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Managed by E-Land World in South Korea, New Balance is on track to surpass 1 trillion won ($713 million) in annual sales for 2024. Following impressive sales of 900 billion won in 2023, the brand aims to exceed this milestone despite economic challenges.
To achieve this, E-Land World recently added aespa’s Winter and actor Gong Yoo as brand ambassadors, joining the existing roster of singer IU and former figure skating champion Kim Yuna. This strategic move will help attract a broad audience, from younger consumers captivated by Winter’s influence to those in their 30s and 40s drawn to Gong Yoo’s appeal.
Another major milestone for New Balance was the opening of its 754-sq-m flagship store in Seongsu-dong, eastern Seoul in Oct’24.
Featuring the largest selection of premium MADE products and exclusive items, the store attracted over 2,000 visitors on its opening day and 30,000 within the first two weeks. It witnessed a high demand for rare products like the 993 sneakers.
To maintain momentum, New Balance aims to launch seasonal campaigns and promotions. The 2024 Members Winter campaign, which runs until November 17, offers discounts on popular down jackets. Concurrently, the brands has also organised the New Balance Mega Week in partnership with Musinsa to promote winter apparel and accessories. The brand plans to periodically release exclusive items to build anticipation among shoppers.
These efforts align with the leadership of Cho Dong-ju, who was appointed as the CEO of E-Land World on Sep 30, 2024. Credited with fueling New Balance’s growth, Cho previously led key roles such as head of the brand division in 2017 and COO in 2023. His initiatives include successful collaborations with local artists and brands. He is known to have implemented a unified, project-based structure integrating product planning, marketing, and sales—departing from traditional methods to meet the 1 trillion won target.
Family-owned holding company, EPI plans to sell the French luxury childrenswear brand Bonpoint to China's Youngor Group, as per French news outlet La Lettre. As per the publication, EPI has owned Bonpoint since 2007 and also holds JM Weston in its portfolio.
According to La Lettre, the transaction worth €200 million is being led by Valerie Hermann, a close associate of Christopher Descours, CEO, EPI.
Founded in 1979, Youngor Group is a major player in China’s textile and apparel industry. Despite its sales declining to €1.7 billion (RMB 13 billion) in 2023, the group remains a key force in fashion and real estate. It designs and produces clothing, primarily under its men’s ready-to-wear brand, Youngor. The group acquired a minority stake in the Alexander Wang label in 2022.
China has become an essential market for Bonpoint, a brand established in 1975. By the end of 2023, Bonpoint managed 130 stores and shops-in-shops globally, with approximately 30 located in China. The brand has often experienced overwhelming financial results due to the competitive nature of the childrenswear market.
The American Apparel and Footwear Association (AAFA) cautions that tariff policies under former President Donald Trump could drive up apparel costs if campaign proposals are fully enacted. These policies, particularly the Section 301 tariffs from 2018, have contributed to the highest inflation in decades for clothing and footwear, according to AAFA.
These tariffs, which US businesses and consumers ultimately pay, disproportionately impact lower-income Americans, particularly female consumers, as tariffs are higher on affordable clothing and women’s apparel.
AAFA President and CEO Steve Lamar expressed concern over the effects of these tariffs and emphasized the need for immediate renewal of essential trade programs, including the African Growth and Opportunity Act (AGOA), the Generalised System of Preferences (GSP), and the Haiti Help/Hope preference program.
Lamar argued that a stable trade environment, bolstered by these programs, would support industry diversification, create jobs, and make fashion more affordable.
The AAFA also advocates for policies to protect shipping channels, curb counterfeit goods in e-commerce, and ensure effective, practical trade legislation. These measures, the organization hopes, will offer a balanced approach to sustaining the US apparel and footwear industry while providing affordable options to consumers.
The Confederation of Indian Textile Industry (CITI) has expressed optimism over Donald J Trump's recent presidential win in the United States, anticipating a positive impact on India's textile and apparel (T&A) trade with its largest export destination. In 2023, the US accounted for over 27 percent of India’s T&A exports, underscoring its critical role in India’s global trade expansion.
CITI Chairman Rakesh Mehra highlighted a notable rise in textile and apparel (T&A) exports to the US, reporting nearly 6 percent growth in the current fiscal year compared to the same period last year. This rate exceeds that of key competitors, with China showing a 2.2 percent increase, Vietnam at 0.4 percent, and Bangladesh experiencing a 2.2 percent decline. Mehra pointed out that this improvement in India’s export performance indicates a growing interest from American consumers in Indian T&A products.
Mehra pointed to the Trump administration’s previous efforts to diversify sourcing away from China as a favorable factor aligning with India’s ambitions to expand in the American market. This shift has opened doors for Indian textiles, providing a viable alternative for US buyers seeking to reduce dependence on Chinese imports.
However, high US tariffs, which can reach up to 32 percent on certain apparel categories, remain a barrier to further growth. These tariffs, Mehra noted, limit India’s ability to fully capitalize on its growing market share in the US. CITI is hopeful that Trump’s new administration will prioritize trade discussions with India to address tariff-related obstacles, enhancing India’s role as a major supplier of high-quality textiles and apparel to the US.
Such a collaboration, according to Mehra, could mark a new era in US-India textile trade, offering American retailers and consumers a competitive alternative to Chinese products.
Marking a significant turnaround from a net loss of Rs 4.15 crore in Q2, FY24, Ramco Industries (RIL), part of the Chennai-based Ramco Group, reported a consolidated net profit of Rs 16.88 crore for Q2 FY25. The company’s revenue from operations increased by 11.83 per cent Y-o-Y to Rs 353.17 crore during the quarter.
Profit before exceptional items and tax increased by 86 per cent to Rs 32.55 crore in Q2 FY25, compared to Rs 17.50 crore in the corresponding quarter of the previous year. Total expenses for the quarter rose by 7.41 per cent to Rs 323.79 crore from Rs 301.44 crore in Q2 FY24. The cost of materials consumed increased by 20.3 per cent YoY to Rs 232.69 crore, while employee benefits expenses grew by 19.85 per cent Y-o-Y to Rs 41.85 crore.
In H1, FY25, RIL's net profit increased by 58.92 per cent to Rs56.29 crore, driven by an 11.65 per cent increase in revenue from operations, which reached Rs 896.33 crore during the period.
In a strategic move, the company's board approved an investment to purchase shares of The Ramco Cements, with a commitment of up to Rs 160 crore in one or more tranches. Additionally, the board sanctioned the raising of credit facilities from banks, mutual funds, or non-banking financial companies (NBFCs) through secured, rated, redeemable non-convertible debentures, term loans, or other borrowing methods. The total amount for these credit facilities is set not to exceed Rs 160 crore, which will support corporate requirements and fund the investment in The Ramco Cements.
RIL’s core business includes spinning of cotton yarn as well as manufacture of asbestos-based fiber cement (FC) sheets used as roofing material and the production of calcium silicate boards. The company operates a fully-owned subsidiary in Sri Lanka, Sri Ramco Lanka, which manufactures and markets FC sheets. The broader Ramco Group has diversified interests spanning cement, FC sheets, textiles, and information technology.
As India strengthens its position as a key global hub for apparel sourcing, the US International Trade Commission (USITC) attributes its industry growth to India's political stability, which appeals strongly to US buyers.
According to the Ministry of Commerce and Industry, India’s stability enables it to manage risks and meet production deadlines of the complex global garment chains, making it an increasingly attractive sourcing destination.
Over the past decade, India's share in US apparel imports has grown steadily from 4 per cent in 2013 to 5.8 per cent in 2023. In 2023, India exported $4.6 billion in apparel to the US, positioning it as the fourth-largest supplier. This trend reflects rising confidence in Indian-made garments as the US shifts some sourcing away from China.
Political stability is essential for maintaining efficient supply chains, particularly in time-sensitive industries like apparel, the USITC report highlights. While disruptions and delays due to political unrest often impact apparel supply chains in countries like Bangladesh, India’s relatively stable environment provides a dependable alternative, especially in high-value, fashion-focused apparel.
India’s competitiveness in the apparel industry is driven by several factors, including vertical integration, which allows it to manage all stages of production from cotton farming to garment manufacturing. This self-reliance limits dependency on external suppliers, enabling more efficient and reliable production.
Additionally, India’s large, skilled labor force excels in producing high-quality, customised garments that are increasingly popular in global markets. Government initiatives such as the Production Linked Incentive (PLI) Scheme have further bolstered India’s manufacturing capabilities by encouraging investments in technology and innovation, expanding production capacity to meet rising demand.
India’s focus on cotton-based garments, supported by its role as one of the world’s largest cotton producers, offers a competitive edge in the US market, where cotton apparel remains in high demand. This focus aligns with India's established strengths and provides a valuable niche in the broader US apparel market.
The USITC report compares India with other major US apparel suppliers, such as Vietnam, Bangladesh, Indonesia, and Pakistan. Vietnam holds 17.8 per cent of the US market, excelling in both cotton and synthetic fiber garments but facing rising labor costs. Bangladesh benefits from low labor costs and duty-free access to the US but is hindered by political instability. India, on the other hand, boasts advantages like vertical integration, skilled labor, and government support, though challenges remain in labor costs, infrastructure, and limited capacity for man-made fibers.
As India addresses challenges related to labor productivity, fiber diversification, and infrastructure, its apparel sector is positioned for further growth in the US market. With its focus on reliability, high-quality production, and political stability, India is emerging as a strong and dependable partner for US buyers in an increasingly competitive global apparel industry.
Setting a new national record for large-scale mechanical cotton harvest yields, a cotton field in northwest China’s Xinjiang Uygur Autonomous Region, Bortola has achieved a yield of 11,154 per hectare. The cotton field achieved this on a 7.1-hectare field in the Mongolian Autonomous Prefecture of Bortala.
The Xinjiang Regional Department of Agriculture and Rural Affairs, along with experts from the National Agro-Tech Extension and Service Center, the Chinese Academy of Agricultural Sciences, the Xinjiang Academy of Agricultural Sciences, and Shihezi University, monitored and evaluated the harvest and output data.
Wang Daguang, a researcher in agro-tech extension services from Jinghe County in Bortala, notes, this new record highlights the progress in agricultural science and technology, encouraging cotton farmers to integrate more advanced techniques in cultivation.
With 92,667 hectare of cotton fields, Bortala is among the top cotton-producing regions in Xinjiang, supporting the area's prominence in China’s cotton industry.
The return of Donald Trump as the next President of the United States could help India strengthen textile and apparel trade with its largest international market, opines the Confederation of Indian Textile Industry (CITI).
In 2023, the US represented approximately 27 per cent of India’s total textile and apparel exports, emphasising its vital role in India's global industry reach.
From Apr-Aug’24, India’s textile and apparel exports to the US grew by around 6 per cent compared to the same period last year. The growth surpassed key competitors, with China recording a 2 per cent increase, Vietnam at 0.4 per cent, and Bangladesh seeing a decline of 2.2 per cent. India's enhanced performance in the textile and apparel sector reflects its expanding share in this critical market, notes Rakesh Mehra, Chairman, CITI
The previous Trump administration focused on diversifying its trade sources to reduce the country’s dependence on China. This approach also aligns with India's goal of strengthening its position in the U.S. market.
However, high tariff rates, reaching up to 32 per cent for certain apparel categories, remain a significant hurdle to further market expansion, Mehra cautions.
A new administration could work with India to potentially revise tariffs, positioning India as a leading supplier of high-quality textiles and apparel to the US, he adds. This could mark a new chapter in India-US textile trade relations, offering American retailers and consumers a valuable alternative to Chinese products, CITI states.
Global Fashion Agenda (GFA) has revealed the theme for the 2025 Global Fashion Summit: Copenhagen Edition, ‘Barriers and Bridges.’ Under the patronage of Her Majesty the Queen of Denmark, the summit will take place from June 3-5, 2025, at the Copenhagen Concert Hall. Registration is now open.
As the fashion industry faces mounting pressures to innovate and comply with complex regulations, the summit will explore how today’s challenges can drives sustainable growth. By bringing together key stakeholders, the event will highlight how barriers can be transformed into bridges for positive change, navigating the blurred lines between voluntary and mandatory efforts in sustainability.
The Summit will tackle critical social and environmental issues, discussing the balance between climate leadership, business resilience, regulatory compliance, and innovation. Three key stages will feature speakers addressing these dualities, focusing on both immediate solutions and long-term visions.
Additionally, the Innovation Forum will spotlight pioneering solutions, including materials and end-of-use processes, providing opportunities for tailored collaborations through the Matchmaking Programme.
Federica Marchionni, CEO of Global Fashion Agenda, emphasized that fashion’s transformative potential is immense, requiring bold leadership, investment, and a reimagined approach to business models. The summit aims to facilitate collaboration, guiding the fashion industry towards meaningful, sustainable change.
Activists from Clean Clothes Campaign (CCC) and XR Fashion Action disrupted Inditex’s European distribution centre in Lelystad, The Netherlands, protesting the brand’s failure to protect garment workers rights in Bangladesh. The action escalates CCC’s ongoing campaign against brands linked to the crackdown on workers involved in the 2023 minimum wage protests in Bangladesh.
Inditex, the parent company of Zara, is one of the top offenders on CCC’s tracker, which links brands to factories pressing unjust criminal charges against workers. According to CCC’s research, over 5,500 workers in Inditex’s supply chain are at risk of prison sentences due to baseless charges filed by factory owners after the protests. At least eight factories in the supply chain were involved in worker repression.
As one of the world's largest garment manufacturers, Bangladesh is especially vulnerable to climate change. CCC argues that the fashion industry’s massive contribution to global carbon dioxide emissions is enabled by the exploitation of Bangladeshi workers. KalponaAkter, president of the Bangladesh Garment & Industrial Workers Federation, criticized Zara’s empty promises on living wages and labor rights, stating that workers remain trapped in a cycle of repression.
CCC campaigner Bogu Gojdz emphasized that major fashion polluters are often the worst violators of labor rights, urging Inditex to put an end to worker exploitation throughout its supply chain.
The activists demand that Zara urge its suppliers to drop all charges against workers and publicly support the call for Bangladesh’s interim government to dismiss the politically motivated legal actions.
