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The market for apparel and footwear is being augmented by the growing popularity of e-commerce platforms like Amazon and Walmart, among others. To capitalise on the trend, various brands and online retail platforms are offering immersive shopping experiences by deploying sizing tools, virtual fits, and virtual stylists, among others. The integration of technologies like virtual reality (VR) and augmented reality (AR), among others, enables consumers to virtually try clothing and footwear and reduce return rates are significantly contributing to the growth of the market. Moreover, the growing trend of sustainability is surging the demand for environmental-friendly apparel and footwear with reduced utilisation of critical resources like water, which is anticipated to provide impetus to the market growth in the forecast period.
Puma SE (OTCMKTS: PUMSY), one of the leading companies in the market, announced an innovative production process, RE: JERSEY, in March 2022. Through this, the company would use existing football jerseys to manufacture new ones while reducing waste. In the recycling process, garments would be chemically broken down into their main components to create a yarn with the same properties as virgin polyester. RE: JERSEY kits would be made up of 75% repurposed football jerseys while the 25% comes from SEAQUAL MARINE PLASTIC1. Through the project, the company aims to reduce its environmental impact while bolstering the circularity of apparel manufacturing. Moreover, the products developed from the project would be worn on-pitch in the pre-match warm-ups by PUMA Clubs Manchester City, AC Milan, Olympique de Marseille, and Borussia Dortmund. Such initiatives are expected to propel the market for apparel and footwear in the forecast period.
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The major players in the global apparel and footwear market are NIKE, Inc., Adidas AG, H & M Hennes & Mauritz AB, PVF Corp., Puma SE, Kering SA, and VF Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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