Latest news report suggests, global revenue in personal luxury goods market is likely to drop by 35-39 per cent in 2020 as India’s luxury sales have declined 60-80 per cent in the first quarter. As brands are digitizing their processes and upgrading their systems, online luxury buying is likely to become a new norm. Shailesh Chaturvedi, Managing Director and CEO, PVH brands says omnichannel route will help brands survive and thrive during these tough times. They can utilize inventory from the warehouse and ensure customers have more choice.

While China may have seen an influx of shoppers after the lockdown ended labeled popularly as ‘revenge buying’. Chaturvedi is not sure if India is seen as similar but pent up demand is certainly visible. According to him, since the Work From Home’ trend will survive for a long time, demand for relaxed clothing will continue to rise. His company is reworking strategy to adapt to these trends during the lockdown. It is working on yoga pants, comfortable footwear and kids wear.

First Steps Babywear, a retail company established in 2002 has launched its first store ‘Miniklub’ at Pacific Mall in Dehradun, Uttarakhand. Miniklub has 44 stores Pan India in cities like Delhi, Mumbai, Lucknow, Chennai, Bangalore and Hyderabad.

Miniklub as a brand is all about safety and comfort for the toddlers in a carefully engineered style for smarter parents. The wide range of products available at the store includes apparel, footwear, baby cosmetics, bedding set, blanket, Pram, Strollers, Walker, Cradle, Toys, Baby Carrier etc. Miniklub also offers a special section for maternity wear.

Siyaram Silk Mills has posted a net loss of Rs 67.33 crore in the first quarter that ended June 30, 2020 as against net profit of Rs.9.98 crore during the quarter ended March 31, 2020. Total income for the quarter was Rs.45.61 crore as compared to Rs 332.46 crore income reported in the March quarter.

On a yearly basis, Siyaram Silk Mills posted net loss of Rs 67.33 crore for the period ended June 2020 as against net profit of 23.33 crore for the period ended June 30, 2019. It reported total income of Rs.45.61 crore during the period ended June 30, 2020 as compared to Rs.482.55 crore during the period ended June 30, 2019.

Arvind has received orders worth Rs 100 million from ACT Grants to manufacture 30 million N95 masks in the next 12 months. The company will create a large, integrated facility for the production and distribution of these masks. Both companies will jointly donate 9 million masks over the next year to charitable institutions, government bodies, and other organizations. Upon complete scale-up, they will increase daily mask production capacity to approximately 2 lakh units. The N95 masks will be available through Arvind Advanced Material Distribution partners, direct sales channels to government, hospitals, and other corporates.

ACT and its partners have already provided over 3 lakh PPE and over 15 lakh masks to hospitals, police and frontline workers across 20 states of India. The partnership with Arvind will allow it to provide high quality, locally manufactured BIS certified N95 masks in India. The organization will work with partner NGOs & Foundations to make these N95 masks available free of cost

An acronym for ‘Action COVID-19 Team’, ACT supports start-ups working towards containing the virus spread, scaling testing, disease management at home, enhanced support for healthcare workers and hospitals, management of critically-ill patients and support for mental health.

Celebrity Fashions has incurred a net loss of Rs 9.56 crore during the first quarter of FY21 that ended June 30, 2020 as against net profit of Rs 0.55 crore during the quarter ended March 31, 2020. The company reported total income of Rs 35.17 crore for the June quarter as compared to Rs 71.27 crore during the March quarter.

On a yearly basis, Celebrity Fashions posted net loss of Rs 9.56 crore for the period ended June 30, 2020 as against net profit of Rs 0.43 crore for the period ended June 30, 2019. The company reported total income of Rs.35.17 crore during the period ended June 30, 2020 as compared to Rs 52.29 crore during the period ended June 30, 2019.

Menswear brand Indian Terrain Fashion posted a net loss of Rs 32.25 crore for its quarter ended June 30, 2020, as against net profit of Rs 18.67 crore posted for the period ended March 31, 2020.

The company reported total income of Rs 17.83 crore during the period as compared to Rs 79.67 crore during the period ended March 31, 2020. Explaining the figures the company said in a statement: “The company had to close its stores across locations during the quarter under review.

The impact of the Covid-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company's financial statements."

“Indian Terrain Fashions resumed its business activities by reopening its warehouse and retail stores on a gradual basis in line with the guidelines issued by the Central and state governments,” the company added.

On a yearly basis, the company posted net loss of Rs 32.25 crore for the period ended June 30, 2020 as against net profit of Rs.3.75 crore for the period ended June 30, 2019.

Total income was Rs 17.83 crore during the period ended June 30, 2020 as compared to Rs 84 crore during the period ended June 30, 2019.

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The Indian government’s decision to cap incentives under the Merchandise Exports from India Scheme (MEIS) at Rs 2 crore per exporter for four months till December 31 is likely to likely affect 700-750 exporters of textiles, engineering items, automobiles, chemicals, pharmaceuticals, oil and gas.

The cap was introduced as the government found MEIS had failed to deliver the desired result of boosting exports, which were worth around $300 billion in the last five years despite its liberal application across sectors.

The government said 98 per cent of the exporters who claim MEIS would be unaffected by the changes as per an analysis of claims in the same period of 2018-19.

The top 50 exporters from these sectors account for around 20 per cent of the benefits under the scheme, the outgo under which was 45,000 crore in fiscal 2020.

The new Import Export Code obtained on or after September 1 would be ineligible to submit any MEIS claim for exports, and the ceiling would be subject to a downward revision to ensure that the total claim didn’t exceed the allocated Rs 5,000 crore for the period.

Leading e-commerce portals, Flipkart will launch its ‘Big Saving Days’ sale from September 18-20. The sales event will offer exciting offers on electronic items including phones, TVs and tablets, beauty products and apparel, home essentials and furniture, among other categories.

Customers can pre-book multiple items by paying Rs 1 as an initial amount for each item from September 15-16 and pay the remaining amount on September 18 when the second payment window will open. They can also cancel their pre-booked items and their initial payment of Rs 1 will be refunded to their accounts. Customers will get an instant discount of 10 per cent on SBI credit card and EMI transactions, No-cost EMI, cardless credit, exchange offers and top deals on quality brands. They will get an extra discount of 15 per cent on clothing, beauty and home decor products. Additionally, there will be Rush Hour Sales that will run till 2 AM only during the Flipkart Big Saving Days.

Flipkart says, more than three crore products electronic products and accessories will be up for sale with exchange offers and no-cost EMI. Further, apparel from more than 1,000 brands and home essentials and furniture range from over 5,000 brands will go on sale at the best prices.

Garware Technical Fibers, a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the first quarter ended June 30, 2020.

The company’s net sales decreased by 34.4 per cent to Rs.152.4 crore in Q1 FY21 as compared to Rs. 232.3 crore in Q1 FY20. Profit before tax reduced by 46.6 per cent to Rs. 22.6 crore in Q1 FY21 as compared to Rs. 42.3 crore in the same quarter last year Net profit after tax has dropped by 40.3 per cent to Rs. 17.7 crore in the quarter as against Rs. 29.6 crore in the corresponding period of FY20. EPS for Q1 FY21 is at Rs. 8.08; this is a de-growth of 40.3 per cent over Q1 FY20

During the lockdown period, the company focused on collection of receivables, reduction of costs and cash flow. Towards the later part of Q1, manufacturing started in a phased manner. Domestic Market activity remained on a very low scale. Garware could gradually pick up supplies to the international market and thereby deliver a reasonable result despite the challenges.