11 August 2023
11 August 2023
Canada is moving forward with new regulations to promote more socially sustainable supply chains amid continued reports linking major apparel brands and retailers to forced labour, writes Rejean Provost from retail sourcing platform TradeBeyond.
Istanbul Apparel Exporters Agency (IHKIB) president tells Just Style exclusively he is optimistic Türkiye's order volumes will return and possibly surpass previous levels.
Apparel company Wolverine Worldwide's newly appointed CEO says he is confident about improving the company's performance quickly despite downgrading its 2023 outlook following a dip in sales during the second quarter ending 1 July 2023.
The fashion supply chain trends on Twitter (X) this week range from the US government's plan for building sustainable federal supply chains to Tapestry's portfolio expansion through acquisition of rival luxury group Capri Holdings.
Luxury fashion parent company of Coach and Kate Spade, Tapestry, Inc., is set to expand its brand portfolio with the acquisition of rival global fashion luxury group Capri Holdings Limited, which owns Versace and Jimmy Choo amongst others, in a deal valued at $8.5bn.
The Global Organic Textile Standard (GOTS) has started the Organisation for Economic Co-operation and Development (OECD) Alignment Assessment process for GOTS version 7.0 and says this means it can continue to set the standard for responsible and sustainable practices in the textile industry.
Biomaterials technology company MycoWorks has unveiled the official launch date for its first commercial-scale fine mycelium production plant.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has signed a memorandum of understanding (MoU) with NGO Solidaridad Network Asia with the aim of combining efforts to create a sustainable and green apparel sector.
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Per latest GlobalData estimates, the global value apparel market was valued at $228.8bn in 2022, exceeding pre-pandemic levels and outperforming the other apparel price positions. This was partly due to consumers trading down to more affordable brands as they faced inflationary pressures, but also due to the rapid rise of fast fashion player Shein, which has leapt into the market leading position. Between 2022 and 2027, the global value apparel market is forecast to achieve a CAGR of 3.2%. Gen Z is a key target audience for value apparel players, due to their usually limited disposable incomes and high purchasing frequencies as a result of wanting to follow rapidly changing trends meaning they often prefer cheaper brands. As fashion is of high importance to this demographic, they are also less likely to cut back on spending on clothing and footwear amid inflationary pressures. However, value players are under pressure to reduce their environmental footprints amid changing consumer perceptions and evolving regulations regarding sustainable business practices. Supply chain disruptions and higher production costs continued to impact value brands in 2022 due in part to the outbreak of the war in Ukraine and lasting COVID-19 restrictions in China, which is highly detrimental to value players due to their already thin profit margins and their low price business models.
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