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Pharrell Williams is the new creative director of Louis Vuitton’s men’s wear division.
Williams has established himself as a cultural and global icon over the past 20 years. He is a 13-time Grammy winner and two-time Oscar nominee with experience working with luxury brands and designers. Williams collaborated with the luxury group LVMH in 2004 and 2008. He had a massively popular sneaker collaboration with Chanel in 2017 and a unisex clothing collection in 2019 that he designed with Lagerfeld. He also has his own fashion brands, including Billionaire Boys Club and Icecream. His creative vision beyond fashion is expected to lead Louis Vuitton towards a new and exciting chapter. Williams replaces Virgil Abloh who died of cancer at age 41 and was a groundbreaking designer and tastemaker known for merging streetwear and high fashion. Louis Vuitton is seen as having a strong point of view in everything it does. The brand has been relentless with its engagement with millennials and is noted for investing in people. Louis Vuitton is known for taking steps to limit environmental damage. At one time Louis Vuitton was using salpa, a type of reconstituted leather, to produce some of the models for its leather goods products, which enables it to avoid using real leather. The group uses leather offcuts to reduce waste.
Ikea plans to lower carbon emissions in 2023.
Ikea will address emissions across its supply chain and operations, from factories to transport. Plans will also target the impact of its roughly 460 stores. The company has a target to become climate-positive by the end of this decade. Ikea plans to reduce more emissions than it emits. Since 2016, Ikea has reduced its emissions of carbon dioxide equivalents by 12 per cent, including by five per cent in 2022. Ikea’s 2030 climate goals require boosting renewable energy use and reducing the climate footprint of its materials. Also tucked among those challenges is the glue that holds some of the furniture giant’s most popular products together. The glue Ikea uses to make its beds, sofas and everything in between makes up five percent of its total carbon impact. Moving toward glue from renewable sources is a key enabler to achieving Ikea’s overall climate goal. But a big challenge with bio-based glues remains that not all are compatible with the company’s current conventional glue and application technology. So Ikea’s factories have to switch to organic glues and update their machines and technology. The company plans to increase the share of renewable energy in its supply chain, targeting 100 per cent renewable energy in its production by the end of the decade.
For the first ten months of this fiscal India’s exports of readymade garments increased by five per cent.
Exports of cotton yarn, fabrics, made-ups, and handloom products declined by 28 per cent against the corresponding period of the previous fiscal. Carpet exports came down by 23 per cent. Manmade yarn, fabrics and made-ups exports went down by 11 per cent. India’s readymade garment exports decreased by three per cent in January 2023. Exports of cotton yarn, fabrics, made-ups and handloom products declined by 37 per cent. Carpet exports fell by 27 per cent. Manmade yarn, fabrics and made-ups exports came down by 21 per cent. India’s overall exports (merchandise and services combined) in January 2023 grew by 14 per cent over the same period last year. Overall imports in January 2023 were 0.94 per cent higher over the same period last year. During April 2022 to January 2023, India’s exports of merchandise and services increased by 17 per cent against the corresponding period of last year. Overall imports also increased by 22 per cent from the same period last year. India is among the top garment manufacturing countries in the world. Indian textiles and apparel products have a history of fine craftsmanship across the entire value chain from fiber, yarn, fabric to apparel with high global appeal.
Knitwear exports from Tirupur grew 1.5 per cent in January 2023.
The first month of this calendar year has brought some cheer to textile manufacturers in Tirupur. Knitwear exports rose marginally after falling for five consecutive months. For the ten-month period total knitwear exports from Tirupur grew by three per cent. The knitwear segment in Tirupur has seen some improvements now when compared with December 2022 quarter. The cotton yarn movement that was sluggish over six months has now got revived. With increasing enquiries/orders from garment units, spinning mills have now started running for seven days as against four days earlier. Knitwear exports from Tirupur started to decline in August 2022 as a result of the Russian-Ukraine war. High inflation and recessionary trends led to subdued demand for textiles and apparel in the US and European markets. During August 2022 to December 2022, total knitwear exports from Tirupur fell by 21 per cent when compared with the previous year. With gradual improvements from January 2023, Tirupur exporters hope to start fiscal year 2024 with good growth in the June 2023 quarter when compared with the March 2023 quarter. Meanwhile, Tirupur exporters feel bringing down the interest cost for export credit will provide the much-needed competitiveness to exports.
Milan Fashion Week will have a showroom dedicated to sustainable garments.
Seven brands are slated to showcase their garments and accessories at the showroom. The aim is to provide buyers with a trusted reference point for sustainably sourced, verified garments worn by models who are respected in their rights and whose work is supported and protected. Demand for sustainable fashion is continuing to rise. The event comes as calls for the fashion industry to reduce its carbon footprint increase. The industry is a leading producer of greenhouse gas emissions and wastewater as well as ongoing accusations of human rights violations. The global fashion industry is responsible for eight per cent of total global emissions while textile production uses 2,15,000 billion liters of water a year. The fashion industry is also a leading producer of plastic, responsible for 20 per cent of the plastic produced each year. Milan Fashion Week will be held in Italy, February 21 to 27, 2023. The show will have 56 physical runway shows and five digital displays. We Are Made in Italy, a collective of designers and fashion professionals of color, will host a digital show. Hot-ticket names on the first show day include Fendi, Diesel and Roberto Cavalli.
The National Cotton Council (NCC) of America’s 2023 ‘World Cotton Economic Outlook’ predicts a rebound of world cotton consumption, despite the pressures of a turbulent global economy. Year of 2022 was full of uncertainty and upheaval, and the US markets have been affected by increased manufacturing costs, lower consumer demand, and supply chain disruptions. Experts however, expect modest economic growth over the next two years, even if the projected growth is slower than two previous years.
Set up to ensure that all US cotton industry segments compete effectively and profitably in raw cotton, oilseed and US-manufactured product markets in the US and globally, the NCC remains positive about the cotton industry. In her NCC Annual Planting Intentions survey results Jody Campiche, Vice President, has projected US cotton acreage in 2023 will be 11.4 million acres, 17 per cent lesser than in 2022 and may well be a matter of concern.
Although post-pandemic manufacturing costs remain high, cotton harvest-time futures prices are currently 16.5 per cent less than a year ago while prices of most other competing commodities remain relatively unchanged. This is mainly because many cotton growers have shifted away from this unpredictable segment to other competing commodities.
The fight against inflation, cheaper imports from other countries and the Russia-Ukraine war have weighed heavily on the US economy although the cotton segment still has its head high above turbulent waters in 2023.
US cotton belt to generate a rich cotton crop
Southern US, where cotton has been the predominant cash crop since the late 18th century, is keeping this industry alive and kicking. Using the five-year average abandonment rates along with state-level adjustments, the harvested area in this rich cotton belt is expected to total around 8.8 million acres in 2023 with a US abandonment rate of 22.6 per cent.
Industry estimates predict based on the five-year average state-level yield per harvested acre, this cotton belt will generate a rich cotton crop of 15.7 million bales, with 15.2 million upland bales and the premium 466,000 extra-long staple (ELS) bales like Egyptian cotton.
In Campiche’s report, global production will probably increase slightly to 115.9 million bales in 2023-24 due to an increase in harvested acreage. However, overall world cotton marketing and distribution 2023-24 marketing year is far more encouraging and projected to increase by 4.7 per cent to 116.1 million bales.
China reopening brings hope
Global economic conditions improved rapidly after the removal of Covid restrictions in China, one of the largest luxury markets in the world. China has always played a pivotal role in global cotton and textile industry as a major global cotton producer and importer, and major textile exporter with hundreds of manufacturing industries and cotton fields spread throughout the country. As per IMF projections, China’s growth rate will increase from 3 per cent in 2022 to 5.2 per cent this year. With more demand for premium cotton consumption in key importing countries, global cotton trade is expected to grow to 44.2 million bales in 2023-24.
US mills continue to be critically important to the health of cotton industry and is currently focusing on high-tech machinery and big investments to remain competitive in the face of rising textile imports from Asia. The NCC in its domestic mill cotton use projects an increase in US mill use to 2.3 million bales in 2023-24 marketing year. The NCC is currently focusing on new and improved trading agreements in the Western Hemisphere and doing what is needed to preserve and improve the US textile industry’s health.
The global online footwear market is growing by a CAGR of eight per cent. The market is witnessing significant growth in the non-athletic footwear segment.
The segment is primarily driven by increasing fashion consciousness among consumers. In addition, the rise in the number of private label brands, the high demand for trendy non-athletic footwear from Generation Z and millennials, and the rise of e-commerce companies are fostering the growth of the segment.
The market is driven by the rising popularity of digital payment systems.Online shopping offers various payment options such as credit cards, cash on delivery, internet banking accounts, demand drafts, and cash on order. Customers can also rely on payment service providers such as PayPal to make payments without revealing their personal information.Popular players such as Amazon, Google, MasterCard, and PayPal are investing heavily in digital payment technologies.Mobile payment options such as Apple Pay, Android Pay, and Samsung Pay are becoming a standard feature on new smartphones.The availability of such payment options is increasing the convenience of shopping for footwear online. The advent of smart and customized footwear is the key trends in the market.Vendors are offering customization and personalization options to diversify their product portfolios.
Some vendors are introducing smart footwear to attract customers engaged in athletic and fitness activities.
The United States has accused Bangladesh of exporting counterfeit clothing of popular American and French brands.
The US has initiated a special review against Bangladesh and if the charge is found justified quotas, sanctions and additional duties loom over Bangladesh’s garment exports to the United States.
Bangladesh will have to brace for multiple forms of penalties. This is the first time the US has decided to conduct such a review against any least-developed country. On its part Bangladesh has promised to investigate the allegations and take disciplinary action against the accused.
Raids across the world testify
Counterfeit goods sourced in Bangladesh have been seized in countries like Australia, Italy, the UK, the US, Germany and Saudi Arabia.Out of the roughly 1,75,000 items seized in 2022 from across 17 raids in Malaysia and the Philippines, all the goods were manufactured in Bangladesh. Some 5,000 listings linked to counterfeit Bangladesh-sourced goods have been identified on online platforms such as Facebook, LinkedIn, Whatsapp, Lazda and Shopee, among others.
What do Intellectual Property rights say for low develop countries?
Bangladesh is preparing to respond. As a least developed country Bangladesh has some flexibility in terms of intellectual property rights. Moreover, Bangladesh has implemented the Trademark Act, where counterfeiting is a punishable offence. The country will concede that export consignments were not as thoroughly checked as import consignments, which may have resulted in the trade of some counterfeits, but in that case, it will argue, customs authorities of the countries where counterfeit garments are imported are also responsible for stopping those and that the responsibility of punishing those who import and sell counterfeit products in different countries lies with the countries concerned. But the problem also lies with factories in Bangladesh. While garment manufacturers maintain that they have never engaged in such practices, sometimes there are stocks left, which are sold in the open market. Some foreigners buy these products and sell them in their own country. Some products do go through this process.
Zero exports from Bangladesh amid order cancellations during Covid might have led to more stocks and, thus, more products reaching foreign destinations through black markets.
Source Fashion was held in the UK, February 12 to 14, 2023. This was a highly successful and impactful event bringing together a global array of manufacturers and leading retailers.
There were exhibitors from Peru, Cambodia, Pakistan, Portugal, Hong Kong, Italy, Greece, UK, China, India and Turkey. Visitors came with the intention of doing business and there was a good mix of buyers, small and big brands.
A seminar program was packed with informative talks from internationally renowned designers, professionals, and experts from across the industry. One session explored shifting consumer patterns, the rise in resale and how to integrate reCommerce into existing business models.
Across all three days the Source Catwalk Show delighted and inspired visitors with its exciting use of innovative materials, new textiles and trend-driven designs by fashion designers and manufacturers showcasing at Source Fashion. There was a huge variety of beautiful fashion, textiles, products and even product solutions on the show floor.
People from all around the world with incredible stories who are leading change in the industry were given a platform to network, make connections and share and sell their products. The aim was to help buyers and sourcing professionals to buy better, and connect them to responsible suppliers.
Indonesia’s textile and textile product industry grew nine per cent in 2022.
In the first quarter and the second quarter of 2022, the growth was 12 percent and 13 percent. However, in the third and fourth quarters, the quarter to quarter growth indicator has slowed down. The export market has weakened but on the other hand the domestic market has been flooded with imported goods, which has led to the closure of several factories.
The global crisis as a result of the impact of the Russian-Ukrainian war is being felt by the textile industry in Indonesia. Indonesia’s textile exports have dropped dramatically after the Russia-Ukraine war. The loss of this export market has made textile companies in Indonesia overstock. Because, on the other hand, the domestic market is not available since it is flooded with imported products. So this condition causes domestic textile products to go nowhere and the impact of which has been that textile companies in Indonesia are experience overstock. This has also caused textile companies to take policies to lay off their employees.
In just 16 days, more than 85,000 employees throughout Indonesia have been laid off. It is difficult to predict when the textile industry in Indonesia will recover from the current crisis caused by the war.
