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Levi’s has unveiled a collaborative capsule of the classic trucker jackets with men’s brand Ovadia & Sons. The assortment only consist of three styles and one of them has already been spotted on well-known music producer Jay-Z during his ongoing 4:44 tour. The jacket that Jay-Z wore was custom made by repaired vintage Levi’s denim for the artist as a teaser and had embroidered words saying Carter on the chest and Blue, Rumi, and Sir on the interior.
The styles look vintage with all of them being denim-on-denim patchwork with two of the looks sporting red and monochrome plaid patches. The Sherpa fabric lined products are slated for an official public release on January 25, 2018, at Levi’s own store in SoHo as well as on Ovadia & Sons’ website. Apart from this, the limited edition jackets that cost $595 a piece will also be available at multi-brand store Fred Segal in West Hollywood, California.
The Brooklyn-based brothers Messrs Ariel and Shimon Ovadia, who founded the brand in 2011, picked out this specific silhouette from an archive of about 50,000 vintage Levi’s pieces.
Woolmark has partnered with Australian shopping centre Westfield to put the spotlight on wool this winter’s retail season. Australian wool is the star in a curated selection of winter accessories, boots, denim and apparel. The campaign supports local retailers, starring wool in a curated selection of winter accessories, boots, denim and apparel, and celebrates Australian merino wool, the growers who produce the fiber and the designers who use it.
Westfield and Woolmark are telling the farm to fashion wool story, recognising people who produce one of the most important fibers for fashion worldwide. The campaign gives customers inspiration on how to integrate wool into their new season wardrobe, alongside a wide range of winter footwear, accessories and apparel from a number of Australia’s favorite brands, all available at Westfield.
The initiative champions the eco-credentials of fiber and says it is the perfect choice for today’s conscious consumer and that, natural or biodegradable, wool provides the global apparel industry with the most renewable, recyclable and reusable fiber on the planet.
The event is not only an engaging way for consumers to experience the natural attributes and luxuriousness of Australian merino wool, it also offers Australian woolgrowers a window into the commercial aspect of the fiber they work hard to produce.
The EU has granted Sri Lanka the GSP facility. This will allow Lanka to export its products tax-free to the European market. The country became eligible for GSP Plus after it ratified and implemented measures relating to human and labor rights, environment protection and good governance. The EU had withdrawn this facility in 2010 due to the poor human rights record of the country. Sri Lanka then applied for GSP Plus in July 2016.
The EU is Sri Lanka's biggest export market accounting for nearly one-third of Sri Lanka's global exports. In 2015, total bilateral trade amounted to euro 4.7 billion. EU imports from Sri Lanka amounted to euro 2.6 billion and consisted mainly of textiles as well as rubber products and machinery. Lanka will also get additional trade preferences.
The EU aims to support Sri Lanka’s economic growth by launching a series of initiatives which includes support to design and implement a coherent trade strategy for export competitiveness. While the UK is currently an important market for Sri Lanka, with Brexit becoming a reality, Sri Lanka will immensely benefit if it also focuses attention on accessing non-traditional markets among the EU countries. This will not only cushion the potential negative impact of Brexit on Sri Lanka but will also help contribute towards the country’s target of doubling its export revenues.
Circular Fibers is an industry-wide initiative to build a new global textile system based on the principles of the circular economy. The initiative has been launched by Ellen MacArthur Foundation. Circular Fibers brings together key industry stakeholders, such as H&M and Nike, to collectively define a vision for a new system that benefits businesses and citizens, and also phases out negative impacts such as waste and pollution.
The project will encourage businesses to shift away from the current take, make and dispose model, which puts high demand on land, energy and other resources. It aims at catalysing change across the industry by creating an ambitious, fact-based vision for a new global textile system, underpinned by circular economy principles, that has economic, environmental, and social benefits, and can operate successfully in the long term.
Textiles play an important role in the global economy. But a growing trend in consumerism has led to an inefficient waste and resource management system. In the US, for example, an estimated 85 per cent of clothing waste ends up in landfills.
Circular Fibers will provide an analysis of the textile industry. It will look at what a new circular economy for textiles could look like, and lay out the steps needed to build it.
Natural fiber producer Crailar has entered into a partnership with Canopy, an NGO working to protect ancient and endangered forests by transforming the impacts of the paper and fabric supply chains. Crailar uses an environmentally friendly process to make flax and other bast fiber residue into high-quality products while dramatically reducing chemical and water use. It is one of a growing number of solutions technology enterprises in the textile and nonwovens supply chain and a leading innovator in its commitment to only source agricultural residues.
In using agricultural residue fibers to make the next generation of fabrics, Crailar offers eagerly anticipated options for brands and retailers seeking sustainable alternatives to fabrics currently made from ancient and endangered forests.
Believing that the fastest way to protect the world’s last endangered forests is to ease market demand for their treasures, Canopy is working with 100 brand and retail partners to kick-start next generation solutions such as viscose and rayon made from straw.
Four years ago it launched an initiative, which now has over 100 international clothing brands and fashion designers, committed to end the use of ancient and endangered forests. A key component is to kickstart commercial production of fabrics and textiles made from lower-impact fibers such as straw and recycled fabrics.
Textile major Arvind has recorded a 41 per cent decline in net profit for the year ended March from a year ago. Revenue for the same period grew 9.7 per cent. With demonetisation, and a sharp increase in cotton prices and appreciation of the rupee, Arvind feels it has had a satisfactory performance. It expects to continue to have double digit growth in the coming financial year led by robust growth in its brand and retail business.
The Ahmedabad-based company has a portfolio of own and licensed brands. Its own brands include: Flying Machine, among others, while its licensed product brands include Tommy Hilfiger, Calvin Klein, Arrow, Gant, Nautica, Gap, and Aeropostale.
Arvind’s textile business (denim and fabric) contributes 60 per cent to total revenue and the rest is by brands and retail business. Arvind is one of India’s largest integrated textile and apparel companies. The company is also one of the largest producers of denim fabrics and is supplier to a large number of fashion brands in the world.
Arvind has launched its ready-to-wear brand. The brand, also called Arvind, will initially be available in Gujarat and Karnataka at 50 Arvind stores. It will then go on to all such 170 stores across 100 cities and the company’s 10,000 points of sale. The ready-to-wear brand will have clothes under the categories of work, leisure and ceremonial.
The African Development Bank (AfDB) will have its annual meeting in Ahmedabad, May 22 to 26, 2017. Experts and practitioners will discuss methods of promoting textile manufacturing in Africa, where many of the textile and clothing firms are small and medium enterprises. It will also discuss how the involvement of African countries in the global textile industry could look like, from conception and design. Models will show how African fabrics are inspiring designers.
AfDB is supporting the development of creative industries that utilize products, especially cotton, in Africa. Through this initiative, AfDB is promoting investments in the fashion sector, increasing access to finance for entrepreneurs and incubating and accelerating starts-ups.
The bank is investing in high-growth sectors that have the potential to promote economic empowerment and create 25 million jobs over the next decade. It considers creative industries as offering massive potential for continent-wide job and gross domestic product growth. For instance, instead of exporting raw cotton, Africa needs to move to the top of the global value chain and produce garments targeted at the growing African and global consumer class.
The textile and clothing market is already worth more than $31 billion in sub-Saharan Africa and accounts for the second largest number of jobs in developing countries after agriculture.
"Backed by demand from the US and Europe, exports have once again seen an uptick from Asian countries. With the US President Trump focusing on pushing up US jobs by reducing imports, Asian exporters are in a state of flux about the fortunes of their business. Of the 16 countries facing scrutiny from Trump’s 90-day review of possible ‘trade abuse’, more than half are in Asia with the biggest bilateral trade surpluses chalked up in the region by China, Japan, Vietnam and South Korea. China was the largest at $327 billion in 2016."
Backed by demand from the US and Europe, exports have once again seen an uptick from Asian countries. With the US President Trump focusing on pushing up US jobs by reducing imports, Asian exporters are in a state of flux about the fortunes of their business. Of the 16 countries facing scrutiny from Trump’s 90-day review of possible ‘trade abuse’, more than half are in Asia with the biggest bilateral trade surpluses chalked up in the region by China, Japan, Vietnam and South Korea. China was the largest at $327 billion in 2016. Looking at the prevailing situation, Rob Subbaraman, Chief Economist for Asia ex-Japan at Nomura in Singapore says this is going to be a bigger issue next year than this year, especially between the US and China.
Sudhir Dhingra, founder of Orient Craft, has seen a substantial rise in export volumes to $181 million in 2016 from $129 million in 2012. But owing to a unstable political and economical scenario such as Brexit and Trump’s focus on curbing imports, Dhingra expects countries to pursue simpler bilateral deals than grand regional free trade agreements as politicians realise bringing jobs back home to high-cost labour markets isn’t so simple. There is a growing concern that the US might impose additional duties.
Current growth pattern
Giving signs of positive growth, Parag Khanna, a senior research fellow at the Lee Kuan Yew School of Public Policy at the National University of Singapore says the US services exports to Asia are rising and a burgeoning middle class in Asia offers huge potential. American exports to South Korea rose to a record in February and the nation’s year-to-date deficit with China has fallen by 2.5 per cent. That emerging demand could be the start of a trend. Asian economies are not just about manufacturing or commodities anymore. There is a strong services and consumption vertical emerging.
In IMF’s annual outlook released recently, Asia will grow 5.5 per cent in 2017 compared to 5.3 per cent last year, though it warned that downside risks could include rising trade barriers. Other worries include signs that China’s economy may be slowing as authorities clamp down on excessive credit, meaning demand for commodities will soften and hurt producers such as Australia and Indonesia. Exports from China, the world’s biggest trading nation, held up in April after hitting a two-year high in March. South Korea’s exports expanded for a sixth month in April, contributing to the biggest trade surplus in decades. Japanese exports grew at the fastest rate in more than two years in March. India’s merchandise export growth was up 4.7 per cent in the fiscal year ending March 2017, after a drop of 16 per cent in the previous fiscal year. India is now poised for a year of accelerating trade growth, according to Bloomberg Intelligence.
Textile and garment companies of India are looking to promote trade cooperation with Vietnamese enterprises. The country’s textile and garment materials export turnover to Vietnam in recent years has increased on an average by 20 per cent a year.
Vietnam is one of the five largest textile and garment exporters in the world. However, the country is also one of the world’s leading importers of fabrics and materials. The shortage of high-quality materials for production is the biggest barrier to Vietnam’s textile and garment industry, hindering the country from taking advantage of free trade agreements.
Cooperating with Indian businesses will be an effective measure to diversify material supply resources for Vietnam. Vietnamese and Indian textile and garment firms see this as a good time to enhance links in investing, exporting materials and technical assistance for mutual benefit.
Apparel occupies a large proportion in India’s exports. The country’s textile and garment industry has developed a complete product supply chain and the country is also one of the suppliers of high-quality materials and fabrics at competitive prices in the world.
Trade promotion programs can help Indian businesses make deeper inroads into the Vietnamese market. These can also help Vietnamese businesses seek more material suppliers and learn from effective production models.
Vardhaman Textiles’ consolidated revenue for the fourth quarter registered a 8.9 per cent year on year increase. This was primarily driven by a 10 per cent year on year decline in income from acrylic fiber. EBITDA for the quarter fell nine per cent year on year with a corresponding margin contraction of 405 basis points. EBITDA margin for the quarter stood at 20.6 per cent. This margin contraction was aided by 17 per cent year on year growth in cost of material consumed. PAT for the quarter saw a year on year decline of 9.5 per cent.
For the full year, revenue jumped by three per cent while EBITDA rose by two per cent. Net profit was up 60 per cent year on year. Vardhaman makes almost all types of yarn, barring a few synthetic yarns like 100 per cent polyester. Otherwise it is a pioneer in cotton, cotton blended, cellulosic. Vardhaman has 1.1 million spindles and it makes 6, 00,000 tons of yarn a day. Of the total capacity one-third goes for captive consumption. Another one-third goes for the Indian market. And one-third goes for exports. The company uses innovative fiber blends and it has special products to cater to customers’ needs. Today 50 per cent of its production is of value added yarns for India.
