Textile Sphere News Roundup - October 15, 2024
Inditex Launches US $54.63
Million Fund for Textile Innovation
Zara's parent company,
Inditex, has announced a new fund worth approximately US $54.63 million
dedicated to textile innovation. The Spanish outlet El Confidencial initially
reported the move, later confirmed by Inditex to Reuters. This initiative is
part of the company's broader strategy to support start-ups developing
sustainable materials and technologies. Inditex has already invested in
companies like Circ, which specializes in textile recycling, and Galy, a US
start-up creating lab-grown cotton from plant cells. These efforts align with
the company’s goal of reducing supply chain emissions by 50% by 2030 and
producing 25% of its garments using innovative fibres not yet available on an
industrial scale. (Read More)
USDA Revises Bangladesh's
MY25 Cotton Use Forecast to 7.8 Million Bales
The US Department of
Agriculture (USDA) has raised its forecast for Bangladesh's cotton consumption
to 7.8 million bales for the marketing year (MY) 2024-25, which began in
August. This revision follows previous estimates of 7.7 million bales made in
September. The report indicates that 7.7 million bales of this cotton will be
imported, representing a 2% increase over the previous marketing year's
imports. Initially, the USDA estimated Bangladesh's cotton consumption at 8
million bales for MY 2024-25 but revised its figures downwards in August and
September before the latest upward adjustment.
Readymade Garment Exports to
Drive Textile Sector Expansion
According to the Ministry of
Textiles, the textile sector is poised for significant growth, with an 11%
year-on-year increase in readymade garment exports reported in August. This
surge is expected to fuel further expansion in the industry. Government schemes
and policy initiatives are being leveraged to help the sector achieve its
ambitious target of reaching $350 billion by 2030.
Century Textiles Rebrands as
Aditya Birla Real Estate
Century Textiles &
Industries Ltd has officially rebranded as Aditya Birla Real Estate, with its
stock symbol changing from CENTURYTEX to ABREL. Since its entry into the real
estate sector in 2016 under the Birla Estates brand, the company has focused on
developing residential and commercial projects in key markets such as the
Mumbai Metropolitan Region (MMR), Bengaluru, NCR, and Pune.
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