Currently valued at $123.05 billion, the global luxury fashion market is estimated to reach $198.55 billion by 2031. According to a report by Straits Research, the market will grow at 5.46 per cent CAGR during the 2023–2031period.
Growth in the global luxury fashion market will be dominated by the Asia-Pacific region which is likely to grow by 6.79 per cent during the forecast period. Growth in this region will be driven by the escalating number of billionaires in it.
Escalating disposable income of the middle class will contributes to the region’s development of the luxury fashion market.
The second highest growth will be demonstrated by Europe which is estimated to grow at 3.65 per cent over the forecast period. Growth in this region will be driven by the presence of many luxury fashion firms in countries like France and Italy and high concentration of people with exceedingly high purchasing power in numerous European nations. The growth of the tourism sector will also boost demand for luxury fashion products across the region.
Largest revenue contributor to the market, the apparel segment is projected to grow at a CAGR of 4.55 per cent over the forecast period. Growth in this segment will be dominated by men’s fashion that is projected to at 4.41 per cent CAGR over the forecast period.
Owner of the largest market share, the Gen X segment is predicted to grow at 5.35 per cent over the forecast while in terms of distribution channels, the online segment will merge as the highest contributor with a CAGR of 7.38 per cent over the forecast period.
French fashion brand Lacoste plans to open a standalone boutique at Paris Charles De Gaulie Airport in partnership with Extime Duty Free, the joint venture between Lagardère Travel Retail and Groupe ADP.
To be located in the Terminal 2E Departure Hall, the store will feature a luxurious metal façade in green shades. The texture of the store will be inspired by the skin of the crocodile. Its interiors will be designed in light, bright and airy colors to highlight the brand’s updated product offering.
The back of the store will feature a giant Lacoste crocodile logo, illuminated in neon lights on top of a bright green back wall. The feature wall will highlight its best-selling Lacoste polos, in various bright colors.
The store will stock brand’s core collection, travel pieces and gifting essentials. Customers can also elevate their shoppers experience by customising their purchases.
British Wool's Board election heats up as Kate Drury secures an uncontested return in the English Central region. Meanwhile, the English Northern region witnesses a face-off between incumbent board member Carl Stephenson and contender Rob Paisley.
Registered members will receive voting details on January 18, 2024, with the deadline set for February 8, 2024, at 6 pm. Civica Election Services manages the election, offering online and hard copy voting options.
Notably, the geographical counties for this election adhere to the pre-1972 Local Government Act. Successful candidates will serve a three-year term starting April 1, 2024.
In a momentous celebration of the 75-year diplomatic ties between the United Kingdom and Sri Lanka, MAS Holdings welcomed Her Royal Highness Princess Anne, The Princess Royal, on an official visit to one of its facilities in Katunayake.
The visit, which also included Princess Anne's husband, Vice Admiral Sir Timothy Laurence, marked a significant milestone for the Sri Lankan company, the country's largest exporter and private sector employer.
The royal delegation, accompanied by British High Commissioner to Sri Lanka, Andrew Patrick, explored MAS Nirmaana, the Product Creation and Development Centre of MAS Active, showcasing the company's apparel expertise and innovative capabilities.
Reflecting on the visit, MAS Holdings' Group CEO Suren Fernando expressed deep honor, highlighting the pivotal role the UK has played in the company's 36-year journey. The visit not only symbolized the strong ties between the two nations but also underscored MAS Holdings' global leadership in design and innovation within the apparel industry.
In a transformative move, Nan Yang Textile Group, a leading garment specialist based in Bangkok, has experienced a paradigm shift in its production planning and control with the adoption of Coats Digital’s FastReactPlan solution. Since integrating the system in 2019, Nan Yang has slashed its planning time from three days to just one, marking a remarkable 66% increase in planner efficiency. Moreover, the On-Time Delivery Performance (OTDP) has surged by 10%, indicating a significant improvement in meeting production timelines.
Before implementing FastReactPlan, Nan Yang faced challenges with discrepancies between production plans and actual outputs, leading to disruptions and delays. The reliance on Excel spreadsheets proved inefficient, prompting time-consuming meetings and corrections. The shift to FastReactPlan eliminated the need for multiple spreadsheets, providing a centralized, digitized source for critical planning information. The enhanced visibility has fostered seamless collaboration, enabling swift management of diverse orders and change requests.
Kanjana Meim, Production Planning Control Department Manager at Nan Yang, praised the system's ability to translate complex data into a visually intuitive plan. FastReactPlan's color-coded identification of late orders and material shortages streamlines decision-making, and its efficiency function tailored by product type enhances planning precision.
Coats Digital's FastReactPlan has proven instrumental in Nan Yang's strategy for growth, empowering planners to anticipate challenges and optimize operations. This success positions Nan Yang as an industry leader in innovative textile and garment solutions, with a commitment to ongoing digitization. As a core component of Coats Digital’s Manufacturing Solution Suite, FastReactPlan continues to be a driving force behind Nan Yang's efficient and responsive production processes.
US’ textile and apparel (T&A) imports rose by 1.5 per cent in November 2023 as against the corresponding month previous year, as per a report by the Office of Textiles and Apparel of the US Department of Commerce (OTEXA).
The country’s imports from Mexico surged by 79.8 per cent to 443.9 million SME during November 2023 as against 246.9 million SME in November 2022, as per OTEXA.
Imports from China increased by 9.5 per cent to 2.62 billion SME this November from 2.4 billion SME in November 2022. Shipments from Vietnam rose by 9.0 per cent to 445.3 million SME from 408.7 million SME in 2022.
US’ imports from India rose by 3.9 per cent to 13.2 million SME in November 2023 compared with 686.6 million SME in November 2022. On the other hand, imports from Pakistan dropped by 6 per cent to 265.3 million.
US’ imports of textile and apparel products from Turkey also dropped by 24.6 per cent to 458.6 million SME in November 2023 as compared to 608.9 million SME in November 2022. Imports from Egypt dropped by 21.7 per cent to 19.0 million SME as against 24.3 million SME in November 2022.
Shipments from Israel dropped by 5.6 per cent to 24.2 million SME in November 2023 while imports from the Czech Republic fell by 2.3 per cent in November this year from 178.1 million SME in November 2022 to 174.0 million SME in November 2023.
As demand for textile exports in Europe and the US market continues to wane, India plans to divert its exports to other countries like Australia and the UAE.
Rachana Shah, Textile Secretary says, the Central Government is exploring new markets for its textiles besides consolidating its current ones. It aims to sign new FTAs with Australia and UAE besides boosting exports to Japan and Korea.
The centre is also negotiating FTAs with the United Kingdom and some other West Asia Countries. These FTAs will help the centre boost exports to $100 billion by 2030-end, adds Shah.
However, factors such as competitiveness, logistical costs and fragmented value chains may affect these exports, rues Shah. She recommends the introduction of more schemes like the PM Mitra and Production Linked Incentives (PLI).
The PM Mitra scheme will enable the government to invest Rs 500 crore towards setting up a textile park and Rs 300 crore to help it achieve the required investment target of Rs 70,000 crore, states Shah.
On the other hand, the PLI scheme for textiles will help attract new investments worth Rs 19,000 crore in the five years. The scheme also aims to achieve a cumulative turnover of Rs 3 lakh crore and create employment opportunities for 7.5 lakh people in the sector, adds Shah.
One of the top five home textiles exporters in Pakistan, Liberty Mills is showcasing its initiatives to reduce raw material and energy costs, and carbon footprint at the ongoing Heimtextiles 2024 expo being held at Frankfurt, Germany.
Currently exporting home textiles and apparel fabrics worth $275 million annually, Liberty Mills has also teamed up with a strategic partner in the UK on a circular textiles production cycle.
The company aims to become one of the top-rated green manufacturing facilities in the World. It claims to have set up the world’s first integrated, hybrid clean energy production facility combining solar power and wind power. The company currently supplies 100 MW of energy to the national power grind.
Taimur Mukaty, CEO, opines, adopting sustainable production methods is as important as manufacturing sustainable products. Today, customers prefer to buy products from companies complying with the UN Science-based targets for carbon neutrality.
Being held alongside GAPEXO from January 11-14, 2024 in Dhaka, Bangladesh, the Garment Technology Bangladesh (GTB) 2024 showcases the latest technological innovations of over 200 avant-garde companies.
The innovations being showcased at the trade show span the entire spectrum of garment manufacturing from stitching to software solutions. The event helps boost the productivity of Bangladesh garment manufacturers and other players besides allowing them to cut costs, accelerate turnaround times and enhance sustainability.
Being held across 15,000 sq ft in ICCB, Dhaka, the expo is attended by 10,000 visitors including garment brands, manufacturers, designers, export houses, dyeing and finishing companies, consultants, textile manufacturers, textile printing houses, trade body representatives and buying houses, etc.
The B2B technology trade show is being attended by renowned exhibitors across the textile and apparel value chain such as Jack, Juki, Duerkopp Adler, Ngai Shing, Aamra, Pacific Associates, Richpeace, INL International, Focus Garment Tech, Sakho, IMB, Euromac, Zoje, etc. It pays a tribute to the industry’s relentless pursuit of excellence.
Spanish fast fashion brand Mango plans expand its operations with the opening of 500 new stores by 2026.
The brand will open these stores across key markets including the US, Spain, France, Italy, the UK, India and Canada. Of the planned 500, Mango will open 40 stores in the US by the end of this year.
Additionally, Mango also plans to expand its board of directors from four to nine members. The brand plans to appoint, Margarita Salvans as the new Chief Financial Officer of the company.
Launched in 2021, Mango’s homeware brand, Mango Home also plans to open stand-alone stores in Barcelona and Madrid, along with launching an online presence in Turkey. The retailer will rope in Eva Cárdenas, International CEO,
Zara Home, as external consultant to drive growth for Mango Home.
Founded in Barcelona in 1984, Mango is currently present in over 115 markets. The brand expects to sales of over €3 billion in FY 2023 financial year. It will release its strategic plan for 2024-26 detailing objectives for international expansion, online sales, etc.
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