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- Indian Leather Exports to Bangladesh Come to a Standstill | Coach Parent Company Tapestry Reports $6.67 Revenue
Indian Leather Exports to Bangladesh Come to a Standstill | Coach Parent Company Tapestry Reports $6.67 Revenue
This week's Global Leather, Footwear & Leather Goods Industry News & Updates
Arshad Leathernews.org
August 18, 2024
Good Morning & Welcome to our weekly news round-up! Here, we bring you the entire week's global news, insights, data, 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.
LEATHER NEWS
Major leather hubs across India have temporarily halted exports to Bangladesh, including the suspension of container movements at the Kolkata port, following the political turmoil caused by Prime Minister Sheikh Hasina's resignation.
This disruption, which affects the daily dispatch of 20-25 containers primarily carrying leather, has raised significant concerns among industry stakeholders.
The political instability in Bangladesh has also impacted the trade of chemicals, textiles, footwear parts, and other critical goods exported from Indian hubs like Kanpur. As Indian exporters prioritize safety, the leather industry is closely monitoring the situation, bracing for potential financial losses and long-term trade disruptions.
At a prestigious event at Hotel Taj Connemara, Chennai, on August 16, 2024, the Indian Shoe Federation (ISF) honored Shri M. Abdul Wahab, Managing Director of KH Group, for his recent election as Regional Chairman (South) of the Council for Leather Exports (CLE).
The ceremony, hosted by ISF President Aqeel Panaruna and attended by industry leaders, underscored Shri Wahab’s vital contributions to the leather and footwear industry.
His leadership at KH Group and new role at CLE come at a pivotal time for India’s leather industry, which is poised for significant growth and global expansion. The evening ended with high hopes for Shri Wahab's leadership in advancing India's leather exports.
Solidaridad and the Leather Sector Skill Council (LSSC) have signed an MoU to empower women in the leather industry, particularly in the Kanpur-Unnao leather cluster.
Signed by LSSC Chairman Mukhtarul Amin and Solidaridad-India Country Manager Monika Khanna, the agreement aims to provide specialized training to home-based women workers, enhancing their skills and productivity to transition from low-wage jobs to more skilled roles.
The initiative includes the inauguration of the Solidaridad Resource Center, equipped with modern machinery to offer industry-aligned training and certifications.
Additionally, a sustainability toolkit was launched to help the Kanpur and Unnao clusters reduce environmental impact, complemented by a pollution prevention training module introduced by Prof. Samsher of Harcourt Butler Technical University. This collaboration represents a significant step toward a more inclusive and sustainable leather industry.
FOOTWEAR NEWS
At the 8th India International Footwear Fair in Delhi, Union Minister of Commerce & Industry, Piyush Goyal, outlined a bold vision for India’s leather and footwear industry, which currently employs around 4 million people.
Goyal emphasized the potential to expand this workforce to 10 million, driven by a strategic push to capture global market share. A key part of this strategy involves implementing Quality Control Orders (QCOs) to block substandard leather imports and promote high-quality domestic production.
Goyal announced a two-year period for retailers to sell existing stock post-QCOs, with exemptions for fashion footwear manufacturers producing up to 72,000 pairs annually and MSMEs, fostering innovation and growth.
He set an ambitious target of achieving USD 50 billion in exports by 2030, urging manufacturers to leverage Free Trade Agreements (FTAs) with ASEAN and European countries to enhance India's global presence. Goyal expressed confidence in India’s potential to become the world’s largest footwear manufacturer, surpassing current global leaders.
JBS Couros has appointed Mariano Pastor as its new Global Shoe Leather Sales Director, based in Magdalena, Argentina. With over 20 years of experience in the footwear industry, Pastor is known for his strategic vision and market leadership.
In his new role, he will oversee global sales strategies for shoe leather, aiming to expand JBS Couros’ market presence in the competitive footwear segment.
This appointment aligns with JBS Couros' commitment to excellence and growth, with leadership confident that Pastor’s expertise will be crucial in achieving the company’s long-term goals and exploring new opportunities in the global market.
Leather Goods News
Tapestry Inc., the parent company of Coach, Kate Spade, and Stuart Weitzman, reported a slight but noteworthy increase in annual revenue, reaching $6.67 billion for the year ending June 29, 2024, just above analyst expectations of $6.65 billion.
Despite a 2% year-on-year decline in Q4 revenue, which came in at $1.59 billion, the company saw a 5.6% rise in pre-market shares. Europe and “Other Asia” markets, notably Korea, performed well with revenue increases of 17% and 7%, respectively, while China remained flat.
Coach led the way with record-breaking sales exceeding $5 billion, driven by the popularity of the Tabby bag, while Kate Spade and Stuart Weitzman saw declines of 6% and 14%, respectively.
Tapestry aims to replicate Coach’s success across its brands, with executive changes in place to drive growth, and projects a slight revenue increase to $6.7 billion for fiscal 2025.
INDUSTRY INSIGHTS & ANALYSIS
Celebrating 5 Years of FLYERS CLUB, The Only Entrepreneurship Club Dedicated to Leather & Allied sectors & Here’s How You Can be a Part of it.
August 15th marks the 5th anniversary of Frontline Leaders & Young Entrepreneurs Resources for Startups in Leather & Allied Sector aka (FLYERS) CLUB
A dynamic entrepreneurship club co-founded by me & my close friends, whom some reason I always refer to as the dream team.
I had the honor of serving as the Secretary during its founding year and the following year (2019-21).
As we celebrate this milestone, I want to take a moment to reflect on the incredible journey that led us here.
When we started on this journey, our motivation was clear
Despite the remarkable growth of the Department of Leather Technology at Anna University & its substantial contribution to India's leather industry
We noticed a gap in nurturing start-ups within the young minds of students in the leather & allied sectors
Recognizing this, we set out to create a platform to empower the next generation of technologists to participate in the startup revolution
With India emerging as a global startup hub, we believed it was essential for our department to actively support entrepreneurship
Thus began the journey of FLYERS.
Achievements to Date?
Well, I am happy to share that in these five years, FLYERS CLUB has made a significant impact
We have created an environment that has led to the inception of multiple businesses both within & outside the leather domain
Not only have we done this, but we have also sown the seeds of entrepreneurship in the young minds of our community.
Why do I say so?
Just last night, one of the final year students of leather technology & I had a call where he was discussing some innovative ideas to solve problems for tanneries using technology
I mean, for a 20 year old to even think of such things & openly share and seek feedback is, in my opinion, the most significant achievement of FLYERS
These accomplishments validate our belief which we laid back then that with the
✔ Right support
✔ Mentorship &
✔ Camaraderie,
Innovation can thrive even in traditional industries.
The good part is, even you join can FLYERS CLUB if you are a part of the global leather & allied sector because
It is not just a club, It's a network of passionate minds driven by the spirit of entrepreneurship
By joining us, you can benefit from a community that supports, mentors, and empowers you to turn your vision or innovative ideas into reality.
❓ How to Connect?
You can reply to this email with the word “CONNECT“ and I will make sure someone from FLYERS CLUB reach out to you and clear all your queries.
Thanks !
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