Apparels

The Bangladesh Garment Manufacturers and Exporters Association has requested a Tk54-crore ($4.5-million) soft loan from the Bangladesh Bank to support 39 garment units facing financial difficulties and struggling to maintain full-scale production due to disruptions caused by the recent unrest.
The loan will ensure timely payment of wages to around 56,000 workers employed at these factories.

India’s readymade garments exports saw an 11-per cent YoY growth in August, the textiles ministry said.
The domestic textile sector is expected to grow to $350 billion by 2030, it noted.
Investment worth over ₹90,000 crore is expected to flow through the PM MITRA Park and the Production-Linked Incentive Scheme in the next three to five years.

H&M will open its first store in Hue at Aeon Mall on October 11, 2024, marking its 14th store in Vietnam.
The store offers a wide range of fashion for women, men, and kids, with a focus on sustainability through initiatives like garment recycling.
H&M aims to blend modern fashion with Hue’s rich cultural heritage, offering locals and visitors an inclusive and expressive shopping experience.

Renowned sports brand Puma has collaborated with BMW M Motorsport to launch ‘Neon Energy’ collection.
The theme captures the vibrant street art culture of Las Vegas.
The collection consists of crewneck sweatshirts, T-shirts, sweatpants, trucker caps, and sneakers among other things.
This range features graffiti-inspired patterns and bright neon accents.

Africa holds a modest 3.63 per cent of the US apparel import market, with $1.67 billion in imports from January to July 2024, ranking fifth regionally.
The Asia-Pacific dominates with 71.81 per cent. Africa’s share remained consistent despite fluctuations, with imports rebounding after a 2020 dip due to the pandemic and growing steadily through 2022, before a 20.11 per cent decrease in 2023.

Nigeria’s vice president Kashim Shettima has commissioned the Enugu State Garment and Fashion Hub and unveiled the 5th expanded national micro, small and medium enterprises (MSME) clinics.
The clinics are joint efforts of the government and the Enugu state to boost MSMEs.
The hub is likely to create 48,000 jobs.
Shettima announced a N150,000 grant to all MSMEs that shine at the MSME clinics.

Ireland’s cotton apparel imports reached $565.2 million in the first half of 2024, representing 42.69 per cent of total apparel imports ($1.32 billion).
Trousers and shorts topped the list, with imports of $271.6 million.
Man-made fibre apparel accounted for 37.73 per cent, while other materials like wool, silk, and animal hair made up smaller shares.

Healthy order inflows amid rising demand will lift the revenue of RMG exporters in India’s Tamil Nadu state by 8-10 per cent to $5.11 billion in this fiscal, CRISIL Ratings said.
Operating profitability will rise by 25-30 bps on better operating leverage, a 1-3-per cent rise in realisations and stable yarn prices.
The centre’s impetus and Bangladesh’s gas crisis would also benefit the industry.

South Korea’s apparel imports from Bangladesh dropped by 38.82 per cent in Q2 2024 to $115.796 million, following a fluctuating trend.
Imports peaked in Q1 at $188.206 million but declined across various quarters in 2022 and 2023.
Bangladesh was the fourth-largest apparel supplier to South Korea, contributing 5.20 per cent of the country’s $6.54 billion apparel imports from January to July 2024.

The closure of garment factories in Zimbabwe due to an economic crisis has hindered trade unions, with unemployment nearing 90 per cent.
Despite challenges, the National Union of the Clothing Industry (NUCI) retains members through improved industrial relations and collective bargaining, advocating for living wages above $250, currently set at $180.