Page 12 - TEXtalks. August- September 2023

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Fast fashion is running out of

steam in the EU

The European Union is certain that, fast fashion is finally running out of steam. But many think that it could
be wishful thinking. Industry leaders Boohoo, Pretty Little Thing, and ASOS have indeed seen a decline in
profits, but Zara and H&M have posted huge gains.

Then Shein despite being accused of copyright infringements, still continues to attract thousands of
customers, all champing at the bit for cheap, trendy clothing. The China-based giant is able to add a
staggering 6,000 new pieces to its website on a daily basis suggesting that the concept of fast fashion is
going nowhere fast.

Last month, the EU adopted recommendations for the body’s strategy, including policies to make clothes
tougher, repairable, and recyclable. They also backed regulations that suggest production must respect
human, social, and label rights, animal welfare, and the environment throughout the entire supply chain.

The EU is hoping to move away from a linear model to a circular one, a model in which every garment can
be reused, recycled, or, at the very least, made to be biodegradable and compostable. That’s certainly a
sensible aim at a time when many of us realize how crucial it is to tackle fast fashion’s negative
impact on the planet.

Indian textile and garment exports

were down 13.55%

In the first four months of fiscal 2024, India’s textile and garment exports fell 13.55 percent to US $10.15
billion as against $11.74 billion in the period between April and July 2023. The Indian Ministry of Commerce
& Industry informed that in the period between April and July 2023, shipments of cotton yarn, fabric,
made-ups, and handloom products dropped 8.34 percent to $3.76 billion vis-à-vis $4.11 billion in the
comparable period of earlier fiscal.

Exports of man-made yarn, fabric, and made-ups fell 12.07 percent to $1.55 billion from $1,764.10 million in
the period under review, while garment exports dropped to $4.83 billion, down 17.64 percent year on year. In
July 2023, Indian exports of man-made yarn, fabric, and made-ups declined 10.45 percent from a year ago
month to $390.25 million, while garment exports decreased to $1.14 billion, down 17.37 percent.

Shipments of cotton yarn, fabric, made-ups, and handloom products however beat the declining trends and
in the previous month rose to $1.09 billion, up 6.62 percent year on year. According to data released by the
Ministry of Commerce and Industry, during the first four months of the current fiscal 2023-24 (April-March),
the export of cotton yarn, fabric, made-ups, and handloom products decreased by 8.34 percent to
$3,767.83 million, compared to $4,110.67 million in the previous period.

August/September 2023