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
Bangladesh Rawhide Traders Demand Cold Storage Facilities to Preserve Animal Hides

• Call for Cold Storage Facilities: 
  Rawhide and skin traders, along with tannery owners, are urging the Government of Bangladesh to establish cold storage facilities in Natore, Chattogram, Dhaka, and other local markets to properly preserve sacrificial animal hides and prevent significant wastage.

• Economic Benefits: 
  Modernizing unused storage facilities across various regions could save substantial amounts of hides from rotting each year, ensuring better resource utilization and economic gain.

• FBCCI Meeting Proposals: 
  At a recent FBCCI meeting, proposals included easy financing for leather entrepreneurs, creation of a skilled workforce, establishment of a footwear industrial park, development of modern slaughterhouses, and payment of outstanding dues to hide and skin traders.

Pasubio Leather Reports 5% Growth Despite Market Challenges with €88M Revenue in Q1 2024

• Resilient Performance:
  Despite a challenging market, Pasubio Leather, a Vicenza-based tanning group, showcased resilience with a 5% growth in Q1 2024 compared to the November-January 2023 period, even though there was a 6.38% year-on-year turnover decrease.

• Strong Automotive Focus:
  The company reported net sales of 88 million euros for Q1 2024, primarily driven by the automotive sector, which constitutes 92% of its revenue, with a significant portion coming from seats (65%), interiors (23%), and steering wheels (4%).

• European Market Dominance: |
  Pasubio Leather's clientele is predominantly European, making up 89% of their customer base, further emphasizing their strong market presence in the European luxury segment.

Kenyan Government Revitalizes Leather Industry in Kamiti and Kitengela Prisons

• The Kenyan government, through the State Departments for Correctional Services and Livestock Development, is revitalizing the leather industry in Kamiti and Kitengela Prisons to meet global demand for high-quality leather products. This initiative is part of President Ruto’s Bottom-Up Economic Transformation Agenda.

• Principal Secretary Salome Beacco emphasized the initiative's goals: generating government revenue and equipping offenders with essential skills for self-reliance post-incarceration. This plan is part of an eight-point priority agenda, including modernization of prison industries and enhanced vocational training.

• Principal Secretary Jonathan Mueke highlighted the government’s commitment to transforming the leather sector into a major employment generator, noting the increasing global demand for Kenyan leather.
  

Kenya Aims to Double Leather Production and Create 100,000 New Jobs by End of 2024

• Doubling Leather Production and Job Creation:

  The Ministry of Agriculture and Livestock Development has partnered with the private sector to double Kenya's leather production by the end of 2024, aiming to create around 100,000 new jobs.

• Nationwide Tannery Revival:

  The initiative includes inspecting and upgrading tanneries, starting with Kitengela, and implementing training programs for leather technicians on modern techniques and technology.

• Economic Impact and Growth:

  Despite importing leather goods worth $69.25 million, the sector saw a 21.7% growth in 2023. The government plans to establish more treatment plants and industry clusters to boost local and international market linkages.

Italy and Vietnam Strengthen Leather and Footwear Trade Ties in Ho Chi Minh City

From July 10-12, Ho Chi Minh City hosted a significant trade exchange event, enhancing collaboration between Vietnamese and Italian leather and footwear businesses. Key highlights include:

• Technological Advancements and Sustainability:

  • Assomac emphasized introducing advanced, eco-friendly technologies to Vietnam.

  • Plans for a detailed roadmap to strengthen Italian-Vietnamese business partnerships through 2024 and beyond.

• Establishment of Vietnam-Italy Footwear Technology Centre:

  • Located in Binh Duong Province, equipped with cutting-edge machinery from Italy and Europe.

  • Aims to facilitate technology transfer and human resources training for Vietnam’s leather and footwear industry.

• Promising Industry Future:

  • Forecasted Vietnam’s export turnover of footwear and handbags to reach US$38-40 billion by 2030.

  • Emphasis on adopting green technologies to meet European market standards.

FOOTWEAR NEWS
Louis Vuitton Announces Collaboration with Timberland, Merging Luxury and Durability

• Collection Details:

  • Louis Vuitton has unveiled its collaboration with Timberland, first showcased at the Fall/Winter 2024 runway show.

  • The collection features two distinct designs: the LV 6-Inch Boot and the LV Boot, both crafted from premium Italian nubuck leather with PrimaLoft insulation and waterproof construction.

• Design Highlights:

  • LV 6-Inch Boot: Resembles Timberland’s classic boot with an elegant LV monogram embossment. Available in traditional wheat color or black nubuck leather.

  • LV Boot: An amplified 6-Inch silhouette with five variations, including Ankle Boot, Ranger Boot, Pull-On Mid Boot, and Pull-On Harness Boot.

• Launch Dates:

  • Pre-launch on Louis Vuitton’s website and LV App: July 18th, 2024.

  • Worldwide release in selected stores: August 8th, 2024.

  Read the full article…

Indian Sneaker Startup Comet Raises $5 Million in Series A Funding

• Successful Fundraising:

  Bengaluru-based sneaker brand Comet has raised $5 million in Series A funding, led by Elevation Capital with participation from Nexus Ventures and AngelList India.

• Founders' Vision:

  The brand, founded by former executives of Hotstar and Urban Company, aims to revolutionize the Indian sneaker market with high-quality, stylish footwear.

• Strategic Growth Plans:

  The funds will be used for marketing, operational expansion, and brand building, targeting the young, fashion-conscious demographic with products for both men and women.

LEATHER GOODS NEWS
LVMH appoints Alessandro Valenti as the New CEO of GIVENCHY

• New CEO Appointment:
  LVMH has appointed Alessandro Valenti as the new CEO of Givenchy, replacing Renaud de Lesquen, who is pursuing new career opportunities.

• Extensive Experience:
  Valenti brings 25 years of international luxury industry experience, including over a decade at Louis Vuitton, positioning him well to lead Givenchy to new milestones.

• Strategic Vision:
  Givenchy anticipates significant growth and innovation under Valenti's leadership, blending traditional craftsmanship with modern luxury trends.

  Read the full article…

INDUSTRY INSIGHTS & ANALYSIS
Is Now the Perfect Time to Build a Footwear Brand in India?

Here Are the 7 Reasons Why Top Venture Capitalist Firms are showing Interest in this Market

• Market Size and Growth:
  The Indian footwear market is currently valued at $12 billion and is projected to grow to $17 billion by 2025, with an expected CAGR of 15-17% over the next three years.

• Consumer Trends and Segments:
  Indians are increasingly buying branded footwear, with mid and premium categories growing at 13%. Significant opportunities exist in the sneakers, casual shoes, and sports and athleisure segments.

• Regulatory and Technological Advancements:

  BIS compliance is enhancing quality and local manufacturing, while technical innovations in midsoles present differentiation opportunities for new brands.

Written, Reviewed & Published by Leathernews.org team