Despite the positive momentum, Gap anticipates that fiscal 2024 net sales will remain flat compared to $14.89 billion in 2023, contrary to analysts' expectations of a 0.48 per cent rise.

In Q4 FY24, Gap’s comparable sales increased by 4 per cent while those of Old Navy experienced a 2 per cent growth. However, sales of the brands Athleta and Banana Republic declined by 10 per cent and 4 per cent respectively.

Gap reported net sales of $4.30 billion, a 1.3 per cent increase surpassing estimates of $4.22 billion during the quarter. Additionally, the company reported a profit of 49 cents per share, outperforming estimates of 23 cents per share.

Gap's gross margin surged by 38.9 per cent, a substantial increase of 530 basis points, driven by lower supply-chain costs related to freight and manufacturing, as well as controlled promotions and price adjustments on select products like leggings and skinny jeans.

The company's forecast suggests that the process of enhancing product assortments, particularly at Athleta and Banana Republic, may take longer than initially anticipated.

Richard Dickson’s CEO, strategic initiatives to revitalise Gap's brands, particularly Old Navy, have successfully attracted consumer interest in its apparel and accessories. The company had witnessed a decline in sales over the past few quarters as customers shifted towards competitors like Amazon.com and Shein, which offer diverse product assortments.

A leading Finnish fashion and textile technology firm, Infinited Fiber Company has successfully concluded a €40 million funding round with investments from prominent new investors such as Inditex, TTY Management, Youngone, and Goldwin, alongside existing backers.

This marks the second round of investments for the company, following the initial closure in the summer of 2023, which saw H&M Group, Adidas, Bestseller, and Zalando join forces with investment entities VTT Ventures, Security Trading, and Nidoco AB.

Petri Alava, Co-founder and CEO, highlighted the pivotal role of this investment in advancing the scale-up of Infinna, the company's flagship product. Alava emphasised that the industry's confidence in their technology solidifies it as a key driver for circularity in the textile sector.

The new investors represent heavyweight entities in the retail domain. TTY Management, owned by Tadashi Yanai, the influential figure behind Fast Retailing, which oversees brands like Uniqlo, Theory, J Brand, and Comptoir des Cotonniers, stands out among them.

Inditex, the parent company of Zara, has unveiled ambitious sustainability targets, aiming to accelerate emission reductions. The strategy entails slashing scope 1 and 2 emissions by 90 per cent from a 2018 baseline, while reducing value chain emissions (scope 3) by 50 per cent of 2018 levels. The company has set the ambitious goal of achieving ‘net zero’ emissions by 2040, intending to utilise offsets to tackle the remaining 10 perc ent of emissions that are challenging to eliminate.

Infinited Fiber Company specialises in Infinna, a revolutionary cellulosic fiber derived entirely from textile waste. Resembling cotton in look and feel, Infinna serves as a sustainable alternative for crafting various apparel items, including T-shirts, jeans, blouses, dresses, hoodies, and more. With the support of these investors, Infinited Fiber Company aims to further its mission of promoting sustainability within the fashion and textile industry.

In a groundbreaking move following their December partnership and exclusive preview in Europe and Japan, Lee and Diesel have announced the global availability of their revolutionary Dieselves Lee capsule collection.

These two denim giants, traditionally seen as competitors, have joined forces to craft a collection of jeans entirely fashioned from fabric sourced from both brands’ unsold stock. Each pair is artisanally conceived and meticulously crafted to celebrate differences in length and rise. 

Every Dieselves Lee Jean is a unique blend, with Diesel denim on one side and Lee denim on the other. Simon Fisher, Managing Director, Lee-Europe says, this capsule collection redefines competition and places innovation at the forefront. By merging their strengths, the two brands have set a new standard, one denim at a time.

This collaboration symbolises the unifying power of denim in harmony with both brands' dedication to fostering unity.

Through this collaboration, Lee and Diesel have also reaffirmed their commitment to innovation and sustainability, inspiring change in the fashion industry and beyond.

Over 1,000 international exhibitors are expected to showcase their products at the upcoming ITM, Turkey's premier textile machinery exhibition, to be held from June 04- 08, 2024, at the Tuyap Fair and Congress Center in Istanbul.

Few of the premier exhibitors at the trade fair will include Oerlikon’s Polymer Processing Solutions division, its joint venture partner BB Engineering and Oerlikon Barmag Huitong Engineering. 

The presentations of these companies will encompass complete solutions from melt to yarn, fibers, and nonwovens, emphasising the harmony and quality ensured by their integrated technology. They will unveil concrete sustainability strategies, celebrating the 20th anniversary of their e-save sustainability label introduced in 2004.

André Wissenberg, Head -Marketing, Corporate Communications, and Public Affairs, underscores Oerlikon’s commitment to profitable and sustainable growth, reflecting their ethos of performance, quality, sustainability, and commitment.

Mechanical recycling offered by the company, led by OBHE homogenizer technology, focuses on PET waste, ensuring uniform melts for further processing. 

BB Engineering's VacuFil system complements the effort by recycling post-consumer and post-production polyester waste with consistent quality.

Oerlikon's prowess in digitalisation, epitomised by the Plant Operation Center (POC), will be upgraded with atmos.io, allowing for enhanced data processing and customer control over their business operations.