Bangladesh Denim Expo taking place on November 8–9 at the International Convention City Bashundhara (ICCB).
A Catalyst for Change and Progress
The Bangladesh Denim Expo is a remarkable initiative founded by Mostafiz Uddin, driven by a passion for denim and a commitment to social responsibility. The expo showcases Bangladesh's burgeoning potential in the denim industry, a sector where the country has earned a reputation for producing high-quality denim and jeans at competitive prices.
Beyond its commercial appeal, the Bangladesh Denim Expo serves as a platform for like-minded denim enthusiasts from around the world to unite and envision a new future for the industry. Mr. Uddin embodies this spirit of collaboration and innovation, actively participating in design and laundry, and even establishing his own brand, blueXonly, which is popular in Europe.
Mr. Uddin's journey began in 1999 with a buying office and culminated in the creation of the Denim Expert factory, a Bangladesh-Netherlands joint venture that adheres to European standards in construction, worker rights, and health and safety. His current focus is on the Bangladesh Denim Expo, which he envisions as a catalyst for transforming the global perception of Bangladesh's denim industry.
Buyers and brands benefit from a more stable workforce that produces superior products, while increased investment in education ensures the sustainability of essential skills.
The Bangladesh Denim Expo stands as a safeguard against the recurrence of devastating events such as the Rana Plaza factory collapse in 2013. By raising industry standards and promoting ethical practices, the expo helps to create a more equitable and sustainable future for all.
The United Kingdom observed a notable decrease in clothing imports in July 2023, with a year-on-year decline of 25.36%, totaling £1.245 billion. Additionally, textile fabric imports experienced a 12.17% drop, amounting to £476 million. In the same month, there was a decline in fiber imports, which fell to £34 million, despite maintaining a relatively stable month-on-month trend.
Looking at the first half of 2023, clothing imports in the UK totaled £7.838 billion.
The decline in clothing imports is likely due to a number of factors, including the rising cost of living, which is putting pressure on household budgets. Additionally, the war in Ukraine has disrupted supply chains and led to higher prices for raw materials.
It is unclear whether the decline in clothing imports will continue in the coming months. However, the trend suggests that UK consumers are becoming more cautious about their spending.
Candiani Denim, a leading Italian denim manufacturer, has launched its own jeans brand, Coreva Design. The new collection is made entirely with Coreva Denim, a patented technology that produces natural and biodegradable stretch denim. All items are designed to be recycled at the end of their life.
The collection was designed by expert denim insider Chicco Barina and is entirely produced and finished in Italy. It offers a complete total look of 40 pieces, with 75% aimed at women and 25% aimed at men.
Each item in the Coreva Design collection is designed to be recycled at the end of its life. Every single component of the brand's collection pieces can be either recycled, as made with degradable non-harmful substances, or detached before being recycled.
Coreva Design will be initially sold in Italy through Banner, the appreciated Milanese luxury store, the Candiani Denim store in Piazza Mentana 3 in Milan, and through a newly launched website, corevadesign.it. In 2023, Coreva Design will be mostly sold in Italy and aims to reach about 30 high-end fashion stores. In 2024, it will also expand to Europe and hit about 50 stores, mostly based in Benelux, Germany, and France.
The collaboration with LP started when she contacted Candiani Denim and visited their NY showroom, asking to buy some meters of stretch denim for tailor-made suits she wanted to wear during her concerts. As she is jumping and dancing during all her concerts, she was looking for this kind of special denim.
Pontetorto, a leader in sports fabric innovation, is set to unveil its cutting-edge Super Tecnostretch line at Performance Days (Oct. 4-5, 2023) and Ispo Munich (Nov. 28-30, 2023). This new fabric represents a leap forward in comfort and elasticity compared to previous Tecnostretch offerings.
With a more compact structure, enhanced resistance to pilling and abrasion, and exceptional elasticity in all directions, Super Tecnostretch is poised to become the benchmark for next-generation sports fabrics.
Marco Toccafondi, General Manager of Pontetorto, explained that this innovation was born out of the need to meet the increasingly competitive demands of the performance technology market. Super Tecnostretch is the result of months of meticulous research, building upon the success of the Tecnostretch range.
It's versatile enough for various environments, from outdoor and travelwear to athleisure, and can function as both a second and base layer. This fabric offers superior thermal insulation, high breathability, lightness, compactness, and an impeccable fit, making it the ideal travel companion.
One of the most popular clothing items across the world, denim jeans never go out of style and that is why some global research conclude that between 2026 and 2030, the denim jeans market size will reach $88.1 billion. Facts Factors released its specialized and expertise-oriented industry research report that ¯scrutinizes the technical and commercial business outlook of the denim jeans industry and predicts that by 2026, the global market size will be $88 billion, growing at compound annual growth rate (CAGR) of 4 per cent between 2020 and 2026. A similar report titled “Denim Jeans Market” published by research giant Allied Market Research, projected period between 2021 to 2030, with CAGR of 4.2 per cent and a market value of $88.1 billion. From a $71 billion market size in 2019, both reports acknowledge steady growth.
The US, EU and Asian markets
According to the reports, in 2019, 44 per cent of purchases of denim jeans were by men for their personal use and 70 per cent Americans preferred denim jeans. Back then, basic economy variety held the overwhelmingly large market share of 80 per cent. The reports predict a 29 per cent market expansion in the US between 2021 and 2029 and in Europe the expansion between 2018 and this year was a mere 3 per cent. Europe’s denim jeans market had a 25 per cent share of global revenues in 2018.
Region-wise, Asia-Pacific garnered considerable market share in 2020, and is expected to maintain lead during the forecast period. This is majorly attributed to growing production of denim, presence of large consumer base in countries like India and China, and growing millennial population with higher disposable income. Western dressing style has influenced a lot in India and China and is expected to continue resulting in denim wears increased growth during the forecast period.
Price-wise performance
According to price range, the premium segment was the significant contributor to the market, with $19 billion in 2020 and growing at a CAGR of 4.7 per cent during the forecast period. Premium denim jeans are usually made with higher quality denim fabric and designed under special craftsmanship, owing to which prices of the premium denim jeans are higher as compared to other jeans. Premium price point denim jeans are consumed majorly in developed countries, such as the US, UK, Spain, and Japan. Growing fashion consciousness and rise in expenditure on personal attire are likely to attract customers to buy premium jeans. Thus, above mentioned factors are likely to garner the growth of the premium segment, thus driving the growth of the denim jeans market.
End-user based performance
The men’s segment is estimated to reach $38.6 billion by 2030, growing at a CAGR of 3.7 per cent during the forecast period. Men’s denim jeans growth could be attributed to a rise in fashion consciousness among men. Furthermore, increase in new product launches and casualization of office wear are expected to increase demand through the men segment.
On the basis of product type, the skinny fit segment is estimated to reach $21.7 billion by 2030, at a CAGR of 6 per cent, the highest growth percentage across the board, during the forecast period.
Online channel to grow favorably
Online sales channel segment was the significant contributor to the market, with $9,853.6 million in 2020 and is growing at a CAGR of 6 per cent during the forecast period. Easy accessibility offered by online sales channel boosts their adoption in the denim jeans market.
The Indian textiles and clothing industry, a significant employment generator with over 110 million workers, is grappling with a series of challenges. Despite its contribution of over Rs. 30,000 crores in GST revenue and $44 billion in forex earnings, the industry faces structural issues in raw materials, tariff barriers, high production costs, transportation expenses, and delays in government refunds.
While the NDA Government led by Prime Minister Narendra Modi has made efforts to boost global competitiveness and address industry concerns, policy gaps and delays in strengthening the raw material base continue to hinder sustainable growth. Moreover, rapid capacity expansion driven by state incentives has strained the sector, with delayed disbursements causing financial stress.
In a recent press conference, The Southern India Mills’ Association (SIMA) expressed its commitment to tackle these structural issues. SIMA Chairman, Dr. S.K. Sundararaman, highlighted challenges in the cotton sector, where multinational traders, import duties, and speculative trading have eroded advantages. He praised the removal of anti-dumping duties on key raw materials but raised concerns over supply disruptions due to Quality Control Orders.
Dr. Sundararaman called on the government to exempt certain imported materials from the Advance Authorization Scheme, ensure international pricing for indigenous MMF producers, and implement a Technology Mission on Cotton 2.0 to boost productivity. He stressed that increasing production in the MMF value chain and technical textiles is essential for industry growth.
Moreover, Dr. Sundararaman urged the industry to focus on value addition, innovation, and niche products while capitalizing on government initiatives. He highlighted the need for sustainability and urged mills to reduce transport costs and carbon footprint by using coastal routes.
In conclusion, despite government efforts to boost the Indian textile industry's global competitiveness, several structural challenges persist, affecting its sustainable growth and global market share. Addressing raw material issues, promoting sustainability, and enhancing productivity are essential for the sector's future success.
JCPenney India, a prominent retail chain, has recently appointed Kaushik Das as its new Managing Director. In his new role, Das will be responsible for driving innovation and leading the transformation strategy for the company.
Sharmeelee Bala, Chief Information Officer at JCPenney India, expressed excitement about the appointment and stated, “We’re thrilled to welcome Kaushik as the new Managing Director of JCPenney India. We’re confident he’ll lead the organization with his vision and heart and look forward to Kaushik leading our Bengaluru center”.
With over 22 years of global experience in strategy, operations, transformation, customer experience, enterprise programs, and change management across various industries including retail, fintech, financial services, and consulting within Gulf Cooperation Councils (GCCs), Das brings a wealth of expertise to his new role.
Prior to joining JCPenney, Das held leadership positions at organizations such as Giant Eagle, Kabbage Inc., and Target.
Commenting on his new role, Das said, “With AI changing the retail landscape, I’m looking forward to leading our teams and driving our global transformation strategy”.
Founded in 1902 by James Cash Penney, JCPenney is an American department store chain that offers a wide range of products including apparel, jewelry, cosmetics, home furnishings, and kitchenware. JCPenney entered the Indian market in 2006 with the launch of its office in Bengaluru. Currently, JCPenney operates more than 650 stores across the United States and Puerto Rico.
The highly anticipated ITM 2024 International Textile Machinery Exhibition is scheduled to take place at the Istanbul TUYAP Fair and Congress Center from June 4 to 8, 2024. Organized by TUYAP, the Textile Machinery and Accessories Industrialists Association (TEMSAD), and Teknik Fuarcilik, preparations are in full swing for this significant event, where leaders in textile technology will showcase their latest products to visitors from around the world.
In anticipation of hosting thousands of visitors and industry investors, the ITM team has prioritized advertising and promotional activities. Due to high demand, the exhibition halls are nearly at full capacity, as announced in a joint press release by the organizers.
Wazir Advisors, a leading management consulting firm, has partnered with Good Fashion Fund (GFF), a Netherlands-based impact investor, to provide technical advisory services related to impact investments in the fashion industry.
Through this partnership, Wazir will advise GFF on technical, sustainability, and supply chain aspects of potential investments, as well as explore and identify other areas of opportunity and collaboration within the textile & apparel industry.
The partnership aims to broaden the scope of opportunities for textile & apparel stakeholders inclined towards adopting and scaling up sustainable innovations in their supply chain through impact investments. The investment and E&S expertise of GFF along with the financial and technical expertise provided by Wazir Advisors will significantly improve the positive impact of manufacturing along the Five Goods: Good Energy, Good Water, Good Materials, Good Lives, and Good Economy.
Commenting on the partnership, Varun Vaid, Business Director, Wazir Advisors, said, "We are excited to collaborate with Good Fashion Fund. With increased consumer awareness and pressure from global buyers & policy makers, sustainability has become a matter of urgency. Wazir is committed to being a part of the sector's progress, and we believe this collaboration will be pivotal in encouraging Indian stakeholders to adopt sustainable practices."
In the competitive landscape of textile and apparel manufacturing, integrating sustainable technological solutions into their supply chain becomes essential for manufacturers to retain their edge. GFF provides long-term USD debt directly to manufacturers to facilitate the adoption of highly impactful and disruptive production technologies, with the goal of establishing a textile & apparel supply chain that is restorative and regenerative.
GFF aims to support manufacturers through technical assistance for E&S improvements, access to a network of industry experts and professionals including Wazir, visibility and exposure to brands and the international fashion sector as a 'front-runner' in sustainability.
Bob Assenberg, Fund Director, GFF mentioned, "As the only impact fund globally providing risk-tolerant debt for investments in sustainable and circular textile & apparel technologies in Asia, we are thrilled to be partnering with Wazir Advisors. Wazir's extensive industry network will help us connect with industry stakeholders whereas their technical expertise will support our decision making to partner with manufacturers in making the shift toward sustainability."
The Apparel, Made-Ups & Home Furnishing Sector Skill Council (AMHSSC) has commended the Hon'ble Prime Minister for the visionary launch of the PM-Vishwakarma Yojna on September 17, 2023. This momentous step is expected to have a significant impact on the apparel industry and its skilled artisans.
The PM-Vishwakarma Yojna offers a range of benefits tailored to the specific needs of artisans in the apparel sector, including:
• Elevating Apparel Quality, Scale, and Reach: The PM-Vishwakarma Yojna enables artisans to improve the quality, scale, and reach of their products by integrating them into the MSME value chain.
• Comprehensive Government Support: The scheme provides vital government support, including financial assistance, advanced skill training, expertise in modern digital techniques, and the adoption of eco-friendly green technologies.
• Amplifying Brand Recognition: The scheme strongly emphasizes promoting the brands of skilled artisans, providing them with greater visibility and recognition both locally and globally.
• Strengthening Market Connections: By establishing robust linkages with local and global markets, artisans gain access to a broader consumer base, thereby expanding their market reach and potential.
• Empowering Remote Artisans: The PM-Vishwakarma Yojna recognizes the immense potential of artisans in remote areas and encourages stakeholders to devise plans that unlock their abilities as suppliers and producers for the MSME sector through skill development and quality training.
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