11 December 2023
11 December 2023
Sportswear retail companies have thrived in recent years, so does the fact a handful have fallen into financial difficulty recently signal the wider fashion sector is about to face yet another crisis?
Financial services company HSBC joined Apparel Impact Institute (Aii)'s Fashion Climate Fund (FCF) as a new philanthropic funder and pledged an initial amount of $4m along with trade finance expertise over the next three years.
Footwear Distributors and Retailers of America (FDRA) surveyed professionals about sustainability in 2023 and found traceability was a key concern for most respondents.
Top fashion supply chain-related X posts last week ranged from Textile Exchange guiding the industry on lowering emissions in-line with the Paris Agreement to Hugo Boss investing in fashion's sustainable future.
Canadian athleisure retailer Lululemon Athletica has reported a 19% increase in total revenue for Q3 as well as Black Friday being its single biggest day in company history, however, it remains "prudent" with its fourth-quarter outlook given ongoing macro environment uncertainties.
Chip Bergh will retire from his CEO role at Levi Strauss & Co. (Levi) in April 2024 with the company's board announcing current president Michelle Gass will take over from January.
Aditya Birla Group's pulp and fibre business Birla Cellulose has partnered with clean textile innovation company Algaeing to introduce an environment-friendly "algae-powered" cellulosic fibre in bid to "detoxify the textile industry".
Luxury fashion brand Hugo Boss has claimed to be the "first company" to invest in Collateral Good Ventures Fashion I, a climate-first venture capital fund designed to accelerate sustainability in the fashion industry.
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Global menswear market is expected to grow at a CAGR of more than 4% by 2027, as consumer confidence takes time to rebuild following inflationary pressures. The popularity of the resale market will also somewhat hinder menswear retail growth, as more shoppers will divert spend away from traditional retailers and brands to secondhand channels, in a bid to save money and protect the planet.
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