Lenzing Group, a prominent supplier of regenerated cellulose fibers, clinched the prestigious Vienna Stock Exchange Vonix Sustainability Award, securing the top spot in the 'Industrials' category. This accolade, a testament to Lenzing's exceptional sustainability performance on the capital market, underscores its commitment to fostering sustainable practices within the textile and nonwovens sectors.

Christian Skilich, a member of Lenzing's Management Board, expressed gratitude for the recognition, emphasizing Lenzing's unwavering dedication to catalyzing the shift from a linear to a circular economy model in the textile industry.

Renowned environmental organizations and rating agencies have lauded Lenzing's sustainability endeavors. For three consecutive years, Lenzing secured a coveted spot on the 'A list' across all categories by CDP, a global non-profit environmental organization.

Additionally, Lenzing maintained platinum status in the EcoVadis CSR rating, ranking among the top one percent of companies evaluated worldwide. Furthermore, MSCI conferred an 'AA' rating on Lenzing for the third consecutive year, positioning the company within the top eight percent of rated peers.

These accolades underscore Lenzing's steadfast commitment to sustainability and its leading role in driving environmental stewardship within its industry.

Fashion for Good Museum, in reflecting on its impactful journey, celebrates achievements in transforming perspectives on clothing and inspiring sustainable change in the fashion industry. With 115,000 visitors, including 8,000 students from 200 schools, the museum curated 13 exhibitions and hosted over 75 events. Alongside launching four educational programs, Fashion for Good reached current and future generations, evidenced by its 250,000 social media followers and 15,000 newsletter subscribers.

Albert Brenninkmeijer, chairman of the board, notes the museum's mission to spark a global movement towards sustainable fashion, aiming to inspire and educate visitors. With an earned media value of over 46 million Euros, Fashion for Good's influence has been substantial. Brenninkmeijer envisions the museum's legacy enduring, motivating others to challenge the fashion industry's status quo for the planet's betterment.

Reflecting on the museum's journey, six key lessons emerged: First, there is a recognition of a broader shift towards sustainability within museums. Second, cultural institutions play a crucial role in driving societal change through storytelling. Third, embracing organizational limitations can lead to innovation. Fourth, understanding and expanding core audience engagement is essential for sustainability initiatives. Fifth, measuring impact presents challenges for socially-driven organizations, necessitating clear success criteria. Lastly, defining sustainability within an organizational context is fundamental for sustainability efforts.

As the museum transitions into a versatile space integrating various functions, Fashion for Good remains committed to revolutionizing the fashion industry. With a renewed strategy, the museum intensifies efforts in brand engagement, supplier integration, financing, and impact assessment through its Innovation Platform. This strategic evolution highlights Fashion for Good's dedication to fostering collaboration among sustainable fashion changemakers.

Katrin Ley, Managing Director, expresses pride in the museum's achievements and its enduring legacy. Despite physical doors closing, the spirit of Fashion for Good lives on, ensuring its vision for a more sustainable fashion industry inspires future generations.

The Q1, FY24 revenues of US-based PVH Corporation, parent company of globally recognised brands such as Tommy Hilfiger and Calvin Klein, decreased by 10 per cent to $1.952 billion from $2.158 billion revenue reported during the same period last year.

Of this, the revenues of the brand Tommy Hilfiger decreased by 10 per cent compared to the prior year period. The brand’s revenues from international operations fell by 14 per cent with revenues from Europe declining. In contrast, Tommy Hilfiger’s revenues from North America increased by 2 per cent.

On the other hand, the revenues of Calvin Klein remained flat compared to the prior year period but increased by 1 per cent on a constant currency basis. The brand’s international revenues declined by 2 per cent while revenues from North America increased by 4 per cent.

Further, PVH Corp reported a significant 65 per cent decline in revenues from Heritage Brands including a 47 per cent decline resulting from the sale of the Heritage Brands women's intimates business.

PVH Corporation’s earnings before interest and taxes (EBIT) increased to $205 million on a GAAP basis and $195 million on a non-GAAP basis, compared to $199 million in the prior year period. On a GAAP basis, its EPS increased to $2.59 from $2.14 in the prior year period. On a non-GAAP basis, EPS rose to $2.45, compared to $2.14 in the prior year period.

Besides strengthening its brand positioning and pricing power in the marketplace, PVH Corp generated growth for Calvin Klein and Tommy Hilfiger combined in both North America and Asia Pacific in constant currency, while successfully driving strategic quality of sales initiatives in Europe, says Stefan Larsson, CEO.

Sri Lankan manufacturing giant MAS Holdings has committed to purchase 4,000 tons of recycled polyester from LA-based start-up Ambercycle over the next three years. This deal highlights the increasing engagement by suppliers in promoting recycling innovations in the market.

The agreement aims to support Ambercycle's expansion of textile-to-textile recycling capabilities besides ensuring a steady supply of the material for MAS. The process is viewed as a more environmentally sustainable alternative to recycling polyester from repurposed plastic bottles.

However, still in early stages, commercialising of such technologies faces many challenges. For example, Swedish textile-to-textile recycler Renewcell had to be recently saved from financial breakdown by private equity firm Altor.

To bring new materials to market, binding purchase commitments, such as the one between MAS and Ambercycle, are considered vital. It is also important for manufacturers to pledge their involvement in such initiatives. While big brands like H&M Group and Zara-owner Inditex have already announced investments in innovative fibers, suppliers are yet to make such commitments.

Hence, MAS views its deal with Ambercycle as strategic, aligning with the growing demand for recycled materials from its customers and its own goal to generate 50 per cent of its revenue from lower-impact.