2023 - Year in Review in our Garment division
As the relentless pace of the year hurtles forward, we pause to express our gratitude to our valued customers, suppliers, and partners. Join us as we reflect on the achievements and lessons of 2023, a year that demanded resilience and strategic adaptability in the face of unexpected challenges.
After a robust growth period in 2022, 2023 unfolded with expectations of market normalization post Covid-bubble. However, inflation, geopolitical tensions, and weakened consumer demand confronted our industry, leaving both our customers and their clients burdened with excessive garment stocks. As we enter 2024, resilience, cost control, and efficient stock management emerge as critical imperatives.
LTP focused on aligning its manufacturing platform with fluctuating customer demands throughout 2023. Simultaneously, the restructuring of our European capacity saw the closure of the last manufacturing services in Belarus.
LTP Garment milestones in 2023
Upgrade at our Kaunas facility
Our charismatic location in Kaunas, Lithuania, with a history as a renowned silk production factory, have since 1995 been the European heart of LTP garment manufacturing. The building has now undergone a refurbishment honoring the historical soul of the building. This transformation elevated the facility to an efficient workspace, fostering creativity and innovation with 3D visualization tools, expanded R&D space, and improved warehouse capabilities.
If you want to learn more about this upgrade, read here
One year in Romania
August marked the first anniversary of our Botosani, Romania production facility. Significant developmental strides were made to enhance the facility's capabilities, ensuring it adeptly meets the evolving needs of our customers.
Take a closer look a our first year in Romania in this article
Certified at the highest level
Committed to meeting customer demands for certifications, LTP achieved notable milestones. The Higg Index verified our operations in Vietnam, while LTP Balkan secured GOTS certification in 2023
Fairs and Events
LTP Garment actively engaged with industry peers at renowned events like ISPO, Performance Days Munich, and Eurobike throughout 2023. These interactions provided opportunities for inspiration and collaboration.
Read our key-take aways from this years' Performance Days
Welcoming key personnel to the Garment Division - Ole Schützsack as Chief Commercial Officer, Lars M. Overgaard as Managing Director in Vietnam, and Cecilie Ru Hansen as Business Development Coordinator.
Read more about our new colleagues here and here
Innovation Book & Trend forecasts
The bi-annual releases of the Innovation Book showcasing the latest fabric & trim trends and our Trend Forecasts continued, reaffirming our commitment to inspire and lead in the dynamic textile industry.
Looking ahead to 2024 – Priorities & ambitions
As we gaze into 2024, we prioritize anticipating, and navigating upcoming, EU regulations for sustainability in the textile industry. Our focus is on supporting our customers through these impending changes and to seek digital solutions to benefit our customers and to make sure that both we and our customers comply with coming regulations.
Highlighting our 'One LTP' global setup is another priority. Our unique structure, with fully owned production facilities and Innovation Centers across Europe and Asia, positions us as a global production partner. This global integration allows us to seamlessly co-create and serve customers on a wider scale out of both Lithuania and Vietnam.
In closing, we extend our gratitude for the collaborative spirit of 2023 and eagerly anticipate a proactive 2024. Thank you for being part of our journey. See you in the new year!