FW
Milan's Via Montenapoleone dethrones New York's Fifth Avenue as the world's most expensive retail street, reveals Cushman & Wakefield's 34th annual Main Streets Across the World report. This achievement underscores the growing allure of Milan as a global fashion capital and a haven for discerning shoppers.
A perfect combination of factors
Several factors have contributed to Milan's meteoric rise. One major reason is the resurgence of European luxury brands in recent years, with strong demand, particularly from affluent Chinese shoppers. Milan, as the epicenter of Italian fashion, has benefited immensely from this trend. Another factor is euro's appreciation against the US dollar that has made European luxury goods more affordable for international buyers, further boosting demand. Also Milan has invested heavily in infrastructure, tourism, and cultural initiatives, enhancing its appeal as a global destination. The limited availability of prime retail space on Via Montenapoleone has intensified competition among luxury brands, driving up rental prices.
Table: Rents of top 10 most expensive high streets
|
Rank |
Street |
City |
Country |
Annual rent per sq ft in $ |
|
1 |
Via Montenapoleone |
Milan |
Italy |
2,047 |
|
2 |
Fifth Avenue (49th-60th Sts) |
New York |
USA |
2,000 |
|
3 |
New Bond Street |
London |
UK |
1,762 |
|
4 |
Tsim Sha Tsui |
Hong Kong |
China |
1,697 |
|
5 |
Champs-Élysées |
Paris |
France |
1,615 |
|
6 |
Ginza |
Tokyo |
Japan |
1,582 |
|
7 |
Causeway Bay |
Hong Kong |
China |
1,474 |
|
8 |
Orchard Road |
Singapore |
Singapore |
1,422 |
|
9 |
Nanjing Road |
Shanghai |
China |
1,345 |
|
10 |
Rodeo Drive |
Beverly Hills |
USA |
1,295 |
The table provides a snapshot of the top 10 most expensive retail streets globally, as per the Cushman & Wakefield report. It throws up some clear trends. First, European cities dominate the top 10 list, with Milan, London, Paris, claiming three of the top six spots. Among Asian markets, Hong Kong, Tokyo and Shanghai continue to be strong contenders, reflecting the growing purchasing power of Asian consumers. In the US market while New York's Fifth Avenue remains a global icon, its dominance has been challenged by European cities.
As for Milan’s Montenapoleone with its elegant boutiques and historic architecture, it has long been synonymous with Italian luxury. However, in recent years, the street has seen high demand from both domestic and international brands. In fact, Gucci's flagship store on Via Montenapoleone is a prime example of the street's allure. The store, designed by renowned architect Peter Marino, showcases the brand's latest collections in a stunning setting. The limited availability of prime retail space on the street has driven up rental prices, making it one of the most expensive shopping destinations in the world.
As global economy continues to evolve, the luxury retail landscape is likely to remain dynamic. While Milan has emerged as a dominant force, other cities, such as Dubai, Seoul, and Sydney, are also vying for a share of the global luxury market. Cushman & Wakefield's report provides valuable insights into the trends shaping the future of luxury retail. As consumer preferences shift and new markets emerge, the competition for prime retail space will intensify.
Address sustainability challenges in the industry through a unified approach, urges Chairman, PRGMEA
In a meeting between the two leaders, Dr Ayyaz Uddin, Chairperson-North Zone, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) urged Jam Kamal Khan, Federal Commerce Minister to adopt a unified approach to address sustainability challenges in Pakistan’s textile industry. Further, Dr also Uddin emphasised on the need to increase collaboration between government ministries, academia, and industry stakeholders to ensure compliance with global sustainability standards.
Highlighting the significance of Pakistan’s textile industry that generates $16.5 billion in annual exports besides being the primary employment generator in the country, Dr Ayyaz said, the sector faces increasing pressure to align with environmental, social, and governance (ESG) principles, particularly in light of international frameworks like the Corporate Sustainability Due Diligence Directive (CSDDD) and International Labor Organisation (ILO) conventions.
Recognising these demands as both a challenge and an opportunity, Dr Ayyaz proposed creating two specialised task forces under the National Compliance Centre (NCC). One of these task forces would address challenges specific to the textile export sector, while the other would focus on governance concerns in non-textile export industries.
Further, Dr. Ayyaz advocated for leveraging expertise from academia, industry associations, and the government to develop practical solutions for compliance and sustainability. He emphasised on PRGMEA’s ongoing efforts to support manufacturers and exporters in calculating carbon footprints, adopting eco-friendly practices, and meeting global benchmarks for sustainability.
These proposed initiatives will help PRGMEA make significant improvements in labor practices, environmental compliance, and export competitiveness, ultimately strengthening Pakistan’s position in the global market, Dr Ayyaz affirmed.
Paving the way for a more sustainable future, these measures will drive transformative progress in the industry, opined PRGMEA,
Texworld Apparel Sourcing Paris will showcase the trend book for Spring-Summer 2026 at the upcoming trade fair, taking place from February 10 to 12 at the Paris-Le-Bourget Exhibition Centre. Titled Neocene, the trend book, curated by artistic directors Louis Gerin and Gregory Lamaud, explores new creative worlds in response to profound societal, economic, and environmental changes.
The first theme, Quantum, focuses on energy and fluidity, featuring heated materials and radiant hues like tan, caramel, and spicy tones. Gravity explores physical and emotional heaviness with mineral textures, biomimetic forms, and natural, diffuse colors.
Relativity presents oxymoronic aesthetics, using graphic motifs, draped textures, and deep blues and mauves. The final theme, Magnetism, emphasizes lightness and renewal, with transparency, floral motifs, and soft colors like peach and blush pink.
This edition’s layout enhances the buying experience, with halls 2, 3, and 4 reorganized for synergy. Hall 2’s Trends Forum will showcase the four themes alongside key services, including the Agora for conferences and discussions. Hall 4 focuses on women’s clothing, while Hall 3 highlights outdoor, sportswear, and casualwear.
The new setup aims to streamline sourcing, foster creativity, and provide a productive experience for attendees.
Roica by Asahi Kasei returns to ISPO, taking place from December 3-5, 2024, with its signature ‘3D Dimensions’ booth, offering visitors an immersive journey through its innovative stretch fibers, from raw materials to final products. Emphasizing performance and sustainability, the Roica Eco-Smart family takes center stage, showcasing advanced solutions for contemporary wardrobes.
The Roica Eco-Smart family features two standout yarns that emphasize sustainability without compromising on performance. Roica V550 is a degradable stretch fiber that breaks down into carbon dioxide and water when exposed to specific conditions (ISO 14855-1), earning it the Cradle to Cradle-Certified Material Health Gold Level Certificate.
On the other hand, Roica EF is a recycled stretch fiber made from pre-consumer materials, certified by Oeko-Tex Standard 100. Both fibers are designed to meet the growing demand for sustainable yet high-performance textiles in modern fashion and activewear. Both fibers balance performance, sustainability, and style, meeting the needs of activewear and everyday fashion.
The Roica Innovation Gallery highlights a range of fabrics from leading industry partners, each pushing the boundaries of textile innovation. Brugnoli Fabrics presents blends like BDG2 and BRecycled 11 GRS, offering a perfect balance of softness and performance. Cifra WKS features seamless garments enhanced with body-mapping technology, improving movement and breathability.
Dresdner Spitzen brings elegant, elastic fabrics ideal for athleisure, while Iluna Group focuses on activewear fabrics that merge bold aesthetics with functionality. Innova Fabrics is committed to eco-conscious textiles that address the impact of microplastics. Lauma Elastic offers technical textiles that combine flexibility and comfort, and Maglificio Ripa delivers thermal and moisture-wicking fabrics designed for base layers.
Penn Textile Solutions showcases advanced, breathable sport fabrics that prevent transparency, while Reda Active introduces Merino wool blends that provide thermoregulation and odor resistance. Sitip presents aerodynamic, dual-stretch textiles designed for superior insulation, and Tessitura Colombo Antonio offers lace fabrics with graphene, enhancing thermoregulation and abrasion resistance. Each of these innovations reflects the commitment to high-performance, sustainable, and functional textiles.
Visitors can explore garments made with Roicafibers from brands like Bioracer, Edelvissa, and Scott Racing Team. Notably, Socklab by Interloop Europe debuts Cradle to Cradle Certified Gold socks, recognized by ISPO Textrends. Stellawear introduces multifunctional pieces blending lingerie and swimwear.
Roica at ISPO demonstrates a commitment to responsible innovation, performance, and style, setting a new standard for sustainable textiles.
Increasing by €100 million from the previous year, the Finnish consumer market for textiles and fashion grew to €5.5 billion in 2023, according to Statistics Finland. Of the two, clothing remained the dominant category, accounting for 3.7 per cent of overall consumer spending and over €4 billion of the total market value.
Footwear emerged as a fast-growing segment, with consumers spending nearly €1 billion annually. Over the past two years, Finns have increased their footwear expenditures by €200 million, highlighting a shift in consumer priorities. On average, each Finn spent €175 on footwear in 2023, a notable rise from €115 in 2020. Women’s footwear continued to dominate this category, representing roughly half of the total expenditure.
While spending on clothing and footwear increased, home textiles experienced a slight decline, falling to €529 million in 2023 from €544 million the previous year. Despite this drop, long-term trends indicate growth, supported by the home decor boom during the COVID-19 pandemic. On average, Finns spent €94 on home textiles in 2023, with bedding accounting for €51 per person.
Only 14 per cent of spending on fashion and textiles went to domestic brands, highlights Ville Salonen, Economic and Statistical Expert, Suomen Tekstiili & Muoti ry.
Women’s clothing remains the most purchased category, accounting for €352 per person in 2023, compared to €196 spent on men’s clothing. Overall, the average Finn spent €720 on clothing, a modest increase from €709 in 2022. However, spending has yet to reach the pre-pandemic level of €770 per person recorded in 2019.
Saitex, a global leader in sustainable denim manufacturing, has unveiled its 2023 Impact Report, showcasing strides in circular production, innovation, and social responsibility. Known as ‘The World’s Cleanest Denim Factory,’ Saitex is setting new benchmarks in responsible apparel production through partnerships with brands like Zara, Everlane, and Polo Ralph Lauren.
The report outlines progress in key areas, including the adoption of cutting-edge technologies and regenerative practices. Since 2021, Saitex’s Smart-Indigo technology has achieved a 90 per cent reduction in carbon dioxide emissions, a 70 per cent decrease in energy usage, and a 30 per cent reduction in water consumption. Additionally, 25 per cent of fabrics produced at its Vietnam-based mill are now Cradle to Cradle Certified Gold, underscoring its commitment to sustainable innovation.
CEO SanjeevBahl emphasized the importance of transparency and accountability in Saitex’s journey toward circularity, highlighting the need to share both achievements and areas needing improvement to drive meaningful change.
Beyond environmental impact, Saitex’s Rekut program has successfully integrated 98 per cent of employees from marginalized backgrounds into its workforce, reflecting the company’s dedication to social equity.
Founded in 2001, Saitex operates facilities in Vietnam, Los Angeles, and a dedicated upcycling division, Stelapop. Its smart factories leverage AI, robotics, and IoT, enhancing speed-to-market, traceability, and data-driven decision-making.
Through continuous innovation and partnerships with global certifying bodies like Bluesign and GOTS, Saitex aims to redefine denim manufacturing, pushing the boundaries of what sustainable production can achieve.
Ethiopia’s vast potential for companies in the textiles and garments industry has been steadily growing, says Zeleke Temesgen, Investment Commissioner, Ethiopia.
Starting today, the Ethiopian Invesment Commission has organised Global Linen Textile Forum 2024 in Addis Ababa. The forum brings together participants from 15 countries. Co-hosted by Kingdom (Ethiopia) Linen PLC, Kingdom Holdings, the China Bast & Leaf Fibres Textile Association, and The Alliance for European Flax-Linen & Hemp, the forum marks a major milestone for Africa’s linen sector.
According to Temesgen, with over 70 per cent of its 120 million people under 30, Ethiopia offers a young workforce, abundant natural resources, and sizable arable land suitable for textile raw materials. Boosted by its strategic position in the global economy, improved capital productivity and competitive labor market, the country is emerging as the new regional sourcing destination for textile and apparel.
Foreign direct investment in Ethiopia’s textile sector has increased from $16 million in 2015 to over $500 million today, with projections of exceeding $1 billion by next year. Strategically located with robust infrastructure, including the Addis Ababa-Djibouti railway and Bole International Airport as it is Africa’s busiest cargo hub, the East African nations provide easy access to global markets. The government has also established Special Economic Zones (SEZs) with a stable power supply to support export-focused manufacturing, he indicated.
Since 2018, the Ethiopian government has implemented a series of reforms to create a more attractive environment for private sector growth. These include liberalising investment opportunities, easing restrictions on foreign investments, and ratifying special economic zones.
Additionally, Ethiopia is in the process of joining the World Trade Organisation (WTO) and actively participates in the African Continental Free Trade Area (AfCFTA) to enable the country to expand market access for investors and promoting trade.
Ren Weiming, Chairman, Kingdom Holding Group emphasises on the forum’s role in advancing the linen industry that has attracted investments worth about $70 million in Ethiopia. The Global Linen Textile Forum 2024 highlights Ethiopia’s growing position as a major player in the global linen market and its potential to drive the future of sustainable textile production.
Encouraged by strong sales growth and a thriving third-party brand offering, apparel retailer Next plans to triple the size of its store at the Bluewater Shopping Centre in UK, from 44,600 sq ft to a state-of-the-art 133,000 sq ft space, currently occupied by House of Fraser.
Featuring an extensive range of own-brand and third-party menswear, womenswear, and childrenswear, the store will offer enhanced facilities to support Next’s omnichannel strategy. This expansion will align with the retailer’s focus to create immersive shopping experiences for its customers. Additionally, Next will also relocate its global beauty brand Bath and Body Work to further enrich Bluewater’s retail offering.
Pablo Sueiras, Head -Brand Account Management, Landsec, avers, leading the way in retail innovation, Next continues to transform traditional department store spaces into vibrant destinations. Their new store at Bluewater will elevate the shopping experience for millions of visitors.
The announcement comes amid a period of growth for Bluewater, which has secured 12 new lettings and five store expansions in the past six months. Recent additions include fashion labels such as Pull & Bear and Bershka, which further solidify Bluewater’s reputation as a premier shopping destination.
Next recently also upgraded its profit forecast for the third time in as many months. Lord Simon Wolfson, CEO attributes these robust results to strong performance in key locations and favorable weather conditions, which saw colder temperatures arrive earlier than usual. The retailer is also on track to surpass £1 billion in annual profits, a testament to its strategic investments and ability to adapt to evolving consumer demands.
The inaugural edition of the Denimandjeans Egypt (D&J Egypt) trade show is scheduled to be held from Feb 2-3, 2025, at the Intercontinental Citystars in Cairo.
Organised by Denimsandjeans, a prominent trade show organiser with over a decade of experience in countries like India, Vietnam, and Japan, the event will bring together 45 specialised companies. These include major denim and garment manufacturers, as well as chemical and technology suppliers, from regions such as Turkey, Europe, Pakistan, India, and Bangladesh. Confirmed participants include industry leaders like AGI Denim, Arvind, Bossa, DNM Denim, Officina 39, and Tonello.
Sharing his vision behind the event, Sandeep Agarwal, Founder, Denimsandjeans, says, the event aims to bring the global denim community together, fostering innovation, sustainability, and collaboration. With its growing investments and skilled workforce, Egypt offers unparalleled opportunities for the denim and sportswear industry, he adds.
Egypt’s strategic location enhances its appeal, enabling shipping to Europe in five days and the US East Coast in just 12 days, while offering duty-free access to over 100 countries. Its exports are steadily climbing, with textile and garment shipments reaching $4 billion in the first seven months of 2024, a 20 per cent increase over the previous year. In particular, denim, is emerging as a key export category, with pants alone generating $590 million in exports - a growth of over 35 per cent.
The show will feature insightful discussions on trends, sustainability, and innovation led by renowned denim experts. Visitors can explore a curated trend area, showcasing cutting-edge styles, fabrics, and finishes that define the future of denim. More than just an event, Denimandjeans Egypt will prove to be platform to connect, innovate and shape the future of the global denim industry.
To revitalise its business and improve international trade, Marks & Spencer (M&S) plans to introduce significant price cuts in its overseas stores.
Through this step, the brand aims to stem growing competition in the overseas market where the brand’s prices are nearly more than double the prices of competitors. Stuart Machin, CEO, says, there is a significant disparity between the pricing in MS stores and those of its competitors, particularly in markets like Singapore.
To address this, Machin plans to prioritise customer value and product diversity by renegotiating its franchise agreements. This will help reduce the risk burden on franchise partners and encourage them to explore new products and trends, he opines.
To improve its international business, M&S also aims to accelerate stock replenishment and introduce innovative products. The retailer recently promoted Mark Lemming as the company’s new Managing Director for International Business to strengthen its global presence.
Currently having 434 stores in the international markets, including 264 franchise-operated locations, M&S aims to transform its overseas business model by focusing on price competitiveness, product innovation, and efficient supply chain management.
