|Two countries India and China in Asia are experiencing a retail boom because of their economic and population growth. Recognising the potential, Apparel Resources, the publishers of Apparel Online have announced the creation of Apparel Sourcing Week with Bangladesh as partner country for the first edition to be held in Bengaluru in March 2019. Bangladesh not only has the capacities to meet the expanding needs of Indian Retail, but also the product categories and global standards in manufacturing to professionally deliver quality products in defined time lines.
|Announcing the first edition of Apparel Sourcing Week, Renu Mohindra, Managing Director, Apparel Resources, the organiser of the event said, “The obvious synergy between the growing retail in India and the search for new markets in Bangladesh, makes the country an obvious choice to be the partner nation in the inaugural event. The common borders, close cultural ties, language compatibility and operational ease and comfort, only add to the synergy."
|Bangladesh sourcing is not new to Indian retailers, and many of them have already started buying operations in earnest. But the effort is still very limited and confined to few product areas. The wide opportunities that Bangladesh presents to Indian retailers are largely underutilised. For some retailers, the key product is bottomwear. “For light wash in both non-denim bottoms and denim bottoms, we go to Bangladesh,” says Chaitra Ramamurthy, Sr. Manager Sourcing, Arvind Brands Ltd. However, shirts, jackets, knits, suits and lingerie are potential products which too can be sourced very competitively from Bangladesh.
|Today, Bangladesh stands tall in the global apparel sourcing business matrix, second only to China. Its exports have inched up 5.81 percent to US $ 36.67 billion in the concluded 2017-18 fiscal year, according to the Export Promotion Bureau (EPB). While knitwear garment export grew by 10.40 percent to US $ 15.19 billion, woven garments rose by 7.18 percent to US $ 15.43 billion in the 2017-18 fiscal year, compared to that of the same period in the previous fiscal.
|Besides, the country today is manufacturing for most of the international brands like H&M, C&A, M&S, Walmart, GAP, Kmart, ZARA among the biggest buyers. After capturing the markets of the West, the country is looking at developing new markets, amongst which India is the most important.
|According to data released by the EPB for the growth of garment exports in fiscal 2017-18, Bangladesh’s apparel exports to India stood at US $ 279.19 million, up by 115 per cent compared to US $ 129.81 million in FY’17. Of the total amount, knitwear products earned US $ 71.05 million, which is 89.75 per cent higher than US $ 37.44 million achieved in the same period a year ago. Woven products earned US $ 207.62 million, up by 124.79 percent, compared to $ 92.35 million a year ago.
|This increase in exports from Bangladesh is not only due to rise in sourcing by Indian retailers/brands, but also due to international retailers having stores in India. For some companies, the sourcing for India is happening directly through their international brands with POs made for specific countries. “India is a huge potential market for Bangladesh exporters. We are very happy that Apparel Resources, which has earned the respect of the industry here, is taking the onus of creating a platform for transparent discussions on concern areas and also a meeting ground to initiate business ties between the two countries,” says Siddiqur Rahman, President BGMEA.
Apparel Sourcing Week 2023, a two-days Sourcing Show not only provides the Asian manufacturers a platform to showcase their products & manufacturing capabilities to the Brands & Retailers from all over the world including India, but also extends them a chance to attend the multiple seminars (headed by industry experts), workshops, open-house discussions and networking opportunities organised during these three days, which would help the manufacturers get a better understanding of Indian and International Retail and evolving dynamics of sourcing in various markets and retail formats.
Apparel Resources is well known for its benchmark publications – Apparel Online, StitchWorld and Resource Guide published from India, Bangladesh & Vietnam. These publications have been around in the industry for over 35 years, supporting, guiding and standing by garment exporters and the retail industry globally, providing them a platform to source better.