Moncler's 2021 revenues surpass 2 billion euros

Image: Moncler Grenoble x Victoria Song In a preliminary result update for the financial year ended December 31, 2021, Moncler S.p.A. said that the company reached consolidated revenue of 2,046.1 million euros, up 44 percent compared to the same period of 2020 and up 28 percent compared to 2019. These results include MoncIer brand revenue of 1,824.2 million euros and Stone Island brand revenue, consolidated since April 1, equaI to 221.9 million euros. The company said, EBIT rose to 603 million euros in 2021 and net profit to 411 million euros. The company proposed paying a dividend of 0.6 euros per share. Financial highlights of Moncler and Stone Island brands’ Q4 and full year results In the fourth quarter, the group reached revenue equal to 868.9 million euros, up 30 percent compared to the fourth quarter of 2020 and up 40 percent compared to 2019. This result includes MoncIer brand revenues equal to 803.3 million euros and Stone Island brand revenue equal to 65.6 million euros. In 2021, Moncler brand revenues were equaI to 1,824.2 million euros, up 14 percent compared to 2019. In the fourth quarter, the brand revenue amounted to 803.3 million euros increasing 30 percent compared to 2019. In 2021, revenues in Asia (which include APAC, Japan and Korea) were 894.8 million euros, up 27 percent compared to 2019. In the fourfh quarter, Asia grew 39 percent compared to 2019, due to strong performance of China and Korea and Japan. In EMEA, revenues in the fourth quarter surpassed pre-pandemic IeveIs by 16 percent. TotaI EMEA revenues for the year amounted to 624.5 million euros, down 3 percent compared to 2019. Americas registered a 31 percent increase in the fourth quarter compared to the last quarter of 2019, bringing totaI growth for the year to 20 percent. In 2021, the DTC channel achieved revenues of 1,429.2 million euros growing 16 percent compared to 2019. The fourth quarter registered growth of 31 percent. The comparabIe growth for existing stores was +23 percent compared to 2020 and 1 percent compared to 2019. The whoIesaIe channeI revenues were 394.9 million euros with an 8 percent growth compared to 2019. In the fourth quarter revenues grew by 19 percent compared to the same period of 2019. In 2021, Stone Island generated 310 million euros revenues, up 26 percent compared to the same period of 2019, of which 221.9 million generated since April 1 and consolidated in MoncIer Group. In the fourth quarter, Stone Island registered revenues equal to 65.6 million euros.
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Runway to retail: balaclavas

Miu Miu fw21/catwalk Pictures Tracing the trend The name comes from their use at the Battle of Balaclava during the Crimean War of 1854, referring to the town near Sevastopol in the Crimea. Handmade balaclavas were sent over to the British troops to help protect them from the bitter cold weather. Hence, for decades, balaclavas were associated with the military and para military organizations. At some point, wearing a balaclava became a statement of protest à la the Russian activist group Pussy Riot. Kanye West: a balaclava pioneer! Kanye West was arguably the first major celebrity to don the balaclava back in 2013; it's thought that his version was a ‘do-it-yourself affair’, a slashed red beanie created to avoid being 'papped' at Paris Fashion Week. He was quickly followed by other A-listers including Beyoncé and Justine Bieber who recognized the advantages of hiding the face from the photographers' glare. Raf Simons elevates the balaclava Calvin Klein fw18/Catwalk Pictures However, it was during the fw18 collections that balaclavas first made a fashion statement. It was Raf Simons' third season designing for Calvin Klein (aka Calvin Klein 204W39NYC) and in a prescient move, showed a collection made for a dystopian future. Inspired by the film 'Safe,' in which Julianne Moore's character is inflicted with numerous environmental illnesses, Simons filled the show with protective gear, accessorized with knitted balaclavas. That season, Gucci, Marni, Preen by Thornton Bregazzi and Dior all showed hoods and balaclavas. The trend has continued to resonate on the runways every season since for both men and women. For fw21 Miu Miu’s version made a major statement rendered in heavy gauge knit with detachable face guard and matching scarf. Miu Miu fw21/Catwalk PicturesLouis Vuitton SS22/Catwalk PicturesLoewe maw22/Catwalk Pictures Balaclavas go viral on Tiktok Since then, the widespread appearance of balaclavas and hoods on social media platforms, particularly selfies on Instagram and videos on Tiktok, helped to cement the trend in the mass market. An upsurge in fashion/skiwear collaborations and the realization that your anti-Covid mask also kept your face warm in winter, created the perfect storm. Where to shop for balaclavas At the retail level high end designers are showing a variety of styles. From Maison Margiela, A cotton/wool mix balaclava with a Fair Isle inspired pattern. Maison Margiela Stella Mccartney’s version is rendered in wool with an abstract intarsia pattern.. Stella Mccartney ..and from Loro Piano, a cashmere balaclava with a geometric motif. Loro Piano Contemporary brand Kule sells a variety of balaclavas in either a cotton/wool mix or in cashmere. Kule The trend for balaclavas shows no signs of slowing down; so expect to see them during the current fw22 season.
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LFW AW22: Roksanda collaborates with Fila and launches purchasable NFT

Image Roksanda In Pictures London Fashion Week favourite Roksanda held her first physical showcase since 2020 with a catwalk event in the halls of Tate Britain to present her autumn/winter 2022 collection, which included an unlikely sportswear collaboration with Fila and a colourful installation by Irish artist Eva Rothschild. In the show notes, Roksanda explained that the collection explores the “duality between realism and dreaming, ever-present within all of us,” offering comforting, cocoon-like protective layering, as seen with her collaboration with sportswear brand Fila, as well as sophisticated beauty in her statement eveningwear. Image Roksanda This was a collection filled with colour and exaggerated detailing. With billowing duvet-like dresses, an anorak reworked into a ballgown, complete with bubble hem, and silky soft dresses elegantly pinned together with metal pins that felt more like jewellery, glided down the catwalk in block colours and adorned with swirling prints. Tailoring and outerwear also made a statement, with oversized and classic shapes featuring subversive details such as hidden double lapels, quilted sleeves, high side slits and bright pops of contrast lining. While high-waisted voluminous trousers with cuffed hems and utilitarian-style layers from jumpsuits to jackets for the day. Image Roksanda The Serbian designer also added sustainable touches, with recycled polyester fibres woven onto silk organza and set free into fringes, while other pieces featured organic cotton, sustainably sourced crepe, vegan leather and recycled polyester taffeta. Roksanda x Fila With the pandemic creating a shift to loungewear and sportswear, it is hardly surprising that designers like Roksanda want a piece of the action, and for AW22 she unveiled an unexpected collaboration with Fila. The Roksanda x Fila collection is described as “an encounter between two very different identities to create a new one, at once unexpected and authentic” and includes a selection of leggings, T-shirts, sports bras, and quilted puffer coats, alongside padded bags, and oversized moon boots. Image Roksanda It offers Roksanda’s dramatic shapes, signature romanticism, and vibrant colours with the technicality of Fila, inspired by the themes of shelter and protection. This resulted in humongous duvets that wrap the body, while leisurewear was inspired by parachutes incorporating Fila’s technical and high-performance fabrics, all in a bold colour palette that included fluorescent pink and orange. “Growing up in Serbia, I cherish personal memories of how much we all loved Fila pieces coming from Italy,” said Roksanda in a statement. “This collection allowed me to give a new point of view on such a beloved heritage: one that merges my shapes and colours with a sense of performance and the outdoors. The soft, enveloping message is perfectly timely, I believe.” Image Roksanda Roksanda enters the metaverse The womenswear designer also launched a series of NFTs (non-fungible token) as part of her AW22 collection in a partnership with Clearpay, transforming her demi-couture, sculptural gown in a geometric print into an NFT by the Institute of Digital Fashion. Image: Roksanda It marks the first time an NFT has been shoppable on a luxury brand’s website in pounds, rather than in cryptocurrencies and has been launched in a tier system, ranging from 25 to 5,000 pounds. In addition, the physical dress on the catwalk will never go into production, the only way to buy it is as an NFT. Institute of Digital Fashion co-founder and creative director, Cattytay added: “This digital garment pushed the boundaries of Roksanda’s creative imagination. Designing with digital in mind first was a first for Roksanda, allowing their imagination to run wild, whilst IoDF made sure to bring these creative dreams to life with our atelier.” Image: Roksanda Image Roksanda Image Roksanda Image Roksanda
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eBay posts Q4 revenue growth of 5 percent

Image: eBay press room eBay Inc. fourth quarter revenue was 2.6 billion dollars, up 5 percent on an as-reported basis and up 5 percent on a foreign exchange (FX) neutral basis. The company’s gross merchandise volume (GMV) was 20.7 billion dollars, down 10 percent on an as-reported basis and down 11 percent on an FX-neutral basis. GAAP net loss from continuing operations was 893 million dollars or 1.47 dollars loss per diluted share, while non-GAAP net income from continuing operations was 647 million dollars or 1.05 dollars per diluted share. "By investing in our strategy to drive sustainable growth, we increased customer satisfaction, improved the seller and buyer experience, and returned value to our shareholders. During the quarter, we completed our multi-year payments transition, and generated growth in both our advertising business and focus categories," said Jamie Iannone, chief executive officer of eBay. Fourth quarter and full year financial highlights of eBay results Full year revenue was 10.4 billion dollars, up 17 percent on an as-reported basis and up 15 percent on an FX-neutral basis. GMV was 87.4 billion dollars, flat on an as-reported basis and down 3 percent on an FX-neutral basis. GAAP net income from continuing operations for the full year was 252 million dollars or 38 cents per diluted share and non-GAAP net income was 2.7 billion dollars or 4.02 dollars per diluted share. For the fourth quarter, GAAP and non-GAAP operating margin was 26.3 percent and 31.6 percent, respectively. Full year GAAP and non-GAAP operating margin were 28.1 percent and 33.4 percent, respectively. Annual active buyers declined by 9 percent for a total of 147 million global active buyers and annual active sellers declined by 8 percent, for a total of 17 million global active sellers. eBay's board of directors has declared a cash dividend of 22 cents per share of the company's common stock payable on March 18, 2022 to stockholders of record as of March 10, 2022.
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Wolverine Worldwide delivers 24.7 percent revenue increase in Q4

Image: courtesy of Sweaty Betty by photographer Cliff Watts For the fourth quarter, Wolverine World Wide, Inc. reported revenue of 635.6 million dollars, up 24.7 percent versus the prior year. On a constant currency basis, revenue was up 24.6 percent. Excluding Sweaty Betty, revenue increased 9.4 percent versus the prior year and decreased 8.2 percent versus 2019. Ecommerce revenue was up 58.3 percent versus the prior year and up 108.5 percent versus 2019. Excluding Sweaty Betty, ecommerce revenue was up 12.7 percent versus the prior year and up 48.5 percent versus 2019. “We are pleased that the company managed through a challenging supply chain to deliver nearly 25 percent revenue growth in the fourth quarter,” said Brendan Hoffman, Wolverine Worldwide’s president and chief executive officer, adding, “We expect to further unlock the growth potential of our brands as we deliver on our fiscal 2022 outlook of mid to high-teens revenue growth.” Wolverine Worldwide trims Q4 loss Gross margin for the quarter was 41.3 percent, compared to 40.1 percent in the prior year, while adjusted gross margin was 43 percent compared to 41.4 percent in the prior year. Excluding Sweaty Betty, adjusted gross margin was 41.5 percent compared to 41.4 percent in the prior year. Diluted earnings per share were negative 18 cents, compared to diluted earnings per share of negative 2.10 dollars in the prior year. Adjusted diluted earnings per share were 41 cents, and on a constant currency basis, were 39 cents compared to 21 cents in the prior year. Excluding Sweaty Betty, adjusted diluted earnings per share were 31 cents compared to 21 cents in the prior year. Wolverine Worldwide’s full year revenue improves 34.8 percent For the full year, revenue was 2,414.9 million dollars, up 34.8 percent versus the prior year. On a constant currency basis, revenue was up 33.4 percent versus the prior year. Excluding Sweaty Betty, revenue increased 28.3 percent versus the prior year and 1 percent versus 2019. Ecommerce reported revenue was up 39.7 percent versus the prior year and up 109.4 percent versus 2019. Excluding Sweaty Betty, ecommerce revenue was up 18.3 percent versus the prior year and up 77.3 percent versus 2019. Gross margin was 42.6 percent compared to 41.1 percent in the prior year and adjusted gross margin was 44.1 percent compared to 41.5 percent in the prior year. Excluding Sweaty Betty, adjusted gross margin was 43.4 percent compared to 41.5 percent in the prior year. Diluted earnings per share were 81 cents, compared to diluted earnings per share of negative 1.70 dollars in the prior year. Adjusted diluted earnings per share were 2.09 dollars and on a constant currency basis, were 2.05 dollars, compared to 93 cents in the prior year. Excluding Sweaty Betty, adjusted diluted earnings per share were 1.98 dollars compared to 93 cents in the prior year. Wolverine Worldwide anticipates full year revenue growth of 15 to 18 percent For the full year, the company said, revenue is expected to be in the range of 2.775 billion dollars to 2.850 billion dollars, representing growth of approximately 15 percent to 18 percent . Diluted earnings per share are expected to be between 2.30 dollars to 2.45 dollars and adjusted diluted earnings per share are expected to be between 2.50 dollars to 2.65 dollars, representing growth of 19.4 percent to 26.5 percent. Gross margin is expected to be in the range of 43.5 percent to 44 percent and operating margin is expected to be approximately 10.2 percent, while adjusted operating margin is expected to be approximately 11 percent, up approximately 35 bps versus 2021.
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Soma launches Bodify smart bra based on three years of consumer research

Bodify by Soma Lingerie brand Soma surveyed 1,500 women over the course of 3 years to create what it believes is the smartest bra on the market, the Bodify, launching today. During an exclusive 2-day pop-up event in NYC, FashionUnited spoke to Holly Wilson, Vice President of Design at Soma Intimates, about common bra-shopping challenges, or “brablems” as the Soma team calls them, as well as the patent-pending technology behind the Bodify, and the evolution of the lingerie market. “Solutions really became part of our dna very quickly because of the constant conversation with the customer on the problems she was trying to solve,” said Wilson. “Whether it was smoothing out panty lines, straps digging in or sliding down, gaping cups, or something else, all this led to the creation of our proprietary innovations over the years.” Soma Innovation Lab NYC PopUp for Bodify launch It is worth bearing in mind that the brand was founded in 2004 when the lingerie retail environment was dominated by Victoria’s Secret which was focused on supermodels and angels. This created a retail void which Soma identified as an opportunity. Now with 250 boutiques and outlets nationwide, the all-women led design team have established an alternative to the male gaze which once controlled the lingerie market. “We set out to demystify the bra-fit experience, to create an environment for women that was unintimidating, where they could actually find products that suited them,” said Wilson. The challenges of bra shopping Rather than forcing women to aspire to an unattainable and unrealistic beauty standard, the Soma team starts with the belief that the uniqueness of every woman’s body is the best thing about her. “If you lined up ten 36Cs, they are all different," said Wilson. "Each woman, although the same size, carries her weight differently, and each one's experience in bra-shopping is therefore different." Added to that, women’s bodies change, even throughout the month, as well as during pregnancy or nursing, a reality that is also often ignored in standard lingerie sizing. Now with wire bras making a return as women go back into the office, Soma has built a bra that aims to provide confidence-building support coupled with that work-from-home comfort women have grown grown accustomed to over the past two years. The Soma Innovation Lab has released the following information on the construction of the Bodify: Flexicup Pad Technology, the patent pending technology found in the cups is made from a self-adjusting material that flexes and recovers to adapt as a woman’s body shifts throughout the month. When body heat is applied, the material softens, promoting a customizable stretch that tailors itself to match breast density, size and shape. This elasticity prevents the neckline from cutting in and conforms to each breast without gaping.  Floataway Wire Construction: Complementing the Flexicup Pad Technology, Soma’s patent-pending frame-work design offers additional flexibility, natural lift and cooling benefits. Inner mesh panels beneath the cups promote breathability, alleviating overheating while allowing the cup to adjust to the body. This construction takes the pressure off the bra straps to provide independent support and appropriate lift, eliminating digging or slipping. Other solution-focused features include no-slip straps crafted with a soft spandex gripper; soft casing underwire support; and four-column hook and eye clasps for added customization. Said Wilson, “It’s the closest thing you’ll see to a custom-fit bra that’s out there.”
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Fashion for Good’s latest project transforms agricultural waste into fibres

Image: agricultural waste in India by Karthik S. / Unsplash In its latest project, “Untapped Agricultural Waste”, global sustainable initiative Fashion for Good wants to turn agricultural waste into fibres. To achieve this goal, the initiative has teamed up with the Laudes Foundation for funding, Fashion for Good partners Adidas, Bestseller, Vivobarefoot and Birla Cellulose as well as the six innovators AltMat, Bananatex, Chlorohemp, Agraloop by Circular Systems, HempTex India and 9Fiber. Together, the consortium project will assess the technical feasibility of natural fibres created by the selected innovators using agricultural waste such as rice husks, hemp, wheat straw, banana and pineapple and validate and scale technologies that can successfully transform agricultural waste into sustainable textile fibres. “This ambitious project explores a new source of feedstocks for the fashion industry that, if scaled, will help drive both the agriculture and textile industry towards net-zero. We see great potential for these various agriculture waste streams that would otherwise have few secondary uses. By applying innovative technologies to develop natural fibres, we can diminish the pressure on existing natural fibres and shift away from unsustainable materials and sources,” explained Katrin Ley, Fashion for Good’s managing director, in a press release. Why is agricultural waste problematic? Theoretically, agricultural waste does not have to be a problem as it can be used in a variety of ways, for example as animal feed, compost, biofuel or for industrial purposes. However, in reality, agricultural waste poses significant challenges for farmers in South and Southeast Asia and in many cases, the waste is not repurposed and is often burned. According to Fashion for Good, up to 92 million tonnes of agricultural waste are burned annually in India alone, which in 2017 resulted in approximately 149 million tonnes of CO2. Image: agricultural waste streams / Fashion for Good At the same time, the extraction and processing of virgin, conventional fibres such as cotton and polyester accounts for up to 39 percent of greenhouse gas emissions in the textile supply chain, which Fashion for Good’s recent report “Unlocking the Trillion-Dollar Fashion Decarbonisation Opportunity” highlighted. “Raw Material innovation is essential to reducing these emissions, and the next generation of materials are key if the industry is to decarbonise its supply chain,” states Fashion for Good. Agricultural waste as an opportunity Fashion for Good’s 18-months “Untapped Agricultural Waste Project” wants to show that agricultural waste does not have to be a problem but can be an opportunity. Together, the aforementioned partners and the six fibre innovators will explore opportunities to repurpose agricultural waste into viable new natural fibre blends as an alternative to conventional fibres and virgin fibres derived from unsustainable materials such as oil. The focus of the six innovators will be to develop a variety of different natural fibres and fibre blends with a focus on trialling the highest percentage of agricultural waste, while also achieving the necessary performance requirements. Supply chain partner Birla Cellulose will work closely with the innovators providing expertise to develop and prepare their new materials for wider adoption in the fashion supply chain, with the participating project brand partners supporting the testing and eventual scaling of these fibres.  With the support of catalytic funding from the Laudes Foundation, the project also leverages findings from the 2021 report, “Spinning Future Threads” by the Institute for Sustainable Communities, the World Resources Institute India and the Dutch Wageningen University and research institution. The report maps agricultural waste in eight countries across South and Southeast Asia, identifying the untapped opportunities in agricultural waste streams including rice husks, wheat straw, banana and pineapple production, which are the focus of the new project. The first phase of the project will conclude in December 2022, after which it will pilot the agricultural waste fibres from selected innovators in collaboration with partner brands and supply chain players in commercial facilities to produce larger quantities. This should further drive supply chain adoption and move beyond lab scale, with this next phase “ultimately aiming to further enable brand offtake agreements and financing to facilitate scaling”, according to Fashion for Good. Also read: * Tomorrow's textiles: Why the fashion industry must invest in regenerative agriculture * Australian company makes rayon by feeding agricultural waste to bacteria
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Khaite collaborates with Elhanati on a fine jewellery collection

Image: Elhanati x Khaite Minimalist womenswear brand Khaite has launched a fine jewellery collection in collaboration with Elhanati that blurs the boundaries between utility and adornment. The collaborative collection marks Khaite’s first foray into jewellery and features six limited-edition pieces including two belts, a barrette with four bezel-set square black spinels, and a pair of earrings. There are also two brooches, one with four bezel-set square black spinels and 14 gypsy-set round emeralds, the other with four bezel-set square black spinels and 29 gypsy-set round emeralds. Image: Elhanati x Khaite “Khaite is a brand built on contrasts, continuously playing with and rebalancing opposing elements to create new ways of seeing, feeling, and dressing,” said Catherine (Cate) Holstein, founder and creative director of Khaite in a statement. “I recognised a similar approach in Elhanati, which merges modern Scandinavian restraint with the ancient mystique of the Middle East.” Each of the Art Deco-inspired pieces has been crafted by hand in Elhanati’s Copenhagen atelier made of 24-karat-gold-coated silver, except the belt buckles, which are made of 24-karat-gold-coated bronze and joined to straps of black lambskin from a renowned Italian tannery. Image: Elhanati x Khaite Commenting on the collaboration, Elhanati founder Orit Elhanati added: “I love the shapes of Khaite, with a minimalistic expression where handcraft cannot hide. It shines through everything Cate does. “The sculptural way of working fascinates me, and whether applied to fashion or jewellery, it has a beautifying effect on the wearer—a tribute to the woman and to womanhood. Our commitment to craftsmanship is just as closely aligned.” The Elhanati x Khaite collection is available on both brands’ websites. Image: Elhanati x Khaite Image: Elhanati x Khaite
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NY Governor announces grant programme for independent designers in partnership with IMG

Image: Cocheng, NYFW FW22 As New York Fashion Week closes its doors for this season, the state’s Governor, Kathy Hochul, has announced a partnership with IMG that will see the implementation of a 500,000 dollar grant programme established to assist small, independent designers. A total of 50,000 dollars will go towards ten selected creatives to offset the costs of their New York Fashion Week show production for the September 2022 season, with IMG managing the application process for the recipients. The programme hopes to support the “return of the New York fashion industry post-covid-19”, as well as attract the city’s fashion talent and enable more small designers to participate in its recovery efforts. “It is essential that we prioritise the recovery of one of New York’s most exciting and dynamic industries…” In a release, Hochul said Fashion Week is a celebration of New York’s role as a fashion capital. She added: “As we make our comeback from the pandemic, it is essential that we prioritise the recovery of one of New York’s most exciting and dynamic industries. By partnering with New York’s best small and independent designers, we are strengthening our economy and supporting vibrant development in this crucial industry.” In the announcement, it was further noted that the fashion, retail and creative industries, while being a “key economic engine for New York State”, were disproportionately impacted by the pandemic. It added that, prior to covid-19, New York’s fashion industry employed 4.6 percent of the city’s workforce and generated around 11 million dollars in total wages. The grant comes as one of the many methods the city has adopted in an attempt to bolster and improve its fashion industry. Earlier this week, NYC Mayor announced plans to create fashion jobs in the city, which involved the opening of a creative hub in Brooklyn that will provide training programmes for those looking to enter the fashion workforce. Read more: * NYC Mayor announces plans to create fashion jobs during NYFW * Can New York City market its way to another recovery? * With headlining acts gone, more independent designers can shine at New York Fashion Week
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Textile inflation fears a major talking point during LFW

Yuhan Wang FW22 Textile prices, like many raw materials, are soaring on resurgent post-pandemic demand and the rocketing cost of both energy and transport, industry experts say. Cotton, linen, silk and wool, as well as synthetic materials derived from petroleum, faced surging prices in recent months, boosted also by the global supply-chain crunch. As a result, red-hot inflation is now a major talking point at the industry's London Fashion Week showpiece, which runs until Thursday. Price hikes represent a new challenge for the industry that has already been stricken by both Brexit and the Covid-19 health emergency. 'Impressive cotton surge' "The textile and clothing industry noticed an impressive surge in cotton prices," said the European association of textile producers, Euratex, in a statement sent to AFP. "The restart of activity worldwide in 2021 and the increased demand from the textile industry have accelerated the mechanism of (market) tension on raw materials," it added. "This has resulted in a shortage, and rising material costs." Cotton, which had already surged almost 50 percent last year, peaked earlier this month at 1.29 dollars per pound -- reaching a level last seen in 2011. Organic cotton from key producer India has experienced buoyant demand due to low stockpiles. The cost of wool and flax linen meanwhile rebounded between September 2020 and June 2021, having declined for almost three years. Impact of 'oil upswing' The industry has also been spooked by the sky-high cost of oil. "The increase in oil prices have affected the prices of synthetic fibres ... as these are produced from petroleum-based chemicals or petrochemicals," Euratex noted. Oil had threatened to top 100 dollars a barrel last week on simmering tensions between Ukraine and key crude producer Russia. "The ongoing upswing in oil prices is lending buoyancy because it increases the price of synthetic fibres that compete with cotton," added Commerzbank analyst Carsten Fritsch. The price of man-made or synthetic fibres -- like acrylics, nylon and polyester -- have shot up. Textiles also face the same snarled-up supply chains that have plagued economies worldwide. Retailers and manufacturers will therefore struggle to meet rebounding demand, particularly for cotton, commentators say. Logistical headache "Demand is strong amid inflation concerns and logistical issues that make it harder for world buyers to source any cotton anywhere," Price Group analyst Jack Scoville told AFP. Importers and exporters face a huge spike in transport costs, as reopening economies create feverish demand for container shipping. Rogie Sussman Faber, owner of Chicago area company Vogue Fabrics, told AFP that transportation was their biggest issue. "Here in the USA, we are more affected by the sharp rise in shipping than the price of the materials," Faber said. Onward transport from the port of Chicago compounds that heavy burden, mirroring transit problems seen elsewhere. "Since the onset of Covid, we have experienced a decline in truckers, and the transit companies have raised their prices to cover fuel costs and overtime (and) bonus incentives," noted Faber.(AFP)
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Global Metaverse market to be worth 758.6 billion dollars by 2026

Image: Pexels Metaverse is the latest buzzword that has been capturing the imagination of the tech industry and the world of fashion is eagerly watching for new opportunities in the virtual space. A new market study published by Global Industry Analysts Inc., (GIA), a market research company, called Metaverse - Global Market Trajectory & Analytics, says the global market for Metaverse estimated at 194.4 billion dollars in 2022, and is projected to reach 758.6 billion dollars by 2026. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post Covid-19 marketplace. The Metaverse, as described in the report, “is an integration of immersive presence in a virtually interactive self-sufficient ecosystem of mobile networks, augmented reality, social media, gaming, virtual reality, ecommerce, cryptocurrency and work environments. This universe is being envisioned as the future of the internet, involving the convergence of augmented reality (AR), virtual reality (VR), and physical worlds in a shared digital space. NFTs and online events are booming creating a universe of opportunities for the metaverse and related technologies.” A transition to the Metaverse is imminent The researchers say the transition to Metaverse is imminent. Several components and facets of this open-source platform have advanced to a stage where they can be seamlessly integrated to explore the possibility of creating a parallel virtual world. NFTs and online events are booming creating a universe of opportunities for the metaverse and related technologies. Being technologically nascent, no company or brand has exerted major influence to “own the space” and the race to dominance has already begun with companies investing in multiple metaverse projects, acquiring few on their way to the finish line and engaging in deep learning and research in the domain. For designers, the Metaverse is free from the two-dimensional barrier of the physical world, offering unlimited potential for creators and commercial businesses. As users look to establish their digital identities, fashion will play a key role. According to the report, current efforts to building metaverse are centred around a peaceful coexistence of stakeholders irrespective of their size, accelerating the transition to web 3.0. The future rests on disruption of existing technologies and integrating multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel, gaming and digital engagements. Article source: Global Industry Analysts Inc. report: Metaverse - Global Market Trajectory & Analytics
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