Textile Market News

SVG Fashions founded in 1984, has evolved from a weaving and processing unit into a complete textile manufacturer, offering one-stop solutions from yarn to finished garments. SVG Fashions, acquired Raj Rayon Industries to vertically integrate its operations and gain control of the entire polyester value chain, from raw materials to finished garments.

Nativa, a luxury natural fiber supplier has launched Nativa Cashmere, the world's first blockchain-tracked sustainable cashmere sourced directly from Mongolian farms. Ethically raised by nomadic tribes, Nativa Cashmere allows brands to trace the fiber's journey from farm to garment using a special platform. Nativa also works with farmers to improve animal welfare and social responsibility.

The Indian government has unveiled an ambitious plan to elevate the nation's textile production to a staggering $250 billion by the year 2030. This target is part of a broader initiative to propel textile exports to $100 billion by the same year, with a substantial portion, $40 billion, dedicated to apparel exports. The announcement underscores India's commitment to fortify its position as a global leader in the textile and apparel industry.

Energy consumption is a significant cost factor for textile companies, with finishing processes accounting for up to 15 per cent of turnover. In response, the Karl Mayer Group has developed Cascade, an innovative system designed to save energy in the drying processes of their Prosize sizing machines and Bluedye dyeing plants.

A recent report by SNS Insider states, the global cotton yarn market is expected to witness a steady rise in the coming years, reaching a projected value of $113.05 billion by 2031. This translates to a Compound Annual Growth Rate (CAGR) of 4.1 per cent over the forecast period (2024-2031).

In a move aimed at diversifying the country's textile exports, Bangladesh has announced a significant reduction in import duty on 18 types of non-cotton fibers. This follows recommendations from the Bangladesh Textile Mills Association (BTMA). Previously, import duties on these fibers ranged from 10 to 31 per cent. The new budget, announced on June 6, reduces the duty to a flat 1 per cent. This policy shift is expected to make it cheaper for Bangladeshi garment manufacturers to import a wider variety of materials, allowing them to produce a broader range of clothing items.

A significant collaboration between Lenzing, Exponent Envirotech and Cobalt Fashion has led to a new waterless dyeing technology called Ecohues. This innovation aims to revolutionize the textile industry by reducing resource consumption and environmental impact.

At ITM 2024 in Istanbul, Lakshmi Machine Works (LMW) impressed visitors with their commitment to innovation in textile spinning technology. Their stall attracted industry stakeholders eager to see latest advancements, including the Card LC636 S, Comber LK69 S, and RAP (Ring Frame Auto Piecer).

Traditionally, India has been a key supplier of yarns, both cotton and man-made fiber (MMF) blends, to Bangladesh's booming garment industry.

Stoll, a leader in flat knitting machinery has launched Nocturno, a new trend collection designed by their esteemed Fashion & Technology department. Inspired by the allure of night time, Nocturno blends intimate wear with elegant styles. This collection embodies Stoll's commitment to innovation. Versatility reigns supreme with stitch size options across various gauges, from coarse to ultra-fine. FlexPly technology elevates knitwear design with new textural dimensions and draping possibilities.

Brazil's Foreign Ministry and the Cotton Growers Association (Abrapa) joined forces to ramp up cotton trade with Bangladesh. This mission was aimed at solidifying the already strong partnership between the two countries, which saw $2.3 billion in total trade in 2023.

Sri Lankan apparel giant MAS Holdings signed a three-year deal to buy recycled polyester from US startup Ambercycle. This deal signifies a shift in the textile industry as suppliers are now getting involved in promoting sustainable practices. MAS will buy 4,000 tonnes of recycled polyester, enough for 10 million T-shirts, to meet the rising demand for eco-friendly clothing. Currently, recycled polyester is mainly made from plastic bottles, but Ambercycle's technology recycles old clothes, which is considered more sustainable.

Spanish sustainable textile technology leader Jeanologia will showcase its revolutionary ATMOS process at Denim PV Milan. ATMOS offers an eco-friendly alternative to traditional stone washing, a major water polluter in denim production.

The Schneider Group launched Authentico, a brand ensuring a transparent and verified wool supply chain, from farm to garment. Authentico aims to be the go-to brand for premium, traceable, and responsible wool.

Swedish investment firm Altor has acquired Circulose (formerly Renewcell), a pioneering textile recycler that went bankrupt earlier this year. Circulose is known for its Circulose pulp, an innovative material made entirely from textile waste instead of trees. The company also boasts of the world's first commercial-scale facility for producing viscose and other sustainable fibers.