Dr A Sakthivel, Chairman, Apparel Export Promotion Council (AEPC) has welcomed the government’s decision to continue the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme on apparels and made-ups till March 31, 2024.

Dr Sakthivel said, the extension will help refund all embedded taxes and make India’s products globally competitive. The scheme will help the Indian textile value chain attain $100 billion annual exports in next three years.

It will generate lakhs of new employment, particularly for the vulnerable sections including semi-skilled, rural youth, migrants and women in the MSME segment. It will also help India achieve the envisioned goal of “Aatmanirbhar Bharat”.

The RoSCTL scheme will also make Indian textile and apparel industry more competitive by controlling the decline in apparel exports, added Dr Sakthivel.

Youth-focused D2C brand, Bewakoof expects revenues to grow to Rs 1,000 crore in the next two years as it adds new product categories and strengthens its retail presence across various digital platforms.

The company, which currently has annual sales of about Rs 300 crore, has launched 'Cosmos' to tap into the fast-growing beauty segment in India. Bewakoof also has a range of collaborations with Marvel, DC Comics, Looney Tunes, Star Wars, F.R.I.E.N.D.S, and Disney brands for various fashion products.

Under the Cosmos brand, Bewakoof plans to launch 43 products ranging from day and night creams to aftershave, bath salts, and serums on its platform as well as online marketplaces.

The company has been researching various beauty concoctions available in the market and has identified gaps that it can fill in by using minerals and giving it a twist with natural ingredients.

14th July 2021,Mumbai:

In fiscal 2021 that ended March 31, 2021, Indian textile and apparel company Raymond reported a 45 per cent decline in revenue to Rs 3,648 crore compared to the revenue of Rs 6,578 crore in the previous fiscal. The company incurred a Rs 297 crore net loss during FY21 against Rs 196 crore profit in FY20. Its EBITDA dropped to Rs 135 crore from Rs 612 crore in the previous fiscal.

According to the company, strong demand driven by festivals and marriage season provided the required impetus for faster recovery leading to bounce back in sales to almost three times in H2 as compared to H1.

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The company’s branded textile segment sales dipped to Rs 1,572 crore during FY21 from Rs 2,917 crore in the previous fiscal. Its sales from branded apparel plunged to Rs 457 crore while sales from garmenting business declined to Rs 549 crore and sales of high value cotton shirting declined to Rs 258 crore

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15th July 2021,Mumbai:

Bollywood actor Taapsee Pannu has been roped in as the new brand ambassador by Vogue Eyewear. As per Fashion Network, Pannu will star in the brand’s new ‘Lets Vogue’ campaign for the Indian market.

In her new role for Vogue Eyewear, Pannu will showcase the brand’s latest collection of glasses and sunglasses in an eclectic campaign. As the new face of Vogue Eyewear in India, Pannu will join the brand’s global portfolio of inspiring women. Pannu believes, Vogue Eyewear speaks to the young and vivacious women, who like to keep it real and believe in their inner selves.

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Vogue Eyewear was launched in Florence, Italy in 1973. The brand retails in India through a wide array of retail outlets online and offline including Tata Cliq, Lenskart, Nykaa Fashion, and Flipkart, etc.

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Vardhman Textiles awarded at 4th ‘CII National Kaizen Circle Competition 2021’

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15th July 2021, Mumbai:

Ludhiana-based Vardhman Textiles was awarded with numerous awards at 4th CII National Kaizen Circle Competition 2021.

As per a Textile Value Chain report, the group’s Budni unit Vardhman Fabrics was adjudged as the best innovative Kaizen for quality as well as the first runner up in the category of best Kaizen for utility & energy management.

Another unit Auro Weaving Mills, Baddi (HP) was declared as the second runner up in the best Kaizen for safety improvement category while Auro Spinning Mills, Baddi (HP) was the first runner up in the category of best Kaizen for safety improvement. Auro Textiles II was declared as the second runner up in the category of best Kaizen for safety improvement.

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Indian ‘Cotton Ending Stock’ is likely to decrease to 75L bales: Cotton Affiliation of India, SIMA,CCI

Indian ‘Cotton Ending Stock’ is likely to decrease to 75L bales: Cotton Affiliation of India, SIMA,CCI

Vardhman Textiles has also inoculated 6,059 employees in Punjab, 7,564 in Himachal Pradesh and 7,999 in Madhya Pradesh so far.The Group conducted vaccination drives at the doorstep for its employees and their family members.

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14th July 2021,Mumbai:

J.Jill has appointed Jyothi Rao, CEO and President, Intermix, an omni-channel boutique retailer to its board of directors. As per Fashion Network, Rao will join the Quincy, Massachusetts-based womenswear retailer, with immediate effect.

Prior to joining Intermix, Rao held various leadership positions in the retail industry, including with Gilt Groupe, Calvin Klein and Gap Inc.

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Claire Spofford, CEO and President, J.Jill hailed the appointment of Rao for her extensive knowledge of the retail landscape. She was one of many retailers impacted by the COVID-19 pandemic last year. The retailer offers a customer experience through 265 stores nationwide, as well as an e-commerce platform.

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15th July 2021,Mumbai:

The Indian government has extended the rebate of taxes and levies on apparel exports till March 2024. These rebates will include exports of garments and madeups and will be at the same rate as notified by the Textiles Ministry in March. They will boost investments in the domestic textile firms.

RoSCTL will continue with the same rates as notified by the ministry of textiles vide Notification dated March 8, 2019; w.e.f January 1, 2021 on exports of apparel/garments (Chapters-61 & 62) and made-ups (Chapter-63) in exclusion from Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for these chapters.

The other textiles products (excluding Chapters-61, 62 & 63) which are not covered under the RoSCTL shall be eligible to avail the benefits, if any, under RoDTEP along with other products as finalised by department of commerce from the dates which shall be notified in this regard.

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The scheme will be implemented by the department of revenue with end to end digitization for issuance of transferrable Duty Credit Scrip, which will be maintained in an electronic ledger in the Customs system, the release added.

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14th July 2021,Mumbai:

India’s cotton ending stock is likely to decrease to 75 lakh bales during the present season to September as home demand has picked up. However some experts estimate stocks to remain at 120-plus lakh bales for the season.

Cotton output for 2020-21 has been revised downwards to 356 lakh bales, CCI is expected to have 18 lakh bales by the end of the season, including that many of the gross sales had been meant for home consumption.

Some commerce specialists count on mills’ consumption to prime 300 lakh bales, although Selvaraju, Secretary-Basic Okay, Southern India Mills Affiliation (SIMA) estimates the shutdown resulting from COVID pandemic to decrease the offtake beneath CCPC projections.

In its January 25 assembly, the CCPC estimated home consumption at 330 lakh bales, with mills’ offtake at 286 lakh bales. Consumption of spinning mills is likely to decrease to 270 lakh bales due to lockdown, says a SIMA official

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The Cotton Affiliation of India (CAI), the apex physique of cotton merchants, pegged home consumption at 325 lakh bales at its assembly final month, with mills’ demand pegged at 282 lakh bales.

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Designer Manish Malhotra has teamed up with whisky brand Blenders Pride to create a limited edition box design to celebrate his 30 years in fashion.

As per Fashion Network, Malhotra has created an exclusive design for the Seagram’s Blenders Pride’s limited-edition pack. The limited-edition pack reverberates with a contemporary design that represents glamorous curations, something that has been synonymous with my personal style for a long time. Inspired by the skilfully crafted smooth blend, the limited-edition pack is adorned with intricate patterns with warm metallic accents and tones that build a sense of glamour and celebration. The pack embodies a seamless blend of fine craftsmanship that reflects Malhotra’s signature style of glam and romance.

Malhotra has also launched his latest bridal and occasion wear collection featuring glittering sarees and lehengas. Named Nooraniyat, the collection is inspired by the craft technique of Phulkari and modernises the heritage technique by giving it a futuristic black and silver color palette.

15th July 2021,Mumbai:

India and Bangladesh have signed a Memorandum of Understanding (MoU) to export 10 lakh bales of cotton annually. As per a Krishi Jagran report, the MoU will facilitate a Government to Government transaction. It will be handled by Cotton Corporation of India (CCI).

Watch:https://www.youtube.com/watch?v=g1Ql8aBvpRQ

Bangladesh imports 20 to 30 lakh cotton bales from India annually. For the first time, CCI is trying to enter the export market directly. The contract is in final stages with both the governments actively negotiating the deals. Bangladesh is skeptical of the government’s export guarantee as it believes the Indian government takes a lot of time to supply goods whereas private exporters are quite prompt.

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CCI procured around 100 bales of cotton in the cotton season 2020-21 at MSP of Rs 5,515 per quintal for medium staple cotton and Rs 5,825 per quintal for long staple cotton.

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14th July 2021,Mumbai:

Brokerage ICICI Securities anticipates Page Industries’ quarter-on-quarter (QoQ) revenues to decline by 47 per cent to Rs 459 crore in Q1FY22E. The company’s volumes are expected to decline by 49 per cent QoQ while realization is expected to be higher by 2 per cent to Rs 194 per piece, owing to change in product mix.

On account of negative operating leverage, the analyst expects Page Industries’ EBITDA margins to decline substantially from 19.3 per cent in Q4FY21 to 3.4 per cent in Q1FY22E. It expects the company to report net loss of Rs 1.7 crore (vs. net profit of Rs 116 crore in Q4FY21 and loss of Rs 40 crore in Q1FY21).

Another brokerage firm Emkay Global Financial Services expects Page Industries’ revenues in Q1 FY22 to grow to 55 per cent of pre-COVID revenues The company’s Ebitda (earnings before interest, taxes, depreciation, and amortization) margins are expected to surpass pre-COVID levels led by both better gross margins as well as lower negative operating leverage.

Page Industries is engaged in the manufacturing, distribution and marketing of innerwear, athleisure, sleepwear and swimwear for men, women and kids. The company is the exclusive licensee of Jockey International Inc for the manufacture, distribution and marketing of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar.

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Page Industries is also the exclusive licensee of Speedo International for the manufacture marketing and distribution of the Speedo brand in India consisting of swimwear apparel water shorts equipment and footwear. The company has significantly expanded its presence by opening many EBOs and MBOs across the country.

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The Tirupur knitwear industry faces a grave threat with increasing yarn and raw material prices that have surged almost 43 per cent per kg in the last eight months. Surge in raw material prices threatens to derail the growth of knitwear cluster that has just started to recover from second COVID-19 wave.

Exporters seek government aid to curb price rise

The knitwear industry lost almost Rs 10,000 crore in revenues during the second wave as raw material prices surged manifold. From November 2020 to June 2021, the price of 30s combed yarn increased 43 per cent to Rs 330 per kg while lycra price went up 100 per cent, raising concerns for Micro, Small, and Medium Enterprises (MSMEs) category. As Raja M Shanmugham, President, Tirrupur Exporters’ Association (TEA) says, the government should impose a cap on rising yarn prices.

Spiraling yarn prices further raised cotton prices that surged from Rs 48,000 in November 2020 to Rs 54,000 in June 2021. This led to losses worth thousands of crore for MSME exporters who could not absorb hike in prices due to low production capacity and factories remaining shut for almost two months, says K G Ganeshan, Partner, Swell Knit.

Indian exporters lose ground

Exporters’ problems compounded with buyers refusing to pay more than the agreed price for products. Demonetization, GST and global slowdown aggravated their losses as they were further hit by the two pandemic waves.

Though most exporters staged a quick recovery from the first wave, the second wave isolated them from global counterparts. As the government reimposed lockdowns, apparel trade halted across the country. This enabled India’s competitors including Bangladesh and Vietnam to race ahead in apparel exports to the EU and US, adds Shanmugham. These countries also benefitted from keeping most of their units open during the pandemic.