Tata to utilize £4.2 million funds to boost activewear offerings
UK-based sustainable activewear brand Tala plans to utilize the £4.2 million raised in seed funding to invest in boosting activewear inventory, hiring and global expansion.
As per Apparel Resources, the funding round was jointly led by equity firm Active Partners and venture capital company Venrex. Other investors include the likes of Pembroke VCT and Simon Mottram, Founder Rapha (a sportswear brand), amongst many others.
Grace Beverley, CEO and Founder, Tala said the company will use some of the investment to buy deeper into popular styles.
Notably, Tala, which makes clothes in Vietnam, China, Turkey and Portugal, lists down every factory it uses on its website. It offers high-performance and sustainable activewear, including leggings, shorts, sports bras, tops, hoodies, tracksuits, outerwear and underwear.
NCTO welcomes House passage of America Competes Act
The National Council of Textile Organizations (NCTO) has welcomed the House passage of the America Competes Act, a legislative package that will help close the de minimis loophole on duty-free imports from China and also renew the Miscellaneous Tariff Bill (MTB), both important provisions to U.S. textile manufacturers.
According to Kim Glas, President and CEO, NCTO, the legislation contains a provision that would effectively prohibit China from exploiting the Section 321 de minimis mechanism in US trade law, a win for US textile producers and workers.
The Import Security Fairness Act allows imports valued under $800 to come into the United States without paying duties and taxes, bypassing inspections by U.S. Customs and providing a backdoor to Chinese goods produced with forced labor. The loophole has not only fueled the rise of imports from foreign e-commerce companies and mass distributors, but it has also put our domestic manufacturers and workers at a competitive disadvantage.”
Another important provision in the legislation renews the MTB for two years, which would extend limited tariff relief on a range of manufacturing inputs used by US textile producers.
Rising demand and limited crop raise cotton prices by 5% in in 2022
As per a new report by IndexBox, cotton prices in India are expected to rise by 5 per cent in 2022 on account of strong global demand and limited supply.
In 2021, the average cotton price surged by 41 per cent Y-o-Y to $2.23 per kg. Despite the global cotton production rebounded after a 2020's drop last year, reaching the pre-pandemic level of 26.3M tonne, growing demand outstrips supply.
In H1 2022, cotton prices are projected to increase, as global production at the beginning of the year is lower than in the previous months due to smaller crops in India and the U.S. This year, the average annual cotton price is expected to pick up by 5 per cent Y-o-Yto approximately. to $2.34 per kg. Instigated by boosting demand and high domestic cotton prices, China is forecast to ramp up imports sharply, also stimulating the price rally.
Applications for Chinese sewing machinery patents rise by 19.79% in 2021
According to China National Intellectual Property Administration (CNIPA), the application for patents of all kinds by the Chinese sewing machinery industry increased by 19.79 per cent to 8,775 in 202.
Of all these applications, patent for invention formed 25.29 per cent (2,219), new practical patent shares 62.94 per cent (5,523) and patent for appearance design (including textile equipment) contributes 11.77 per cent (1,033).
These figures indicate that the overall scientific research and innovation capacities in the Chinese sewing machinery sector and the growth in the quantity and quality of invention patents over the years.
The data also shows that the sewing sector has seized the opportunities created by a new round of technological revolution and industrial transformation, built robust strength of independent research and development and laid a solid foundation for constructing a sector proficient at innovation.
Mango targets €1 billion online revenues by FY2022-end
Spanish retailer Mango aims to generate a revenue of €1 billion by the end of this fiscal year. As per an Apparel Resources report, the retailer also plans to expand its brick-and-mortar store network in the current fiscal year. In 2021, Mango launched 221 new stores, taking its overall store count to 2,447. Its latest store was launched at Manhattan-based Fifth Avenue. It also launched the sustainable fashion brand Alter Made that offered the best of durable and timeless high-quality pieces with sustainable characteristics.
Known mainly for women’s wear, menswear and kidswear, Mango has over 16,000 stores across the globe. The brand was founded in 1984 with first website launched in 1995. In 2000, the brand opened its first online store. Its men’s line H. E. by Mango was created in 2008. It was renamed as Mango Man in 2014. Mango also launched a range for teenagers, Mango Teen, via a pop-up shop in Barcelona in September 2020. In 2021, Mango launched a new Mediterranean-inspired store concept to meet higher sustainable standards.
Soorty, Lenzing collaborate for new loungwear collection
Denim brand Soorty has teamed up with Lenzing to launch Reload in Blue, a collection of elevated loungewear styles that make soft denim suitable for home wear. As per a Sourcing Journal report, the collection offers Zoom-appropriate athleisure sets and sleepwear alternatives made of denim. It combines the companies’ commitment to limiting their environmental footprint. It includes Lenzing’s environmentally responsible and biodegradable fibers as well as the LEED-certified production methods of Soorty’s vertically integrated infrastructure.
Fabrics in the collection are made with Tencel Lyocell, a certified fiber produced from sustainably sourced wood using closed loop and environmentally responsible processes. Lenzing provides physical identification for every Tencel branded fiber with its fiber identification technology, assuring brands and consumers that the raw materials it uses originate from responsible resources.
Designed in New York and produced in Karachi, Pakistan, the collection is now available for view at Soorty’s newly opened SpaceD showroom in New York’s Flatiron District. The space serves as a meeting location for brands and sustainably minded individuals to connect and accelerate progress towards a sustainable denim sector.
Hanesbrands raises revenue targets for 2024
Hanesbrands has raised its revenue targets for 2024. The company expects to surpass the $8 billion revenue mark by this year, from prior goal of $7.4 billion. It expects sales at Champion brand to reach $3.4 billion for the same time period. In addition, it expects to have a cumulative three-year free cash flow of about $1.6 billion by 2024.
Hanesbrands’ revenues from activewear segment continue to increase year-over-year despite the pandemic. As per a Woman’s Wear Daily report, its total activewear sales increased 11.4 percent, or $46 million, during the quarter, year-over-year. For the full year, activewear sales rose nearly 42 per cent to nearly $1.7 billion. The firm logged more than $60 million for the quarter, or $77 million for the year. Hanesbrands’ global sales of innerwear remained roughly flat in the last three months but continued to be dominated on the strength if men’s, women’s and children’s divisions, as well as socks. Its, overall innerwear sales fell in 2021, compared with prior year, on account of HanesBrands’ decision to exit the PPE category early last year.
Steve Bratspies, CEO says, the company is implementing a three-year, $600 million stock repurchase program based on its confidence in future growth. It also plans to sell its US Sheer Hosiery business for an undisclosed amount. The transaction is part of the group’s continued efforts to focus on areas of the business with the greatest growth potential.
Steps needed to clear current container backlog: Bangladesh Cotton Association
Muhammad Ayub, President, Bangladesh Cotton Association says, stakeholders in the Bangladesh’s garment industry and the concerned ministries need to take various steps to clear current container backlog and ship congestion. They need to consider roads and railways as means of import alongside the shipping routes. Stakeholders also need to make efforts to ensure supply of cotton through diplomatic contacts and trade cooperation agreements with various cotton producing countries, says Ayub. They need to focus on global cotton production, use, etc by forming a high-powered committee of Bangladesh Cotton Association, Bangladesh Textile Mills Association, Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association and the ministries of textiles, commerce, agriculture and foreign affairs, he adds.
Currently, Bangladesh imports cotton from different West African countries besides Australia, Brazil and the United States. According to the data provided by the International Cotton Advisory Committee, global cotton production increased 9 per cent in 2020-21, while its consumption increased by 20 per cent. Moreover, freight rate increased 3-4 times when international trade reopened after almost coming to a halt due to the COVID-19 pandemic. All these factors contributed to the increase in cotton price in the international market.
Germany’s retail enterprises see 0.7 per cent increase in real turnover in 2021
The real turnover of Germany’s textile and clothing retailers increased by 0.7 per cent in 2021 while their nominal turnover increased 2,9 per cent., show provisional results of the Federal Statistical Office (Destatis). Retail turnover of textiles, clothing, footwear and leather products, declined during the year as compared to 2020. In December 2021, real turnover of Germany’s retailers declined 5.5 per cent while the nominal turnover declined by 4.9 per cent over the November figure after calendar and seasonal adjustment.
The first provisional results reported are thus within the estimated intervals, said Destatis.
Project Las Vegas 2022 to highlight Black-owned businesses
Launched by Informa Markets Fashion, The 2022 edition of Informa Markets Fashion for Change incubator program will highlight Black-owned businesses. Known as Project Las Vegas, the program will be held at the Las Vegas Convention Centre from February 14-16, 2022. Brands attending the program will be highlighted in custom content, marketing, and social media promotions leading up to and throughout the trade show.
As per a Sourcing Journal report, the program was launched by Informa Markets Fashion, the owner of upcoming trade shows Magic, Coterie, Project and Sourcing at Magic, in 2020 to foster allyship, inclusion, and equality within the fashion community. Brands Todd Patrick, Kwasi Paul, Carlton Jones, etc have joined the program.
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Gap’s earnings per share to decline in Q4 FY2021
Adrienne Yih, Analyst, Barclays says, Gap’s earnings per share is likely to decline 142.86 per cent in Q4 FY 2021. According to the Zacks Consensus Estimate, the company will generate sales of $4.53 billion for the fourth quarter of 2021, up 2.46 per cent from the year-ago period. As per a Womans Wear Daily report, Barclays has lowered its 2021 fourth-quarter stock price target for Gap to $15, from last year being targeted at $28. The company’s stock and image have been impacted by several factors like frequent changes in management and products. Its stock dropped 4 points in pre-market trading after Barclays lowered its rating to “equal weight” from “overweight” and closed Thursday at $17.11, down 3.2 percent, or $0.5,7 from Wednesday’s closing of $17.68.
Yih cites deeper promotions at Gap Inc.’s Old Navy, Gap and Athleta brands and the corporation’s exposure to households with incomes under $75,000, as reasons for this decline. Barclays also noted that Gap Inc. this year won’t have the benefit of last year’s government stimulus checks, a headwind facing all retailers. Its third-quarter net sales of $3.9 billion declined by 1 percent compared to 2019 with supply chain disruption driving an estimated 8 percentage point negative impact due to constrained inventory. Comparable sales increased by 5 percent from 2019.
Spring Fair to re-launch Power of One Campaign
UK’s largest and longest running wholesale marketplace encompassing the best in home, gift and fashion, the Spring Fair will re-launch of the Power of One campaign and a renewed focus on sustainability with an impressive number of sustainable and ethical brands showing. The fair will be held from February 06, 2022-Febraury 10, 2022 It will showcase thousands of new products and innovations.
Successfully launched in 2018 by Hyve Group’s fashion trade show Pure London to galvanise the fashion industry into taking collective action, the Power of One initiative is being adopted across all of Hyve Group’s B2B events in the form of three powerful pledges created to help energise retailers to take small steps to change the world, their mental health, and their environment.
Visitors to Spring Fair will be introduced to the Power of One pledges on activation walls which also enable donations to Spring Fair’s wellbeing and charity partner the Retail Trust in support of the Checking In pledge. Power of One pillars explain the powerful pledges and enable visitors to make their own pledge. There will be bins at all entrances for visitors to recycle their show badge. The bins are set up as a voting system so visitors can choose where to post their badge and it will vote for the pledge they want. Pre-registered visitors have been asked to bring their own reusable water bottles and use the water stations positioned round the show
Welspun India’s Q3 net profit declines to Rs 131.05 crore
The consolidated net profit of homes textiles major Welspun India declined to Rs 131.06 crore during the third quarter ended December 2021. The company had posted a consolidated net profit of Rs 174.8 crore in the same quarter last fiscalIts consolidated total income in the third quarter increased to Rs 2,437.92 crore from Rs 2,049.71 crore in the same period last fiscal, it added.
Total expenses increased to Rs 2,234.95 crore as against Rs 1,800.83 crore in the year-ago quarter. BK Goenka, Chairman, says, the company witnessed strong performance in the home textiles segment with 19 per cent year-on-year growth with the segment poised to cross $1 billion revenues in this fiscal year."
However, increasing input costs, rising energy prices and global logistics issues continued to weigh on the margin front, he adds.
Scoop x Pure to be held at London from February 08-10
The next edition of the contemporary womenswear show Scoop x Pure will is scheduled to be held at the Truman Brewery London from February08-10, 2022. As per a Spin Off report, event will showcase a wide variety of premium and ready-to-wear womenswear and accessories collections from designers including Feri, Sancia, Louise Hendricks, Pom Amsterdam, Primrose Park, Goldfinch, DATE, Lemon Jelly, Copenhagen Studio, and Supa Snug.
The show will also mark the debut of several new brands including Way Out, Lam, BlankaPukara, Mou, Norr Copenhagen, Odd Molly, Caroline Svedbom, BRGN, Van Kukil, Karl Donoghue, DeaKudibal, Young Poets Society, Smith and Goat, Neon Denim Brand, Esmé Studios, Laidback London, and Thinking Mu.
Some of these brands will showcase sustainable and ethically-made collections, while others willpresent their products’ craftsmanship and handmade quality. For instance, there is Esmé Studios, a lifestyle brand, will showcase its combination of selected eco-friendly materials with comfort-driven design, and produced in an ethical and socially responsible way, according to the rule “buy less, buy better”.
Inspired by colorful cultures, brand Laidback London will showcase handmade boots by small groups of artisans using traditional techniques. Each pair of these bootsreflects the unique workmanship of its creator. Natural materials including leather, sheep wool and crêpe rubber, and the brand’s signature crochet detailing features characterize its fall/winter 22 collection in new, contrasting colorways.
Launched in 2021, Young Poets Society will showcase gender-fluid and constantly evolving clothes while Caroline Svedbom will showcase exclusively handmade collections crafted at a family run studio in Athens, Greece, and currently stocked in Harvey Nichols, Bloomingdales, and Galeries Lafayette.
Karl Donoghue will showcase multi seasonal layers of showerproof cotton, cashmere knit, shearling and leather integrated in an ethereal palette by atmospheric elements around us. The collection will also include a wide selection of accessories including hats, gloves and scarves.
