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HeiQ AeoniQ™ joins Canopy and commits to Forests Protection
10.11.2023

HeiQ AeoniQ™ joins Canopy and commits to Forests Protection

HeiQ AeoniQ™ becomes an active brand partner of the Canopy initiative with eleven other companies to address the growing climate and biodiversity crises by committing to keep Ancient and Endangered Forests out of our man-made cellulosic fiber supply chain.

The commitments that HeiQ AeoniQ™ is making are part of solutions-driven non-profit Canopy’s Pack4Good and CanopyStyle initiatives which currently represent collectively 950 brand partners. Together, the initiatives are shifting supply chains away from vital forests to low-impact, circular Next Gen Solutions.

HeiQ AeoniQ™ becomes an active brand partner of the Canopy initiative with eleven other companies to address the growing climate and biodiversity crises by committing to keep Ancient and Endangered Forests out of our man-made cellulosic fiber supply chain.

The commitments that HeiQ AeoniQ™ is making are part of solutions-driven non-profit Canopy’s Pack4Good and CanopyStyle initiatives which currently represent collectively 950 brand partners. Together, the initiatives are shifting supply chains away from vital forests to low-impact, circular Next Gen Solutions.

“We must rapidly replace oil-based polyester in the textile industry causing microplastics, global warming, landfill and ecosystem degradation. Cellulose is the most abundant biopolymer in the world and is best suited to replace polyester. However, we must pay attention to cellulose feedstock sources. Our forests, a potential cellulose feedstock, are one of the most important solutions to addressing the effects of climate change. Approximately 2.6 billion tons of carbon dioxide, one-third of the CO2 released from burning fossil fuels, is absorbed by forests every year. Around 12.5% of global greenhouse gas emissions (5-10 GtCO2e annually) come from deforestation. We are losing forests at an alarming rate. Every year, around 10 million hectares of forests globally are destroyed. We need immediate action to increase forests again. Canopy is our go-to partner to replace polyester with circular & sustainable cellulose feedstock for our innovative HeiQ AeoniQ™ fiber revolution.” said Carlo Centonze, HeiQ Group CEO.

Paper packaging is also a key driver of forest loss globally, as 3.1 billion trees are cut down annually to produce the boxes and bags in which products are packaged and shipped. Paper packaging production has increased by 65% over the past two years.

“The range of companies and sectors represented in today’s announcement reflects the breadth of market response to the growing climate and biodiversity crises and intensifying supply chain disruptions,” said Nicole Rycroft, Founder and Executive Director of Canopy. “Today’s brand partners add significant momentum to global conservation efforts and the movement to transform ‘take, make, waste’ supply chains to be lower-impact and Next Gen.”

Today, as part of Pack4Good, HeiQ AeoniQ™ committed to:

  • Eliminate Ancient and Endangered Forests from our paper packaging supply chain.
  • Reduce material use through design innovation.
  • Maximize recycled content.
  • Explore and scale alternative Next Gen fibers (such as agricultural residues).
  • Where virgin fiber is necessary, use FSC-certified fiber.
More information:
HeiQ HeiQ AeoniQ Canopy Pack4Good Paper Packaging
Source:

HeiQ

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08.11.2023

adidas: Revenue increase in third quarter

Developments:

Developments:

  • Currency-neutral revenues up 1% driven by growth in all regions except North America
  • Top-line development reflects focus on conservative sell-in and full-price business
  • Gross margin up 0.2pp to 49.3% driven by reduced freight costs, a more favorable business mix, and lower inventory allowances; discounting levels continue to improve  
  • Operating profit of € 409 million includes extraordinary expenses of around € 110 million
  • Conservative sell-in strategy paying off as inventory position improves substantially versus Q2 level to € 4.8 billion; now down 23% year-over-year

Outlook
adidas expects revenues to decline at a low-single-digit rate
On October 17, adidas had adjusted its full year financial guidance to reflect both the positive impact of the second drop of some of its Yeezy inventory and the better-than-expected development of the underlying business. At the same time, macroeconomic challenges and geopolitical tensions persist. Elevated recession risks in North America and Europe as well as uncertainty around the recovery in Greater China continue to exist. In addition, the company’s revenue development will continue to be impacted by the initiatives to significantly reduce high inventory levels in North America and the company’s focus on full-price sales across its own channels. As a result, adidas now expects currency-neutral revenues to decline at a low-single-digit rate in 2023 (previously: decline at a mid-single-digit rate).

Underlying operating profit anticipated to reach a level of around € 100 million
The company’s underlying operating profit – excluding any one-offs related to Yeezy and the ongoing strategic review – is now anticipated to reach a level of around € 100 million in 2023 (previously: around break-even level). Including the positive impact from the two Yeezy drops in Q2 and Q3 of around € 300 million (previously: € 150 million), the potential write-off of the remaining Yeezy inventory of now around € 300 million (previously: € 400 million) and one-off costs related to the strategic review of up to € 200 million (unchanged), adidas now expects a reported operating loss of around € 100 million in 2023 (previously: loss of € 450 million).

More information:
adidas AG adidas financial year 2023
Source:

adidas AG

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Drop in orders intake in third quarter 2023 Graphic ACIMIT
07.11.2023

Italian textile machinery: Drop in orders intake in third quarter 2023

The textile machinery orders index, as processed by the Economics Department of ACIMIT, the Association of Italian Textile Machinery Manufacturers, dropped fully 20% during the third quarter of 2023, compared to the same period for July to September 2022. In absolute terms, the index stood at 84.2 points (basis: 2015=100).

This result is due to a reduction in new orders recorded by manufacturers both on the domestic market and abroad. The decrease in orders in Italy came in at 45%, whereas the drop was just 13% on foreign markets. The absolutevalue of the index abroad stood at 80.5 points, and 119.4 points in Italy. During the year’s third quarter, new orders reached 3.7 months of assured production.

The textile machinery orders index, as processed by the Economics Department of ACIMIT, the Association of Italian Textile Machinery Manufacturers, dropped fully 20% during the third quarter of 2023, compared to the same period for July to September 2022. In absolute terms, the index stood at 84.2 points (basis: 2015=100).

This result is due to a reduction in new orders recorded by manufacturers both on the domestic market and abroad. The decrease in orders in Italy came in at 45%, whereas the drop was just 13% on foreign markets. The absolutevalue of the index abroad stood at 80.5 points, and 119.4 points in Italy. During the year’s third quarter, new orders reached 3.7 months of assured production.

ACIMIT President Marco Salvadè commented on the data, stating that, “The order index for the period from July to September 2023 confirms a contraction in collected orders that was already evident in previous quarters. What worries us above all is the situation with our domestic market, where the declining trend has persisted for seven consecutive terms. Due to this situation, which does not only concern the textile machinery industry, urgent measures are needed from Italian Government to strengthen the competitiveness of Italian manufacturers.”

As far as foreign markets are concerned, the orders index confirms an overall weakened global demand for textile machinery. Indeed, for the first half of 2023, Italian exports slowed in a variety of essential benchmark markets, such as Turkey, China and the United States.

“The global economic scenario remains negative, as consumers are facing a reduced purchasing power, with investments in the textile sector consequently also slowing down,” concludes Salvadè. “In less than a month, ITMA ASIA + CITME will be held from 19 to 23 November in Shanghai, primed as one of the world’s major trade fairs for the textile machinery industry, with the participation of roughly 60 Italian textile machinery manufacturers. We can expect some significant indications on the industry’s state from this event, which will be staged in one of the strategic markets for textile machinery demand.”

More information:
Italy ACIMIT
Source:

ACIMIT

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06.11.2023

AkzoNobel publishes results for Q3 2023

Highlights Q3 2023 (compared with Q3 2022)

  • Revenue in constant currencies up 5% on pricing, despite flat volumes; reported revenue 4% down on unfavorable exchange rates
  • Operating income improved to €354 million (2022: €168 million)
  • Adjusted operating income at €324 million (2022: €184 million); ROS 11.8% (2022: 6.4%)
  • Net cash from operating activities positive €297 million (2022: €126 million)
  • Net debt to EBITDA leverage ratio improved sequentially to 3.2x

2023 Outlook
AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging.

Cost reduction programs are expected to partly mitigate higher than expected inflationary pressure on operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.

Based on current market conditions, AkzoNobel targets to deliver around €1.45 billion adjusted EBITDA.

Highlights Q3 2023 (compared with Q3 2022)

  • Revenue in constant currencies up 5% on pricing, despite flat volumes; reported revenue 4% down on unfavorable exchange rates
  • Operating income improved to €354 million (2022: €168 million)
  • Adjusted operating income at €324 million (2022: €184 million); ROS 11.8% (2022: 6.4%)
  • Net cash from operating activities positive €297 million (2022: €126 million)
  • Net debt to EBITDA leverage ratio improved sequentially to 3.2x

2023 Outlook
AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging.

Cost reduction programs are expected to partly mitigate higher than expected inflationary pressure on operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.

Based on current market conditions, AkzoNobel targets to deliver around €1.45 billion adjusted EBITDA.

Leverage guidance remains unchanged at less than 3 times net debt/EBITDA by the end of 2023, excluding the Kansai Paint Africa acquisition which is not expected to close before year end.

More information:
AkzoNobel financial year 2023
Source:

AkzoNobel

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06.11.2023

Solvay: 2023 third quarter results

Highlights

Highlights

  • Net sales in the third quarter of 2023 were down by -20.3% organically versus a record Q3 2022 as expected due to -15% lower volumes (€-512 million) in a weaker macro environment and -5% lower prices (€-188 million) in a context of lower raw material costs and energy prices. On a sequential basis, net sales were down -11% versus Q2. The volume reduction was broad based across regions and businesses.
  • Structural cost savings for the first nine months of 2023 amounted to €63 million, bringing the total savings since 2019 to €530 million.
  • Underlying EBITDA of €702 million in Q3 2023 was down by -18.5% organically compared to a record Q3 2022 driven by lower volumes, partly offset by €36 million in positive net pricing and €41 million in lower fixed costs. Nine months EBITDA at €2,331 million is only down -1% organically versus 2022, a clear indication that strong historic pricing and cost discipline momentum is being maintained.
  • The underlying EBITDA margin of 25.6% in Q3 2023 was sustained relative to Q3 2022 despite lower volumes, while nine months EBITDA margin of 25.9% is +1.3pp higher, mainly as a result of positive net pricing and cost discipline.
  • Underlying Net Profit was €340 million in Q3 2023 compared to €509 million in Q3 2022.
  • Free Cash Flow of €346 million in Q3 2023 resulted in a nine-month 2023 total of €1,027 million and a FCF conversion ratio of 39.4%.
  • ROCE was 15.2%, broadly in line with Q3 2022.
  • Continued strengthening of the balance sheet with underlying net debt at €2.8 billion, which translated to a historic low leverage of 0.9x.
  • As explained on page 2, an interim dividend of €1.62 gross per share has been validated by the Board of Directors, in line with historical interim dividend policy to be paid by Solvay SA on January 17, 2024.

2023 Outlook
Given the current volume momentum, Solvay reconfirm their full year guidance, at the lower end of the prior EBITDA guidance range.

More information:
Solvay financial year 2023
Source:

Solvay

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CHT USA celebrates expansion of its headquarters in Michigan (c) CHT Group
03.11.2023

CHT USA celebrates expansion of its headquarters in Michigan

With a ribbon cutting ceremony on October 24, 2023 CHT USA celebrated the $ 25 million expansion at its US headquarters in Cassopolis, Michigan. More than 100 attendees came to the celebrations, among others officials from local, county and state governments, neighbors, and area business leaders, CHT employees, CTO Dr. Bernhard Hettich as representative of CHT’s Global management team, and members of the press.

In his speech, Dr. Bernhard Hettich, CTO of CHT Group, thanked the local authorities for their business-friendly policies and stated that a development towards sustainability in many areas would not be possible without CHT's silicone products: "With CHT's largest single investment outside Europe, CHT is taking a big step and doubling its silicone production capacity. We intend to use this expansion not only to support our customers in the Americas, but also to leverage the capacity for our global growth. In line with the motto "CHT first", further steps in this direction will follow."

With a ribbon cutting ceremony on October 24, 2023 CHT USA celebrated the $ 25 million expansion at its US headquarters in Cassopolis, Michigan. More than 100 attendees came to the celebrations, among others officials from local, county and state governments, neighbors, and area business leaders, CHT employees, CTO Dr. Bernhard Hettich as representative of CHT’s Global management team, and members of the press.

In his speech, Dr. Bernhard Hettich, CTO of CHT Group, thanked the local authorities for their business-friendly policies and stated that a development towards sustainability in many areas would not be possible without CHT's silicone products: "With CHT's largest single investment outside Europe, CHT is taking a big step and doubling its silicone production capacity. We intend to use this expansion not only to support our customers in the Americas, but also to leverage the capacity for our global growth. In line with the motto "CHT first", further steps in this direction will follow."

For the Cass County site, the approximately 45,000 square feet new facility with 5 reactors and distillation units resulted in an increase in the total area of the company's site to 120,000 square feet. This will then allow sufficient space for additional reactors and downstream processes. The CHT USA site expansion has created approximately 30 highly skilled jobs in the community.

CHT USA’s Regional Sales and Marketing Director NORAM, Matthew Loman hosted the Ribbon Cutting ceremony.

More information:
CHT Group USA silicone
Source:

CHT Group

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.Dolkrey 'Cosmic Summer' collection - photo by Elzo Bonam .Dolkrey 'Cosmic Summer' collection - photo by Elzo Bonam
01.11.2023

Fashion for Good Museum: New pop-up exhibition

The Fashion for Good Museum has opened its doors for the new pop-up exhibition News From The Future. As part of a new Educational Programme and Toolkit - developed by the Fashion for Good Museum team - a selection of up-and-coming talents composed of Dutch fashion students and emerging designers have been asked to respond to the question: “what could the future of fashion look like?” Their answers are revealed in the exhibition in the form of garments, videos, installations and more. This is a future-forward exhibition where you can explore different fashion perspectives beyond the climate crisis, giving hope and, perhaps, a reality check.

Post-consumer waste, overconsumption and the pollution of our waterways are just some of the industry issues we are currently facing. Mirrored against rising temperatures and increasingly unstable weather conditions, the global shift as a result of climate change is inevitable. What does this mean for our future generations? How do we move forward from here? This raises one central question: What does the future of fashion look like?

The Fashion for Good Museum has opened its doors for the new pop-up exhibition News From The Future. As part of a new Educational Programme and Toolkit - developed by the Fashion for Good Museum team - a selection of up-and-coming talents composed of Dutch fashion students and emerging designers have been asked to respond to the question: “what could the future of fashion look like?” Their answers are revealed in the exhibition in the form of garments, videos, installations and more. This is a future-forward exhibition where you can explore different fashion perspectives beyond the climate crisis, giving hope and, perhaps, a reality check.

Post-consumer waste, overconsumption and the pollution of our waterways are just some of the industry issues we are currently facing. Mirrored against rising temperatures and increasingly unstable weather conditions, the global shift as a result of climate change is inevitable. What does this mean for our future generations? How do we move forward from here? This raises one central question: What does the future of fashion look like?

News From The Future, the new exhibition at the Fashion for Good Museum, invited Dutch students and new creative voices to reflect on these questions. The emphasis on emerging talent is a common thread throughout the exhibition’s and the look and feel is designed by upcoming graphic designer Sara Biatchinyi.

Participating artists and designers include students from art and fashion schools across the Netherlands from the University of the Arts Utrecht, Zadkine MBO, MBO Rijnland and Saxion College. The students’ work was chosen after they participated in the educational programme “Classroom of the Future: the Stories Behind Cotton”. This programme was developed by the Fashion for Good Museum’s Curator and Education Coordinator Alyxandra Westwood and Education and Fashion consultant in sustainability Yophi Ignacia founder of The Future Mode, in collaboration with the aforementioned schools.

To further enhance these narratives, and to facilitate and promote a space for connection between emerging talent, the Museum invited Current Obsession Magazine - an interdisciplinary jewellery platform and magazine - to co-curate an installation and reflect on the future of jewellery. Over the course of the exhibition the Fashion for Good Museum will come to life hosting an art auction, panel discussion and a weekly updated installation, showcasing emerging talent. All of these elements together will collectively address the sustainable and regenerative design practices in both the Fashion and Jewellery industries.

Designer Kevin Paraiso (Paris/Benin) showcases a creative workshop in the museum, featuring looks from his Cosmic Summer .Dolkrey collection, which was presented during Spring/Summer ‘23 of Paris Fashion Week. “Cosmic Summer reflects on our desire to bring vibrant colours and a sense of uplift to the fashion of today and tomorrow. A cosmic news from the future.” A hopeful collection, with future-forward elements seamlessly integrated from the use of deadstock, circular materials and an on-demand tailoring business model with inhouse printing - presents a positive outlook.

Launching “Classroom of the Future: The Stories Behind Cotton”
The educational programme “Classroom of the Future: the Stories Behind Cotton'' has been developed into an open source toolkit for MBO and HBO education. The toolkit is live and available to download from the Fashion for Good Museum website as of the 30th of November 2023.

It consists of a set of six lessons all exploring the various aspects of cotton with specific emphasis on people and planet. The toolkit brings together different forms of interactive tools for the classroom: videos, podcasts,  lesson plans and workshops. The content shows the perspective of local and international makers and innovators working to create a better and fairer fashion system.
The programme was part of and based on the previous museum exhibition Knowing Cotton Otherwise (2022-’23) and invited students to reflect on the  exhibition themes - water, transparency, agriculture, climate, processing, origin, labour/forced labour and end-of-use - through their own perspective. The educational methodology and goals within the programme were developed to level the field between MBO and HBO students, reflecting a more realistic image of what it's like working in the professional field. During the programme students worked together equally, challenging the segregated Dutch education system and aiming for new results.

News From The Future is open to the public at the Fashion for Good Museum at Rokin 102 in Amsterdam.

Source:

Fashion for Good

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Freudenberg´s comfortemp® FIBERBALL WB Series © Freudenberg Performance Materials
Freudenberg´s comfortemp® FIBERBALL WB Series
26.10.2023

Freudenberg launches sustainable, low-level BPA thermal insulation products

Freudenberg Performance Materials Apparel (Freudenberg) launches two advanced thermal insulation products made from low-level Bisphenol A (BPA) recycled PET fibers (rPET) into the global range of comfortemp®, Freudenberg’s thermal insulation brand.

The additions of DOWN FEEL WA 150LB and FIBERBALL WB 400LB to the comfortemp® global range serve as high-quality and ecologically-minded alternatives to down, enhancing the comfort and sustainability of your garments. DOWN FEEL WA 150LB is an extremely-lightweight, loose fiber thermal insulation with a super-light loft, while FIBERBALL WB 400LB uses clusters of extra-fine fibers to offer optimal breathability, maximum comfort, and minimal clumping after washing and drying.

Freudenberg Performance Materials Apparel (Freudenberg) launches two advanced thermal insulation products made from low-level Bisphenol A (BPA) recycled PET fibers (rPET) into the global range of comfortemp®, Freudenberg’s thermal insulation brand.

The additions of DOWN FEEL WA 150LB and FIBERBALL WB 400LB to the comfortemp® global range serve as high-quality and ecologically-minded alternatives to down, enhancing the comfort and sustainability of your garments. DOWN FEEL WA 150LB is an extremely-lightweight, loose fiber thermal insulation with a super-light loft, while FIBERBALL WB 400LB uses clusters of extra-fine fibers to offer optimal breathability, maximum comfort, and minimal clumping after washing and drying.

GRS-certified and OEKO-TEX® STANDARD 100 Class I certifications
Both products utilize 100% GRS-certified rPET fibers, customizable to any desired fill levels. Additionally, these new products not only comply with but significantly surpass the stringent OEKO-TEX® STANDARD 100 Class I certifications. While OEKO-TEX® categorizes low-level BPA as less than 100 parts per million (ppm), these new products contain less than 1 ppm BPA, a testament to Freudenberg’s unyielding standards.

DOWN FEEL WA 150LB and FIBERBALL WB 400LB are available globally and more low-level BPA thermal insulation options are available in Asia.

More information:
Freudenberg Performance Materials Apparel thermal insulation wadding
Source:

Freudenberg Performance Materials

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20.10.2023

Rieter: Further job cuts, outlook for 2023 confirmed

Rieter’s cumulative sales in the first nine months of 2023 amounted to CHF 1 092.9 million (2022: CHF 987.4 million), an increase of 11% compared to the prior-year period. In particular, supply bottlenecks eased slightly, which allowed more machines to be delivered than in the same period last year. Sales in the third quarter of 2023
were CHF 334.7 million (Q3 2022: CHF 366.8 million).

The Business Group Machines & Systems generated total sales of CHF 749.6 million in the first nine months of 2023 (+18%). The Business Group Components posted sales of CHF 206.8 million, 11% lower than in the corresponding period of the previous year, while the Business Group After Sales recorded growth of 13% to CHF 136.5 million in the first nine months of 2023.

Order intake in the reporting period was characterized by restrained investment in new machinery in almost all regions except China. Demand for consumables, wear & tear and spare parts continued to weaken due to the slowdown in spinning mill capacity utilization. Rising interest rates and high energy and raw material prices also had a dampening effect.

Rieter’s cumulative sales in the first nine months of 2023 amounted to CHF 1 092.9 million (2022: CHF 987.4 million), an increase of 11% compared to the prior-year period. In particular, supply bottlenecks eased slightly, which allowed more machines to be delivered than in the same period last year. Sales in the third quarter of 2023
were CHF 334.7 million (Q3 2022: CHF 366.8 million).

The Business Group Machines & Systems generated total sales of CHF 749.6 million in the first nine months of 2023 (+18%). The Business Group Components posted sales of CHF 206.8 million, 11% lower than in the corresponding period of the previous year, while the Business Group After Sales recorded growth of 13% to CHF 136.5 million in the first nine months of 2023.

Order intake in the reporting period was characterized by restrained investment in new machinery in almost all regions except China. Demand for consumables, wear & tear and spare parts continued to weaken due to the slowdown in spinning mill capacity utilization. Rising interest rates and high energy and raw material prices also had a dampening effect.

In this market environment, the Rieter Group received orders totaling CHF 452.2 million in the first nine months of 2023 (2022: CHF 1 095.8 million). In the third quarter of 2023, orders decreased by 44% year-on-year to CHF 127.2 million (2022: CHF 226.4 million).

Rieter expects the market to have bottomed out in the year 2023 and anticipates a gradual market recovery in the course of the 2024 financial year.

As of September 30, 2023, Rieter has an order backlog of around CHF 900 million (September 30, 2022: CHF 2 000 million). The current order backlog will allow good capacity utilization at the production facilities into the coming year. The cancellation rate in the reporting period was within the usual range, averaging around 5% of the order backlog, with a slight downward trend.

In July 2023, the Group launched the “Next Level” performance program aimed at strengthening sales excellence, sharpening customer focus, improving cost efficiency in production and optimizing fixed cost structures. By taking these measures, Rieter intends to create the basis for providing an even more agile response to the cyclical nature of the machinery business. The objective of the planned initiatives is to ensure the profitable and sustainable development of the group.

The performance program includes provisions for the net reduction of approximately 300 positions in overhead functions across the group, primarily in Germany and Switzerland. The consultation processes initiated with the employee representatives in Ingolstadt (Germany) and Winterthur (Switzerland) were completed in the third quarter of 2023. The majority of these workforce reductions are expected to be implemented by the end of December 2023.

Due to the current market situation, further market- and volume-related adjustments in the range of 400 to 600 positions will be necessary, mainly in production. However, the actual number of positions to be reduced depends on the order intake in the coming months.

Rieter continues to expect that the strategic and operational measures initiated will result in one-off restructuring costs of around CHF 45 to 50 million, which will impact earnings in the 2023 financial year.

Outlook for the full year 2023 confirmed
As announced on July 20, 2023, in view of the economic situation and the ongoing cyclical market weakness, Rieter continues to expect below-average demand for new equipment in the coming months. A revival is not anticipated until the end of 2023 at the earliest. Likewise, Rieter believes that demand for consumables, wear & tear and spare parts will not recover until towards the end of 2023.

For the full year 2023, Rieter expects an EBIT margin of around 5 to 7% (including positive special effects of less than 2%) and sales at the previous year’s level of around CHF 1.5 billion.

More information:
Rieter Holding AG financial year 2023
Source:

Rieter Holding AG

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adidas and IVY PARK unveil all-black collection IVY PARK NOIR (c) adidas AG
11.10.2023

adidas and IVY PARK unveil all-black collection IVY PARK NOIR

adidas and IVY PARK unveil the final installment of their collaboration together, titled IVY PARK NOIR.
The new range represents a culmination of the two brands’ work together, combining adidas’ athletic and functional excellence, with IVY PARK’s signature emphasis on shape, and trend-defying creative vision. Using a singular, black color palette, IVY PARK NOIR intentionally draws focus to fabric, fit and texture, cultivating enduring elegance through sensual, material play.

Considering all chapters of an active way of life- from warm up, to cool down- the collection elevates one’s everyday pursuits through a mix of tight and loose fitting styles. Fabrications include luxurious embossed leather, exposed mesh and lacquered latex that combine to create a complex yet sophisticated capsule. Standout pieces include body-con cropped top and pant, relaxed 3-D molded knit sweatsuits, multifunctional jackets, and the IVY PARK signature jersey.

adidas and IVY PARK unveil the final installment of their collaboration together, titled IVY PARK NOIR.
The new range represents a culmination of the two brands’ work together, combining adidas’ athletic and functional excellence, with IVY PARK’s signature emphasis on shape, and trend-defying creative vision. Using a singular, black color palette, IVY PARK NOIR intentionally draws focus to fabric, fit and texture, cultivating enduring elegance through sensual, material play.

Considering all chapters of an active way of life- from warm up, to cool down- the collection elevates one’s everyday pursuits through a mix of tight and loose fitting styles. Fabrications include luxurious embossed leather, exposed mesh and lacquered latex that combine to create a complex yet sophisticated capsule. Standout pieces include body-con cropped top and pant, relaxed 3-D molded knit sweatsuits, multifunctional jackets, and the IVY PARK signature jersey.

IVY PARK NOIR’s offering includes footwear that re-imagines a new era of style and function. Sleek molded and debossed elements add an architectural foundation to the collection’s sneakers, while a chunky, over the knee boot offers utilitarian fantasy.

More information:
adidas Sportswear footwear
Source:

adidas AG

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13.09.2023

Textil Santanderina launches black denim collection with Archroma’s sulfur dyestuff

Textil Santanderina, a manufacturer of quality fabrics with controlled traceability, launched its Advanced Black denim collection in collaboration with Archroma.

The Advanced Black collection by Textil Santanderina uses Archroma’s new DIRESUL® EVOLUTION BLACK LIQ dyestuff to produce on-trend authentic black denim apparel with sustainability and resource savings. In addition to allowing fashion and apparel brands to choose eco-friendlier alternatives that demonstrate their commitment to protecting people and planet, Textil Santanderina’s new Advanced Black denim range also offers unique shade and wash-down effects.

Textil Santanderina, a manufacturer of quality fabrics with controlled traceability, launched its Advanced Black denim collection in collaboration with Archroma.

The Advanced Black collection by Textil Santanderina uses Archroma’s new DIRESUL® EVOLUTION BLACK LIQ dyestuff to produce on-trend authentic black denim apparel with sustainability and resource savings. In addition to allowing fashion and apparel brands to choose eco-friendlier alternatives that demonstrate their commitment to protecting people and planet, Textil Santanderina’s new Advanced Black denim range also offers unique shade and wash-down effects.

Based on synthesis technology developed by Archroma, DIRESUL EVOLUTION BLACK LIQ delivers an overall impact reduction to 57%*, measuring its effect on human health, ecosystems and resources compared to standard Sulfur Black 1 liquid. Unlike traditional synthesis processes, it does not produce any ammonia, sodium salts waste or liquid effluents, and water consumption in the synthesis process is reduced by 73% for massive savings. The new DIRESUL dyestuff, when adopted with the full Archroma coloration system, delivers a new black color with on-tone wash-down effect and cleaner effluent at the mill.

Textil Santanderina and Archroma previously collaborated to produce Textil Santanderina’s aniline-free** indigo denim collection with the use of DENISOL® PURE INDIGO.

*As determined by Ecoterrae, a leading Spain-based sustainability consulting firm, through a Life Cycle Analysis (UNE-EN ISO 14044:2006) at the synthesis stage, using the ReCiPe 2016 Impact calculation methodology.
**Below limits of detection according to industry standard test methods.

More information:
Archroma Textil Santanderina Denim dyes and specialty chemicals black dyestuff products Denim dyeing
Source:

Archroma

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05.09.2023

Beaulieu International Group at International Conference on Geosynthetics

Beaulieu International Group will turn the spotlight on geotextile products with sustainability benefits to support progress in resilient civil engineering projects at the 12th ICG Rome from 18th -21st September 2023, presenting options to target fossil carbon reduction by choosing PP-based staple fibres or woven geotextiles that are among the lowest in carbon footprint for geosynthetics.

For manufacturers of nonwoven geotextiles, Beaulieu Fibres International (BFI) offers PP fibres with > 25% carbon footprint reduction compared to the European standard PP fibres, generating 1.48 kg CO2/kg PP fibres. A step further is to accelerate the replacement of fossil carbon in engineered fibre applications by choosing its ISCC Plus certified bio-attributed MONO-PP with a negative carbon footprint.

For construction projects, nonwoven geotextiles made with high-tenacity HT8 fibres are proven to secure a longer service lifetime and reduce the environmental impact, as they offer high mechanical performance at a reduced weight.

Beaulieu International Group will turn the spotlight on geotextile products with sustainability benefits to support progress in resilient civil engineering projects at the 12th ICG Rome from 18th -21st September 2023, presenting options to target fossil carbon reduction by choosing PP-based staple fibres or woven geotextiles that are among the lowest in carbon footprint for geosynthetics.

For manufacturers of nonwoven geotextiles, Beaulieu Fibres International (BFI) offers PP fibres with > 25% carbon footprint reduction compared to the European standard PP fibres, generating 1.48 kg CO2/kg PP fibres. A step further is to accelerate the replacement of fossil carbon in engineered fibre applications by choosing its ISCC Plus certified bio-attributed MONO-PP with a negative carbon footprint.

For construction projects, nonwoven geotextiles made with high-tenacity HT8 fibres are proven to secure a longer service lifetime and reduce the environmental impact, as they offer high mechanical performance at a reduced weight.

Beaulieu Technical Textiles' (BTT) woven geotextiles provide a wide range of functions, including separation, filtration, reinforcement and erosion control, and are among the most sustainable in the industry. Depending on weight, the carbon footprint of its woven geotextiles (m²) ranges between 0.37 and 1.40 kg CO2 eq./m². They also minimize the use of natural resources for more sustainable infrastructure development. Case studies such as at the Ostend-Bruges airport highlight significant CO2 reduction on the jobsite by replacing the transport of 960 trucks of gravel with 3 trucks of woven geotextiles, and by extending the runway’s life span.

The ICG launch of its new line Terralys MF woven filtration geotextiles with monofilament boosts the performance of a common solution in building layers that require high water flow rates. High-tenacity extruded polypropylene tapes and monofilaments are interwoven to form dimensionally stable and highly permeable geotextiles. These new filtration geotextiles provide greater resistance to dirt and biological clogging. They allow water to travel freely while reducing soil erosion when employed as a separation and stabilizing layer.

As of September 2023, all PP staple fibres and woven geotextiles will have Environmental Product Declarations (EPD) based on LCAs. Each EPD is an essential tool for communicating and reporting on the sustainability performance and helps carbon-conscious customers in their purchasing and decision making. Registered EPDs are globally recognized, publicly available and free to download through EPD Libraries.

More information:
geotextil Geosynthetics Beaulieu International Group
Source:

Beaulieu International Group

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TCO 21XL (c) Trützschler Group SE
31.08.2023

TCO 21XL: 12 heads boost production

TRÜTZSCHLER Spinning presents an innovation for the textile machinery market: the high-performance comber TCO 21XL with 12 combing heads. For many decades, eight combing heads has been considered state-of-the-art in the spinning industry. Now, Trützschler’s advanced technology and engineering proves that it is possible to build a heavy-duty comber that maximizes productivity by 50 % and saves space without compromising on quality.

They say two heads are better than one, so just imagine what 12 heads can do! That’s the simple but effective idea behind the TCO 21XL. Increasing the number of combing heads by 50 % makes it possible to increase productivity by 50 %, enabling rates of up to 150 kg/h. As a result, two TCO 21XL combers offer the same production capacity as three conventional combers. And that means companies that buy and operate two machines instead of three can achieve significant benefits in terms of their price-performance-ratio (cost/kg). The costs of running the machines are broken down into 12 instead of eight heads, making the machine more cost-effective over its entire operating life.

TRÜTZSCHLER Spinning presents an innovation for the textile machinery market: the high-performance comber TCO 21XL with 12 combing heads. For many decades, eight combing heads has been considered state-of-the-art in the spinning industry. Now, Trützschler’s advanced technology and engineering proves that it is possible to build a heavy-duty comber that maximizes productivity by 50 % and saves space without compromising on quality.

They say two heads are better than one, so just imagine what 12 heads can do! That’s the simple but effective idea behind the TCO 21XL. Increasing the number of combing heads by 50 % makes it possible to increase productivity by 50 %, enabling rates of up to 150 kg/h. As a result, two TCO 21XL combers offer the same production capacity as three conventional combers. And that means companies that buy and operate two machines instead of three can achieve significant benefits in terms of their price-performance-ratio (cost/kg). The costs of running the machines are broken down into 12 instead of eight heads, making the machine more cost-effective over its entire operating life.

50 % higher productivity is great – and it can be even greater if the machine is operated with JUMBO cans. The can changer needs to keep up with the extra performance, and JUMBO cans can easily collect the additional output of the TCO 21XL because they feature a 1200 mm diameter. This makes it possible to minimize non-productive time when changing cans. Anybody who is planning a new spinning mill knows that every square meter of space adds to the overall costs. The new TCO 21XL comber offers huge benefits in this regard because 25 % less floor space is required to operate same number of combing heads. This reduces the initial building costs, while also decreasing operating costs related to lighting, air conditioning and other overheads.

More information:
spinning machinery Trützschler comber machine
Source:

Trützschler Group SE

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Intertextile Shanghai Home Textiles Messe Frankfurt (HK) Ltd
25.08.2023

Intertextile Home Textiles concludes with increased international participation

As global business activities pick up towards the back end of the year, Intertextile Shanghai Home Textiles – Autumn Edition 2023 closed its doors last week, ending a successful three days of trade at the National Exhibition and Convention Center (Shanghai). From 16 – 18 August 2023, 1,034 exhibitors (up 38.1%) from 13 countries and regions crossed paths with over 32,000 visitors (up 59.2%) from 96 countries and regions, more than 10% of which were overseas buyers. In a further testament to this edition’s internationality, new exhibitor countries and regions represented were Indonesia, Portugal, Taiwan (China), Turkey, and the US. With buyers able to source products covering the whole home textile value chain, and a fringe programme that transcended the norm, the international platform has once again marked its importance at bridging trade and communication within the industry and across sectors, circulating trade benefits to every edge of the globe.

As global business activities pick up towards the back end of the year, Intertextile Shanghai Home Textiles – Autumn Edition 2023 closed its doors last week, ending a successful three days of trade at the National Exhibition and Convention Center (Shanghai). From 16 – 18 August 2023, 1,034 exhibitors (up 38.1%) from 13 countries and regions crossed paths with over 32,000 visitors (up 59.2%) from 96 countries and regions, more than 10% of which were overseas buyers. In a further testament to this edition’s internationality, new exhibitor countries and regions represented were Indonesia, Portugal, Taiwan (China), Turkey, and the US. With buyers able to source products covering the whole home textile value chain, and a fringe programme that transcended the norm, the international platform has once again marked its importance at bridging trade and communication within the industry and across sectors, circulating trade benefits to every edge of the globe.

As the country perhaps most well-known for its immense market and prolific manufacturing hubs, for the past several decades China has been a desirable business destination for international traders. In a positive step in March, the government relaxed pandemic control measures, enabling a return to cross-border, in-person business activities. This led to a strong increase of international exhibitors and buyers at the recently concluded fair, with visitors flying in from as far away as Africa, Europe, and South America. In addition, three country and region pavilions, from Belgium, Taiwan (China), and Türkiye, added some location-specific internationality to proceedings in Shanghai, and were well-received by fairgoers.

Speaking at the show’s curtain call, Ms Wilmet Shea, General Manager of Messe Frankfurt (HK) Ltd, said: “With China’s doors widely opened to the world again, we were pleased to welcome so many new and returning international participants to the fairground over the past three days. Across the four halls, not only was the visitor flow strong, but the booths were busy and business interactions were high. The increase in overseas exhibitors, and the return of several country and region pavilions, has meant even more diversified sourcing options for our devoted buyers from home and abroad. After overcoming some global turbulence, we have strengthened this bridge to help industry players reconnect, and redirect themselves towards the new, post-pandemic era.”

Cross-sector collaboration a key highlight of the fringe programme
Enhancing the constant buzz on the show floor, the fair’s concurrently held fringe events saw upstream and downstream suppliers, industry insiders, and even inter-industry guests share some pertinent insights and innovations. This year, a series of mixed events delved into topics related to interior design trends, sustainability, new technologies, globalised and localised designs, health and wellness, and many more. One highlight was the International Intertextile Trend Forum 2023 – 2024, which illustrated the most in-vogue home designs for the upcoming season. More specific inspiration was provided by leading Japanese furniture brand IKASAS, whose exclusive seminar and display area showcased fresh home textile applications for furniture. Finally, a cross-sector conference hosted by the CRECC Full Decoration Council invited experts from both the real estate and furnishing sectors to help attendees broaden their business possibilities.

The 2024 Intertextile Shanghai Home Textiles – Spring Edition will take place from 6 – 8 March, while the Autumn Edition is scheduled for 14 – 16 August 2024. The fair is organised by Messe Frankfurt (HK) Ltd; the Sub-Council of Textile Industry, CCPIT; and the China Home Textile Association (CHTA).

More information:
Intertextile Shanghai Home Textiles Intertextile Shanghai Home Textiles, China, home textiles market Messe Frankfurt, China, textiles market, Intertextile Shanghai Home Textiles
Source:

Messe Frankfurt (HK) Ltd

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18.08.2023

Indorama Ventures: Performance Summary of 2Q23

  • Revenue of US$4B, a decline of 1% QoQ and 27% YoY
  • Reported EBITDA of US$321M, an increase of 7% QoQ and decrease of 68% YOY
  • Operating cash flows of US$491M
  • Net Operating Debt to Equity of 0.95x
  • Reported EPS of THB 0.04

Indorama Ventures Public Company Limited (IVL) reported marginally improved quarterly earnings as the company’s inherent advantages and continued focus on improving competitiveness helped bolster its business amid a continued weak operating environment.

  • Revenue of US$4B, a decline of 1% QoQ and 27% YoY
  • Reported EBITDA of US$321M, an increase of 7% QoQ and decrease of 68% YOY
  • Operating cash flows of US$491M
  • Net Operating Debt to Equity of 0.95x
  • Reported EPS of THB 0.04

Indorama Ventures Public Company Limited (IVL) reported marginally improved quarterly earnings as the company’s inherent advantages and continued focus on improving competitiveness helped bolster its business amid a continued weak operating environment.

Indorama Ventures achieved Reported EBITDA of $321 million in 2Q23, an increase of 7% QoQ and a decline of 68% YoY. Sales volumes remained resilient, rising 4% QoQ, amid continued destocking in the global chemicals industry from its peak in 4Q last year. Management is taking steps to conserve cash and safeguard the company’s competitive advantages as the global industry is impacted by increased capacity and lower margins with China boosting exports to offset muted domestic demand. Measures include redoubling efforts to reduce working capital and capex targeting $500 million of cash savings this year, optimizing the company’s European manufacturing footprint, and continued focus on Project Olympus, digitalization, and organizational enhancement.

Volumes are expected to improve in the second half of the year, with all three of Indorama Ventures’ business segments benefiting from the management measures and a gradual improvement in the outlook for the industry. Combined PET, the company’s largest segment, posted Reported EBITDA of $194 million, a 37% increase QoQ as destocking eased in most markets and supported stable volumes. Sales volumes are expected to grow in the second half of the year as manufacturing is optimized in Europe and expansion projects ramp up in India.

Fibers segment achieved Reported EBITDA of $20 million, a decrease of 37% QoQ, impacted by lower margins in the Lifestyle vertical and weak demand for Hygiene products in Europe. Volumes are expected to improve as manufacturing in Europe is optimized and expansion projects come online in the U.S and India. Mobility fibers volumes will see improvement in line with increasing automotive demand. Integrated Oxides and Derivatives (IOD) segment posted a 27% decline in QoQ Reported EBITDA to $94 million amid destocking in Crop Solutions market. Volumes will continue to be supported by reducing levels of destocking in the downstream portfolio.

More information:
Indorama Ventures Limited financial year 2023
Source:

Indorama Ventures Public Company Limited

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18.08.2023

Baldwin Launches New PrintEnomic$ Online Resource

Baldwin Technology Co. Inc. has launched PrintEnomic$, a new online resource of specialized eBooks and resources for corrugated, narrow web and sheet-fed and web offset printers at PrintEnomics.com.

The collection of Baldwin videos, podcasts and instructional guides are available for free and without firewalls to help maximize printer profitability. The eBooks analyze trends, issues, and technology options specific to printers in all three categories.

More than 5,000 print industry professionals have already downloaded or viewed earlier, limited-release eBooks “Untangling the Web” for narrow web and “From Beast to Beauty” for corrugated. The addition of “Video Didn't Kill the Radio Star. And Digital Didn't Kill Print” for sheet-fed and web offset printers completes the comprehensive PrintEnomic$ portfolio.
 
Through interviews with customers, industry insiders, in-house engineers – and reviews of the latest reporting – the eBooks explore pressing topics including sustainability, labor challenges, counterfeiting, and brand protection.

Baldwin Technology Co. Inc. has launched PrintEnomic$, a new online resource of specialized eBooks and resources for corrugated, narrow web and sheet-fed and web offset printers at PrintEnomics.com.

The collection of Baldwin videos, podcasts and instructional guides are available for free and without firewalls to help maximize printer profitability. The eBooks analyze trends, issues, and technology options specific to printers in all three categories.

More than 5,000 print industry professionals have already downloaded or viewed earlier, limited-release eBooks “Untangling the Web” for narrow web and “From Beast to Beauty” for corrugated. The addition of “Video Didn't Kill the Radio Star. And Digital Didn't Kill Print” for sheet-fed and web offset printers completes the comprehensive PrintEnomic$ portfolio.
 
Through interviews with customers, industry insiders, in-house engineers – and reviews of the latest reporting – the eBooks explore pressing topics including sustainability, labor challenges, counterfeiting, and brand protection.

More information:
Baldwin Baldwin Technology Company Inc. textile printing digital printing
Source:

Baldwin Technology Company Inc.

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11.08.2023

Kornit Digital: Release of Third-Annual Impact Report

Kornit Digital LTD. issued its Impact Report for 2022, highlighting the Company’s progress against its long-term goals related to climate action, waste management, green chemistry, and workplace diversity. This third-annual report reinforces Kornit’s commitment to an Environmental, Social, and corporate Governance (ESG) strategy that aims to transform the fashion and textile industry into one that is significantly more sustainable and ethical.

“As a change-maker and leader in fashion and textiles, we take our responsibility seriously to foster an industry that is cleaner and safer, as well as one that is more responsible and diverse,” said Ronen Samuel, Chief Executive Officer at Kornit Digital. “We consider ourselves an agent of long- term industry-wide change by enabling our customers to be more sustainable, while also minimizing the social and environmental impact of our operations. The Kornit 2022 Impact Report reflects this commitment to transforming the industry and creating a brighter future for the planet and the people who inhabit it.”

Kornit Digital LTD. issued its Impact Report for 2022, highlighting the Company’s progress against its long-term goals related to climate action, waste management, green chemistry, and workplace diversity. This third-annual report reinforces Kornit’s commitment to an Environmental, Social, and corporate Governance (ESG) strategy that aims to transform the fashion and textile industry into one that is significantly more sustainable and ethical.

“As a change-maker and leader in fashion and textiles, we take our responsibility seriously to foster an industry that is cleaner and safer, as well as one that is more responsible and diverse,” said Ronen Samuel, Chief Executive Officer at Kornit Digital. “We consider ourselves an agent of long- term industry-wide change by enabling our customers to be more sustainable, while also minimizing the social and environmental impact of our operations. The Kornit 2022 Impact Report reflects this commitment to transforming the industry and creating a brighter future for the planet and the people who inhabit it.”

Download the 2022 Impact Report here.

More information:
Kornit Digital impact report ESG
Source:

Kornit Digital

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03.08.2023

adidas: reports 2nd Q revenues flat versus the prior year

  • Currency-neutral revenues flat versus the prior-year level
  • Top-line development reflects improved sell-out trends and conservative sell-in strategy
  • Gross margin up 0.6pp to 50.9%; strong improvement compared to Q1 reflecting better sell-through and less discounting
  • Operating profit of € 176 million includes extraordinary expenses of around € 160 million related to one-off costs, donations and accruals for future donations
  • Inventory position improves substantially versus Q1 level to € 5.5 billion; now up only 1% year-over-year

In the second quarter of 2023, currency-neutral revenues were flat versus the prior-year level. The top-line development continued to be impacted by the company’s conservative sell-in approach in order to reduce high inventory levels, particularly in North America and Greater China. At the same time, adidas second quarter revenues benefited from the first sale of some of its Yeezy inventory. The initial product drop in June generated revenues of around € 400 million in Q2, which is largely in line with the Yeezy sales generated in the prior year’s quarter.

  • Currency-neutral revenues flat versus the prior-year level
  • Top-line development reflects improved sell-out trends and conservative sell-in strategy
  • Gross margin up 0.6pp to 50.9%; strong improvement compared to Q1 reflecting better sell-through and less discounting
  • Operating profit of € 176 million includes extraordinary expenses of around € 160 million related to one-off costs, donations and accruals for future donations
  • Inventory position improves substantially versus Q1 level to € 5.5 billion; now up only 1% year-over-year

In the second quarter of 2023, currency-neutral revenues were flat versus the prior-year level. The top-line development continued to be impacted by the company’s conservative sell-in approach in order to reduce high inventory levels, particularly in North America and Greater China. At the same time, adidas second quarter revenues benefited from the first sale of some of its Yeezy inventory. The initial product drop in June generated revenues of around € 400 million in Q2, which is largely in line with the Yeezy sales generated in the prior year’s quarter.

Footwear revenues grew 1% during the quarter, reflecting strong growth in football, basketball, tennis and US sports. Apparel sales declined 3% in the second quarter. As the apparel market continues to be particularly overstocked, the company continued its conservative sell-in strategy to improve sell-through and margins in the medium term. Accessories grew 8% during the quarter driven by growth in football.  

Lifestyle revenues were down during the quarter despite extraordinary demand for the company’s Samba, Gazelle and Campus franchises. While adidas slowly started to scale its offering for these product families during the second quarter, the total volume still only represents a small portion of the company’s overall business. Sales in the adidas Performance categories continued to show positive momentum. This reflects strong demand for new product introductions such as the latest iterations of its Predator, X and Copa football boots, as well as jerseys for both the FIFA Women’s World Cup 2023 and the company’s unique portfolio of football teams ahead of the start of the European club season. In addition, the Adizero product family in running continued to gain a lot of attention around marathon races across the world, translating into higher demand. At the same time, the brand’s Barricade tennis franchise grew strongly, leveraging the excitement around major tournaments.

In euro terms, the company’s revenues declined 5% to € 5.343 billion in the second quarter (2022: € 5.596 billion).

Stronger sell-out trends and conservative sell-in
As a result of the company’s initiatives to reduce high inventory levels, currency-neutral sales in wholesale declined 10% despite double-digit growth in Greater China and Latin America. At the same time, direct-to-consumer (DTC) revenues grew 16% versus the prior year. This development was driven by strong growth in both the company’s e-commerce business (+14%) as well as own retail stores (+19%), reflecting continued strong sell-out trends across most regions. The outperformance of the company’s DTC channel versus the wholesale business was also related to the first sale of the Yeezy inventory, which was done exclusively through adidas’ own e-commerce channel.

Double-digit growth in Greater China and Latin America
Currency-neutral sales in North America declined 16% during the quarter. The region is particularly affected by elevated inventory levels in the market and – in response to this – the company’s significantly reduced sell-in. Revenues in Greater China grew 16% in Q2, reflecting double-digit sell-out growth in both wholesale and own retail. Sales in EMEA were down slightly (-1%) despite double-digit DTC growth. While the company’s initiatives to reduce inventory levels and discounting weighed on the overall top-line development in the region, adidas recorded significantly improving full-price trends during the quarter. Revenues in Asia-Pacific increased 7% during the quarter, driven by strong double-digit growth in DTC. Latin America continued to increase at a double-digit rate (+30%), reflecting strong growth in both wholesale and DTC.

Gross margin improves to 50.9%
The company’s second quarter gross margin increased 0.6 percentage points to 50.9% (2022: 50.3%). This improvement was mainly driven by price increases the company has implemented as well as by an improved channel mix. At the same time, higher supply chain costs and unfavorable currency movements continued to strongly weigh on the gross margin development. While still adversely impacting the company’s gross margin in the quarter, discounting levels significantly improved compared to the first quarter of the year.  

Operating profit of € 176 million, resulting in an operating margin of 3.3%
Other operating expenses were up 3% to € 2.582 billion (2022: € 2.501 billion). As a percentage of sales, other operating expenses increased 3.6 percentage points to 48.3% (2022: 44.7%). Marketing and point-of-sale expenses decreased 7% to € 617 million (2022: € 663 million). As a percentage of sales, marketing and point-of-sale expenses slightly decreased by 0.3 percentage points to 11.5% (2022: 11.8%). Operating overhead expenses were up 7% to € 1.965 billion (2022: € 1.838 billion), reflecting higher logistics expenses. In addition, the company recorded one-off costs of around € 50 million related to the strategic review the company is currently conducting as well as donations and accruals for further donations in an amount of around € 110 million. As a percentage of sales, operating overhead expenses increased 3.9 percentage points to 36.8% (2022: 32.8%). The company’s operating profit amounted to € 176 million (2022: € 392 million) in the quarter. This amount includes the extraordinary expenses of in total around € 160 million reflecting the one-off costs related to the strategic review as well as the donations and accruals for further donations. The sale of the Yeezy product positively impacted adidas’ operating profit by an incremental amount of around € 150 million in Q2. The operating margin reached 3.3% in the quarter (2022: 7.0%).

Net income from continuing operations of € 96 million
After taxes, the company’s net income from continuing operations amounted to € 96 million (2022: € 360 million), while basic EPS from continuing operations decreased to € 0.48 (2022: € 1.88).


Outlook

adidas expects revenues to decline at a mid-single-digit rate
On July 24, adidas had adjusted its full year financial guidance to reflect the positive impact of the first sale of some of its Yeezy inventory and a slightly better-than-expected development of the adidas business in the first half of the year. At the same time, macroeconomic challenges and geopolitical tensions persist. Elevated recession risks in North America and Europe as well as uncertainty around the recovery in Greater China continue to exist. In addition, the company’s revenue development will continue to be impacted by the initiatives to significantly reduce high inventory levels. As a result, adidas now expects currency-neutral revenues to decline at a mid-single-digit rate in 2023 (previously: decline at a high-single-digit rate).

Underlying operating profit anticipated to be around the break-even level
The company’s underlying operating profit – excluding any one-offs related to Yeezy and the ongoing strategic review – is still anticipated to be around the break-even level. Including the positive impact from the first Yeezy drop of around € 150 million, the potential write-off of the remaining Yeezy inventory of now € 400 million (previously: € 500 million) and one-off costs related to the strategic review of up to € 200 million (unchanged), the company now expects to report an operating loss of € 450 million in 2023 (previously: loss of € 700 million).

On August 2, the company launched a second drop of Yeezy inventory. Throughout the month of August, adidas is making a range of existing products available through both its own e-commerce channel as well as the digital platforms of selected wholesale partners. If successful, this second drop would further improve the company’s results. However, as the results of this drop are yet unknown, it is not accounted for in the company’s current top- and bottom-line outlook for 2023.

More information:
adidas business report
Source:

adidas

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26.07.2023

Fashion for Good partners join forces with fastfeetgrinded for circular footwear

Fashion for Good launches new pilot with brand partners adidas, Inditex, Target and Zalando, and footwear recycling innovator FastFeetGrinded to test and validate the innovative footwear recycling process to support the uptake of recycled content in footwear, driving the change towards a more circular footwear industry.

Globally, 24 billion shoes are added to the market each year*, and a staggering 90% of shoes are either landfilled or incinerated*. To tackle this challenge, Fashion for Good has launched a new pilot with partners adidas, Inditex, Target and Zalando, in collaboration with innovator FastFeetGrinded, aiming to test and validate the footwear recycling process and support the uptake of recycled materials in footwear. FastFeetGrinded possesses the unique capability to deconstruct any type of pre- and post-consumer shoe, breaking it down into its macro-components. These macro-components are then subsequently grinded down into smaller high purity granulates which FastFeetGrinded may use to create material streams for repurposed use.

Fashion for Good launches new pilot with brand partners adidas, Inditex, Target and Zalando, and footwear recycling innovator FastFeetGrinded to test and validate the innovative footwear recycling process to support the uptake of recycled content in footwear, driving the change towards a more circular footwear industry.

Globally, 24 billion shoes are added to the market each year*, and a staggering 90% of shoes are either landfilled or incinerated*. To tackle this challenge, Fashion for Good has launched a new pilot with partners adidas, Inditex, Target and Zalando, in collaboration with innovator FastFeetGrinded, aiming to test and validate the footwear recycling process and support the uptake of recycled materials in footwear. FastFeetGrinded possesses the unique capability to deconstruct any type of pre- and post-consumer shoe, breaking it down into its macro-components. These macro-components are then subsequently grinded down into smaller high purity granulates which FastFeetGrinded may use to create material streams for repurposed use.

Through this collaborative pilot, the partners will divert pre- and post-consumer footwear to FastFeetGrinded, who will transform them into various new material granulates. The next step involves FastFeetGrinded’s network of supply chain partners, who will produce output products, such as outsoles, midsoles, and flip flops. The brands will closely evaluate the products’ quality and purity, aiming to showcase the potential of FastFeetGrinded's footwear recycling technology and pave the way for scalable solutions.

*World Footwear Yearbook (2020). Footwear production with a new record of 24.3 billion pairs.
*Vivobarefoot. 22 billion pairs of shoes are dumped into landfill each year. It’s time for change.
*WRAP (2019) Valuing our Clothes.
*Material Innovation Initiative (2021). 2021 State of the Industry Report: Next-Gen Materials.

More information:
Fashion for Good adidas AG Inditex Target Zalando FastFeetGrinded shoes
Source:

Fashion for Good

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(c) gr3n
26.07.2023

gr3n: First manufacturing plant for depolymerization of PET in Spain

To reach its goal of being the world’s leading supplier of enhanced recycled polyethylene terephthalate (PET), gr3n is signing a binding Memorandum of Understanding (MOU) with its shareholder Intecsa Industrial to set up a Joint Venture.

gr3n together with Intecsa Industrial will join forces and build a “First-of-a-Kind” manufacturing facility able to produce 40.000 tons of virgin-like PET, commencing EPC phase in Q4-2024 and aiming to be operational in 2027. gr3n’s chemical recycling technology is capable of processing PET from various industries including textile waste, closing the loop for hard-to-recycle PET applications.

To reach its goal of being the world’s leading supplier of enhanced recycled polyethylene terephthalate (PET), gr3n is signing a binding Memorandum of Understanding (MOU) with its shareholder Intecsa Industrial to set up a Joint Venture.

gr3n together with Intecsa Industrial will join forces and build a “First-of-a-Kind” manufacturing facility able to produce 40.000 tons of virgin-like PET, commencing EPC phase in Q4-2024 and aiming to be operational in 2027. gr3n’s chemical recycling technology is capable of processing PET from various industries including textile waste, closing the loop for hard-to-recycle PET applications.

The world’s first industrial-scale MADE PET recycling plant will have the capability to process post-industrial and post-consumer PET waste including hard-to-recycle waste, to produce approximately 40.000 tons of virgin PET chips from the recycled monomers saving nearly 2 million tons of CO2 during its operating life. The post-consumer and/or post-industrial polyesters will be both from bottles (colored, colorless, transparent, opaque) and textiles (100% polyester but also mixtures of other materials like PU, cotton, polyether, polyurea, etc. with up to 30% of presence in the raw textile).

The technical concept of the MADE plant is to break down PET into its main components (monomers) so they can potentially be re-polymerized endlessly to provide brand new virgin PET or any other polymer using one of the monomers. Polymers obtained can be used to produce new bottles/trays and/or new garments, essentially completely displacing feedstock material from fossil fuels, as the recycled product has the same functionality as that derived traditionally. This means that gr3n can potentially achieve bottle-to-textile, textile-to-textile, or even textile-to-bottle recycling, moving from a linear to a circular system.

gr3n’s process has the potential to change the way PET is recycled worldwide, enabling huge benefits for both the recycling industry and the entire polyester value chain. Many efforts have been made in the past to transfer enhanced recycling from research laboratories to the manufacturing industry, but the economics and skepticism of the first adopters have constantly blocked the progress of the proposed solutions. Thanks to the MADE technology developed by gr3n, this approach is now feasible and makes gr3n one of the few companies with the potential to provide a reliable enhanced recycling solution that closes the life cycle of PET, and also offers food grade polymer material, processes a large variety of waste and reduces the carbon footprint of these materials usually destined for incineration or landfill.

More information:
gr3n PET Intecsa
Source:

gr3n

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