10 Trends Set To Shape The Fashion Industry In 2021

The Covid-19 crisis has decimated the global fashion industry and its supply chains – and its impact is likely to weigh on the sector until at least 2022, according to a new report. With recovery set to take time and different paths in all regions, there are ten themes that will shape priorities for the year ahead.

Despite encouraging progress and continuous introduction of new initiatives, the industry is still far from being sustainable and circular. A new status report from the Global Fashion Agenda (GFA) notes the global pandemic as a key reason for impeding signatories to the 2020 Circular Fashion System Commitment from reaching all set targets.

A new Biodiversity Benchmark tool has launched to help the fashion and textile industry understand – and improve – the impacts its raw material choices have on nature.

While Bangladesh's garment industry says it has the potential to become global leaders in the circular economy as it embarks on a new partnership aimed at tackling the country's textile waste problem.

In retail, UK department store chain Debenhams is to begin a wind-down of its operations after JD Sports Fashion, Britain's largest sportswear retailer, ended rescue talks and administrators failed to find an alternative buyer for the business.

British retail tycoon Phillip Green's Arcadia Group has collapsed into administration with 13,000 jobs now at risk.

Value fashion retailer Primark expects to have lost GBP430m (US$578.6m) in sales during the recent lockdown across the UK – but says all orders placed with its suppliers have been honoured.

While in the US, Ascena Retail Group has struck a deal to sell its Ann Taylor, Loft, Lane Bryant, and Lou & Grey brands to private equity firm Sycamore Partners for US$540m.

And PVH Corporation saw performance improve across the board throughout Q3 FY2020, with all markets and channels bearing growth on Q2, thanks to the easing of Covid-19 lockdowns and online demand yielding a 36% increase in digital revenue.

Meanwhile, US Customs and Border Protection (CBP) has officially enforced a new withhold release order that detains the entry of cotton and cotton products produced by China's Xinjiang Production and Construction Corps (XPCC) and its subordinate and affiliated entities as well as textile and apparel products made using that cotton, even if they are made in third party countries.

Manufacturing activity in China continues to surge, reaching a decade high in November as the country continues to recover from the Covid-19 pandemic. But rising demand is also contributing to an uptick in input costs and output charges, a new survey shows.

The Peruvian clothing industry is criticising government aid programmes that are supposed to help companies recover from the Covid-19 pandemic, saying they have done little for the country's important clothing and textile sector.

The latest round-up of updates to key free trade agreements and trade preference programmes involving the United States, the European Union, the United Kingdom, Canada and Japan covers developments in November 2020.

In other news, the National Council of Textile Organizations (NCTO) has outlined steps that President-elect Joe Biden's administration and a new Congress could take to bolster US manufacturing; and the largest decreases in real minimum wages over the last nine years were in the garment producing countries of Bangladesh and Sri Lanka.

 

 

 

 

 

Garments Market Industry 2021, Global Market Growth, Size, Demand, Trends, Insights And Forecast 2023

The Market Watch News Department was not involved in the creation of this content.

Dec 02, 2020 (AmericaNewsHour) -- The market is growing on the back of the increasing concern for health diseases amongst individuals worldwide, which is also raising the need to consume healthy foods and follow a healthy lifestyle. Moreover, factors such as the increasing geriatric population are anticipated to promote the growth of healthy beverages, and are luring manufacturers in the beverage industry to increasingly invest in different types of beverages. The World Health Organization (WHO), in one of its statistics, stated that by the end of 2050, the world's population aged 60 years and above is anticipated to reach 2 billion.

The global garments market is projected to expand at a compound annual growth rate (CAGR) of 4.4% during the 2018-2023 period, generating revenue worth USD 1910.7 Bn by 2023.High-end and luxury brands are moving towards a 'see-now-buy-now' model, in order to capitalize on consumers' inclination for discretionary expenditure, thereby appealing to their desire for instant gratification. Rescoring (in the United States and Europe) and sustainable production are key strategies of manufacturers who are making significant investments in order to gain higher social acceptance, and to ensure faster deliveries with provisions for customizations.

The global garments market can be segmented based on gender and type of product (women's and girls' apparel, men's and boys' apparel, intimates, hosiery, sports and swimwear, clothing accessories, and others), and based on distribution channel (online and offline).

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Gender and type of product segment insights:

Women's and men's apparel section generates 63.8% of the revenue, and the rest is accounted for by hosiery, sports and swimwear, intimate apparel, and clothing accessories. Garments marketed as fast-fashion designs have a high number of takers, especially in the emerging markets. A rising middle class in emerging markets, along with their improved fashion-consciousness, is driving increased per capita expenditure. Market players are focusing on ensuring that the latest fashion trends can be incorporated into their offerings and they hit stores in a matter of weeks, resulting in the undercutting of specialist players who once led the industry. 

Distribution channel segment insights:

Most of the market is still controlled by brick and mortar stores, though the growth rate of offline distribution is meagre. However, sale of garments online is expected to grow at a significant rate during the forecast period. In North America, 81% of sales in 2018 is expected to be through offline stores.

Regional insights:

In 2017, Asia-Pacific was the dominant garments market. During the 2018-2023 period, among all the regions across the globe, Latin America is expected to exhibit the highest CAGR of 6.8%. However, in 2017, in the U.K., revenue contribution from the men's and boys' apparel section stood at 24.5%. 

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Companies covered:

1. Gap Inc.2. H&M3. Inditex4. Kering5. L Brands6. LVMH7. Nike8. Adidas9. Calvin Klein10. Burton

Chapter 1. Executive summary

1.1. Market scope and segmentation1.2. Key questions answered 1.3. Executive summary

Chapter 2: Global garments market - overview

2.1. Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis2.2. Global market drivers 2.3. Global market challenges2.4. Global market trends2.5. Value chain analysis 2.6. Porter's five forces analysis 

2.7. Market segmentation based on product types and gender (women's and girls' apparel, men's and boys' apparel, intimates, hosiery, sports and swimwear, clothing accessories and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations2.8. Market segmentation based on distribution channel (online and offline) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations

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'Business Of Fashion' Reports Industry Suffered 90% Profit Decline In 2020

Business of Fashion has released its annual report on the state of the fashion industry, revealing a sharp decline in profit over 2020 as well as predicting the future of the sector.

Created in partnership with McKinsey & Company, the report anticipates that, due to the pandemic, companies will post a 90 percent drop in profit by the end of 2020 (in 2019, profits rose four percent). Envisioning two scenarios, one in which COVID-19 is successfully contained and one in which the virus continues to wreck economic havoc, BoF predicts that 2021 could see global fashion sales decrease anywhere from zero to 15 percent compared to 2019. In either case, the industry will continue to experience high levels of bankruptcies, store closures and job cuts. Trends on the rise even before the pandemic hit — such as a shift to digital shopping and consumer interest in social justice — will continue to gain momentum.

Head to the Business of Fashion website to read the full State of Fashion 2021 Report and check out the video above for a summary.