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Toni Ruiz, CEO, Mango will soon replace Isak Andic, Founder and Owner, as the brand’s new Chairman.
Andic's son, Jonathan Anic will serve as the brand’s new vice-president while Manel Adell, Former CEO, Desigual will join the company as an independent board member.
Having positioned itself as a premium retailer with higher prices than its rival, the Inditex-owned Zara, Mango plans to expand into the US market.
Having joined as the General Director of the brand in 2015, Ruiz will continue to expand its operations with an aim to reach €4 billion ($4.16 billion) in sales by 2026.
In 2023, the unlisted Barcelona-based company, with a presence in more than 120 markets, reported sales of €3.1 billion in 2023.
PDS has announced its financial results for Q3 and 9M FY25, showcasing sustained growth. The company also revealed a strategic expansion move with the acquisition of a 55 per cent stake in Knit Gallery India Pvt Ltd (KGIPL) for Rs41 crore. This acquisition strengthens PDS’s presence in India’s textile sector, diversifying its sourcing footprint.
Founded in 2001, Knit Gallery is a leading apparel manufacturer in Tirupur, specializing in baby wear, children’s wear, nightwear, and innerwear. With 14 manufacturing units and a production capacity of over 40 million pieces annually, KGIPL serves customers across Germany, the US, and the UK. PDS’s investment aligns with its strategy to mitigate geopolitical risks while expanding its manufacturing presence in India. The acquisition will be finalized by May 2025.
PDS reported a 26 per cent year-on-year revenue growth in 9M FY25, reaching Rs9,052 crore. North America drove this expansion with 70 per cent growth. The company’s gross merchandise value for 9M FY25 stood at Rs13,737 crore, up 31 per cent from Rs10,521 crore last year. Profit after tax (PAT) for the quarter increased 66 per cent to Rs43 crore, while 9M PAT rose 22 per cent to Rs167 crore. PDS also maintains a healthy order book of $425 million.
Executive Vice Chairman Pallak Seth emphasized that the acquisition enhances PDS’s manufacturing capabilities while reinforcing its commitment to the ‘Make in India’ initiative and sustainable manufacturing. Group CEO Sanjay Jain highlighted the company’s focus on cost optimization and operational efficiencies, ensuring long-term growth.
With strong financial performance and strategic expansion, PDS continues to strengthen its global presence while driving innovation and sustainability in the textile and apparel industry.
Rajasthan-based manufacturer of cotton yarn, knitted fabrics and woven fabrics, Nitin Spinners plans to double its woven fabric capacity with an investment of Rs 100 crore over the next two years. The expansion will be executed at the company’s existing facility in Chittorgarh district, Rajasthan.
Dinesh Nolkha, Chairman and Managing Director, says, the expansion is being driven by high utilization rates by the firm. To alleviate these capacity constraints, the company aims to diversify its product portfolio, and add fashion fabrics. Its newly added capacity will help generate an additional Rs 1,000 crore in revenue.
Nolkha anticipates cotton and yarn prices will remain stable as over the past year cotton prices have declined by 15 per cent and yarn prices by almost 10 per cent.
Nitin Spinners experienced sluggish demand in 2023, particularly in cotton yarn exports. However, international demand is now gradually recovering, with European markets stabilizing and the US market showing signs of resurgence. The company has seen particularly strong demand for a variety of textile products in the US. The domestic market has remained stable, with recent large orders received by garment exporters from international brands further boosting domestic demand.
In Q3, FY25 spanning October-December 2024, Nitin Spinners reported revenue of Rs 838 crore, a profit margin of 13.9 per cent m and a profit after tax of Rs 44 crore.
International B2B tradeshow for yarns and fibers in Italy, Filo plans to launch its new capsule collection of original fabric prototypes at Milano Unica, to be held at Rho Fiera Milano, from February 4-6, 2025.
Produced by Filo, the collection has been developed by using yarns from its exhibiting companies, and is inspired by its Collages Product Development Proposals launched in December 2004.
The Filo Capsule Collection embodies the contribution of all Filo participants including spinners, dyers, finishers, embroiderers, and weavers. A key feature of this high-quality collection of original fabric prototypes is its complete traceability, offering transparency from yarn to finished fabric.
Designed for textile professionals, including designers, buyers, and international brands, the Filo Capsule Collection demonstrates the potential of the exceptional yarns showcased by Filo exhibitors.
LVMH Moët Hennessy Louis Vuitton SE is divesting its stake in the eponymous brand Stella McCartney, returning ownership to the brand's founder. This move comes as the luxury conglomerate streamlines its portfolio amidst a slowdown in the high-end market.
British fashion designer Stella McCartney will repurchase the minority stake from LVMH, concluding a five-year partnership. She will continue to advise LVMH on sustainability initiatives, a key area of focus for her brand, known for its commitment to animal-free and eco-conscious designs.
The sale precedes LVMH's upcoming earnings report where analysts anticipate a 1.04 per cent decline Q4, FY25 sales, primarily due to weakened demand in China. The divestment also follows other recent moves by LVMH, including the sale of the company owning the Off-White label in September and its stake in Cruise Line Holdings Co last year. LVMH's DFS division also shuttered a luxury department store in Venice in November.
As per the brand’s latest financial reports, previously operated Gucci’s parent company, Kering, Stella McCartney reported sales a decline in its sales to approximately £40 million in 2023 from $50 million in 2022 besides an operating loss of around £8.8 million.
The Indian textile and apparel industry is approaching the Union Budget2025-26 with a mix of anticipation and urgency. After navigating a challenging 2024 marked by supply chain disruptions, rising raw material costs, and subdued demand, the sector is looking to the government for crucial policy interventions. With the global landscape shifting due to factors like the Bangladesh crisis and the ‘China plus one’ strategy, the Indian textile industry sees a significant opportunity to increase its global market share. However, realizing this potential hinges on the upcoming Budget addressing key concerns.
Major demands and expectations
Several industry bodies, including the Clothing Manufacturers Association of India (CMAI), the Apparel Export Promotion Council (AEPC), and the Confederation of Indian Textile Industry (CITI), have presented their recommendations to the Finance Ministry. These can be broadly categorized as follows:
1: Boosting domestic manufacturing and MSME support
MSMEs form the backbone of the Indian textile industry, contributing significantly to employment, especially for women and marginalized communities. The industry is urging the government to:
• Extend the Production Linked Incentive (PLI) scheme to all garment categories: Currently, the PLI scheme primarily focuses on synthetic products. Extending it to all garment categories would incentivize investment and boost production across the sector. As Santosh Kataria, President of CMAI, stated, "While the existing PLI scheme for textiles has made some progress, its focus has been predominantly on synthetic products… To maximise the sector’s potential, it is critical to extend the PLI scheme to encompass all categories of garments."
• Provide interest subvention benefits for the domestic garment sector: The high working capital requirements of the garment sector, especially for MSMEs, necessitate financial support. A reduced interest rate, similar to the Priority Sector Lending (PSL) rate for agriculture, has been proposed.
• Recognize MSMEs as secured creditors in NCLT cases: This would provide them with better financial security and improve payment recovery during insolvency proceedings.
• Simplify compliance procedures and provide tax incentives: This would ease the burden on MSMEs and encourage growth. Harsh Somaiya, Co-founder of The Bear House, highlighted the need for "a reduction in GST rates on job work activities like stitching and embroidery" to alleviate cost pressures.
• Incentivize domestic manufacturing: Give subsidies on raw materials and machinery, along with tax breaks for MSMEs and start-ups, this would encourage local production and reduce reliance on imports.
2. Rationalization of GST rates
The complex GST structure is seen as a hindrance to growth. The industry has called for:
• Rationalization of GST rates across the value chain: A uniform GST rate across all apparel categories, as suggested by Dilip Kapur, President of the Leather Goods and Accessories Manufacturers and Exporters Association of India, would simplify the tax structure and reduce compliance burdens.
• Reduction of GST on man-made fibers (MMF) to align with natural fibers like cotton: This would promote MMF adoption and improve competitiveness.
• Retaining current GST slabs: This should be done for products priced at Rs 1,000 and above to support the apparel and lifestyle retail segment.
3. Promoting exports
With global retailers seeking alternative sourcing destinations, India has a significant opportunity to boost its textile exports. The industry is requesting:
• A sector-specific PLI scheme to boost manufacturing and exports: This would help Indian brands compete with established international players.
• A thorough review of the FTA with Bangladesh: The CMAI has recommended this to ensure a level playing field for domestic manufacturers.
• Removal of Section 43B(H) of the IT Act: This provision, requiring payments to MSMEs within 45 days, has created cash flow problems for exporters.
• Simplification of import procedures for trims and embellishments under IGCR: This would streamline the import process and reduce costs.
• Exemption of customs duty on imports of garmenting machinery: This would enhance the sector's efficiency and competitiveness.
• Increasing the e-commerce export consignment cap and extending the export realization period: This would facilitate smoother access to international markets
• Extending the RoSCTL benefits for home textile exporters: Increasing the RoSCTL rate and extending it to the entire value chain would further boost exports.
• Special export subsidies on logistics: This would offset increased freight costs.
4. Address raw material availability and pricing
High domestic raw material prices compared to international markets pose a significant challenge. The industry is advocating for:
• Ensuring the availability of raw materials at international competitive prices, potentially through the removal of Basic Customs Duty (BCD) on all cotton varieties.
• Government intervention through the Cotton Corporation of India (CCI) to ensure cotton availability at international prices when domestic prices are higher, with government subsidies to compensate any losses.
• Removal of the Quality Control Order (QCO) on Man-Made Fibres (MMF) and yarn to facilitate a free flow of raw materials at competitive prices.
5. Other recommendations
Focus on skill development and technology upgradation; expediting the National Retail Policy's implementation; Incentivizing sustainable practices through tax benefits for brands adopting eco-friendly production processes.
Bangladesh's ready-made garment (RMG) industry, a critical pillar of the nation's economy, is grappling with a growing dependence on imported yarn and fabrics, despite significant domestic production capacity. This shift poses challenges to local textile mills and raises concerns about the long-term sustainability of the industry.
Rising imports and falling domestic consumption
While Bangladesh has invested heavily in its textile production capabilities, recent years have seen a marked increase in yarn and fabric imports. In 2024 alone, cotton yarn imports surged by 39 per cent, reaching a record $2.28 billion, with fabric imports close behind at $2.59 billion. This trend is particularly concerning given that local mills supplied approximately 85 per cent of the yarn for knitwear exports just two years ago (BTMA data).
Table: Yarn and fabric imports
|
Year |
Yarn imports ($ bn) |
Fabric imports ($ bn) |
|
2022 |
||
|
2023 |
||
|
2024 |
2.28 |
2.59 |
(Source: National Board of Revenue)
What makes imports attractive?
Price competitiveness: Indian yarn, in particular, undercuts local prices, often by as much as $0.20 per kg. This is largely due to government incentives and subsidies provided to Indian textile exporters, such as the Remission of Duties or Taxes on Exported Products (RoDTEP) scheme.
Rising production costs: Production costs have been rising for local textile mills due to higher gas prices (up 179 per cent), increased wages, and an unreliable gas supply. These factors limit their ability to compete on price with foreign suppliers. For example, MB Knit Fashions, a leading knitwear manufacturer, exemplifies this trend. Once sourcing 80 per cent of its yarn domestically, the company now imports nearly 90 per cent, primarily from India. "By importing 800 tonnes of yarn, we save $208,000," says Mohammad Hatem, MD, MB Knit Fashions. "If we bought yarn locally, the tax incentives would only result in a post-tax saving of $56,000... So, why would I choose to purchase yarn from local mills under these conditions?"
Falling government incentives: Incentives for garment makers to source yarn domestically have been significantly reduced. Cash incentives have fallen from 4 to 1 per cent, and special incentives from 1 to 0.3 per cent. Also, delays in processing these incentives and tax deductions further diminish their appeal. Zahid Hussain, former lead economist at the World Bank's Dhaka office, argues that long-term support for the textile industry through direct financial aid is unsustainable. Instead, he advocates for focusing on reducing business costs, such as logistics, port charges, and banking fees, to enhance overall competitiveness.
These are concerning for local yarn makers as the growing dependence on imports threatens the viability of local textile mills. Over 30 mills have shut down in the past year, and capacity utilization rates have plummeted. Concerns have been raised about potential dumping practices by Indian exporters, who may be selling yarn below its domestic market value. Moreover relying heavily on imports exposes the RMG sector to external price shocks and supply chain disruptions.
Ways to reduce import dependence
Meanwhile To mitigate the challenges and ensure the long-term health of the RMG sector, Bangladesh should consider:
Reviewing incentive structures: Re-evaluate and potentially enhance incentives for domestic yarn sourcing to make it more attractive for garment manufacturers.
Addressing dumping concerns: Investigate allegations of dumping by Indian exporters and consider imposing anti-dumping duties if necessary.
Improving efficiency and reducing costs: Focus on streamlining logistics, improving infrastructure, and reducing bureaucratic hurdles to lower production costs for local mills.
Promoting vertical integration: Encourage greater vertical integration within the RMG sector to reduce reliance on imports and strengthen the entire value chain.
In fact, to effectively meet higher apparel export targets, Bangladesh needs a multifaceted approach to yarn and fabric sourcing. First while prioritizing domestic sourcing, Bangladesh should strategically diversify its import sources to mitigate risks associated with over-reliance on a single country. This could involve exploring suppliers in countries like Vietnam, Indonesia, and Pakistan.
The country should invest in technology upgrades and skills development to enhance the competitiveness of domestic textile mills. This will enable them to produce higher-quality yarn and fabrics at more competitive prices. Another important step is to promote the production of specialized and value-added yarns and fabrics, such as those made from recycled materials or organic cotton, to cater to the growing demand for sustainable and high-quality apparel.
Foster collaboration between research institutions, textile mills, and garment manufacturers to drive innovation and develop new textile technologies and manufacturing processes. And explore opportunities to increase domestic cotton production, even if it involves collaborations with other countries, to reduce reliance on imported raw materials.
Kering has formed a strategic partnership with 0-93 Lab, a non-profit cultural initiative, to bridge the gap between young creatives in Greater Paris and the luxury industry. Founded by designer Bastien J Laurent in 2019, 0-93 Lab seeks to make fashion design and visual arts more accessible to youth, offering free workshops and events to inspire and empower the next generation of creatives in Aulnay-sous-Bois and surrounding cities.
Thanks to Kering's support, 0-93 Lab will soon unveil a new 325 square meter creative space, fully equipped for practices like sewing, dyeing, screen printing, embroidery, photography, and filmmaking. Located in Aulnay-sous-Bois’ Cité des 3000 district, this inclusive venue will introduce local youth to the fashion industry, prepare them for art and design schools, and support their personal and professional creative journeys.
This partnership has already made an impact, with Kering leaders mentoring young creatives during a six-month program. Additionally, in July 2024, participants worked with Balenciaga fabrics to create costumes for Apaches, a ballet performed at the Opéra de Paris. Looking ahead, 2025 will bring a new initiative: a workshop program directly connecting Balenciaga’s creative teams with 0-93 Lab's young talents.
Bastien J Laurent, Co-founder and Artistic Director of 0-93 Lab, highlighted how Kering’s involvement helps new generations of talent shape France’s creative industries. BéatriceLazat, Chief People Officer at Kering, added that this partnership reinforces their commitment to mentorship and preserving craftsmanship in the luxury industry.
Rieter reported a strong order intake of CHF 725.5 million in 2024, up 34 per cent from CHF 541.8 million in 2023, marking four consecutive quarters of year-on-year growth. This signals an early market recovery despite ongoing challenges.
However, sales fell sharply by 39 per cent to CHF 859.1 million (2023: CHF 1,418.6 million), reflecting weaker demand. The Machines & Systems Division saw the steepest decline, with sales plunging 56 per cent to CHF 424.9 million (2023: CHF 965.0 million).
The Components Division dropped 7 per cent to CHF 247.6 million, while After Sales remained stable at CHF 186.6 million.
Rieter ended the year with an order backlog of CHF 530 million, down from CHF 650 million in 2023. The company expects an EBIT margin in the upper half of its 2 per cent-4 per cent guidance, despite lower revenue. This resilience is attributed to the successful execution of its “Next Level” performance program.
While sales struggled, Rieter’s rising order intake and cost optimization efforts position it for a stronger performance in 2025.
Hong Kong-based investment firm backed by Joe Tsai, Co-founder, Alibaba, Blue Pool Capital has acquired a 12 per cent stake in Italian luxury sneaker brand Golden Goose. This investment follows Golden Goose's abrupt postponement of its planned stock market listing last year.
Blue Pool's expertise in sports, entertainment, and consumer industries, combined with its knowledge of the Asia Pacific market, will support Golden Goose’s expansion plans, says the brand. Blue Pool manages the assets of Tsai, who chairs the Chinese online retail giant and co-founded it with Jack Ma, as well as those of several families. Oliver Weisberg, CEO, Blue Pool Capital will join Golden Goose's board.
Private equity firm Permira will retain a majority stake in Golden Goose.
In June, Golden Goose unexpectedly halted its planned initial public offering (IPO) on the Milan Stock Exchange, citing market volatility due to political uncertainty in Europe. In November, Silvio Campara, CEO reiterated the company's commitment to an IPO but emphasized the need to wait for more favorable market conditions.
Golden Goose confirmed that the transaction with Blue Pool was negotiated and agreed upon shortly after the IPO postponement last year, and was finalized recently.
