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A team of scientists from the Indian Institute of Technology (IIT) in Delhi has made a breakthrough in the development of 3D bioprinted cartilage. The research team, led by Sourabh Ghosh from the Department of Textile Technology at IIT, has successfully developed a bioink that can be used to print structures like the cartilage found in human knees.
3D bioprinting is arguably one of the most promising new avenues in the medical field, which is why every breakthrough in the technology, no matter how small, is exciting to us. A recent bioprinting announcement by the IIT, not a small feat in the least, marks the first time a bioprinted tissue has been created in an India-based lab.
A new bioink developed by a team led by Professor Sourabh Ghosh contains a high concentration of bone marrow, derived from cartilage stem cells, as well as silk proteins and a few other materials. According to the research team, the 3D printable bioink was designed to not only support cell growth, but also to ensure the long-term survival of the cells.
Ghosh explained that the silk protein has different amino acids that closely resemble the amino acids present in human tissues. As recent tests showed, the 3D bioprinted cartilage was able to remain physically stable for a period of up to six weeks. But there is still some work to be done before anyone will reap the benefits of the 3D printed cartilage cells.
The IIT’s 3D bio printing technology could, however, offer an alternative to this, as the team has figured out a way to transform the cartilage stem cells in the bioink into chondrocyte-like cells, which are cells that produce and maintain the extracellular matrix of cartilage.
Sowing of cotton has begun on a strong note in the key growing regions of north India such as Punjab and Haryana, and in southern parts of the country such as Karnataka, for the 2017-18 season.
The arrival of cotton during April 2017 is estimated at 30.75 lakh bales as compared to 22.25 lakh bales arrived during the same month last year. The total arrival this season up to April is estimated at 306.25 lakh bales, which constitute around 90 per cent of the total estimated crop.
Buoyed by the high prevailing prices, farmers are bringing in a larger area under the fiber crop and the seed industry expects acreages this year to increase by up to a fifth over the previous year.
The rains would play a crucial role in sowing operations and helping farmers decide on which crop to opt for. Last year, there was a decline in acreage in north India, owing to pest attacks and erratic weather. This year, the weather seems favorable and also farmers are geared up to tackle any pest attacks.
Initial indications are that during the current season the cotton area sown would be around six lakh hectares in Haryana (as against 4.98 lakh hectares during 2016-17) and four lakh hectare in Punjab (as against 2.56 lakh hectares in 2016-17).
Apparel Training and Design Center (ATDC) will open a new center and a regional training hub at Ahmedabad and Gandhinagar.
The aim is to fulfill the steadily expanding requirement of the skilled youth in the rapidly developing textile-related sectors in Gujarat.
Gujarat is one of the fastest developing textile apparel manufacturing clusters. ATDC has state -of-the-art infrastructure offering shop floor, supervisory and managerial skills to develop an industry- ready workforce.
ATDC also plans to set up an India International Skill Centre, with the National Skill Development Corporation, additional ATDC-SMART centers in major textile/apparel clusters in Gujarat and also apparel design centers (as fashion and crafts design and innovation cells) with a focus on innovative designs for the apparel industry to create new brands and global fashions for youth.
ATDC under the aegis of the Apparel Export Promotion Council has emerged as India’s largest vocational training network for the apparel sector whose presence currently spans 200 ATDCs including 65 ATDC vocational institutes and over 135 ATDC- SMART centers and skill camps present in major apparel clusters spread across 23 states and 85 cities across India.
Apparel Training and Design Centre has a mission to upgrade the technical skills of the human resources employed in the garment industry.
Adidas has hired Alain Pourcelot as the new managing director for Western Europe, succeeding Gil Steyaert, who has been appointed as the new executive board member for global operations.
Effective October 1, Martin Shankland will take over as MD, emerging markets, succeeding Osman Ayaz, who has decided to retire at the end of the year.
Both Pourcelot and Shankland will report directly to Roland Auschel, executive board member of Adidas, responsible for global sales.
Pourcelot joined Adidas in 2005 as MD for Adidas France. He led the company in France as MD from 2012-2015. Since 2015, he has held the position of senior vice president Direct-to-Consumer in Western Europe.
Shankland initially joined Adidas Russia in 1997 as CFO. He has served as MD for Adidas in Russia/CIS for the past 17 years. Under his leadership, Adidas’ business in Russia/CIS grew exponentially and remained steady despite challenging market conditions during the last few years.
Sales of Adidas increased 16 per cent in the first quarter of 2017 in comparison to the same period for the earlier year.
For 2017, Adidas expects sales to increase at a rate between 11 per cent and 13 per cent driven by double-digit growth in Western Europe, North America and Greater China.
"India’s denim segment, with close to 10 per cent market share of the textile industry, is expected to witness deterioration in credit profile in the absence of improvements in realisations in FY18, says a recent report, ‘Stable Input Prices, Fiscal Incentives to Support Textile and Cotton in FY18’, by India Ratings and Research (Ind-Ra). Denim’s operating margins is slated to fall 10-11 per cent in FY18 owing to cost inflation amid surplus capacity in denim standard products with low cotton content."
India’s denim segment, with close to 10 per cent market share of the textile industry, is expected to witness deterioration in credit profile in the absence of improvements in realisations in FY18, says a recent report, ‘Stable Input Prices, Fiscal Incentives to Support Textile and Cotton in FY18’, by India Ratings and Research (Ind-Ra). Denim’s operating margins is slated to fall 10-11 per cent in FY18 owing to cost inflation amid surplus capacity in denim standard products with low cotton content. Ind-Ra has estimated prices to moderate in second half of FY18. However, the denim surplus situation and inventory losses are likely to pressurise margins.
Level playing field for Manmade fibres
Meanwhile, the man-made fiber industry is looking for a level playing field for the taxation of cotton, which is exempt from indirect taxation. If cotton is brought under the Goods and Services Tax (GST), then cotton fabrics including denim sector’s profitability may come under pressure in the transitory period. Raw cotton prices have increased by 32.8 per cent YoY in March 2017 and Ind-Ra expects it to remain high until first half of FY18. For denim manufacturers, cotton forms more than 35-40 per cent of the total raw material requirement. For many basic denim fabric manufacturers catering to domestic consumption average realisations remained steady, despite higher cotton prices in nine months of FY17.
However, some of them have been able to increase realisations for Q4 of FY17 partly passing the cost inflation with a lag. Denim garment players are likely to perform better than fabric players, as retail margins may sustain as fabric prices remain under pressure.
Future Prospects
The research agency expects the denim sector will post robust volume growth of over 10-15 per cent in line with the past trend along with rising disposable incomes, rapid growth of the retail sector, westernisation trend, young population demographics, and versatility of denim as a fabric. However, Ind-Ra views capacity addition is growing at a faster rate. Moreover, existing capacities will face competition from New Age cost efficient plants.
The denim fabric industry is cyclical in nature and characterised by periods of excess capacity followed by narrowing the demand-supply gap. The apparent short project pay-back has encouraged a number of denim fabric manufacturers to put up additional capacity, higher than the estimated demand growth. Further capacity additions are likely to keep domestic competitive pressures heightened. As per CMIE data, a moderate level of new capacity ramp-up is underway in FY18. This includes capital expenditure for expansion and backward integration by a few companies namely, Nandan Denim, Raymond Uco Denim and RSWM.
The credit profile for most players has come under pressure due to the stretched working capital cycle and debt-led capacity expansion in the backdrop of operating margin pressure. Aggregate peer set net leverage (Net Debt/EBITDA) increased to 4.59 in first half of FY17 compared to 2.83x in FY16. The working capital cycle has got stretched to 61 days in first half of FY17compared to 54 days in FY16, on account of the high credit period and inventory holding for the new capacity ramp-up. Increased competition in the international arena and higher receivable days will impact the exports profitability.
Ind-Ra foresees that the credit profile of value-add export-oriented manufacturers will remain robust. Industry players with diversified revenue lines with a mix of man-made textile products are better placed than the pure denim players. Also, companies with strong liquidity, low leverage and short working capital cycle are better placed to face the challenging times.
Bangladesh’s garment exporters want relief from tax at least for the next two fiscals. They say the industry has experienced a gradual drop in export growth in the past few years and describe the current market situation as critical. The withdrawal of the tax at source on garment products would help the sector stay in the world market.
Exporters say taxes are already paid on yarn, cloth, accessories, washing and end products and so taxes are paid on the same product repeatedly.
The average growth of export in the readymade garment sector was 13 per cent in the past ten years, but has dropped to 2.21 per cent in the current fiscal.
Blame for this is assigned to unsuccessful bids to enter new markets, the crisis of gas and power supply, and the high rates of interest on bank loans.
Following demands by businesses, the proposed tax at source on all products, including readymade garments, was 1.5 per cent for the 2016-17 fiscal year but was later cut to 0.7 per cent.
The 28 billion dollar readymade garment sector contributes to around 80 per cent of Bangladesh’s total exports but exports from this sector have dropped by 6.8 per cent to the US and 5.91 per cent to the EU countries.
Around 3,00,000 knitting machines and looms have suspended operations in Pakistan during the last five years.
The polyester filament yarn (PFY) industry in the country is dated. PFY attracts 12 per cent customs duty versus polyester fiber, which attracts only seven per cent customs duty.
While production of local polyester staple fiber is enough to suffice Pakistan’s requirement, production of polyester yarn is only 25 per cent of the required quantity for Pakistan. However import duty of PFY is at 12 per cent compared to polyester fiber at seven per cent.
The yarn industry feels the ongoing anti-dumping investigation on polyester filament yarn, which is a basic raw material for polyester fabric, is totally unjustified. The user industry would be unnecessarily penalised even for those products which are not produced by the domestic industry. It adds that the cost for the end user would increase substantially and this would affect the weaving and knitting industry.
Mill owners want customs duty on polyester filament yarns to be reduced from 12 per cent to seven per cent and want immediate help for the polyester knitted fabric sector and a relief package which will enable it to avoid further problems in the next 12 months.
Pakistan is contemplating a series of measures to support the textile sector. All the measures announced in financial year 2016-17 like duty-free import of textile machinery will continue in financial year 2017-18.
To stabilise cotton prices in the country, a system of cotton hedge trading for the domestic cotton will be initiated in consultation with stakeholders. A brand development fund will be launched for the textile sector. A thousand stitching units will be installed. An online textile business/trade portal for textiles using the business to business mode and the business to consumer mode will be launched. This will bring Pakistan textiles’ value chain in line with global marketing practices.
Import duty on nonwoven fabric (used in the pharmaceutical sector for manufacturing of bandages, surgical gowns, wound dressings, etc) will be reduced from the existing 16 per cent to five per cent.
The textile industry is the biggest industry of Pakistan, earning a foreign exchange of 12 billion dollars per annum for the country. However the country’s textile exports have been declining for many years due to the international recession coupled with the energy crisis and inconsistent domestic policies.
Pakistan will re-impose a four per cent customs duty and five per cent sales tax on cotton imports. The decision has been made to boost the confidence of domestic cotton growers during the upcoming sowing season.
Millions of retail jobs in the US are likely to be automated out of existence in the coming years. Retail cashiers are at highest risk for automation technologies, and women hold 73 per cent of these positions.
Some 16 million Americans are employed in retail, which represents ten per cent of the nation’s working population and generates six per cent of the US gross domestic product.
Some 36 per cent of retail workers currently receive some form of public assistance and the average retail worker age is 38. Contrary to perceptions, 71 per cent of retail workers are full-time employees. Most companies are considering the use of in-store technology such as mobile devices, self-checkout, digital kiosks and proximity beacons. In addition, sensor-based checkouts and smart shelves are a growing technology.
The shrinking of retail jobs in many ways threatens to mirror the decline in manufacturing in the US. Moreover, in this case, workers at risk are already disproportionately working poor, so any disruption may cause strains in the social safety net and stresses on local tax revenues.
Retailers need to balance demand for wage increases with the negative optics of future job losses. The winners in retail will be companies that provide recruitment, retention and training for workers and innovate with forward-thinking future store strategies.
"Technology is transforming each and every industry very fast and it stands true for fashion industry as well. There used to be a time when luxury used to be in the reach of a select few and the fashion trends used to change in 6 months. In digital era, the information spreads like fire and before we see celebrities adorning the global brands, our consumers are ready to adorn the same with their copies. In such a highly transparent and competitive scenario, how can brands compete and advance is a question that needs to be answered by global giants."
Technology is transforming each and every industry very fast and it stands true for fashion industry as well. There used to be a time when luxury used to be in the reach of a select few and the fashion trends used to change in 6 months. In digital era, the information spreads like fire and before we see celebrities adorning the global brands, our consumers are ready to adorn the same with their copies. In such a highly transparent and competitive scenario, how can brands compete and advance is a question that needs to be answered by global giants.
Since ages, The LV from Louis Vuitton used to be the status symbol worldwide. In order to offer customers something new and bring back brand identity, for Spring/Summer 2016, Louis Vuitton has brought in a new face for the line – Lightning, a heroic character from Final Fantasy, which seems to be quite out-of-the-box. On the surface having a fictional heroine from a virtual world take the place of a human muse seems like a peculiar stretch for a historic fashion house; however, long before the brand was boiled down to a monogram, it stood for pushing the boundaries of reality and dreams. Nicolas Ghesquière, the creative director of Louis Vuitton, highlighted that Lightning is the perfect avatar for a global, heroic woman and for a world where social networks and communications are now seamlessly woven into our life. Lightning heralds a new era of expression. This example reflects that even the most renowned luxury brands are investing in attributes that encourage relevance versus aspiration.
Accessibility is the key
When the information is available at the click of the mouse, how can companies create a unique proposition needs to be pondered over. In rescue to this, J Crew has met the consumers’ need for instant connection by making high quality suits accessible. In its Ludlow shop, customers can design and purchase custom suits, complete with tailoring and monogramming. The growing world of bloggers and vloggers, a seat to a Mercedes-Benz Fashion Week show now only requires a social media account, and cell service or WiFi. The intent has now shifted to making the experience as accessible and interactive as possible to drive same-day, virtual sales.
Luxury designers Rebecca Minkoff and her brother/co-founder, Uri Minkoff are unlocking the velvet ropes even further via augmented reality. With a purchased virtual reality headset, consumers around the globe were given a 360-degree live experience at Rebecca Minkoff's 2016 Fall runway show. The founders also partnered with a startup, Zeekit to offer their consumers a virtual fitting room to try on the latest runway styles.
Omnichannel is here to stay
Instead of getting bogged by the emergence and growing acceptance of online as the preferred mode of shopping, companies need to evolve a cross-channel integration strategy to connect and engage consumers with a brand. There is a growing emergence of experiential retail spaces, which means that brands need to focus less on selling and deliver a highly-interactive, memorable experience to build brand loyalty.
In light of this, Bonobos, the men's e-commerce apparel company, has opened up brick-and-mortar guide stores where one can't buy anything, but can just check outfits while hanging out and drinking beer. Consumers are then assisted by a Bonobos guide with ordering all their selected items online, which are then home delivered. Today, the renewed purpose for a physical retail space is to craft a multi-sensory, service-first brand experience a customer can take home. In short, companies need to create a new standard in brand building in response to the demands of the modern consumer.
