Global news roundup
The following is a round-up of apparel and footwear news from the world's local media. just-style has not checked these stories so cannot guarantee their accuracy.
- The Indian apparel market is expected to grow 13-15% annually to exceed US$125bn by 2020, according to a survey by Clothing Manufacturers Association of India (CMAI). The market is currently estimated to be worth approximately $50bn. Increasing purchasing power of younger consumers is expected to drive the growth. HINDUSTAN TIMES
- Indian textile conglomerate Arvind is looking to offer more stretch denim by increasing its outsourcing of filament yarn to fibre producer Invista. Its requirement would rise from 12 tonnes per month to more than 20 tonnes per month. As a result, Arvind expects 50% of its denim to be stretch by the end of the year, compared to 30% currently. THE ECONOMIC TIMES
- The implementation of Trans-Pacific Partnership (TPP) is expected to double Vietnam's textile exports to the US. Last year, exports to the US reached US$7.7bn. Local textile garments are taxed an average 17% when entering the US but under the agreement, the tariff would be halved or lowered to 0%. THE SAIGON TIMES
- The Indian government said it will address issues facing the country's apparel industry, including high interest rates, expensive raw materials, lack of skilled workers, rigid labour laws and high customs duty on synthetic fabric. Cabinet secretary Ajit Kumar Seth said the government is committed to facilitating the export of garments. India's apparel exports declined by 6% to US$12.9bn during 2012-13 because of weaker demand in Western markets. THE ECONOMIC TIMES
- The Footwear Design and Development Centre (FDDC), an initiative set up to train and employ unskilled Indian workers to make shoes, has introduced an exclusive footwear stitching unit for women at Kolathara. The unit is funded by Huntsman International. The FDDC has trained more than 1,000 people in Cheruvannur, Nallalam, Panangad and Feroke over the past six years. THE HINDU
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Polymer and fibre producer Invista is teaming up with industrial biotechnology company Ingenza to develop new bio-derived processes that can be used to produce industrial chemicals....
Denim sourcing show Kingpins is planning its first-ever European event next year in Amsterdam....
Fibre producer Invista has acquired German competitor Advansa's assets relating to speciality polyester products. ...
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