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In Q1 FY’24, Cambodia's export of garments, footwear, and travel products (GFTs) to global markets increased by 20 per cent to $2,941 million, from $2,449 million during the same period last year.
According to a report by the Ministry of Commerce, Cambodia’s exports during the year were dominated by apparel and textiles rose by 23 per cent to $2,167 million during the quarter from $1,759 million in the corresponding period of the prior year. Footwear exports by the country increased by 6.9 per cent to $346.3 million from $323.7 million.
Poullang Doung, Senior Economics Officer, Asian Development Bank-Cambodia, says, the GFT sector is the single largest foreign exchange earner for Cambodia. The sector presently comprises approximately 1,680 factories and branches, providing employment to around 918,000 workers, predominantly female, according to data from the Ministry of Labor and Vocational Training.
In order to survive in the highly competitive market, luxury brands need to constant evolve, says Nora Kleinewillinghoefer, Partner-Consumer and Retail Practice, Kearney's. In a recent report, Kleinewillinghoefer cautions that ‘stability’ in the luxury market has vanished, and brands are facing an era of unprecedented transformation
According to Kleinewillinghoefer, luxury brands could not achieve their sales goals in 2023 as factors like inflation, geopolitical turbulence, and the cessation of pandemic relief measures, hindered growth. The global luxury goods market fell short of the projected sales figure of $400 million by an estimated 5 per cent, reaching approximately $390 billion, she observes. The performance of luxury brands was impacted by a convergence of adverse social, environmental, and economic factors, including widespread inflationary pressures, the cessation of COVID-19 relief measures, and geopolitical uncertainties."
Kleinewillinghoefer says, shifting demographics, with millennial and Gen Z consumers emerging as a dominant force, have rose as two pivotal trends shaping the global luxury fashion market. The market also continues to be influenced by evolving consumer preferences, with sectors including beauty, jewelry and personal care registering higher growth than traditional categories like luxury apparel and leather goods.
Another significant trend is the evolution of omnichannel retailing. While online sales are stabilising, there is resurgence in demand at the brick-and-mortar stores as brands continue to focus on enhancing the in-store experience and post-purchase customer care.
Sustainability also looms large, with regulatory pressures and consumer demands driving brands to prioritize sustainable practices across their supply chains. Furthermore, technological innovations like AI and virtual reality are being leveraged to enhance product design and customer experiences.
Kleinewillinghoefer concludes the report by offering three key takeaways for luxury brands. According to him, luxury brands need to swiftly adapt to innovative products, marketing approaches, and customer experiences. They need to embrace innoavation and differentiation proactively. Also, they must a clear vision to address future challenges.
Walmart-owned e-commerce giant Flipkart has strengthened its distribution network by opening a new fulfillment center in Visakhapatnam, Andhra Pradesh. This center will help Flipkart deliver essential goods to local customers on the next day itself.
Highlighting Flipkart’s extensive distribution spread and its role in the growth of his company, Srideep Kesavan, CEO, Heritage Foods, says, the company is committed to providing customers a wide range of products and packaging options, ensuring the highest quality standards.
Spanning 77,000 sq ft, the fulfilment center can process upto 8,000 e-commerce orders daily, serving cities including Visakhapatnam, Anakapalle, Kakinada, Rajahmundry, Srikakulam, and Vizianagaram. This expansion is expected to create around 1,000 direct and indirect job opportunities in the state.
Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, avers, the launch of the new fulfillment center underscores Flipkart's dedication to meet the rising demand for online groceries and enhance accessibility for local consumers. d Flipkart also aims to bridge the digital gap, support local businesses, MSMEs, and farming communities, and foster employment opportunities at the local level, he adds.
Marking the commencement of a multi-year innovation cycle, Nike, Inc has launched a new footwear range for Summer 2024 including the brand’s Pegasus Premium running shoe, featuring the its inaugural sculpted, visible Air Zoom unit.
Meticulously designed to conform to the foot's natural contours, this proprietary Air unit bridges the gap between the heel and forefoot, delivering a novel sensation of springiness and smoothness. Enhanced by the incorporation of ZoomX and ReactX foam, this innovative cushioning system ensures heightened energy return for runners of all levels.
Moreover, Nike's iconic Air platform, renowned for its versatility and innovation, takes center stage across various sports disciplines this summer. Through computational design and insights gleaned from the Nike Sport Research Lab, the company has optimised Air to empower athletes in breaking boundaries and achieving their goals.
John Hoke, Chief Innovation Officer, says, the brand is committed to pushing the envelope of innovation and fostering collaborative partnerships with athletes. The upcoming Nike Blueprint Pack, featuring a distinctive blue, white, and orange color scheme paying homage to co-founder Bill Bowerman, embodies this dedication.
Additionally, Nike unveiled its 2024 federation kits that are meticulously crafted based on data-driven insights and tailored to each athlete's unique requirements. Endorsed by elite athletes such as Dina Asher-Smith and Eliud Kipchoge, these kits reflect Nike's endeavor to merge performance with visual unity and cultural diversity.
AIR (Athlete Imagined Revolution), a pioneering initiative marrying athlete input with design innovation, showcases the brand's commitment to pushing boundaries. With the aid of cutting-edge design tools, Nike explores the limitless possibilities of Air technology, ushering in a new era of product development.
Anticipating a transformative period of innovation and growth for the brand, Heidi O'Neill, President - Consumer, Product, and Brand, says, these upcoming launches hint at unparalleled market opportunities and consumer engagement.
Set to witness substantial growth, the global yoga clothing market projected to grow at a CAGR of 7.8 per cent from 2021-30 and reach a value of $70,291.0 million by 2030. This growth can be attributed to several key factors driving the demand for yoga apparel.
According to the report by Allied Market Research, a significant driver of this growth is the increasing awareness of the mental and physical health benefits associated with practicing yoga. There has been a notable rise in the number of people joining yoga classes, consequently fueling the demand for yoga clothing. Additionally, the escalating incidence of obesity and various health-related diseases has prompted consumers to adopt fitness practices like yoga, further contributing to market growth. Consumers are not only engaging in yoga but also investing in related accessories such as clothing, blocks, and mats, thus boosting the overall market.
Government initiatives and promotional efforts by yoga and fitness clubs have also played a pivotal role in expanding the global yoga clothing market. For instance, initiatives like International Yoga Day proposed by Indian Prime Minister Narendra Modi have garnered worldwide participation and interest in yoga. Furthermore, the call to make yoga a mass movement has spurred even more people to embrace the practice, subsequently driving up the demand for yoga apparel.
Despite the disruptions it caused to manufacturing and supply chains initially, the COVID-19 pandemic has paradoxically led to increased participation in yoga and other fitness activities. With people becoming more health-conscious during lockdowns, online platforms saw a surge in individuals learning and practicing yoga. While there were setbacks in terms of manufacturing and supply chain disruptions during the pandemic's onset, the overall impact on the yoga clothing industry has been mitigated by the sustained interest in yoga.
In terms of product type, the bottom wear segment is expected to witness the fastest growth, with a projected CAGR of 8.1 per cent during the forecast period. In 2020, the women's segment dominated the yoga apparels market by capturing 60.9 per cent of the global share.
Regionally, the United States emerged as the leading market in North America in 2020, with the market anticipated to further grow to $5,855.5 million by 2030, expanding at a CAGR of 6.4 per cent during the forecast period.
The Clothing Manufacturers Association of India (CMAI) is set to host the highly anticipated 4th edition of the Fabrics Accessories & Beyond Show 2024 (FAB Show) from April 15 to 17, 2024, at the Bombay Exhibition Centre (NESCO) in Mumbai.
Positioned as the largest fair showcasing the entire supply chain to the country’s apparel manufacturers, FAB Show 2024 is expected to draw over 200 fabric suppliers, leading accessories manufacturers, machinery suppliers, real estate developers, and software developers. With more than 10,000 brands, manufacturers, retailers, and exporters attending, the event presents unparalleled opportunities for industry stakeholders to engage, network, and explore the latest innovations in textile manufacturing.
Anticipated to attract over 1500 top platinum buyers and more than 10,000 trade visitors, including both domestic and international buyers from key markets such as the USA, Bangladesh, UAE, Russia, and others, FAB Show 2024 is poised to be a global platform for industry players.
One of the key highlights of the show is the innovative zone dedicated to sustainability, reflecting CMAI’s commitment to promoting eco-conscious initiatives within the garment industry. Rajesh Masand, President of CMAI, emphasized the significance of FAB Show as a catalyst for trade and partnerships, aligning with the 'Make in India' initiative and driving technological advancements to adapt to changing consumer preferences.
Naveen Sainani, Chairman of the FAB sub-committee, underscored CMAI’s vision for a greener and more resilient world, where sustainability is integrated into all aspects of business operations. This year’s FAB Show heralds a new era for the Indian textile industry, emphasizing innovation, conscious consumerism, and brand responsibility.
With esteemed companies like Grasim, Arvind, Siyaram’s, and many others participating, alongside over 4000 primary CMAI members, including garment manufacturers, brand owners, and e-commerce platforms, FAB Show 2024 solidifies its position as India’s premier gathering for the fashion and apparel industry, catering to their sourcing requirements and shaping the future of the sector.
The Karl Mayer Group is set to make a significant impact at the upcoming International Garment, Textile & Leather Machinery, Accessories & Technology Exhibition (IGATEX) event in Lahore, Pakistan, from May 1-4, 2024. With representatives from Madhani Associates and Nazer & Co., the global leader aims to strengthen its ties with South Asian clientele, particularly highlighting its warp preparation systems tailored for the Pakistani textile industry.
Pakistan stands as a pivotal market for Karl Mayer's acclaimed products like the Prosize sizing machine and the Warpdirect warping machine, integral components in the textile manufacturing process. Amidst the country's current challenges, including political turmoil compounded by post-pandemic economic strains, Karl Mayer 's Senior Sales Manager, Peter Obrist, emphasizes the importance of maintaining a robust presence to support clients.
Obrist anticipates fruitful interactions at IGATEX, citing past successes and the necessity to engage with customers during turbulent times. Alongside showcasing their offerings, including the Long Chain Beamer and Ball Warper tailored for the denim sector, Karl Mayer will address diverse textile needs through Nazer & Co., highlighting innovations in warp knitting machinery.
Mark Smith, Regional Sales Manager at Nazer & Co., underscores the versatility of Karl Mayer 's technology, featuring 4-way stretch articles for athleisure, plush fabrics for upholstery and toys, and terry fabrics ideal for beach and bath applications.
The Karl Mayer Group's participation at IGATEX underscores its commitment to fostering innovation and collaboration within Pakistan's dynamic textile landscape.
Marking a significant stride in their eco-friendly initiatives, premium bedding brand under the parent company Bedsure, Double Stitch is launching its maiden GOTS-certified Organic Cotton Collection. Made from 100 per cent long-staple organic cotton fibers and treated with a garment washing process to enhance softness, the collection includes duvet covers and sheet sets.
Besides being GOTS certified, the collection also meets the Oeko-Tex Standard 100 highlighting Double Stitch's commitment to stringent environmental and ethical standards. The brand's eco-conscious ethos extends to its packaging, with each item being shipped in reusable boxes crafted from materials sourced from FSC-certified forests. Josh Zhu, CEO, Bedsure, says, the company is committed to offering its customers responsibly sourced, ethically made bedding.
Founded by Shinebed Global E-commerce Co, the parent company of Bedsure, Double Stitch caters to consumers seeking quality sleep preferences by blending contemporary style with affordable luxury. The brand's extensive product range includes duvet covers, sheet sets, throw blankets,etc.
Established in 2016, Bedsure has grown by at a CAGR of 100 per cent over the last five years.
Levi Strauss & Co has appointed Gianluca Flore as its new Executive Vice President and Chief Commercial Officer, effective July 29. Joining the executive leadership team, Flore will report Michelle Gass, President and CEO. He will be responsible for overseeing the brand Levi’s worldwide commercial operations, spanning retail stores, e-commerce, and wholesale channels.
With over two decades of experience in luxury apparel and lifestyle, Flore was previously engaged as the Chief Commercial Officer with Burberry since 2021. He was responsible for managing the brand’s operations across five regions and a vast retail network. He previously also led Burberry's operations in the Americas and led its global retail expansion.
Besides, Flore has also held several leadership positions at Kering, serving as CEO of Brioni and contributing to Bottega Veneta's success.
Welcoming Flore, Gass emphasised his role in LS&Co's transition towards a direct-to-consumer focus and denim lifestyle leadership. She highlighted his extensive experience in driving growth and operational excellence in the fashion industry.
The European Commission has ended its two-year-long inquiry into a consortium of fashion designers who advocated for alterations in sales periods and discount practices, citing ‘priority reasons’. This move follows the raids conducted by EU antitrust regulators on several fashion companies in May 2022, sparked by concerns of potential price-fixing collusion. The Commission, however, refrained from disclosing the names of the companies involved.
The investigations were initiated following an open letter circulated in 2020 by a group of fashion designers, urging significant reforms within the industry to enhance environmental and social sustainability. Among the signatories were renowned names like Dries Van Noten, Thom Browne, Proenza Schouler, Lane Crawford, Mary Katrantzou, Gabriela Hearst, Altuzarra, and Missoni Group.
A spokesperson for the European Commission clarifes, the European Commission has opted to terminate its preliminary examination into this matter due to priority reasons. The closure does not imply a determination of compliance or non-compliance with EU competition regulations regarding the conduct under scrutiny.
