he textiles and apparel industry is a dynamic one, much happens here through the year. We bring to you 10 select developments of 2016 which we believe will have a bearing on 2017. By Subir Ghosh
The textiles and apparel industry is a dynamic one, much happens here through the year. We bring to you 10 select developments of 2016 which we believe will have a bearing on 2017. By Subir Ghosh developments of 2016 that will shape fashion 10 Brexit. Trump. TPP, RCEP. Amazon. Innumerable keywords kept cropping up through 2016, but not all of these will shape fashion, nay the textiles and apparel industry, in 2017. But some will dictate the direction that the fashion industry takes in the years to come, and the process starts with 2017.
#1) Myntra’s acquisition of Jabong
In July, Flipkart’s Myntra pipped Snapdeal to the post by acquiring online fashion store Jabong for $70 million. Though Jabong itself had been on a downswing since 2013 when it was valued at $508 million, the acquisition of the portal by Flipkart- Myntra was the biggest news in the Indian fashion world since their own merger in 2014. The Flipkart-Myntra-Jabong ecosystem now holds sway over two-third of the high-margin online fashion market, and signals the beginning of the consolidation period in e-commerce.
#2) Automation is in, stealthily
When leading fabric and fashion retailer Raymond truncated its workforce by a third across 16 manufacturing units in September, it surprisingly didn’t send industry observers into a tizzy. The move by Raymond was the first by a big company towards a direction that experts have been talking about for a while, and the reasons behind the Raymond decision were simple: a need to cut costs and an equal need to increase efficiency. Textiles 4.0 is in, and it’s been a silent move so far. The textiles apparel industry in India, however, will need to maintain a balance since the sector is one of the biggest employers in the country. Words of caution had come earlier in a Texprocil study which had emphasised on the need for job creation.