From the Sector

DyStar, a leading specialty chemical company with a heritage of more than a century in product development and innovation, announced the cessation of manufacturing operations at DyStar Hilton Davis with partial integration of production within DyStar LP in Reidsville, North Carolina.

The latest integration will impact the production facility of DyStar Hilton Davis, which primarily manufactures Food, Drug, and Cosmetic Dyes (FD&C), Drug and Cosmetic Dyes (D&C), Lakes, Technical Dyes, and Pigment Dispersions. As part of our ongoing efforts to consolidate and optimize our manufacturing footprint (MFO) in Americas, the facility will cease production operations on 30 June 2025.

Following the final instalment of the Group’s consolidation plan, DyStar’s Americas will focus our main production activities at the sites in Reidsville, North Carolina, and Cheyenne, Wyoming.

Mr. Xu Yalin, Managing Director and President, DyStar Group said, “We believe that the success of the strategic plan will position DyStar to decisively respond to the fundamental changes taking place in the industry and enables us to improve profitability while maintaining strategic product development capability, and to accelerate growth over the long-term.”

Mr. Clement Yang, Vice President, Global Manufacturing, DyStar Group said, “The overall plan builds upon our global capabilities and resources, and it reinforces DyStar’s strong commitment to strategic investments, product and service excellence, as well as productivity improvements that will drive our Company, customers and industry forward.”
DyStar remains committed to working closely with all stakeholders, including affected employees, customers, suppliers, and partners to minimize the impact on business operations and to ensure a smooth global transition. We will treat all affected parties with due respect and dignity, adhering to company policies, collective bargaining agreements and regulatory requirements.

The company will support affected employees with necessary resources during this transition, including resources and opportunities for employees to apply for open positions at other DyStar locations in Americas.

Best Companies Ltd is a leader in their field and work with some of the world’s best-known organisations - measuring, improving and recognising great workplace engagement.

The Outstanding rating is a direct result of the bHeard colleague engagement survey, completed by 739 paid SATCoL staff and 1,174 SATCoL volunteers. The survey measured how colleagues rate SATCoL on eight factors: Leadership, My Company, Wellbeing, Fair Deal, My Manager, My Team, Personal Growth and Giving Something Back.

The paid colleagues survey results reveal that 88% of staff would recommend SATCoL as an employer to friends, 88% believe SATCoL has a clear focus and direction that they understand, and 97% understand and use SATCoL’s values (of Compassion, Accountability, Respect and Equality) within their core roles.

This is the first time SATCoL has engaged with an external provider of colleague engagement surveys, having run the process in-house previously with some success. One of the key aims for partnering with an external supplier was to increase levels of engagement. To this end Best Companies developed a volunteer survey for SATCoL which saw volunteer response rates more than double compared to previous in-house survey results.

The volunteers survey results reveal that 94% feel proud to work for SATCoL, 96% say their team are fun to work with, 93% believe SATCoL is a caring organisation interested in volunteer wellbeing, and 92% state that their volunteering role is good for their personal growth.

Commenting on the accreditation, Trevor Caffull, SATCoL’s Manager Director, said:
“I am extremely grateful to all our staff and volunteer colleagues who contribute to making SATCoL a caring workplace and an Outstanding Employer. This independent recognition shows that SATCoL’s investment in its people – including learning and development, wellbeing and improving workplace environments – as well as the investments made that set us apart as a leader in the charity retail and reuse and recycling sectors, are improvements that our colleagues have influenced, embraced and welcomed.”
Trevor continued:

“We are delighted with SATCoL’s 2 Star Outstanding Employer Accreditation, however we have lots of opportunity to reach the ultimate goal of ‘3 Star World-Class Employer’ and that will be our goal in the coming months and years.”

Salvation Army Trading Company Ltd (SATCoL) is the trading arm (and a wholly owned subsidiary) of The Salvation Army in the UK and Republic of Ireland. SATCoL actively encourages the reuse and recycling of donated clothing and other household items through over 250 charity stores, and a nationwide network of around 9,000 clothing banks.

Each year, SATCoL diverts millions of items to good causes and reuses and recycles 67,000 tonnes of textiles. Through the reuse and recycling of textiles and other items collected, SATCoL prevents over 453,000 tonnes of greenhouse gases from entering the atmosphere annually.

With the support of the British public, SATCoL has donated millions of pounds to The Salvation Army to help its work with vulnerable people in the UK (over £100 million has been donated in the last ten years). Salvation Army Trading Company Ltd is a registered company (2605817).

Circ, the US-based pioneer in textile-to-textile recycling, has closed its latest investment round led by Taranis through its Carbon Ventures fund, with continued support from existing strategic investors, including Inditex, one of the world’s largest fashion retailers, and Avery Dennison, a global materials science and digital identification solutions company. This latest funding builds on Circ’s major technical and commercial progress over the past 18 months and helps fuel the company’s push to scale its revolutionary recycling technology, advancing its mission to transform the fashion industry’s waste problem into a circular solution.

Circ is uniquely positioned to transform the industry as the only company with the demonstrated ability to recycle polycotton blends and recover both fractions for textiles, having successful public collaborations with Zara, Mara Hoffman, United Arrows, Chrisitan Siriano, and more.

As Circ moves toward launching its first industrial-scale blended textile recycling plant, this partnership brings more than capital—Taranis, owned by the Perenco Group, will contribute deep expertise in developing and operating large industrial projects. Taranis’s experience engineering complex, high-volume processes will be invaluable in commercializing Circ’s technology globally.

Taranis, an investment and asset management company dedicated to sustainable industrial solutions, sees Circ’s model as a key step in reducing the environmental impact of global supply chains. Beyond financial investment, Taranis is providing direct technical validation of Circ’s processes to accelerate the transition from demonstration-scale to industrial-scale production.

“Circ has developed and demonstrated a breakthrough solution for circularity in fashion, and we believe our industrial expertise can help take it to the next level,” said Emmanuel Colombel, CEO of Taranis. “Our goal is to support scalable, pragmatic technologies that reduce waste and emissions. Circ’s vision aligns perfectly with that mission, and we’re excited to support Circ in its journey toward a more circular and responsible fashion industry.”

Ahead of the Annual Geneal Meeting of listed company Lenzing AG to be held on April 17, 2025, the Nomination Committee has revised the future composition of the Supervisory Board. Cord Prinzhorn, the current Supervisory Board Chairman is stepping down from the Supervisory Board with the end of his mandate, to focus on his existing and new engagements within B&C Group going forward.

Patrick Lackenbucher, Managing Director of B&C Group, has been nominated for election as a new member of the Supervisory Board, and is designated to take over the role of Chairman of the Supervisory Board on an interim basis. Mr. Lackenbucher has supported the company throughout various key strategic and financial projects over the past 15 years.

Designated Supervisory Board Chairman Patrick Lackenbucher sees the company well positioned for the future: “Both long-term core shareholders, B&C and Suzano, have a strong commitment to the enhancement of Lenzing’s competitiveness as a global market leader in sustainable cellulosic fibers. The company is addressing the continued competitive market environment with a holistic set of measures, that are already yielding positive results and will be pursued further consequently. Profitability is vital for Lenzing to sustain in the face of global competition over the long-term and to further invest in new products and markets. I am looking forward to working together collaboratively with the entire Lenzing Managing Board and Supervisory Board.”

Rohit Aggarwal, CEO of Lenzing AG comments: “Cord Prinzhorn has accompanied Lenzing with great confidence through the difficult environment over the past years and has played a key role in initiating revenue and cost initiatives, which have shown first positive effects in recent quarters leading to revenue, margin and cash flow enhancement for the company. On behalf of the entire Managing Board, I would like to thank him for the excellent collaboration, and I look forward to our future collaboration with the designated Chairman Patrick Lackenbucher, who brings many years of experience and extensive knowledge with Lenzing to the table.”

Besides Patrick Lackenbucher, Leonardo Grimaldi is proposed to be newly elected to the Supervisory Board. Mr. Grimaldi is Executive Vice President and Management Board member of Lenzing’s core shareholder Suzano S/A and will assume the Supervisory Bord mandate from Marcelo Bacci, who has left Suzano. He is an expert in the global pulp market and, among others, also acts as Supervisory Board Chairman at Brazilian port operator Portocel as well as a Supervisory Board member at Veracel Celulose S/A.

Cord Prinzhorn comments: “After four years on the Supervisory Board of Lenzing AG, my current mandate is coming to an end, and I will now concentrate on other existing and new engagements going forward. During my time as Supervisory Board Chairman we have managed to successfully complete important strategic investment projects in Brazil, Thailand and China, to reduce costs as well as financial debt, and at the same time to expand Lenzing’s position in this challenging market environment. I would like to thank not only the members of the Supervisory Board and the Managing Board but also, and above all, the employees of Lenzing, who have made a significant contribution to the success of these strategic projects.”

Cord Prinzhorn will remain Supervisory Board Chairman until the conclusion of the 81st Annual General Meeting on April 17, 2025. The election of Patrick Lackenbucher as Supervisory Board Chairman is planned for the constituting Supervisory Board meeting on the same day directly after the Annual General Meeting.

Ontex Group NV, a leading international developer and producer of personal care solutions, has opened its new R&D center in Segovia, marking the highlight of a series of investments to expand the site’s innovation and manufacturing capabilities.

On March 5, the Segovia R&D center was officially inaugurated in the presence of D. Alfonso Fernández Mañueco (President of the Junta of Castile and León), D. José Mazarías Pérez (Mayor of Segovia), Dña. Olga Llorente Tabanera (Mayor of Valverde), D. Miguel Ángel de Vicente Martín (President of the Provincial Council of Segovia), along with other distinguished guests, industry leaders, and local officials.

Ontex’s 6th R&D center, situated within the manufacturing facility, is designed to scale innovations effectively, supporting the company’s commitment to make high-quality solutions accessible for everyone.

This state-of-the-art facility focuses on:

• Enhancing production efficiency to reduce time-to-market for new products.
• Developing sustainable manufacturing processes, including the use of eco-friendly materials and lower-carbon techniques.
• Driving smart, cost-effective and reliable product innovations to meet evolving customer needs.

As part of Ontex’s global network of innovation hubs, the Segovia R&D center joins facilities in Mayen, Germany, and Buggenhout, Belgium. This interconnected ecosystem shall allow Ontex to leverage global expertise while addressing local needs, reinforcing its position as a trusted agile partner in the personal hygiene industry.

Girbau, a global leader in industrial and commercial laundry solutions, and EVI Industries, one of the largest distribution networks in the sector in the United States, have formalized a strategic alliance to reinforce their presence in the North American market.

This alliance shall solidify the presence of Girbau and EVI in the sector, securing strategic investments and strengthening their competitiveness in an ever-evolving market. Both companies share a vision of delivering high-performance, sustainable solutions that enhance their customers' operational efficiency.

As part of this agreement, EVI integrates Girbau North America (GNA), Girbau’s former subsidiary, into its distribution network, ensuring continuity for the entire team, product offering and customer service. As an EVI company, GNA will conduct business as usual moving forward without changes to leadership, staff, services or support.

Simultaneously, Girbau will maintain a key role in the development and expansion of its solutions in the region, reinforcing its commitment to the U.S. market. Girbau, EVI and GNA will collaborate to enhance distribution and develop innovative products that will drive their growth in the commercial and industrial laundry industry.

A key element of this strategic collaboration will be the expansion of Girbau’s production capacity with the launch of a manufacturing facility in North America, which will strengthen competitiveness and bring the company closer to customers in the region.

Oerlikon Manmade Fibers Solutions recently hosted its highly anticipated Innovation and Technology Day at the Deltin Hotel in Daman by end of January 2025. The event attracted over 300 participants, including industry experts, partners, and stakeholders, who gathered to explore the latest advancements and trends in the manmade fibers industry in India.

Customer Event in Daman, India
The Innovation and Technology Day commenced with a warm welcome and introduction by Wolfgang Ernst, Chief Sales Officer (CSO) at Oerlikon Manmade Fibers Solutions, and Debabrata Ghosh, Head of Sales at Oerlikon Textile India. They provided an overview of the Indian market and its challenges.

“The Indian textile industry, particularly the chemical fiber sector, is experiencing significant growth and transformation. This development is driven by increasing production capacities, strategic investments, and a shift in global consumption patterns”, said Ghosh. India's production of manmade fibers (MMF) is robust, with annual outputs of 4.8 million tons of Polyester Filament Yarn (PFY), 1.7 million tons of Polyester Staple Fiber (PSF), 0.7 million tons of viscose, 0.2 million tons of Polyamide 6 (PA 6), and 25 thousand tons of acrylic. Additionally, the country boasts substantial capacities for PET bottles and films, growing at rates of 7% and 15% per annum, respectively. The Indian market is witnessing significant expansions in PTA (Purified Terephthalic Acid) capacity, with major projects underway by Indian Oil Corporation, GAIL, MCPI, Reliance Industries, and the Adani-Indorama joint venture. These expansions are set to increase the PTA capacity from the current 6.296 million tons to over 14 million tons by 2030.

Market Dynamics and strategic investments
“The global consumption landscape is shifting towards India and emerging Asia, driven by rising incomes and changing demographics. By 2050, India and emerging Asia are expected to account for 30% of global consumption at purchasing-power parity (PPP), up from 12% in 1997. This shift underscores the growing importance of these regions in the global economic landscape”, Ghosh continuous. Significant investments are being made to enhance production capacities and integrate advanced technologies. Indian Oil Corporation, in a joint venture with MCPI, is establishing a 900 TPD continuous polymerization unit in Odisha, supported by substantial government subsidies. Similarly, the Adani Group, in partnership with Indorama, is entering the petrochemical sector with a $3 billion PTA plant in Maharashtra.

Challenges and Opportunities
Despite the positive outlook, the industry faces challenges such as ensuring cost efficiency, scalability, and the seamless integration of new technologies into existing production processes. However, the sector is optimistic about improving profitability, driven by favorable supply-demand dynamics and strategic investments. “The Indian textile and chemical fiber industry is poised for significant growth, supported by strategic investments, capacity expansions, and a favorable global consumption shift. These developments position India as a key player in the global textile market, driving towards a sustainable and prosperous future”, said Ernst.

After the introduction about the current market situation, the event continued with numerous technical presentations in which Oerlikon and its partners presented their technological and solution expertise along the textile value production chain “From Melt to Yarn, Fibers and Nonwovens”.

“To spin an excellent yarn, you need the prefect melt”, said Moderator André Wissenberg, Head of Marketing, Corporate Communications, and Public Affairs at Oerlikon Manmade Fibers Solutions. How this can be produced using extrusion or continuous polycondensation technology was demonstrated by the keynote speakers Sven Streiber, Regional Sales Director at Oerlikon Barmag, Deepak Lokre, Head of Engineering at Oerlikon Textile India, and Matthias Schmitz, Head of Engineering Recycling Technology at BB Engineering (BBE).

The second session focused on Oerlikons technology partner for manmade fiber spinning mills. Presentations covered topics such as enhancing manmade fiber production with innovative air engineering, automatic handling solutions and quality inspections, as well as air texturizing solutions. Notable speakers included Praveen Kumar Singh, Managing Director of Luwa India, and Luca Lacitignola, Sales Director at Irico Gualchierani Handling (IGH), Simone Ducceschi, Sales & Project Manager at Thema Systems, as well as Ralf Morgenroth, Head of Engineering Textile Machinery at BBE.

The third session delved into solutions for producing the perfect fibers and yarns, with a focus on Oerlikon Barmag POY/DTY, FDY, IDY technologies as well as Oerlikon Neumag BCF and staple fiber line plants. Presentations were delivered by Philip Jungbecker, Head of R&D, and Guido Dresen, Regional Sales Director, both at Oerlikon Barmag, as well Chetan Bhagat, General Manager Sales, and Sameer Mehrotra, General Manager Service at Oerlikon Textile India. Ralf Morgenroth added further insights of the compact spinning solution VarioFil from BBE.

Environmentally friendly recycling solutions
The fourth session highlighted environmentally friendly recycling solutions, featuring insights from Sven Streiber and Sudipto Mandal, Sales and Marketing Manager at Oerlikon Textile India, and again Matthias Schmitz, BBE. They provided a detailed portfolio overview in the field of mechanical and chemical recycling. The new partnership between Oerlikon Barmag and Evonik was also presented to the audience. Finally, this was followed by a session on customer services and digital solutions, where Michael Ruebenhagen, Head of Global Service Sales and Ivan Gallo, Digital Solutions, both at Oerlikon Manmade Fibers Solutions discussed current upgrade and retrofit options, the Digital Academy, and the future of digitalization in manmade fiber spinning mills. Shared Kulkarnie, General Manager Service Sales & Workshops, as well as Chandru Gurbaxani, Digital Solutions, performed together with their German colleagues.

The event concluded with closing remarks again from Wolfgang Ernst, who provided a global market overview and outlook for 2025. Final remarks were given by Atul Vaidya, Managing Director of Oerlikon Textile India. Finaly the event ended with a gala evening with more than 500 participants featuring a fashion show, music, dancing, and excellent food, supported by Decathlon and Garden Vareli.

According to Fashion for Good, 2025 marks a turning point for the fashion industry, where innovation and sustainability are more crucial than ever. From addressing the intricate challenges of circular footwear design to redefining the resilience of global supply chains, the industry faces both immense tasks and transformative opportunities.

Here are their six pivotal shifts shaping fashion’s future in 2025:

Footwear's Innovation Sprint
Footwear is emerging as fashion’s next big frontier for innovation, ready to match the advancements seen in apparel. Yet, it faces its own set of challenges in achieving circular design. Traditional shoe construction—reliant on complex material blends and adhesives—has long hindered recycling efforts. But 2025 holds promise. A wave of breakthroughs in sustainable materials and manufacturing techniques is on the horizon, led by both established players and bold startups. Together, they’re redefining what’s possible, paving the way for scalable circular footwear.
 
Regional Circularity Takes Center Stage
The future of materials is accelerating, with innovators urgently seeking access to recycled feedstock. Regional sourcing and recycling hubs are becoming pivotal, as the industry builds networks capable of scaling circular solutions. By moving beyond pilot programs, brands are making tangible strides toward robust supply chains that meet both legislative demands and consumer expectations for sustainability.
 
Hard Tech Investment Shifting
Investments in hard tech and innovation within the fashion industry will face a nuanced landscape in 2025. The tightening of venture funding will necessitate greater discipline among startups. Only those who effectively validate their minimum viable products (MVPs) and manage cash judiciously will thrive. This period of consolidation and selective investment presents opportunities for the most prepared innovators to capitalise on market shifts while adapting to evolving investor priorities.
 
The Waste Crackdown
Zero-waste is no longer a lofty ambition—it’s becoming a necessity. With stricter legislation reshaping the landscape, the fashion industry is innovating rapidly to tackle its waste challenges. From advanced materials recovery systems to AI-powered sorting technologies, the industry is racing to adapt. As the resale market is projected to grow, the drive for waste reduction is unlocking new opportunities for impact.
 
Decarbonisation Reality Check
As the industry grapples with missed targets, 2025 will see an intensified push for collective action, with mounting pressure on suppliers to accelerate green transitions. Success will depend on deep collaboration—between brands, local governments, and cross-sector coalitions—especially in manufacturing regions where grid transformation remains critical. The journey is complex, but the shared commitment to decarbonisation is stronger than ever.
 
Supply Chain Geopolitics 2.0
Investment in other manufacturing markets is accelerating as brands seek alternatives to China. But this isn't simple nearshoring - it's about strategic diversification and building resilient regional networks. The focus is shifting to developing new manufacturing ecosystems that can support both traditional and circular production models.

SAATI Germany, a leading manufacturer of highly developed technical fabrics, has further optimised its production processes by using innovative measurement and control technology from Mahlo.

The globally active SAATI Group produces filter fabric for blood transfusion devices, aramid fabric for bulletproof vests and functional fabric for mobile phones and tablets, among other things. SAATI is known for its high precision and quality, which is maintained at all stages of production.

The installation of a Mahlo distortion control system Orthopac FMC-15 and a Famacont PMC-15 yarn density meter in the outfeed of a stenter frame was a further step in this optimisation process.

As Saati produces highly technical fabrics, the exact thread count (up to over 300 F/cm) is an essential quality feature. The PMC-15, a camera-based measuring system, can continuously record and log this parameter. At the same time, the FMC-15 records residual distortion and contributes to the elimination of so-called back sheet distortion in the fabric by automatically controlling the take-off roller of the stenter frame. This ensures the consistently high quality of the end products and reduces potential sources of error.

The investment in these systems proved so successful that SAATI initiated the next stage of process optimisation in 2024. „With the installation of an Orthopac GRVMC-15 straightening machine before the infeed of the stenter frame, we have further perfected the control of fabric
quality,“ says Operations Manager Thomas Brockmeier. The heavyweight among the Mahlo straightening systems with a working width of 2,800 mm enables SAATI to correct skew and bow distortions in the raw fabric even before the stenter frame. This is because a weft yarn that is only slightly skewed or curved can render the fabric unusable or visually unfit for use.

By combining the GRVMC-15 with the FMC-15 already installed in the outfeed, SAATI now has a fully automatic system that offers maximum monitoring and control options. The co-operation of these two technologies enables the company to deliver precisely shot-straight items. „I am delighted that we were able to complete the project so successfully,“ says Brockmeier.

One piece at a time - work with precision, grow with wisdom: Luciano Vivolo unveils the strategy that has enabled his company to navigate these challenging years for the world of luxury and, particularly, leather: technological investments, diversification of supply and markets, sustainable innovation, and hope for the future, without ever conceding on quality.

In a demanding and competitive field such as haute couture, achieving nearly fifty years of success does not happen by chance. It requires consistently staying one step ahead, designing the future in its most elegant details while safeguarding the identity and uniqueness that form the foundation of a company’s heritage. What distinguishes Vivolo, for example, is its refined and original designs, the ability to develop prototypes in just 24 hours, and the capacity to produce over 8 million articles a year, all adhering to the company’s high-quality standards.

These founding values of Vivolo are rooted in the prestigious manufacturing tradition of Made in Italy. However, as founder and president Luciano Vivolo explains, while these values remain essential, they are no longer sufficient to guarantee success for Italian companies. "In recent years, we have faced all sorts of variables, unpredictable or, worse, unforeseen. The belief of luxury, like many cornerstones of our society and industry, is no longer as firmly established as it once was. The sector is experiencing a crisis with deeper roots than many might imagine. At Vivolo, we are tackling this situation as we always have, by working patiently, designing, cutting, sewing, and creating one piece at a time, but always looking towards the horizon to recognize new opportunities and needs."

In 2024, just one year after inaugurating its efficient and modern headquarters in Bologna (San Lazzaro), Vivolo announced the expansion of its production department. This 1,000 square-meter addition of machines, dedicated to footwear and leather goods, complements the company’s existing 10,000 square-meter production facility. The strategic decision to invest more than one million euros in these segments materialized not only in the purchase of advanced machinery but also in the hiring of highly qualified personnel and structural improvements that enabled the company to increase production volumes.

In addition to this vertical growth, Vivolo has also pursued horizontal expansion by strengthening its network of sales agents in Northern Europe, particularly Germany, Holland, and Scandinavia, and the Far East, focusing on South Korea and Japan. These regions, especially important for Vivolo’s denim sector, value the company’s iconic leather labels, which are hot-printed, high-frequency (HF) or digitally produced, making each garment unique. Vivolo’s innovative capabilities are further enhanced by a state-of-the-art 3D machine, which eliminates the need for die-casting facilities, significantly optimizing costs, time, and resources. A prototype can now be produced in just a few hours.

However, the range of Vivolo’s accessories extends far beyond this. Each season brings dozens of new themes that explore sustainable materials, innovative processes, original designs, and unique techniques to anticipate fashion trends and offer unexpected, inimitable solutions to luxury brands. At the heart of Vivolo's business is environmental ethics, a vision that embraces the product in all its dimensions while integrating both working and human processes and relationships.

"As rhetorical as it may sound, our corporate culture is built on the idea of leaving a better world, or the best possible world, for future generations. For me, this need is closely and pragmatically tied to my four children. From the first patches I created to mend my son Salvatore’s trousers in the 1970s to the investments in our new headquarters and the recent production expansion, every decision has been driven by the desire to build a better future for the Vivolo family and company, and for generations to come," adds Luciano Vivolo.

Looking ahead, the company, which prides itself on maintaining up-to-date certifications, including the recently added OEKO-TEX® LEATHER STANDARD, and transparent communication, is currently in the preparatory stage of drafting its first sustainability report. This milestone will provide an opportunity to reflect on objectives achieved and set goals for the future. "The Sustainability Report 2025 is a goal we have set for ourselves as a concrete demonstration of our commitment to creating and sharing value for all stakeholders," says Luciano Vivolo. "We expect 2024 to close on a positive note for our company, even though it is difficult to define precise figures at this time. Certainly, our goal for 2025 is to raise our standards even higher while hoping for a recovery in the luxury market, to which we have been connected for decades."