Machinery

Italian Textile Machinery Orders Drop 17% In Q2 2024

Textile Insights July 25, 2024

In the second quarter of 2024, the order index for Italian textile machinery experienced a 17% decline compared to the same period in 2023, according to ACIMIT (the Association of Italian Textile Machinery Manufacturers). The index, measured at 49.8 points (base 2021=100), reflects a

Export

Uzbekistan’s Textile Exports Fall 5.3% In H12024

Textile Insights July 25, 2024

In the first half of 2024, Uzbekistan’s textile exports reached US$ 1.5 billion, marking a 5.3% decline compared to the same period in 2023, according to the Statistics Agency. The primary components of these exports were finished goods, which accounted for 38.1% of the total, and yarn, making up 46.2%. These products were shipped to […]

Industry

CITI’s Chairman Reviews Budget Impact

Textile Insights July 25, 2024

The Chairman of the Confederation of Indian Textile Industry (CITI), Rakesh Mehra, congratulated the Hon’ble Minister of Finance, Nirmala Sitharaman, for presenting her 7th Finance Budget. He lauded it as a forward-thinking budget addressing key issues for the overall growth of the Indian economy. However, he emphasized the need for bold measures to address the […]

Sustainability

CARBIOS And Nouvelles Fibres Textiles Partner For Polyester Recycling

Textile Insights July 25, 2024

CARBIOS, a pioneer in biological technologies for plastic and textile recycling, and Nouvelles Fibres Textiles, a specialist in recovering end-of-life textiles, have signed a Memorandum of Understanding to supply polyester textiles to the first PET biorecycling plant in Longlaville, France. This collaboration will utilize CARBIOS’ enzymatic depolymerization

Corporates

RE&UP Secures €70M To Expand Textile Recycling Capacity

Textile Insights July 25, 2024

Proparco has granted a €70 million senior loan to RE&UP Recycling Technologies, a circular-tech textile recycling venture of SANKO Group, to expand its textile recycling capabilities and reduce its environmental footprint. This funding will help RE&UP scale its next-gen recycled fiber production and build a new textile-to-textile recycling factory in Gaziantep,

Financial Results

Trident Ltd Reports 19.1% Profit Drop In Q1FY25

Textile Insights July 25, 2024

Trident Ltd., reported a 19.1% decline in its consolidated profit after tax, totaling Rs. 73.89 crore for the first quarter of FY25. This is down from Rs. 91.34 crore in the same quarter last year, according to a regulatory filing. Despite the drop in profit, the company’s revenue from operations increased by 16.66% to Rs. […]

Trade & Market

Ocean Freight Container Shipping Market Peaks As Spot Rates Show Signs Of Easing

Textile Insights July 25, 2024

The dramatic surge in ocean freight container shipping rates appears to be reaching its peak, with importers increasingly resisting the skyrocketing spot rates. According to data released by Xeneta, average spot rates from the Far East to the US East Coast increased by 3.7% on July 15, reaching US$ 10,045 per FEU (40ft equivalent unit). […]

Apparel, Fashion, Retail

SHEIN Launches First Pop-Up Store In South Africa

Textile Insights July 25, 2024

SHEIN, the global online fashion and lifestyle leader, is set to unveil its first-ever pop-up store in South Africa from August 2–11, 2024, at Johannesburg’s prestigious Mall of Africa. This ten-day event aims to offer an interactive shopping experience for fashion enthusiasts and casual shoppers. Inspired by SHEIN’s commitment to self-expression and creativity, the pop-up

Financial Results

Welspun Living Sees 17% Revenue Growth In Q1FY25

Textile Insights July 25, 2024

Welspun Living Ltd., a global leader in home textiles and part of the US$ 3.6 billion Welspun Group, announced its Q1FY25 results, showcasing robust performance despite global challenges. The company reported a total income of Rs. 25,885 million for Q1FY25, a 17% year-on-year (YoY) increase. The company’s EBITDA rose by 15.2% YoY to Rs. 3,935 […]

Economy

India’s Textile Sector Gets 28% Budget Hike

Textile Insights July 25, 2024

India’s textile sector is poised for growth with a 28% increase in the Budget allocation for 2024-25, said Northern India Textiles Mills Association (NITMA) President Sanjay Garg. This significant boost in funding is expected to drive innovation, enhance productivity, and create new opportunities for the textile industry. The increased investment underscores the