jute, Government of Bangladesh, Bangladesh Garments Manufacturers & Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA), Bangladesh Garment Buying House Association (BGBA), Thailand Textile Institute (THTI), Malaysia Textile Manufacturers Association (MTMA), Malaysia Knitting Manufacturers Association (MKMA), Sri Lanka Export Development Board (EDB), Joint Apparel Association Forum (JAAF), Russian Association of Fashion Industry (RAFI), India-Bangladesh Chamber of Commerce & Industry (IBCCI) and many others. We look forward to once again working closely with these leading industry trade bodies and business chambers for organising another successful edition of Intex in Bangladesh this year.
US-based textile manufacturer Cone Denim plans to launch Colourizd, a groundbreaking sustainable color technology for denim, at the upcoming Kingpins Show Amsterdam on April 24-25. Developed by Colourizd LLC, this innovative technology promises a diverse palette of colors and textures while streamlining processing steps and embracing a more sustainable approach to textile coloration.
Caitlyn Holt, Director-Innovation, Cone Denim notes, the new technology will boost the brand’s resource savings per yard produced. Marking a significant departure in textile coloration, the Quantum Colour technology in this innovation directly infuses the pigments and binders into yarn fibers. This advanced technique not only enriches yarn with vibrant hues but also eliminates traditional dye baths and lengthy wet processing, thereby reducing environmental footprint.
Emphasising on the technology’s transformative potential for sustainable fashion, Jennifer Thompson, CEO, Colourizd, highlights the partnership with Cone Denim as a testament to its efficacy in revolutionising textile coloration while promoting environmental stewardship.
Used in Cone Denim's Sustainblue Collection, the Colourizd technology offers tangible environmental benefits, including a 50 per cent reduction in energy use, a 73 per cent decrease in carbon footprint, and a remarkable 98 per cent reduction in water usage during dyeing processes compared to conventional methods.
The new Colourizd technology has been launched alongside Cone Denim's range of the community collection forest conservation fabrics. The launch supports the Rainforest Alliance's mission to combat deforestation, climate change, and promote sustainable livelihoods worldwide. Crafted from authentic Cone Deeptone Selvage, Cone's Forest Conservation denim features a distinctive green shade symbolising its commitment to forest conservation awareness. A portion of sales from these fabrics will be donated to the Rainforest Alliance, reinforcing Cone Denim's dedication to sustainable practices and a greener future.
Three fashion industry stalwarts—The Lycra Company, Eurojersey, and Marithé+François Girbaud—launched their collaborative collection known as Fit+Form+Function during Milan Design Week's Fuorisalone.
Designed by the creative duo behind Marithé+François Girbaud, the collection features cutting-edge Sensitive Fabrics by Eurojersey infused with Lycra fibers. Symbolising over 30 years of partnership between the Girbauds, Eurojersey, and The Lycra Company, the collection serves as a testament to their enduring legacy.
The capsule collection embodies a unisex manifesto, drawing inspiration from the symbolic messages and icons of the UN's 2030 Agenda for Sustainable Development. Each meticulously crafted piece is highly functional, easy to care for, and versatile, reflecting a commitment to timeless style and quality craftsmanship. Emphasising longevity, the collection champions the idea that fashion and sustainability can coexist harmoniously.
Each garment in the collection is adorned with small labels featuring brief messages on topics such as climate change, clean energy, and gender equality, alongside redesigned symbols representing the UN's 2030 sustainable goals. These labels serve as a means of personal expression, allowing wearers to showcase their values and beliefs.
India's textile exports declined by 16.3 per cent to $34.4 billion in the fiscal year 2023-24 from $41 billion in fiscal year 2021-22.
Among the various segments within the textile sector, exports of cotton yarn, fabrics, made-ups, and handloom products increased to $740 million in 2023-24 over the previous year, due to a rise in the exports of cotton yarn, according to data from the NIRYAT portal of the Union Ministry of Commerce and Industry.
Exports to North America led at $11 billion, followed by Europe at $10 billion, and West Asia and North African countries at $4 billion.
Israr Ahmed, Vice President, Federation of Indian Export Organisations (FIEO), said, the exports were mainly affected by the impact of geopolitical tensions on the global economy.
The impact of the persisting Red Sea crisis resulted in escalating sea freight by about 100 per cent along with a substantial increase in air freights of up to 200 per cent. Constituting 42 per cent of combined textile exports, RMG exports declined by 10 per cent in FY24 compared to the previous year.
Mithileshwar Thakur, Secretary-General, Apparel Exports Promotion Council (AEPC), expressed optimism regarding a potential recovery. He cited recent improvements in the past few months and anticipated benefits from Free Trade Agreements (FTAs) signed between India, the UK, and the EU. Thakur also mentioned government initiatives such as the Production-Linked Incentive (PLI) Scheme and PM MITRA Park, aimed at enhancing production capabilities in the textile sector.
However, the textile hub of Tirupur experienced a notable decline in exports from $4 billion in FY22 to $3 billion in FY24. Raja M Shanmugam, Former President, Tiruppur Exporters Association, attributed this decline to reduced demand for value-added garments in the US and Europe. He emphasised, government support is necessary to prevent Micro, Small, and Medium Enterprises (MSMEs) from exiting the sector. He also proposed initiatives such as the Government Emergency Credit Line Guarantee Scheme and moratoriums on dues for six months.
Archroma, a pioneer in sustainable specialty chemicals, and Cotton Incorporated, a key player in cotton research and promotion, have extended their partnership for another eight years. The collaboration, initiated in 2016, aims to expedite the transition towards a more sustainable circular economy.
Originating from the United States, the world's third-largest cotton producer and foremost exporter, sustainable cotton fiber serves various industries, alongside byproducts like burs and stems. Recognizing the untapped potential of these byproducts, Cotton Incorporated approached Archroma to develop dyes derived from them.
Leveraging Archroma's century-long expertise in sulfur dye innovation, the research team utilized their EarthColors technology to produce Diresul Earth-Cotton from U.S. cotton byproducts. This innovative dye, an eco-friendly alternative to conventional oil-based dyes, enables brands to offer textiles in warm, natural hues, utilizing cotton for both fabric and dye production.
Mary Ankeny, Vice President of Product Development at Cotton Incorporated, emphasized the commitment to advancing circularity through innovative collaborations like this. Umberto De Vita, Market Segment Director for Denim at Archroma, echoed the sentiment, highlighting the partnership's role in propelling the textile industry towards sustainability.
The renewal of this collaboration underscores the pivotal role of synergy between industry leaders in driving sustainable innovation across the textile value chain.
The convergence of digitalization and sports is ushering in a new era of fitness and well-being, with wearables at the forefront of this transformative wave. Leading the charge is Karl Mayer, a pioneering wearables specialist, in collaboration with the DiMo - DigitalMotion project. This initiative, poised to reshape the landscape of fitness technology, aims to explore the intersection of digital innovation and human experience in physical activity.
Fuelled by burgeoning trends such as the fitness lifestyle surge, quantified self-movement, active aging, and the outdoor boom, the sports, health, and wellness sector is undergoing a profound metamorphosis. Central to this evolution are technological breakthroughs poised to redefine how individuals approach fitness and health maintenance.
The DiMo-Next project, building upon its successful inaugural round in 2023, embarks on a four-year journey to delve deeper into enhancing exercise experiences, boosting performance, and fostering sustainable lifestyles. With a focus on leveraging digital technologies, particularly advanced sensors, Karl Mayer is among the 26 industry and research partners committed to revolutionizing the textile industry's role in this paradigm shift.
Karl Mayer 's expertise in wearables, showcased through its Textile Circuit team, underscores its pivotal role in the project. By integrating cutting-edge motion and psychophysiological sensors into clothing, DiMo-Next aims to empower users with intuitive interaction concepts, driving motivation, performance, and overall well-being.
Franziska Guth, Product Developer for Textile Technology at Karl Mayer, emphasizes the imperative of next-generation wearables. As the project advances, the focus shifts from mere data acquisition to actively enhancing user experience, optimizing movement, and refining training sessions.
Excitement mounts as Karl Mayer prepares to unveil the fruits of its labor at Techtextil 2024 in Frankfurt. Positioned at the forefront of innovation, Karl Mayer invites industry enthusiasts to witness firsthand the future of wearable fitness technology, promising a transformative experience that transcends conventional boundaries.
Rieter's Annual General Meeting 2024 saw resounding approval from shareholders as they endorsed all proposals put forth by the Board of Directors. The meeting, attended by representatives constituting 68.7 per cent of the share capital, marked significant developments including the distribution of a CHF 3.00 per share dividend and pivotal changes in board leadership.
Thomas Oetterli's appointment as the new Chairman of the Board of Directors, succeeding Bernhard Jucker, stood out prominently. Jennifer Maag's inclusion as a new member of the board added further depth to Rieter's leadership team.
Key decisions included the formal acceptance of the Remuneration Report 2023 and future remuneration plans for the Board of Directors and the Group Executive Committee. Shareholders also greenlit amendments to the Articles of Association, underscoring their confidence in Rieter's strategic direction.
Furthermore, the re-election of existing board members and the addition of Daniel Grieder to the Remuneration Committee highlighted a commitment to continuity and expertise within governance structures.
Overall, Rieter's AGM reflected shareholder optimism, emphasizing stability and strategic evolution within the company's leadership and governance framework.
