The LYCRA Company, a global leader in innovative and sustainable fiber solutions for the apparel and personal care industries, today announced the official opening of its largest spandex production facility—the LYCRA fiber (Yinchuan) Plant in Ningxia Province, China. This milestone underscores the company’s continued investment in the Chinese market and highlights its strong commitment to developing localized supply and distribution networks while advancing smart manufacturing upgrades.

The LYCRA Company has announced the opening of its largest spandex plant in Yinchuan, China, investing over ¥ 800 million (~$1.12 million) with Yinchuan Financial Capital Investment Group.
The facility will add 30,000 tons of capacity and 500 jobs, with plans to expand to 120,000 tons.
It advances smart, sustainable manufacturing to meet growing Asia-Pacific demand for high-quality spandex.

With a total investment of more than RMB 800 million, the Yinchuan facility is being developed in partnership with The LYCRA Company and Yinchuan Financial Capital Investment Group. In its initial phase, the plant will add 30,000 tons of spandex production capacity, generating an annual output of over RMB 1 billion and creating approximately 500 jobs. Looking ahead, capacity is expected to expand to 120,000 tons annually, addressing the growing demand for high-quality spandex across China and the Asia-Pacific region, while enabling faster, more flexible supply chain solutions.

As The LYCRA Company’s second production site in China, the Yinchuan facility brings together the company’s expert management teams and global R&D capabilities to establish a highly automated, intelligent production ecosystem.  Production at the Yinchuan facility will align with the company’s sustainability framework, driving energy savings, reducing emissions, and advancing manufacturing processes, ensuring that business growth and environmental responsibility remain inextricably linked.

“China is strategically important, representing over 50% of the global apparel production market, and this partnership enables us to optimize our product mix more broadly while meeting the increase in demand for quality spandex,” said Gary Smith, CEO of The LYCRA Company. “I would like to express my gratitude to the local authorities and all our partners for their support and commitment.”

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (HU)

The Asian Development Bank (ADB) has approved a $100 million financing package to build on Sri Lanka’s progress toward macroeconomic stability and to help achieve sustainable growth following the economic crisis. This will be done by strengthening public expenditure management, improving revenue mobilisation, and fostering private sector participation.

“Sri Lanka has made commendable progress in restoring fiscal and debt sustainability following an unprecedented economic crisis,” said ADB country director for Sri Lanka Takafumi Kadono. “We will work closely with the government to restore macroeconomic stability and promote inclusive, sustainable growth by strengthening Sri Lanka’s fiscal governance and build a more efficient, accountable, and resilient public sector. This programme also aims to improve the credibility and execution of public expenditure, enhance domestic revenue mobilisation, and foster a more predictable and transparent investment climate.”

Asian Development Bank approved a $100 million package to support Sri Lanka’s post-crisis recovery by strengthening fiscal governance, improving revenue mobilisation, and promoting private sector participation.
The programme will enhance public expenditure efficiency, develop a PPP framework, deepen tax compliance, and mobilise climate finance.

This programme will help improve efficiency and transparency in public expenditure management through a comprehensive approach that streamlines budgetary processes and optimises resource allocation to ensure the effective utilization of public funds, the ADB said in a press release.

In addition, it will enhance revenue mobilisation by strengthening revenue generation through stronger domestic and international tax compliance such as the development and implementation of a multiyear tax compliance improvement strategy and by further deepening international tax cooperation following Sri Lanka’s recent membership to the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The programme will support the government’s efforts to improve the enabling environment for private sector participation, including developing a legal framework for public–private partnerships (PPP) that is aligned with international best practices and mobilising additional climate finance and private investment. It will also focus on strengthening the management, transparency, and accountability of state-owned enterprises (SOE).

Several first-time initiatives in Sri Lanka will be supported. In addition to the draft PPP law, this includes a comprehensive Fiscal Risk Statement and a climate finance strategy that aims to crowd in other sources of finance to support Sri Lanka’s climate ambition and resilience. It also addresses gender gaps through Sustainable Development Goals budget tagging, a new gender sensitive Nationally Determined Contribution, and public procurement reforms to enhance its development impact and inclusivity. These innovations, together with newly established institutional mechanisms—such as the SOE credit risk framework and specialised monitoring units—lay the foundation for sustained impact.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region. 

Fibre2Fashion News Desk (RR)

Poshmark announced on Tuesday the appointment of Deb Liu to the resale platform’s board of directors, effective immediately. 

With decades of experience working in top leadership positions across major technology companies, Liu most recently served as president and CEO of Ancestry. Prior to that, the executive spent over a decade at Meta, formerly Facebook, where she launched Facebook Marketplace, and built the company’s first mobile ad products and payments infrastructure. Earlier in her career, she led the eBay-PayPal product integration and enhanced the eBay buyer experience.

“Deb is one of the most accomplished marketplace builders and respected technology leaders in Silicon Valley,” said Namsun Kim, chief executive officer of Poshmark.

“Her ability to connect people, ideas, and opportunities to create lasting, impactful platforms will help guide our vision and strategy. From building Facebook Marketplace to leading Ancestry through a product and technology transformation, Deb’s approach to community and commerce will be invaluable as we progress through our next phase of growth.”

Liu’s appointment at the Poshmark board, which includes founder Manish Chandra, builds on the momentum of Heather Friedland’s recent appointment as the Californian company’s first chief product officer, late last month.

“Poshmark brings together the best of discovery, connection, and community,” said Liu, who also serves on the board at Inuit.

“As a longtime shopper and seller, I’ve seen firsthand how this platform promotes sustainability and circularity, giving fashion new life and reducing waste. I’m excited to partner with the leadership team to shape Poshmark’s next chapter.”