01 November 2021, Mumbai:

For the second quarter Gokaldas Exports has reported total income of Rs 445.9973 crores as compared as compared to Rs 242.9873 crores during the earlier quarter.Net profit was Rs 28.6115 crores as against Rs 2.5522 crores for the earlier quarter.

Total income was Rs 445.9973 crores during the second quarter as compared to Rs 344.8942 crores during the same quarter last year. Net profit was Rs 28.6115 crores for the second quarter as against Rs 8.6651 crores for the same quarter last year.

For the six month period total income was Rs 688.9846 crores as compared to Rs 582.1905 crores for the earlier six month period. Net profit was Rs 26.0593 crores for the six month period as against Rs 4.4054 crores for the earlier six month period.

Gokaldas Exports’ units were completely shut due to COVID 19 restrictons between April 29, 2021 and July 4, 2021. Operations remained shut for most of May 2021 and worked at 30 per cent capacity in June 2021. The company resumed full operations from July 5, 2021.

Return to homepage

30th October 2021, Mumbai:

DLF Mall of India in Noida has on-boarded more than 20 new brands in the September quarter.

These cover retail stores across fashion, beauty, electronics, and food and beverage. The aim is to open another five stores by the end of October. The property has upgraded its retail and food and beverages portfolio by bringing in newer brands and first-of-its-kind concepts.

DLF Mall of India has opened three new international fashion brands: the first ever Nike Rise flagship store in the country, Levi’s Tailor Shop and global lifestyle brand Guess. The beauty category was further strengthened by the country launch of Anastasia Beverly Hills. Other newly introduced brands include home-grown labels such as Fizzy Goblet, Miarcus and House of Fett.

The markets are seeing a resurgence due to pent-up demand.Malls, however, were slow to recover from covid-19 induced lockdowns as shoppers preferred to shop in open markets, and local, state-level restrictions on shopping centers led to restricted opening of malls. Rating firm Crisil said revenues of shopping malls declined 45 per cent last fiscal; it expects revenues of shopping malls to grow 45 per cent to 55 per cent this fiscal.With increasing inoculation, and life returning to normalcy, the retail industry is confident of seeing an upward swingin business.

Return to homepage

29th October 2021, Mumbai:

The khadi fashion show organised by the Khadi and Village Industries Commission (KVIC) in New Delhi curated by the Fashion Design Council of India (FDCI) showcased 60 designs by 10 young fashion designers.

Designer Swatti Kapoor received the first prize while Dhruv Singh came second with two designers Kaushal Singh and Gaurav Singh bagging third place at the All-India Khadi Designers Competition.

The All-India Khadi Designers Competition received 393 nominations from young fashion designers from across the country. This is for the first time KVIC organized a pan-India designer contest.

Through its association with young designers, KVIC aims at connecting with millennials and will house collections by these designers at its outlets across India. The creations of these contestants will soon be available at Khadi India outlets as designer wear. The idea is to attract younger generations toward khadi with clothing that is comfortable, easy to wear, and trendy.

Khadi has been an instrument of social change in the pre-independence era and has transformed into a tool of resilience, resurgence, and self-reliance in modern times. And from being a humble attire of the great freedom fighters, khadi has evolved into a symbol of fashion and ultimate luxury.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

01 November 2021, Mumbai:

John Lewis Partnership PLC said on Friday that it has received a new environmental credit facility worth 420 million pounds ($579.3 million). The credit line is connected to environmental standards, according to the British retailer, which owns the John Lewis department store chain and the luxury supermarket Waitrose.

The goals are to be net-zero by 2035, to cut food waste in Waitrose by half by 2030, and to phase out the usage of fossil fuels in the transportation fleet by 2030. The interest rate will change based on whether the corporation meets its five-year goals.

The interest rate the company pays on the loan will be determined by whether it meets three environmental goals over the next five years, including decreasing carbon emissions, minimising food waste, and shifting away from fossil fuels.

These goals support the Partnership's current sustainability commitments, by 2035, carbon emissions will be nil. Food waste: Waitrose will reduce food waste by 50% by 2030, compared to a 2018 baseline. Transportation: by 2030, the company's transportation fleet will be free of fossil fuels.

Furthermore, the John Lewis Partnership recently became one of the first companies to sign on to the Science-Based Targets Initiative Business Ambition for 1.5°C as well as the UN Race to Zero initiative. "For the Partnership, this is a critical accord. To combat climate change, businesses must integrate their financial strategy with sustainability goals, according to Bérengère Michel, executive director of finance at the John Lewis Partnership.

"I am glad that, ahead of the COP26 meeting, the Partnership is honoring its sustainability pledges and mission by taking this critical action." "This loan facility further strengthens our excellent connections with our financial partners, who continue to back the Partnership and our long-term goals." This year, the Partnership will invest roughly £800 million to develop and grow its retail brands, as well as diversify into new areas including financial services and leased housing.

Return to homepage

29th October 2021, Mumbai:

Welspun India’s total income was Rs 2501.39 crores during the second quarter as compared to Rs 2227.22 crores for the previous quarter. Net profit was Rs 199.06 crores as against a net profit of Rs 217.53 crores for the previous quarter. EPS was Rs 2.01 for the second quarter as compared to Rs 2.17 for the previous quarter.

Total income was Rs 2501.39 crores during the second quarter as compared to Rs 1992.58 crores during the same quarter previous year. Net profit was Rs199.06 crores during the second quarter as against Rs 179.70 crores for the same quarter the previous year. Total income was Rs 4728.24 crores during the six month period as compared to Rs 3208.62 crores during the earlier six month period. Net profit was Rs 416.59 crores as against Rs 228.79 crores. Welspun is adding to its capacity in towels, sheets and rugs. The towel capacity will increase by seven per cent. Sheets will increase by 20 per cent and rugs by 80 per cent.

Return to homepage

29th October 2021, Mumbai:

Not So Pink, a body-inclusive western work wear brand, has joined hands with body-positive influencer Sakshi Sindwani to encourage women of all sizes to embrace their curves.

The brand redefines business fashion with a focus on tailoring western business ensembles to fit Indian body types and sizes. The brand is a result of thorough research on Indian body type and is unique in its offering-trendsetting designs available across sizes--right from XS to XXXL.

With its recently launched campaign, Not So Pink wants to break preconceived norms of work attire. The campaign, in association with body-positive influencer Sakshi Sindwani, will speak the language of women at the workplace and bring about the vibrant change required in the Indian corporate environment with its range of fashionable western work wear that's made in trendy styles to fit a range of sizes.

Through this campaign, Not So Pink is bringing in a new conversation about enabling fashion for the body, and not the other way round, especially for the naturally curvaceous Indian body type. The campaign will showcase the brand’s figure-friendly and bright dresses that give a spin to the otherwise drab wear which redefines office attire for most Indian women.

Return to homepage

01 November 2021, Mumbai:

The GST Council recently announced its decision to increase rates in the footwear and textile sector to correct the inverted duty structure. This will result in 12 percent GST on all footwear irrespective of its price; and barring cotton, all textile products including readymade garments will attract 12 percent GST from January 2022.

The decision will impact nearly 80 percent of final products to consumers, says a joint proposal by the Federation Of Hosiery Manufacturers’ Association of India (FOHMA), West Bengal Hosiery Association (WBHA), The Bengal Hosiery Manufacturers’ Association (BHMA), Chamber Of Textile Trade & Industry (COTTI), West Bengal Garments Manufacturers and Dealers Association (WBGMDA), Eastern India Garment Manufacturers & Exporters Federation (EIGMEF), Bangla Readymade Garments Manufacturers & Traders Welfare Association (BRGMTWA).

The Associations say as per Retailers Association of India monthly survey, domestic hosiery knitwear fabric, textile traders, and garment industry is struggling to revive post-pandemic as most stores continue to operate at 60 percent of pre-COVID levels. The industry is expected to achieve 2019-levels only by 2022-end. Hence, it should not be burdened with additional taxes.

Increase pressure on capital and employment requirements

Extending GST rates may also create greater stress on the already extended working capital requirements of the industry, especially in the MSME sector. It may compel banks to recall loans granted to MSMEs under the government-backed Emergency Credit Line Scheme. This may intensify the sector’s hardships, the proposal points out.

The pandemic has also resulted in a 20 percent drop in employment in the industry. Increasing GST may increase the burden and impact its economic viability. It may lead to 18 percent shrinkage in the industry’s workforce with a loss of approximately two million jobs, adds K B Agarwala, President, FOHMA & Managing Director of Rupa & Company.

Drop-in consumption levels

GST hike may also result in consumption levels dropping sharply, feels Ashok Todi, President WBHA & Chairman, Lux Industries. Also, consumers may shift to cheaper and lower-quality goods to save capital. Largely, cotton-based, hosiery knitwear fabric, textile traders, and the garment industry are already troubled by the severe economic, social and personal trauma caused by the pandemic.

GST hike will increase negativity amongst consumers and who will veer away from purchases, explains Sharad Bhatter, President, BHMA & Director, Asia Hosiery Mills.

It may also tempt fringe players to revert back to the informal sector. This may have a direct impact on the government’s other taxation plans, adds Alamgir Fakir, President, BRGMTWA & Director, Dynax Apparels.

Need for a uniform tax rate for textile value chain

Sanjay Kuman Jain, Former Chairman, CITI, Managing Director TT Ltd & Vice President, FOHMA, advises the GST Council to make the entire value chain subject to a 5 percent rate. This may result in higher revenue collection and also drive greater compliance and consumption.

Vijay Kariwala, Senior Vice President, WBGMDA, also urges the Council to factor in a cost increase to the government as well as the industry as a result of the GST hike. The Associations strongly urges the Central and state governments and GST Council to review their decision and maintain current GST rates.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

29th October 2021, Mumbai:

For the second quarter, Raymond’s consolidated net profit was Rs 56.15 crores. Total income was up twofold during the quarter under review as against the corresponding period of the previous fiscal year.

Total expenses were higher at Rs 1,488.64 crores as compared to Rs 942.35 crores. All of Raymond’s businesses performed well in the second quarter. The consumer-facing businesses witnessed a strong resurgence of demand and witnessed an uptick on a week-on-week basis during the quarter.

With the onset of the festive and wedding season, the consumer sentiment is upbeat primarily due to the large-scale vaccination drive across the country.

Revenue from textile was up over three folds. Revenue from the shirting segment zoomed to Rs 148.26 crores. Growth was driven due to improvement in both primary sales as well as secondary sales.

There was a gradual pickup in primary sales from August onwards catering to the upcoming festive demand and the wedding season. Growth in secondary sales was led by improvement in consumer sentiments post gradual unlocking, leading to increasing footfalls in retail outlets.

Revenue from the apparel segment was up over threefold. The garmenting segment was higher at Rs 211.92 crores. This was mainly due to the growth in bulk business from the US and UK retail markets along with the gradual opening up of the European market.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

29th October 2021, Mumbai:

The Textile Ministry introduced a new grading system to select the beneficiaries of the Rs 10,683 crore Production Linked Incentive (PLI) scheme for man-made fiber (MMF) and technical textiles sectors. The system rates manufacturers for their employment generation, location, financial stability, experience, and technical expertise.

As per the new system, the ministry grants incentives to only those participants that are able to achieve the required minimum threshold in a particular year. Others can claim these incentives in subsequent years, provided they meet the eligibility criteria. The grading system plays a crucial role in determining beneficiaries in case the number of applicants exceeds the allocated sum.

Boosting economic activity in smaller towns

The grading system enables aspirants to score a maximum of 80 points. Applicants can score 15 points for providing jobs to over 10,000 persons, 5 points for employing 500-5,000 workers, and 10 for employing 5,000-10,000. Companies can score up to 10 points for their financial stability, experience, and technical expertise.

They can score 15 points for investing in ‘emerging new districts’ and Group C towns designated by Housing Ministry. Their investments in these segments can earn them 5 points each while investments in integrated weaving and processing of fabrics and garments can earn them10 points.

Through this system, the ministry aims to promote investments, generate employment and boost economic activity in smaller towns. Beneficiaries will be selected by a committee chaired by the Textile Secretary and having representatives from the Niti Aayog and the DPIIT.

Promoting MMF production

Cleared last month, the PLI scheme for textiles aims to promote the production of high-value MMF fabrics, garments, and technical textiles. Besides generating a fresh investment of over Rs 19,000 crore, it also aims to achieve a cumulative turnover of over Rs 3 lakh crore, additional direct employment of 7.5 lakh, and indirect employment of several lakhs, etc.

The ministry aims to make the scheme flexible enough to ensure economies of scale. For this, it plans to use the plant, machinery, and equipment of the project approved under the scheme for producing goods not notified under the scheme.

It will also allow manufacturers to use associated utilities. Manufacturers will also be allowed to set up more than one unit for the production of notified products. However, they will have to declare this along with their applications, per the draft guidelines.

Minimum investment required

As a part of the overall PLI scheme announced for all sectors during the Union Budget 2021-22, the PLI scheme for textiles has a total outlay of Rs1.97 lakh crore. Companies planning to participate in the first part of this scheme need to invest a minimum of Rs 300 crore in the plant, machinery, equipment, and civil works.

The selected companies will receive an incentive of 15 percent of turnover in the first year and thereafter, one percent less incentive every year for the next four years. In the second part of this scheme, they would have to invest a minimum of Rs 100 crore and will receive incentives starting at 11 percent in the first year.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

30th October 2021, Mumbai:

As reported earlier 'The Goods and Services Tax (GST) Council' proposed to hike the rates uniformly from 5 percent to 12 percent for garments agonistic of their pricing & categories.

The step has widely been understood at the granular level will hurt & hit the MSME sector as the increased GST rates will only cause deep disruption by creating bottlenecks for the industry which is ravaged by the second wave of covid-19 & still is in the recovering mode only.

According to trade expert, Dr. Animesh Saxena- Managing Director, Neetee Apparels- a prominent garment exporter in NCR-Capital region and President of Federation of Indian Micro and Small & Medium Enterprises (FISME) the measure is retrograde & is quite definitely going to undermine the garment industry recovery as it drives prices up.

However he is taking a sympathetic view both on the industry & the authorities stand on proposed revision in GST taxes “Understandably, It is owing to the input cost pressures out of key raw-material yarn which presently has a GST of 18 percent with no recovery in the supply chain, and as a course correction to that the government is forced to contemplate/ look into these impending changes.,” explained Saxena.

He also avers categorically, “Government needs to sooner than later needs to seriously address the disruptive inverted duty structure and needless to state work urgently on the refund mechanism to help decisive trade recovery,”

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

29th October 2021, Mumbai:

Direct-to-consumer (D2C) sustainable footwear brand Chupps has raised Rs 8 crores in pre-Series A round from Venture Catalysts and other lead investors such as Gunavanth Vaid from 4G Capital, and Kaushal Vora from Genesis Packaging.

The funds will be used on expansion coupled with diversification of product portfolio and hiring talent. The start-up considers responsibility as a big part of its ethos, with products made from natural rubber, which do not use plastic and are 100 percent vegan.

In terms of market size, Chupps has great potential to disrupt and raise the industry. The recent fundraiser combined with the varied expertise of its investor group is expected to help the brand offer differentiated yet relevant products for consumers. Chupps was founded in March 2021 and the brand’s products are currently sold through its own website and online channels along with kiosks in malls and department stores across India.

The huge industry of innovative footwear foresees a vast future with earth-friendly production and supply. Changing lifestyles and the emerging new customer class is shifting footwear preferences and how it is consumed.

The footwear market in India is seeing an upsurge due to the demand for trendy, fancy, and comfortable footwear among the country’s young. India is the second-largest footwear producer after China.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

29th October 2021, Mumbai:

The existing state of affairs that Apparels selling over the price of Rs 1,000 are charged 12% GST. But what is indicative after rejig is that it will start to charge 12% GST even on garments priced below Rs 1,000, which at present are been charged at 5% only.

Let us try to understand how tweak of rates can impact if this rework of GST were to become a reality," The GST councils is indicated to have proposed to hike rates from current rate of 5% to 12% for garments maintaining uniformity across price categories is likely to be disastrous on the already battered garment units balance sheet by extending (WC) working capital requirements of the textile garment industry struggling to repair respective balance sheets, more significantly in the MSME/ small businesses on the back of pandemic induced stress".

Several industry bodies representing hosiery, knitwear, fabric, textile traders & garment manufacturers have already raised a serious concern over the proposed GST council’s earlier announcement, albeit the official confirmation is not yet happened as per trade sources.

To place it on record, "The proposed GST hike is indicated effective January 2022.

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage