Page 5 - February-March-2020

24 05
H&M and YCloset team up to test

renting COS clothing in China China-Pakistan FTA-II, estimated export growth

That’s how much of the world’s greenhouse gas emissions the clothing industry is responsible for - it uses more of $3.2 billion; Inspiring Change Conference
energy than the shipping and aviation industries, according to the United Nations. 2020 pushed forward to September 18-19

H&M’s brand COS and YCloset, China’s leading and their move into rental clothing marks an impor-
clothing rental business have teamed up for a tant shift in public purchasing decisions. In 2018, Editor-in-Chief The China-Pakistan Free Trade brands was held from 18th to 20th
three-month trial in an attempt to foray into the rentals generated $1 billion in revenue, reported Yousaf Fareed Agreement’s Phase II was January 2020 at the Karachi Expo
country’s growing clothing rental business as more Bloomberg. implemented on 1st January 2020. Centre in Karachi, Pakistan. GTex
and more consumers become aware of the environ- Editor Due to come into effect on 1st has very quickly become known as
mental impact of fast fashion. “It is important for us to try new approaches - testing Hassan Saeed December 2019, bureaucratic the event that brings together
and collaborating to achieve the best outcome for delays in China pushed it forward textile machinery manufacturers
YCloset is China’s largest clothing rental platform our customer and community - as well as the future Sub-Editor by a month. With the enforcement and buyers and facilitates B2B
with 15 million users who pay monthly subscription of our business,” COS managing director Marie Mehwish Sheikh of this agreement, Pakistani meetings while also providing the
fees and have the option to buy the clothes after they Honda said in a statement. Shagufta Riaz businesses are expecting a huge opportunity for chemical and
have rented them. Junaid Akhlaq relief and the government is accessories manufacturers to
The U.S. was responsible for 21 million pounds of expecting that with the showcase their products. Such
H&M, the world’s second-largest fashion group, also discarded clothing in 2015, according to the Environ- Advisory Board: implementation of just five percent events not only boost businesses
launched its own rental business on November 29 mental Protection Agency. This number has risen Dr. Tanveer Hussain of the agreement, Pakistan will see within the country and helps the
through its Stockholm flagship store in another from 4.6 billion pounds in 1980. Dr. Muhammad Tausif an estimated export growth of $3.2 economy, but also provide
three-month trial. This rental service is however, has a billion. TEXtalks believes that valuable guidelines and help
limited range of festive gowns, with a fee per item. Reusing clothing contributes to sustainability: A Marketing Manager exporters, especially the textile through presentations and
research by British advisory group Waste and Sana Sadiq industry, will have to step up their speeches on key issues the
Popular fast fashion retailers like H&M, Banana Resources Action Program concluded that extending Saeed Ahmed game, particularly in delivery times industries are facing these days.
Republic, and Urban Outfitters are all entering the the life of one clothing item by three months contrib- and quality maintenance as China
clothing rental industry. Fast fashion retailers are utes to a 10% reduction in its carbon, water, and Layouts itself is one of the biggest exporters Heimtextil, the largest trade fair for
projected to generate $44 billion in sales by 2028, waste footprints. Faizan Khan of textile goods in the world. home and contract textiles in the
world, was held at Messe
New trade policy to focus on Marketing Incharge The Pakistani textile industry is Frankfurt, Germany, from 7th to the
Abdul Haseeb
10th of January, 2020. The event
facing a lot of challenges with
regards to the management of
celebrated its 50th anniversary in
“efficiency-driven” economys Address their budgets, supply chain, time of grand style. Pakistan was the
C-302, City Towers
fourth largest country at Heimtextil
delivery, increasing taxes, and
Main Boulevard, Gulberg II
Lahore-Pakistan several others. The uncertainty of 2020 after German, China, and
India with 231 Pakistani exhibitors
the electricity tariff due to
The much-awaited new Strategic Trade Policy Razak Dawood has sought the services of individuals fluctuating adjustment charges is taking part in the event. The main
Framework (STFP) 2019-24 has started to take shape “who have direct links with trade matters”. Phone: + 92 42 35 788 700 also a major issue that is affecting focus of the event was on
as the Ministry of Commerce began brainstorming to The vision, mission and goals of the STPF 2019-24 Fax: + 92 42 35 788 700 their ability to effectively and price sustainability with special areas like
formulate the policy starting with the first meeting for are to transform Pakistan from a factor driven to their products in relation to the the Green Village where the topic
the purpose between different government efficiency-driven economy integrated into the global Email: info@textalks.com competition. Also, the schemes was displayed creatively.
functionaries. and regional value in the medium term and an Skype: textalks that allow tax-free cotton import
innovation-driven economy in the long-term. and the implementation of 10% tax The Inspiring Change Conference
The first meeting for the STFP was held on December The Commerce Division has envisaged the following www.textalks.com on local cotton purchase is 2020 that was to be held on 10th
12, 2019 between the Commerce Advisor, goals for the STPF 2019-24; (i) increase exports at a affecting local purchases and and 11th of March, was pushed
Commerce Secretary, Additional Secretary, former minimum compound annual growth rate of 12 per motivation among growers. forward to September 18-19, the
Secretary Commerce, Younus Dagha, former Chief cent annually till 2024;(ii) improve competitive and same year due to logistical and
Executive Officer, the erstwhile Export Promotion efficiency of the industry, especially export sector ;(iii) GTex, the largest international trade security challenges that the
Bureau (EPB) now TDAP, and officials of Commerce increasing the share of regional trade in the total fair in the region for textiles, Pakistan Super League (PSL)
Ministry and National Tariff Commission (NTC). trade by 20 per cent and ;(iv) promote sustainable, garments, embroidery, digital brought with its matches being
Additionally, Prime Minister's Advisor on Commerce, socially-compliant, inclusive and gender-sensitive printing, chemicals, yarns, and held on the same days in Lahore.
Industries and Production and Investment, Abdul
export development.
November/December 2019 February/March 2020