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A delegation from Australia’s largest single apparel buyer, Kmart met with Mahmud Hasan Khan, President, BGMEA to discuss collaboration opportunities for building a sustainable garment industry.
Held at the BGMEA Complex in Uttara, Dhaka, the meeting included Tristram Gray, Head- Corporate Affairs; Albert Young, Head-Ethical Sourcing; and Obaid Gazi, Ethical Sourcing Manager, Kmart Australia & New Zealand. Senior officials from BGMEA, including Inamul Haque Khan, Senior Vice President also attended.
During the discussion, Gray expressed the company's commitment to strengthening its long-standing business relationship with Bangladesh and increasing future collaborations. The conversation focused on BGMEA’s priorities for a sustainable industry and how Kmart could support these initiatives.
Mahmud Hasan Khan, President, BGMEA highlighted, sustainability is a key focus for the association. He noted, his board has initiated dialogues with all worker federations to foster good industrial relations and shared other measures taken for worker welfare. He also emphasized on the need for a Unified Code of Conduct for the garment industry to simplify the audit process, reduce pressure on factories, and enhance the industry's ethical and sustainable practices.
Both parties also discussed strategies to increase garment exports from Bangladesh to Australia, a promising market due to Bangladesh’s duty-free access. The BGMEA President urged Kmart to strengthen partnerships with suppliers to help them diversify products and enhance production capabilities. The Kmart delegation offered to facilitate communication between any BGMEA trade delegation and Australian government policymakers.
The British Fashion Council (BFC) has launched a curated program of public fashion events and activations titled City Wide Celebration (CWC), in Manchester. This move further strengthens Manchester’s growing reputation as a major fashion hub, following Chanel's high-profile Metiers D'Art show in the city last year.
Running from September 12-16, the CWC will bring the spirit of London Fashion Week to the North of England. The Trafford Centre will be the central venue, hosting a variety of fashion events and immersive experiences. The celebration will also extend to other major UK cities, including London, Liverpool, and Newcastle.
A key part of this year's CWC is the new ‘At Home With’ initiative, a series of talks focused on the cultural and geographic influences of prominent British designers. Manchester’s headline event, presented by 1664 Blanc, will feature a panel discussion at the Trafford Centre on September 13.
The panel will include a diverse group of celebrated designers with strong ties to Manchester including Kazna Asker, a British-Yemeni designer known for blending streetwear with traditional Islamic garments; Liam Winter, the self-taught jeweler behind The Winter House, who creates conceptual, art-inspired pieces influenced by his studies in Performance Design and Film; Nadine Merabi, a designer whose journey began out of a passion for creating bold, glamorous occasionwear that celebrates confidence, inspired by her Lebanese heritage and British upbringing and Matty Bovan, a Central Saint Martins graduate and award-winning fashion knitwear designer who has collaborated with major brands like Marc Jacobs and Miu Miu.
These designers will share an intimate conversation about how Manchester’s unique culture has shaped their creative voices, showcasing the city’s rich influence on the fashion world.
An initiative designed to help women-led businesses engage in global digital trade, the Women Exporter in Digital Economy (WEIDE) grant was recently launched in Abuja. Dr Ngozi Okonjo-Iweala, Director-General, World Trade Organization (WTO) officiated the launch. Nigeria has been selected as a pilot beneficiary of the fund, with the Nigerian Export Promotion Council (NEPC) being one of only four global Business Support Organizations (BSOs), and the sole African representative, chosen to implement the first phase.
This grant aligns with the NEPC's ongoing efforts to empower women in the export sector. According to Nonye Ayeni, Executive Director, NEPC the council has already trained over 100 women-led businesses on increasing the value of spice and herb exports. This was achieved through the use of aggregation centers that streamline supply chains and connect producers to both local and international markets.
Ayeni highlighted, these efforts are part of President Bola Tinubu’s Renewed Hope Agenda, which aims to integrate women and youth into the export ecosystem. The NEPC also hosted a forum to help women-led businesses capitalize on opportunities under the African Continental Free Trade Area (AfCFTA). The goal of these initiatives is to enhance the export competitiveness of women; improve their access to market information and trade facilitation services; boost data collection on women-led non-oil export activities and advocate for more gender-responsive trade and export policies.
In the first half of the year, the NEPC registered 2,285 new exporters and conducted 252 capacity-building programs for over 27,000 participants. These programs covered essential topics like documentation, export readiness, Good Agricultural Practices (GAP), Good Warehousing Practice (GWP), and Good Manufacturing Practice (GMP).
The council also facilitated free international certifications, such as FDA and HACCP, for 200 exporters, which helps them meet global standards, reduce product rejections, and boost competitiveness. As a part of its Corporate Social Investment, the NEPC distributed over 23,000 hybrid seedlings to more than 3,000 farmers to improve the quality and volume of produce for export.
In response to the challenging situation faced by the Indian textile and apparel industry owing to the new 50 per cent tariff imposed by the US administration, the Indian government has reopened the application process for the production-linked incentive (PLI) scheme.
The Union Ministry of Textiles announced it would invite fresh applications for MMF (man-made fiber) apparel, MMF fabrics, and technical textiles. The application portal will be open until August 31 of this year. While the scheme is intended to help the textile industry, it may not benefit the garment sector much, as cotton garment manufacturing is not included.
Approved in September 2021 with a budget of Rs 10,683 crore (~$1.22 billion), the PLI scheme was designed to boost the production of man-made fiber products. Although 80 applicants have been approved, the response has been described as lukewarm, with some committed investors not moving forward. The government aims to disburse Rs 500 crore (~$57.09 million) in incentives during the current fiscal year.
The United Kingdom is all set to rewrite the future of fashion waste. In a bold, future-facing move the country is preparing to launch a National Textile Recycling Hub — a game-changing infrastructure project that promises to curb the country’s textile waste crisis, revitalize regional economies, and anchor Britain’s fashion sector in circularity. At the heart of this transformation is a joint vision spearheaded by the UK Fashion & Textile Association (UKFT) and Circle-8, detailed in a comprehensive new report by Oxford Economics and backed by the Circular Fashion Innovation Network (CFIN).
With over one million tonnes of textiles discarded each year, the UK is Europe’s highest per capita clothing consumer. The proposed hub — anchored by three automated sorting facilities (ATSPs) and a dedicated chemical recycling plant — offers a systemic shift, aiming not just to reduce waste, but to recycle and reintegrate textiles into the fashion economy. More than an environmental win, the plan stands to unlock £53 million in annual GDP and support over 700 jobs nationwide.
Tackling the textile tsunami
The UK currently faces a major challenge with textile waste. As the European country with the highest per capita clothing purchases, over one million tonnes of used textiles are generated annually. Alarmingly, approximately one-third of this volume, deemed non-rewearable, ends up in incineration, landfill, or is exported for recycling in countries with lower labour costs. This not only poses a severe environmental threat but also carries a hefty economic burden, costing the UK economy an estimated £200 million per year in disposal fees.
The proposed national textile recycling hub offers a robust solution. Once fully operational by 2031, the three ATSPs are projected to pre-process nearly 150,000 tonnes of textile waste annually. This is a critical first step in the recycling process. These facilities will employ advanced automated sorting technologies to efficiently categorize textiles, separating them based on their material composition.
Following this pre-processing, 50,000 tonnes of the sorted textile waste will be directed to the accompanying chemical recycling plant in the East Midlands. Here, these materials will undergo a sophisticated chemical process to break them down into their constituent fibres, which can then be re-spun into new, high-quality clothing fibres. The remaining 100,000 tonnes of sorted material, while not suitable for chemical recycling, will be channeled towards alternative textile recycling methods, ensuring maximum resource utilization and minimizing waste.
This multi-stage process, from automated sorting to advanced chemical recycling, represents a significant leap forward from traditional, often manual, sorting methods. It promises to enhance efficiency, purity of recycled materials, and ultimately, the economic viability of textile recycling.
A boost for the economy
The economic benefits of this national textile recycling hub are substantial, spanning both its development and operational phases. The project requires a total investment of £277 million, with £58 million of this directly realized within the UK economy.
Development phase (2025-28)
During the three-year development phase, the project is expected to generate significant economic activity
|
Metric |
Direct (£2022m) |
Indirect (£2022m) |
Induced (£2022m) |
Total (£2022m) |
|
GVA |
20 |
13 |
13 |
46 |
|
Job Years |
220 |
220 |
190 |
620 |
|
Wages |
12 |
8.5 |
5.5 |
26 |
|
Taxes |
1.9 |
1.1 |
1 |
4 |
Source: Oxford Economics, Circle-8 (Note: May not sum due to rounding)
The manufacturing sector will reap the lion’s share, with 240 job years and a £22 million GVA contribution — largely due to facility fit-outs and equipment installation.
Operational phase (fully operational by 2031)
Once fully operational, the recycling hub will continue to deliver impressive economic returns:
|
Metric |
Direct (£2022m) |
Indirect (£2022m) |
Induced (£2022m) |
Total (£2022m) |
|
GVA |
26 |
15 |
12 |
53 |
|
Jobs |
340 |
210 |
170 |
720 |
|
Wages |
12 |
8.7 |
5.5 |
26 |
|
Taxes |
3.7 |
3.8 |
2.1 |
9.6 |
Source: Oxford Economics, Circle-8 (Note: May not sum due to rounding)
The hub is projected to directly support 340 jobs across the four sites, with an average annual wage of £35,300. Through indirect and induced channels, a further 380 jobs will be created across the national economy, bringing the total employment impact to 720 jobs. The annual GVA contribution to national GDP is estimated at £53 million, with a collective fiscal benefit to the UK Government Treasury of £9.6 million per year.
Recycling roots across Britain
The hub’s nationwide footprint ensures that its benefits are equitably distributed, with each facility serving as a micro-center of regional regeneration.
East Midlands: The heart of recycling innovation
The East Midlands is poised to receive the largest share of the economic impact, hosting both an ATSP and the chemical recycling facility. By 2030, once fully operational, the region is estimated to benefit significantly:
|
Metric |
Direct (£2022m) |
Indirect (£2022m) |
Induced (£2022m) |
Total (£2022m) |
|
GVA |
17 |
12 |
9.4 |
38 |
|
Jobs |
140 |
170 |
130 |
440 |
|
Wages |
4.9 |
7 |
4.3 |
16 |
Source: Oxford Economics, Circle-8 (Note: May not sum due to rounding)
North West: A growing hub for textile recycling
|
Metric |
Direct (£2022m) |
Indirect (£2022m) |
Induced (£2022m) |
Total (£2022m) |
|
GVA |
4.8 |
3.2 |
2.4 |
10 |
|
Jobs |
100 |
40 |
30 |
170 |
|
Wages |
3.5 |
1.7 |
1.1 |
6.4 |
Source: Oxford Economics, Circle-8 (Note: May not sum due to rounding)
The region is expected to see 170 jobs supported and a £10 million GVA contribution, highlighting the localized benefits of the recycling infrastructure.
South West: Embracing the circular economy
The South West will also host an ATSP, reaching full operational capacity by 2031, with notable economic impacts:
|
Metric |
Direct (£2022m) |
Indirect (£2022m) |
Induced (£2022m) |
Total (£2022m) |
|
GVA |
4.7 |
2.3 |
2.1 |
9.1 |
|
Jobs |
100 |
30 |
30 |
160 |
|
Wages |
3.5 |
1.2 |
0.9 |
5.6 |
Source: Oxford Economics, Circle-8 (Note: May not sum due to rounding)
The South West will benefit from 160 jobs and a £9.1 million GVA contribution, further demonstrating the widespread positive effects of the national hub.
Catalytic benefits and policy alignment
Beyond the quantifiable economic impacts, the national textile recycling hub aligns perfectly with the UK's green policy objectives and international commitments, such as those discussed at COP29. The fashion and textiles industry accounts for an estimated 8-10 per cent of global greenhouse gas emissions, making a transition to a circular economy imperative for achieving net-zero targets.
The hub is projected to facilitate an annual saving of over £24 million in combined landfill and incineration gate fees by 2028, a direct financial benefit stemming from reduced waste disposal. Furthermore, impending legislative changes, including the expansion of the UK Emissions Trading Scheme (ETS) to include energy from waste plants and a 22 per cent rise in landfill gate fees, will make textile recycling an even more economically attractive and environmentally responsible option.
This ambitious project positions the UK at the forefront of sustainable fashion innovation, ensuring it remains competitive and resilient in a global market increasingly prioritizing circularity. By adopting advanced recycling technologies and fostering domestic infrastructure, the UK is not only addressing its waste crisis but also cultivating a new era of green growth and job creation.
Benefits from cost savings, productivity initiatives and a strengthened balance sheet has led to HanesBrands Inc raising its full-year outlook despite challenges in Intimate Apparel business and impact of foreign exchange rates on international sales.
Recording better-than-expected financial results, HanesBrands Inc reported 1.8 per cent increase in net sales in Q2, FY25 to $991 million with its operating profit and earnings per share also increasing significantly.
However, Hanesbrands faces significant financial challenges due to a decline in its revenue and profitability. Technical indicators suggest bearish momentum, further weighing on the evaluation. Despite a positive earnings call and corporate developments, the overall risk profile remains concerning due to financial instability and market headwinds.
A global leader in everyday iconic apparel, Hanesbrands Inc focuses primarily on basics, activewear, and intimate apparel. Known for its innovation and brand investments, the company focuses on the US and international markets.
Giordano Middle East bagged three prestigious awards at the recent SS26 Global Buying Conference/ These included the awards for Best Market, Best Global Marketing, and Best Global Buying & Merchandising Team.
This triple win highlights the brand's exceptional performance, strong market position, and dedication to innovation, flawless execution, and teamwork.
Ishwar Chugani, CEO and Managing Director, says, these awards reinforce the company’s belief in leading with purpose, staying customer-focused, and constantly pushing beyond boundaries.
Giordano Middle East has been a standout performer within the global Giordano network, expanding its footprint across the GCC and boosting its digital commerce efforts. The company is committed to driving growth, developing talent, and providing a top-tier retail experience.
These accolades are the result of the team’s tireless efforts. They inspire the company to push the boundaries of excellence even further, he adds.
With a growing presence in the Middle East, Giordano continues to offer timeless, high-quality apparel and an exceptional shopping experience, solidifying its role as a key contributor to the brand's global success.
The UK High Court has approved closure of 33 stores of River Island across the country as part of the company’s restructuring efforts to avoid insolvency.
Citing a customer shift to online shopping and rising operating costs as reasons for its multi-million pound losses, the fashion retailer had warned creditors it could run out of cash by the end of August if the plan was not approved.
In addition to the store closures, the company will seek rent reductions at 71 other locations. According to Ben Lewis, CEO, River Island, the plan will enable the brand to align their store estate to customers' needs. The company also plans to eliminate approximately 110 of its 950 head office positions, a move expected to save about £8.1 million. The retailer currently operates 223 stores across the UK and Ireland, with no closures planned for its Irish locations.
River Island’s barrister, Matthew Weaver KC, told High Court the company had already closed seven unprofitable stores this year. He emphasized, the proposed restructuring was the only viable alternative to insolvency. The company's most recent accounts showed a full-year loss of £33.2 million on the back of a 19 per cent decline in sales. Weaver also noted, River Island was projected to be unable to pay its debts by late August or early September, with a shortfall exceeding £43 million.
Industry analysts suggest, River Island has struggled to keep pace with evolving consumer tastes and lacks a striking brand identity. Charles Allen, Analyst, Bloomberg, notes, the company is suffering from issues common to many UK retailers, including the decline of in-store business and higher costs exacerbated by increased National Insurance Contributions.
While the restructuring provides a temporary reprieve, Nick Sherrard, Label Sessions cautions, simply cutting costs won’t guarantee long-term success. River Island is a much-recognized brand. However, it's not the same thing at all as being a beloved one, he says.
With the restructuring in place, River Island is forecasting a modest 1 per cent annual growth for the next five years.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Southern Gujarat Chamber of Commerce and Industry (SGCCI) are set to collaborate to bring the business communities of Bangladesh and India closer to explore new bilateral trade opportunities.
Led by Himanshu H Bodawala, President, a SGCCI delegation recently met with Faruque Hassan, President, BGMEA in Dhaka to discuss potential partnerships. The two sides focused on increasing direct business interactions between Bangladeshi ready-made garment (RMG) exporters and Indian textile manufacturers and raw material suppliers. They believe this will strengthen relationships and create a mutually beneficial situation for both countries.
Discussions also revolved around creating a platform for knowledge and expertise exchange in areas like design, technology, machinery, and productivity. This initiative could involve linking institutions such as the BGMEA University of Fashion and Technology (BUFT) with Indian universities, fashion institutes, and trade associations like SGCCI.
Hassan highlighted, Bangladesh and India are well-positioned to complement each other in the RMG and textile industries. He noted, as Bangladesh increasingly focuses on diversifying its RMG product range - particularly into non-cotton and high-value items - India’s strong textile industry and supply of man-made fibers could provide crucial support. Additionally, he pointed out that India is a promising and growing market for Bangladeshi RMG exports, creating more opportunities for both nations.
The SGCCI delegation included Bhavesh M Tailor, Secretary; Bhavesh Vallabhbhai Gadhiya, Treasurer; Amish H. Shah, Chairman of Overseas Expo; Harshal Bhagat, Co-chairman and Binty Jahan, SGCCI Representative from Bangladesh.
As the global luxury industry confronts its first major slowdown in over a decade, a quiet but powerful transformation is reshaping its foundations. According to the ‘True Luxury Global Consumer Insights 2025’ report by Boston Consulting Group (BCG), the tides of affluence are receding from the aspirational classes and consolidating among the ultra-rich, those for whom luxury is not indulgence, but a way of life.
The traditional model where millions of aspirational buyers buoyed the bottom rungs of luxury has begun to unravel. Once the industry’s growth engine, this segment is now pulling back amid rising costs and a growing sense that luxury has lost its allure, becoming “too noisy, too crowded, too industrialized.”
Yet, within this slowdown lies an extraordinary opportunity. While the middle retreats, the pinnacle rises. The elite ultra-high-net-worth individuals (UHNWIs) are emerging not only as resilient spenders but as cultural architects redefining the meaning of luxury itself.
A market in transition
Over the past decade, aspirational consumers, often making their first forays into luxury through handbags, watches, or accessories, drove up to 70 per cent of luxury sales. However, the BCG report reveals a sharp reduction in this group’s influence. Their market share has declined by nearly 15 percentage points, largely due to macroeconomic pressures and shifting perceptions.
In contrast, top-tier consumers, the 0.1 per cent elite are expanding their footprint. This class now makes up 23 per cent of global luxury spending, a figure that is only expected to grow. These aren’t casual consumers. They are deeply invested patrons, spending on average €355,000 annually on luxury, and as much as €500,000 when high-end cars, wellness, and other lifestyle categories are included.
For them, luxury isn’t about accumulation. It’s about orchestration of life a symphony of experiences, aesthetics, and personalized enrichment.
Redefining luxury, from ownership to experience
The evolving preferences of UHNWIs signal a deeper cultural shift: luxury is no longer about what one owns, but how one lives. BCG’s data points to a significant rise in spending on health-as-wealth categories such as wellness, beauty, and interior design. These sectors are ready for a 10 per cent spending increase over the next 18 months, reflecting a move away from status symbols toward investments in longevity, comfort, and self-expression. This is further illustrated by the spending habits of top-tier clients.
Table: Global spending habits of top-tier clients
|
Category |
Share of top-tier client spend (approx.) |
Potential for India's UHNWIs |
|
Cars (Ultra-luxury) |
52% (highly engaging globally) |
High demand for limited editions and bespoke models. |
|
Design & Fine Arts |
43% (globally) |
Growing interest in curated art and designer homes. |
|
Wellness & Beauty |
35% (globally) |
Rapidly expanding segment for high-end spas, anti-aging, and exclusive beauty products. |
|
Personal Luxury (total) |
34% (Jewelry & Watches globally) |
Strong existing market, shifting towards bespoke and heritage pieces. |
|
Private Memberships |
28% (globally) |
Increasing demand for exclusive clubs and concierge services. |
|
Wine & Spirits |
38% (globally) |
Premiumization of consumption and demand for rare vintages. |
Note: These illustrative data is relevant to Indian UHNWIs
Among these, All Category Spenders, a niche but potent segment, comprise 17 per cent of top-tier clients, with an average annual spend of €580,000, across categories as diverse as automobiles (70 per cent), luxury travel and dining (16 per cent), and high-end personal luxury (8 per cent).
India, the emerging luxury powerhouse
While traditional markets like Europe, the US, and China continue to anchor luxury demand, the BCG report spotlights India as a key frontier for future growth. With a projected CAGR of 11–15 per cent in the HNW and UHNWI population by 2034, India is undergoing an unprecedented shift in wealth creation. By 2030, the country is expected to have a significant share of the 1.4 million HNWIs globally, part of a group collectively managing €100 trillion in investable assets.
This demography is young, digitally savvy, and increasingly global in taste but firmly Indian in cultural pride. As affluence replaces mere aspiration, luxury brands are being urged to move beyond token localization. The future, BCG suggests, belongs to those who embed craftsmanship, personalization, and intimacy into their India strategy.
A strategic imperative for brands
The BCG report doesn’t mince words: luxury must find its way back home. As many brands increased their reach to capture aspirational markets, they diluted their DNA compromising on exclusivity, rushing collections, and losing sight of their core clientele. Now, with aspirational buyers retrenching, the cracks are showing.
To thrive in this new scenario, brands must prioritize:
Connection: Delivering meaningful, human-led relationships that transcend transactions.
Intimacy: Curating hyper-personalized, exclusive experiences.
Excellence: Upholding the highest standards of quality and craftsmanship.
Recognition: Honoring the unique preferences and loyalty of elite clients.
The report also notes that many high-value clients still find luxury offerings too generic, a symptom of over-industrialization. BCG urges brands to reorient towards high-touch service, vertically integrated quality, and GenAI-enhanced personalization but never at the expense of the human connection.
Luxury’s rebirth at the top
In an industry long dominated by scale and inclusivity, the pendulum is swinging back toward intimacy and excellence. The ultra-wealthy are not just surviving this market shift they are leading it. Their desires are more discerning, their loyalty harder to earn, and their expectations higher than ever before.
For luxury brands, this is not a time to broaden the tent. It’s a moment to raise the standard to deepen roots with their most committed patrons and build a future anchored in timeless values. As the BCG report concludes: "The future of luxury lies in exclusivity, not accessibility. In personalization, not proliferation. In craftsmanship, not commodification." And perhaps, in this renewed sense of purpose, lies the industry’s next golden age.
