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At a time of evolving trade policies and geopolitical uncertainties, Vietnam and India are looking to deepen their cooperation in the textile and garment sector, recognizing the significant mutual benefits that can be unlocked. A recent statement by Bùi Trung Thướng, Trade Counselor at the Vietnam Trade Office in India, highlighted the strategic imperative for both countries to strengthen their ties, particularly in light of the US's new reciprocal tax policy.
Complementary strengths, shared opportunities
Vietnam, a global garment export powerhouse with exports reaching an estimated $44 billion in 2024, is seeking to diversify its supply chains and reduce its reliance on China, which currently provides 65 per cent of its textile inputs. India, a leading raw materials supplier, especially cotton and yarn, and a country with a rich textile heritage, presents a compelling alternative.
"The synergy between Vietnam's manufacturing prowess and India's raw material abundance is undeniable," states Thướng. "By leveraging the ASEAN-India Free Trade Agreement (AIFTA), Vietnam can significantly reduce material costs, enhancing its competitiveness."
India's strengths extend beyond raw materials. It boasts of a diverse textile industry, encompassing natural fibers like cotton, jute, silk, and wool, as well as synthetic fibers such as polyester and nylon. Its capacity to produce a wide range of blended and technical textiles positions it as a vital partner for Vietnam.
Regional cooperation the way forward
The US' new reciprocal tariff poses a significant challenge to both Vietnam and India, potentially increasing export costs. This necessitates a shift towards regional cooperation and diversification into other FTA markets, including the EU, Japan, and South Korea.
To solidify this partnership, Thướng has proposed several initiatives: First proposal is the setting up of a $500 million ‘Joint Investment Fund’ to establish spinning mills in southern India and northern Vietnam, along with smart fabric research centers in Ho Chi Minh City and Bangalore. Another proposal is a bilateral preferential tax agreement reducing import-export costs and enhancing competitiveness. Thướng propose setting up of a ‘Vietnam-India Textile Innovation Fund’ supporting joint research on green technologies, technical textiles, and recycled materials. Vietnam can import shuttleless looms from India, which are 30-40 percent cheaper than European imports.
The ASEAN-India Free Trade Agreement (AIFTA), signed in 2009 and implemented in 2010, plays a crucial role in facilitating trade between the two nations. It has led to significant reductions in tariffs, boosting bilateral trade. The AIFTA has provisions that allows for preferential tariff rates on numerous goods, including many textile products. This directly assists in the reduction of costs, that Thuong spoke of.
Table: India-Vietnam textile import and export
|
Year (Jan-Nov) |
Category |
India exports to Vietnam |
India imports from Vietnam |
Notes |
|
2022 |
Total Textile Trade |
333.884 |
302.204 |
Overall trade volume. |
|
Yarn |
118.367 |
82.907 |
Increasing Indian yarn exports. |
|
|
Fabric |
77.928 |
106.976 |
Vietnam fabric export to India higher than India's to Vietnam. |
|
|
Fibre |
137.589 |
112.32 |
High volume of fiber trade. |
|
|
2023 |
Total Textile Trade |
327.282 |
247.306 |
Trade values fluctuated. |
|
Yarn |
151.578 |
74.298 |
Continued yarn export growth. |
|
|
Fabric |
71.198 |
75.865 |
Fabric trade remained relatively stable. |
|
|
Fibre |
104.505 |
97.143 |
Fiber trade remained high. |
|
|
2024 |
Total Textile Trade |
404.446 |
212.76 |
Indian textile export values are greater than import values. |
|
Yarn |
173.408 |
55.908 |
Strong growth in yarn exports. |
|
|
Fabric |
67.319 |
76.984 |
Fabric trade remained similar to the previous year. |
|
|
Fibre |
163.719 |
79.866 |
Increased fiber export from India. |
A strong partnership between Vietnam and India in the textile and garment sector holds immense potential. By diversifying supply chains, leveraging FTA benefits, and fostering innovation, both nations can navigate global trade challenges and secure a prosperous future. This collaboration represents a strategic move towards building resilient and mutually beneficial economic ties.
South Korea's fashion market is seeing growing demand for affordable and functional apparels. This shift is challenging the dominance of traditional premium brands and reshaping market dynamics across various segments.
The rise of value fashion
A growing segment of value-conscious consumers is boosting the growth of budget-friendly fashion. Retailers across the country are responding by introducing and increasing their low-cost apparel lines, signalling a clear shift in consumer preferences. This trend is evident in the good performance of companies prioritizing affordability and functionality.
The traditional hierarchy of South Korea's fashion industry is being disrupted. Companies focusing on accessible price points are achieving significant growth and profits, surpassing established players in terms of operating profit.
For example, E-Land World Co, a prominent player specializing in value brands has emerged as a leading force, reporting an operating profit of 173.7 billion won ($122 million) in 2024. This figure outpaces the operating profits of major players, indicating a substantial shift in the market. Meanwhile, traditional ‘Big Five’ players are seeing their dominance challenged.
The value-driven company has achieved consistent sales growth over the past five years, with domestic fashion revenue reaching 1.6839 trillion won ($1.1 billion) in 2024. An important brand within this company's portfolio has experienced an average annual sales growth of approximately 20 per cent over the past three years, which is almost 600 billion won ($419 million) in 2024, up from 320 billion won in 2021.
Market segmentation
Budget fashion: This segment is witnessing rapid increase, due to consumers seeking affordable yet functional clothing. Retailers are introducing new low-cost apparel lines, including T-shirts priced as low as 3,000 won and jeans for 19,900 won. Brands offering affordable basics and practical features are gaining popularity among middle-income shoppers, particularly teenagers and young adults.
Premium fashion: While still a significant segment, traditional premium brands are facing increased competition from value-driven alternatives. The trend toward affordability is impacting all sectors, with brands offering budget-friendly options across menswear, womenswear, and kidswear.
Market Growth: Online fashion platforms are creating dedicated categories for fast fashion brands, reflecting the growing consumer demand. Retailers are increasing their product offerings to include a wider range of affordable items, such as activewear, underwear, and accessories.
Factors driving the change
- Value-conscious consumers: Economic pressures and changing consumer preferences are driving demand for affordable apparel.
- Focus on functionality: Brands that emphasize practical features, such as easy care and high performance, are gaining traction.
- Efficient production models: Companies are adopting cost-saving production strategies, including outsourcing manufacturing to countries like Vietnam and Myanmar, to offer competitive prices.
- E-commerce growth: Online platforms are playing a crucial role in expanding the reach of fast fashion brands.
Projected market trends
The South Korean apparel market is expected to continue its shift towards value-driven fashion. The current trend indicates a sustained growth in the budget and mid-range segments. The increasing availability of affordable and functional apparel online and in physical stores is expected to further fuel this growth. Future market growth will depend on how established brands respond to the changing market. The ability to adapt to consumer needs for affordability and functionality will determine the leaders of the Korean apparel market.
Global fashion’s impact
South Korean apparel market is significantly influenced by both the rise of global fast fashion and the explosive growth of online sales.
South Korea, with its trend-conscious population, is a prime market for global fast fashion brands. These brands, known for their rapid production cycles and affordable prices, have reshaped consumer expectations. The ability of fast fashion to quickly replicate catwalk trends and offer them at accessible price points has driven a shift in consumer behavior. Brands like Uniqlo, Zara, and H&M have established a strong presence in South Korea, both online and offline. Additionally, online global fast fashion retailers, have also made a large impact.
South Korea's high internet penetration and tech-savvy population have boosted the rapid growth of online apparel sales. E-commerce platforms like Coupang, Gmarket, and 11Street have become major players, offering consumers convenience and a wide selection of products. Studies say, South Korean online fashion market clocked in around $25 billion revenue in 2024. And Coupang has the highest online fashion net sales. Mobile shopping apps have further pushed this trend, allowing consumers to browse and purchase apparel anytime, anywhere.
Thus the South Korean apparel market is expected to continue its shift towards value-driven fashion. The current trend indicates a sustained growth in the budget and mid-range segments. The increasing availability of affordable and functional apparel online and in physical stores is expected to further boost this growth. Future market growth will depend on how established brands respond to the changing market. The ability to adapt to consumer needs for affordability and functionality will determine the leaders of the Korean apparel market.
The Joint Apparel Association Forum (JAAF) has welcomed the Government of Sri Lanka’s proactive engagement with the Office of the United States Trade Representative (USTR) in Washington D C. JAAF expressed appreciation to President Anura Kumara Dissanayake and the Sri Lankan delegation for prioritizing discussions aimed at strengthening equitable and mutually beneficial trade relations.
The United States remains a vital trading partner for Sri Lanka’s apparel sector, which directly employs 350,000 people and supports another 700,000 livelihoods. JAAF commended the Government’s commitment to addressing key trade barriers and safeguarding market access and competitiveness for Sri Lankan exports.
The association emphasized the importance of achieving tariff parity with other apparel-producing nations, ensuring a level playing field for Sri Lankan exporters. It urged both governments to consider the long-term sustainability of Sri Lanka’s apparel industry, a critical pillar of the national economy and a global leader in ethical manufacturing.
As discussions move towards a potential bilateral trade agreement, JAAF highlighted the industry’s adherence to full traceability, transparency, and sustainability standards, and called for special concessionary tariffs in recognition of these practices. JAAF expressed full support for continued dialogue, aiming for a future-focused agreement that enhances trade, attracts investment, and drives shared prosperity.
Hyosung Group's textile division has teamed up with South Korea's largest online fashion retailer, Musinsa, to promote its sustainable fiber, Regen, throughout the fashion industry.
The partnership between Hyosung TNC and Musinsa Earth, a collective of fashion brands on Musinsa committed to eco-conscious manufacturing and materials, was formalized on April 18, 2025.
According to the agreement, Hyosung TNC will provide its Regen fiber to Musinsa's partner brands and actively encourage its adoption by the over 300 brands featured on Musinsa's platform.
Hyosung TNC emphasizes, this ‘versatile and far-reaching,’ collaboration will encompass everything from new product development to promotional and marketing initiatives.
Regen is a fiber produced from recycled discarded fishing ets and plastic PET bottles, and it comes in various forms, including Regen Spandex, Regen Nylon, and Regen Polyester.
Hyosung TNC states, the initial launch of products incorporating Regen is scheduled for World Environment Day on June 5, 2025. Seven brands selling on Musinsa will introduce fashion items made with Regen.
Furthermore, Hyosung TNC's fashion design center plans to host a workshop for Musinsa sellers in the latter half of the year to showcase Hyosung TNC’s complete range of environmentally friendly fiber materials.
Kim Chi-hyung, CEO, Hyosung TNC avers, the company's alliance with ‘the top platform for fashion brands in Korea will strengthen its leading position in the recycled fiber market.
A greater number of fashion brands on Musinsa will utilize Regen in their products. This partnership will continue to diversify and inspire more fashion brands in Korea to switch to recycled fibers, he adds.
A Musinsa representative notes, the increasing demand for sustainable products and brands within the South Korean fashion market is driving brands to show greater interest in developing their own eco-friendly apparel and fashion accessories.
Musinisa’s partnership with Hyosung TNC will support these brands and contribute to the growth of the country's sustainable fashion market, the official adds.
Filatex India plans to invest Rs 235 crore in its Dahej plant to boost capacity of partially oriented yarns of 19,800 mtpa, fully drawn yarn of 28,800 mtpa and draw textured yarn of 14,499 mtpa
The company registered a 19 per cent rise in net profit to Rs 41 crore ($4.8 million) in Q4, FY25 as against Rs 35 crore in the year-ago quarter.
The company’s revenue increased by 5 per cent rise during the quarter to Rs 1,080 crore, as against Rs 1,026 crore in the corresponding quarter of the previous fiscal year.
For full FY25, Filatex India’s net profit increased to Rs 135 crore while revenue grew to Rs 4,252 crore.
As per Madhu Sudan Bhageria, Managing Director, the company has been witnessing a stabe demand over the last two quarters. But, its profit margins have remained unchanged. The company expects margins to improve in the coming in coming months on account import curbs and tariffs.
Filatex India is one of India’s leading manufacturers of polyester filament yarn focused on capitalising synergies created through its integrated business model.
Denim Premiere Vision will return to Milan, Italy, for its 35th edition on 21 and 22 May, showcasing the autumn-winter 2026-2027 denim collections of over 80 exhibitors. Organised by GL events fashion division and under the patronage of the city of Milan, the event will bring together exhibitors from Italy, Turkiye, Morocco, Japan, China, France and the United States.
Florence Rousson, Chairwoman of the Executive Board of Premiere Vision and CEO of The Creative Pole, said the event offers the denim industry a dynamic platform for innovation, creativity and business opportunities. This year’s event features eight dedicated sectors fabrics, manufacturing, accessories, yarns, promotion, technologies, laundry and fibres. The Hybrid Denim forum will highlight the fusion of materials, techniques and cultures, with special projects from designer Aurelia LeBlanc and a sustainable collaboration between Kelly Konings and denim mill Gommatex.
The Project Tomorrow initiative will nurture emerging talents from fashion, design and art schools worldwide. Meanwhile, the Denim Fashion District will showcase capsule collections from brands such as Fade Out Label, Stripes Off Road, Daily Blue by Adriano Goldschmied and others.
Four keynote sessions are scheduled, including talks by Anne Oudard, Ani Wells, Kelly Konings and Amy Leverton, offering insights into upcoming denim trends and innovations.
A special tribute will honour Luigi Martelli, the late pioneer who revolutionised denim finishing. Curated by Fabio Adami Dalla Val and OPAA, with contributions from Adriano Goldschmied and Giovanni Petrin, the tribute will feature rare archival pieces from the Museo del Denim, celebrating Martelli’s profound legacy in shaping the modern denim industry.
Autumn Fair is set to return to the NEC Birmingham from 7-10 September 2025, offering retailers a crucial opportunity to refresh their product ranges ahead of the peak shopping season. Following a 34 per cent surge in new, high-calibre buyers last year, this year’s show expands by 10 per cent in floor space and is already 85 per cent sold out. Over 800 brands will showcase must-have products across three key sectors: Home, Gift, and Fashion.
Longstanding exhibitors highlight Autumn Fair’s impact on their businesses. Tara Carlile-Swift, Founder of Freckleface, said the show has been vital in growing their home fragrance brand. Craig Wensley and Steve Manser of DCUK noted that attending boosts visibility among key buyers, distributors, and media. James Mace from The Art File credited the fair with helping the greeting card company secure its first international distributor early in its journey.
Nick Ronald of Casa Verde called trade fairs the ‘lifeblood’ of the industry, enabling face-to-face engagement with thousands of trade customers. Meanwhile, greetings card brand Ohh Deer will exhibit at Autumn Fair for the first time, building on success at Spring Fair.
Autumn Fair remains the go-to destination for independent retailers, particularly those seeking suppliers offering flexible minimums and fast turnarounds ahead of the busy year-end season. Jackson Szabo, Portfolio Director of Autumn Fair, said the show continues to evolve to meet the needs of the retail community, providing inspiration with original, high-quality products.
The 2025 Autumn Fair promises to deliver unmatched sourcing opportunities as the industry gears up for its busiest sales period.
Ambercycle has entered into a strategic partnership with global polymer and yarn producer Highsun Holding Group (HSCC) to drive circularity in woven yarns. This collaboration will focus on expanding textile-to-textile (T2T) closed-loop recycling systems and developing innovative solutions across the textile industry’s value chain.
The partnership aims to transform the global textile sector by scaling recycling capabilities and promoting sustainable practices. Together, the two companies will engage in the development of the fiber market, sourcing end-of-life textile feedstock, collaborating on engineering innovations, producing next-generation materials, and setting quality benchmarks for circular textiles.
Mei Zhen, Vice President, Highsun Holding Group, says, through its partnership with Ambercycle, the group accelerates the use of recycled inputs, reducing its reliance on virgin resources, and driving impactful change across the industry.
Recognized globally as a key supplier in polymer and yarn manufacturing, HSCC has a state-of-the-art R&D center in the Netherlands with global operations headquartered in China, HSCC brings significant technical expertise to this collaboration. The company is focused on replacing virgin polyester and nylon with recycled alternatives—helping to minimize waste, lower emissions, and build a decarbonized supply chain.
Shay Sethi, Co-founder and CEO, Ambercycle, adds, scaling textile-to-textile recycling solutions requires strong partnerships and shared innovation. With this partnership, HSCC lays the foundation for a truly circular and sustainable textile ecosystem.
The collaboration seeks to set new industry-wide standards for circularity, ensuring that recycled synthetics are not only traceable and high-performance but also scalable. Ambercycle and HSCC believe this strategic move represents a major step forward in aligning environmental goals with industry innovation.
During a meeting with Sussana Campbell, Chairperson, SYRE and Johan Ndisi, Swedish Ambassador to Vietnam, Pham Minh Chinh, Prime Minister, Vietnam urged Swedish textile recycling company SYRE to invest in building a green and sustainable textile industry in the country
Chính invited SYRE to tap into Vietnam’s surplus textile materials and waste for sustainable production. He also emphasized on using clean energy and eco-friendly materials in the manufacturing process.
Further, praising SYRE’s proposed investment location in Bình Định province, Chinh termed it as a ‘strategic choice’ due to its favorable business environment and well-developed infrastructure, including an international airport and a deep-water seaport.
Reaffirming Vietnam’s commitment to fast but sustainable development, Chính said, aiming for 8 per cent economic growth this year, the country aspires to reach double-digit growth in the near future. He emphasized on the critical role of science, technology, innovation, and digital transformation in achieving those goals, while also calling for international cooperation in finance, governance, talent, and technology.
Sharing the company’s ambition to expand globally with a strong focus on green transition, Campbell expressed SYRE’s desire to partner with Vietnam to develop the country into a global hub for circular textile production.
The company’s fully circular manufacturing model creates textile-grade materials from recycled inputs, said Campbell. Vietnam is a strategic location for it, especially with growing global momentum for sustainable production, she added.
SYRE plans to invest $1 billion to build a polyester fabric recycling complex in Bình Định, with the aim of making Vietnam the first high-tech circular textile center in the world. The project will align with EU and U.S. sustainability standards and contribute to Vietnam’s net-zero emissions goal.
PM Chính highlighted Vietnam’s regional leadership in renewable energy and its strong implementation of commitments made at COP26 through COP28, particularly in circular economy and green manufacturing. He also reaffirmed the government’s openness to high-tech foreign investment and pledged full support for SYRE’s operations in Vietnam.
Ndisi welcomed the growing partnership between the two countries, stating that Sweden remains committed to supporting Vietnam’s green transition. He noted that more Swedish businesses are seeing Vietnam as a long-term investment destination and expressed hope for advancing bilateral relations to a higher strategic level.
One of Buenos Aires' most iconic shopping malls, Alto Palermo has inked an agreement with global brand Victoria's Secret to open its first full-line store in Argentina.
To open in Q4, FY25, The new store will be located on the second floor of the shopping mall and will span more than 4,300 sq ft. It will offer a wide selection of products, from classic lingerie to the full Victoria's Secret Beauty line, including fragrances and popular body mists. Launching during one of the mall's busiest shopping seasons, the store will feature signature collections such as ‘Dream Angels,’ ‘Very Sexy,’ ‘Body by Victoria,’ and ‘T-Shirt,’ in addition to sleepwear and accessories.
The store will also offer key services such as ‘bra fitting,’ a personalized experience provided by trained specialists to help customers find the perfect fit. This service will be free and available without an appointment.
Florencia Cortés, Head, Alto Palermo, the opening of this store is a great challenge for the shopping mall as it is an iconic brand recognized worldwide.
With this opening, Victoria's Secret moves forward with an expansion plan in Latin America. The brand currently has over 1,400 stores across the world.
