Bangladesh Export Processing Zones Authority (BEPZA) has announced a significant rise in all indicators i.e. exports, investment, and employment in the recently ended fiscal (FY) 2021-22. Exports soared 30.41 per cent and investment increased over 20 per cent compared to the achievement of the previous year, which is an all-time high growth since the past 40 years. [Bangladesh Export Processing Zones Authority - BEPZA]
With an estimated value of between $100 and $120 billion worldwide, the second-hand market for clothing, footwear, and accessories has nearly tripled in size since 2020 and shows no signs of slowing down. This is the report "What an Accelerating Secondhand Market Means for Fashion Brands and Retailers," the third in a series of collaborations between BCG and Vestiaire Collective, a global platform active in the United States, Europe and Asia.
Improving transparency and traceability has become a priority for the garment and footwear industry to increase its ability to manage the value chains more effectively. [Managing Risk for Post-Pandemic Trade: UNECE and ITC launch a Guide for Border Regulators - Recommendation n°46: Enhancing traceability and transparency of sustainable value chains in the garment and footwear sector (ECE/TRADE/463) English]
The stock market is collapsing, inflation is rampant and scarcity is affecting supply chains, against the backdrop of Covid and the war in Ukraine. It is a terrible self-perpetuating cycle. The question for the apparel and footwear industry is: Will consumers continue to buy? Robert P. Antoshak's answer in this article (Staring at an Economic Precipice? Just Wait, It Gets Worse) in the Sourcing Journal is that for a while they will, but not for long.
Many textile and footwear workers do not feel safe at work. Not only do they work in dangerous buildings, but workers are regularly exposed to inhumanely high temperatures, harmful chemicals and physical violence. In this video, testimonies of the collapse of the Rana Plaza, 9 years ago in Savar, Bangladesh, collected by Clean Clothes Campaign that promotes programs to help prevent injuries and deaths at work and appeals to compensate workers involved in accidents that could have been avoided.
Western clothing and footwear brands are now expected to be replaced with Iranian ones in the Russian market within three years as Moscow faces increasing Western sanctions over the war in Ukraine. However, there are a number of organizational issues that need to be resolved first, the report says.
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