In order to grab more market share of Denim products and better prices, Bangladesh has to concentrate on value addition, innovation and investment in technological upgradation, say stakeholders.
The Bangladesh garment manufacturers, however, said it is quite impossible to make apparel business sustainable without better price.
Buyers’ representatives, experts and sector people made the comment while talking to the Dhaka Tribune at Bangladesh Denim Expo – a two-day international show on the denim industry that kicked off in the capital on Wednesday.
Commerce Minister Tofail Ahmed inaugurated the event.
Bangladesh is in a difficult position in the sense that it has very much engaged in manufacturing low-cost products, said Gustaf Asp, H&M country director for Bangladesh and Pakistan.
“Over the last 10 years our profit margins have significantly decreased. We are not in a position to freely give away money in that sense,” said Asp.
Bangladeshi manufacturers need to add value to products and enter new product categories and only then prices will go up, he narrated.
“In the global market we have global competitions. Every entrepreneur has to make ensure that you have valuable customers and only then we can pay more,” added Asp.
“Everyday manufacturers have to work to perfect their business model to produce competitive offers to H&M that we can sell to our customers.”
Meanwhile, Bangladeshi manufacturers said they are now equipped with innovation and have started to produce quality products for global markets, especially for European consumers as well as Americans.
According to Bangladesh Denim Expo Founder and CEO Mostafiz Uddin, Bangladesh is on the way to achieve sustainability in manufacturing clothing products.
“We have already got 67 green factories rebuilding Bangladesh’s image as having compliant RMG industry,” he said, adding that Bangladesh is entering into the value-added segment with innovative designs.
Shasha Denim Director Mohammad Jamal Abdun Naser told the Dhaka tribune that they have invested a lot of money to make the production process sustainable thorough consumption of less water and electricity.
“We have already developed research and innovation cell for quality products and best designs.”
Now there is a massive value in denim business and have new luxury segment. Luxury brand is investing in denim market and performing extremely well, observed Tilmann Wrobel, creative designer, MONSIEUR-T, a denim lifestyle studio.