CLRI Launches "LEATHER MARK" a Certification & CLE Organized Leather Fair in Japan & More

Nike's New CEO gives 3 Key Advice for Someone Starting & Running a Business & more

Author

Arshad Leathernews.org
October 20, 2024

Good Morning & Welcome to our weekly newsletter! Here, we bring you the entire week's global news, insights, market research & analysis, expert insights and facts from the "leather, footwear, and leather goods" industry.

In a simplified and easy-to-understand manner, saving you time while keeping you informed and updated.

If you missed it, here’s a quick look at what happened in the Global Leather & Footwear Industry last week in under 5 minutes

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LEATHER INDUSTRY NEWS

In a significant effort to enhance leather and footwear trade between India and Japan, the Council of Leather Exports (CLE) and the Indian Embassy in Japan hosted the “Source from India (Footwear and Leather)” roadshow in Tokyo.

The event, inaugurated by Shri R. Madhusudan, IFS, Deputy Chief of Mission, highlighted India’s growing role as a sourcing hub. Shri R. Selvam, Executive Director of CLE, presented vast investment opportunities in India's leather sector.

Discussions with Ambassador Shri Sibi George emphasized strengthening bilateral trade, laying the foundation for future collaborations to boost India's leather exports to Japan.

CLRI Launches "LEATHER MARK" a Certification for Leather Product Manufacturers to Ensure Leather Authenticity

During the 83rd CSIR Foundation day CLRI launched “Leather mark", a new certification for Leather Products.

This new certification aims to set a benchmark for leather quality, it is said to be like the Hallmark for gold & the Silk Mark for silk.

The CSIR - Central Leather Research Institute "Leather Mark" serves as a voluntary certification for tanners & leather product manufacturers who uphold the highest quality standards in their products.

All leather products such bags, shoes, garments, belts, and wallets will now receive a new certification from CSIR-CLRI.

By displaying the "Leather Mark", businesses can offer consumers guarantee that leather products are genuine & assurance of the superior quality of their leather goods.

Each certified product will be accompanied by a QR code, allowing consumers instant access to information about the product’s

  • Raw material,

  • Type of leather,

  • Finish &

  • Design.

This move is expected to bring transparency in the leather industry, helping consumers to make informed purchasing decisions.

Exporters, in particular, will benefit from this mark as it will help establish the quality of their products in global markets.

“The CLRI Leather Mark is a landmark moment for the leather industry, signifying our dedication to quality, innovation, and sustainability. We invite all tanners & manufacturers to join this initiative and be part of a trusted group committed to excellence.”

- Dr. Sreeram, Director, CSIR-CLRI

Leather manufacturers will have to apply for this certification & once approved, they will be allowed to use the "Leather Mark" on their products.

The certification is expected to start soon.

Gruppo Mastrotto S.p.A., a leading leather producer, has acquired a majority stake in Portugal-based Coindu – Componentes Para A Indústria Automóvel, S.A., a specialist in high-quality automotive interiors.

This move strengthens Gruppo Mastrotto’s position in the global automotive sector, offering end-to-end solutions from leather production to interior component assembly. Coindu, founded in 1988, is known for its advanced manufacturing techniques and serves major automotive brands.

Coindu’s CEO, Antonio Candido, will remain in his role, while the Gomes family retains a minority stake, ensuring continuity amid the strategic partnership

Brazil's hides and skins export market saw a significant recovery in September 2024, following a weak August. Exports reached 15.9 million square meters (up 18.1%) and 52.6 thousand tons (up 44.1%) compared to September 2023.

Year-to-date, Brazil’s leather exports hit $953.6 million, a 13.5% increase over 2023. Wet blue leather exports surged 36.6% in value.

Key markets like China (30.8% of value), the U.S. (14%), and Italy (11.9%) drove growth, while Vietnam's demand soared 95.2%. State-wise, Mato Grosso do Sul led with a 70.5% increase in value.

Click read more below to view all the data

Scottish Leather Group has published its 21st annual Environmental, Social, and Governance (ESG) report, highlighting significant sustainability achievements.

Key metrics include a 90% progress toward zero greenhouse gas emissions, aiming for 100% by 2025, and an 89% waste diversion rate, up from 77% last year. The company guarantees zero deforestation, 100% material traceability, top-rated animal welfare standards, and eco-friendly tanning options.

With these innovations, Scottish Leather Group is positioning itself as a leader in environmental responsibility, setting new benchmarks for the leather industry’s sustainability efforts.

FOOTWEAR INDUSTRY NEWS

In 2024, Vietnam's footwear industry achieved a remarkable milestone, with exports exceeding $16.53 billion in the first nine months, reflecting a 12.5% year-on-year growth.

This achievement positions footwear as the fifth largest export product, joining the ranks of seven items with turnovers over $10 billion. Exports to the U.S. jumped 17.1% to $5.58 billion, while the EU saw a 14.3% rise to $3.63 billion.

However, the sector faces labor shortages, impacting production capacity. Optimistically, projections indicate potential exports could reach $27 billion by year-end, bolstered by a proposal for a raw materials trading center to reduce import dependencies.

LEATHER GOODS INDUSTRY NEWS

French luxury giant LVMH reported a 3% drop in third-quarter sales, totaling €19.08 billion (approximately $20.8 billion), marking its first quarterly decline since the COVID-19 pandemic.

This miss of market expectations has raised investor concerns, particularly regarding demand in China and Japan. Sales in the fashion and leather goods division, which represents nearly half of LVMH's revenue, declined by 5%, significantly underperforming the anticipated 4% growth.

Asia, excluding Japan, saw a 16% sales drop, influenced by China’s property crisis and reduced consumer confidence. Japan's growth also slowed sharply to 20%, down from 57% in the previous quarter.

INDUSTRY INSIGHTS & ANALYSIS

What's the Best Piece of Advice for Someone Starting their Business? - Here's what Nike's New CEO has to Say

I recently came across this video with the new CEO of Nike, Elliot Hill

Hill takes charge today (Oct 14, 2024) as the CEO of Nike

The Interviewer asked him a question

"What's the Best Piece of Advice for Someone Starting their Business?"

Here's what Elliot said

1] Listen to the customer insights & Understand what they desire.

2] Translate those insights into Innovative products that people want & love.

3] Tell Emotional stories that connect the consumer to the brand & its products

that's it these 3 things can help you build a great business.

Key takeaways in simple words

▪️ Listen to your consumers

▪️ Create products people want

▪️ Tell emotional stories

This is the Only Book You Need to Achieve Financial Freedom, Here are 4 Insights from this book

I Just finished reading the incredible book "The Millionaire Fastlane" by MJ DeMarco

It’s one of the best books I have ever read.

It took me 6 months to complete, but each day, I read a few pages, took notes & most importantly, implemented the valuable insights.

What really stood out to me was how often I found myself aligning with his point of view.

His practical, no nonsense advice applies directly to real life.

This book isn't just about wealth creation, it's about a mindset shift.

It challenges conventional wisdom & pushes you to take action.

You might ask a question

Why should we listen to him?

Well, his personal journey from working multiple jobs to becoming a multimillionaire in his mid 30’s adds weight to his advice.

Here are a few takeaways from this book which really struck me

1] 3 financial paths that people typically follow:

  • Sidewalk,

  • Slowlane, &

  • Fastlane

▪ Sidewalk

This is the path of instant gratification and no financial discipline.

People on the sidewalk live paycheck to paycheck, focus on consumption & don’t plan for the future.

They rely on luck and hope things will improve.

▪ Slowlane:

The Slowlane is the traditional advice most people are given, get a good job, save 10% of your income, invest in stocks & retire when yu are 65.

While this method is safer it takes decades to accumulate significant wealth, and there's no guarantee you will enjoy it while you are still healthy.

▪ Fastlane:

The Fastlane is the entrepreneurial route that focuses on building businesses that create massive wealth.

It’s not about working harder but working smarter, using leverage & scale to multiply wealth creation.

Also talks about

2] Wealth Equation

3] The Law of Effection

4] The 5 Commandments of Wealth

& much more in this book

Honestly, It’s a practical guide for anyone who wants to break away from the traditional path of working

Now see, I am not against taking the Slowlane.

It works for many people & if it suits your goals, that’s great.

I am just sharing my experience.

But if you are someone thinking about starting a business, while still working in a job, then this is the book YOU MUST READ. 

But remember reading alone won’t help you achieve your goals.

You have to take action & go through the process (execution) if you want to enjoy the results (event).

MJ DeMarco

In the coming days, I will be sharing more of my learnings from this book & how I have applied them, along with my personal results.

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If you want to buy this book, you can get it from here

Thanks!

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Written & Published by Arshad Khan | Leathernews.org

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