LONDON--(EON: Enhanced Online News)--The textile industry is seeing advancements and innovations on a global scale, with an increase in government initiatives, creative start-ups and businesses, and success of major apparel companies. Details on the industry’s improving performance are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
Governments worldwide are increasing financial commitments to textile industry
The governments of Nigeria, India, Malaysia, and America have all made significant financial commitments to the success of the industry, using funds for job creation, easier access to technology and machinery, and to increase infrastructure quality and stability.
India committed the most funds to their textile industry out of the four countries, committing USD 849 million to job creation, increasing textile exports, and initiating labour reforms that are expected to help the textile industry in India outpace competitors.
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New textile start-ups offer innovation, advanced technologies
Textile start-ups flood the industry each year in order to serve needs that larger organizations neglect, and to make the textile industry more innovative and sustainable overall.
The industry is continuing to see start-ups that address underserved segments of the textile market, including those that offer fashion for Muslim women, those that use synthetic fibres and dyes, and those created especially for people with physical disabilities and motor disorders.
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Christian Dior tops list of world’s largest apparel companies
In 2016, Christian Dior was the largest apparel company in the world according to Forbes, accounting for USD 41.6 billion in sales and a market value of USD 31.4 billion. Christian Dior has a 40% stake in LVMH, a multinational luxury goods conglomerate, meaning that it also benefits from the financial performance of product lines like Dom Pérignon, De Beers, and Givenchy.
Among the top 2,000 companies named by Forbes, 29 apparel companies made the final list. Christian Dior was followed by Nike in second place and Inditex as the world’s third largest apparel company.
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