Let us analyze how these factors influence the shape of the textile industry now and in the future and determine the challenges that we have to deal with.
Consumer behavior is also an important aspect of determining the fashion input in Textiles.
Present scenario of Global Trade in Fashion and Textile
Being a dominant partner in the total business the industry has witnessed significant changes over the decades. It was a paradigm shift from Western classical brands to manufacturing powerhouses mainly in Asia and that too mostly in China, India, Vietnam, and Bangladesh.
● Trade Agreements and Policies: The role of trade agreements National and International such as NAFTA, TPP, and Brexit, in
shaping the shape and size of textile imports and exports cannot be overlooked.
These agreements consist of import and export tariffs, import quotas labor standards, and many more speed breakers in our way which are affecting the global supply change.
● Shift in Manufacturing Hubs: The most significant change in the last two decades in the international textile business was the shift in manufacturing hubs like China as the most important manufacturing
hub.
Bangladesh and Vietnam have become central to global textile production, this development was primarily due to low labor cost and availability of plenty of laborers. Some newcomers like Burma, Cambodia, Mongolia, and India are also on their way to becoming a part of global textile production.
However, international politics and geopolitical tensions are always part of the Whole process.
The Impact of Technology on Fashion and Textiles
Technology has been a primary factor in changing the fashion and textile industry. In the textile industry and fashion from raw materials to the finished product and the designs to retail, everything becomes the receiver of technology improvements all around.
The integration of digital technology has revolutionized all together. It is no longer the fabric designer who is put in a small room without much ventilation and not-so-see-through glasses anymore. The designers are now exposed to the modern markets which are open to all. The designs are no longer anyone's exclusive property.
These digital transformations have indeed given freedom to the designers so that their minds are free to inhale all the
development happening in the textile industry which was protected before.
The research and innovations happening in printing such as 3D printing in dying methods and finishing technology are some examples of the way textiles are produced now.
The new technology is adopted with the hope of having greater customization better quality and faster turnaround time.
E-commerce and omni-channel retailing have changed the very basics of retail systems of the past pushing away the traditional brick-and-mortar to adopt a channel strategy.
Global Fashion Market and Its Present Scenario
There seems to be intense competition, with brands who are constantly looking to increase their market share in a continuous mode in the crowded marketplace. Some important brands have intensified their competition so hard which has led to a counter-movement which has also led to a counter movements towards sustainable fashion with consumers demanding ethical and eco-friendly alternatives.
The competition between luxury and high-street retailers is another dangerous aspect of the fashion Textile Industry.
Luxury brands rely on exclusivity and heritage and high street retailers rely on exclusivity and trendiness.
The digital era has confused the lines between these two segments, especially in selecting new markets, digital channels, and collaborations.
The expected competition between the global giants and local brands is also increasing. The local brand has the advantage here of knowing the customer so well and they cannot beat the global giants in the price and the reliability.
Challenges and Opportunities
As consumers become more conscious about the impact of their purchases on the environment, top brands are under pressure to adopt sustainable practices. Those companies who can now successfully integrate eco-friendly matters, ethical labor practices, and transparent supply chains into their business are only the winners.
Modern consumers and especially domestic consumers all around are more conscious and demanding as far as international quality and prices are concerned. Brands must continuously adopt changing preferences whether it is by embracing inclusivity, offering personal experiences, or adopting new technology.
Global Uncertainty
Global uncertainty such as geopolitical tensions, trade wars, and pandemics have created an environment of uncertainty. They now need to be more agile with lots of diversification in supply chains and also their markets to take on this risk.
CREDITS: Contribution from Dr. Sailen Kumar Chaudhuri a prominent figure in the wool industry, known for his significant contributions during his tenure as the Director of The Woolmark Company.