Due to the second COVID-19 wave in India, the spring IHGF Delhi Fair has been rescheduled as an entirely virtual event to ensure the safety of buyers and exhibitors. The physical aspect of the international trade fair has been cancelled, reports Home Textiles Today.

The virtual edition will run from May 19-23 at http://www.ihgfdelhifair.in. It will feature more than750 Indian manufacturers exhibiting products in 14 broad-based categories with a focus on merchandise that many buyers would find only in India.

The show will offer more than 2,000 products and over 200 trend-specific design developments encompassing the complete range of home furnishings.

Major product groups at IHGF Delhi Fair will include home textiles and furnishings, furniture and accessories, gifts and decoratives, houseware and home utility products, lamps and lighting, carpets, rugs and floor coverings, Christmas and festive décor, handmade paper and gift wraps, spa and wellness bathroom accessories, lawn and garden ornaments and fashion jewelry.

The show is being organized by the Export Promotion Council for Handicrafts (EPCH).

The second COVID-19 wave is breaking the back of the Indian yarn industry. The exodus of migrant workers and curfews are impacting the operating rate time of many yarn mills in the country. As CCF Group reports states, some mills are currently operating at 70 per cent of their capacities.

Mills’ operating rates drop

Spinners in Maharashtra are fast losing workers who fled the city as soon as the second wave broke out. The operating rate of yarn mills in New Delhi has declined. Similarly, the comprehensive operating rate of yarn mills in Andhra Pradesh has declined to 80 per cent due to curfew and lockdown. Ring-spun and open-end yarn mills in the state are currently operating at 70 per cent operating rate and have been unable to operate for 24 hours a day. Their inventory levels have increased to 45 days due to a sharp decline in sales.

Ring-spun mills in Gujarat are also reporting loss of workers and many migrant workers have left the state. Punjab is the only state which is still seeing a 100 per cent operating rate as it has provided accommodation facilities to its migrant workers.

Weakening local demand to impact overseas market

Recurrent lockdowns are expected to affect operating rates and output of Indian yarn mills further. They are also likely to impact yarn supply, preventing prices from declining. Though the demand from overseas market has not been greatly affected, the epidemic has weakened local downstream demand, which in the last two months, has played a key role in supporting yarn prices.

Experts fear, declining demand in local market may make India more dependent on the Chinese market, weakening its bargaining power. To prevent this, India needs to control the spread of epidemic and boost operations of combed yarn mills that have not yet fulfilled previous contracts. The future of yarn prices will mainly depend on which of the two parameters -- supply or demand weakens more severely.

India’s largest value e-commerce company, Snapdeal, has launched a new brand campaign “Brand Waali Quality, Bazaar Waali Deal. The campaign highlights Snapdeal’s position as a shopping destination for inexpensive good quality products. It features Bollywood actors Riteish Deshmukh and Genelia Deshmukh Using humour, the campaign takes a lighthearted dig at a mindset that feels that anything can be good only if it is branded.

Through a series of videos, the campaign draws attention to the depth of high-quality choice that is available online and showcases great quality is also available at affordable prices. It targets smart, value-conscious buyers, who are not obsessed by brands and look for good quality, high utility items including fashion, accessories, homeware, etc

Alok Textiles’ Q4 revenues increased by 97.86 per cent Y-o-Y to Rs 1,466.82 crore. Even for the full year FY21, the company reported 16.7 per cent growth in net sales at Rs3,847.59 crore. The sales picked up after a relatively lull period during the pandemic. In fact, the top line was also up 22.05 per cent on a sequential basis compared to Dec-20 quarter.

For the March-21 quarter, Alok reported a consolidated net loss of Rs-500.11cr as against a net profit of Rs1,790.87 crore in the March’20 quarter. However, both these numbers were predominantly influenced by exceptional items.

The company had booked an exceptional loss of Rs650.95 crore in the March’21 quarter, while it had booked an exceptional gain of Rs2,052.55 crore in the March’20 quarter. In the March’20 quarter, the exceptional gain came from the extinguishment of assigned debt as per the resolution plan.

In the March’21 quarter, the exceptional loss was on account of impairment of assets provided for. Due to these exceptional items, the margins were neither relevant, nor comparable.

Domestic ratings agency ICRA expects the second wave of coronavirus infections to delay the retailers’ recovery to FY23. The agency expects revenues in the industry to grow by 23-25 per cent on a low base in 2021-22 which would not be sufficient to get the business performance back to the pre-COVID-19 levels

Sakshi Suneja, Sector Head said, retailers are expected to continue with cost cutting measures in FY22 supporting their operating profit margins (OPM) at around 4.1 per cent in FY22, though these may remain lower by around 2.50 per cent from FY20 levels.. De-leveraging of balance sheets will improve credit profiles of retailers in 2021-22 as compared to the year-ago period. However, these will remain weaker than the pre-COVID-19 levels, Suneja added.

ICRA expects retailers to invest Rs 2,400 crore in capital expenditure in 2021-22, largely on store expansions that got deferred as a result of the pandemic. The pandemic has also spurred the adoption of online retailing in India, with most of the retailers reporting more than 50 per cent jump in online sales in the first nine months of the fiscal albeit on a low base, leading to increased proportion of online sales within the overall mix, said Priyesh Ruparelia, Co-Group Head.

Lenders to Kishore Biyani’s Future Group plan to withdraw the debt recast plans that offers the company easier repayment options, if its Rs 24,713 crore asset sale to Reliance Industries (RIL) materializes within a reasonable time frame.

Lenders have also agreed to extend repayment of loans by up to two years, while converting unpaid interest into a funded interest term loan. The penal charges too will be waived under the recast plan.

The debt recast plan of the company will help it stay afloat. However, the plan will be implemented only if the deal to sell Future's retail, wholesales, warehousing and logistics assets to Reliance Retail Ventures Ltd (RRVL) does not go through.

So far, the consortium of lenders has approved the debt restructuring of Future Retail Ltd (FRL), Future Enterprises ltd (FEL) and Future Supply Chain Solutions Ltd. The restructuring plans of FEL and FRL have received approval from the RBI-constituted expert panel, sources said.

The Rs 24,713 crore deal between RIL and Future Group was announced in August last year but it is getting delayed as e-commerce major Amazon is contesting it at several forums, including an arbitration at SIAC and before the Supreme Court.

Sportswear brand Asics has roped in all-rounder Ravindra Jadeja as its new brand ambassador.

The company, which focuses on sporting gear for the running category, said that its partnership with Jadeja would further strengthen the company’s commitment, spread awareness about its diverse offerings, and magnify the reach of the brand during the ongoing Indian Premier League (IPL) season.

Known for his batting and wicket-taking abilities, Jadeja has picked up over 425 wickets and scored over 4,000 runs in the international cricket matches. He was first-lined in the Indian squad for the 2006 U/19 Cricket World Cup in Sri Lanka and was the vice-captain of the victorious Indian team at the 2008 U/19 Cricket World Cup.

A high performance brand, Asics has been working with young and fresh athletic talent across various genres of sports. In India, ASICS is promoted by actor Tiger Shroff.

The company was founded in 1949, by Kihachiro Onitsuka which sells running shoes as well as athletic and sports inspired footwear, apparel, and accessories. In Asia, Asics currently has over 55 stores across India, Sri Lanka and Bhutan.

Designers David Abraham and Rakesh Thakore’s namesake label has launched their Spring/Summer 2021 collection titled ‘Renewal.’ The collection features separates and saris in playful design. Its color palette includes the brand’s signature monochromes, pink, saffron, haldi and lime green shades One of the highlights of the collection is the Chilli sari which infuses a sense of humor to the collection. Priced in the rage of Rs 3,000-Rs 15,000, the collection has received a positive response in the pan Indian online market.

Abraham & Thakore is one of India's most successful and respected brand for fashion, accessories as well as home textile products. This design label was initially established by David Abraham and Rakesh Thakore, graduates of the National Institute of Design, Ahmedabad who were later joined by Kevin Nigli, a design graduate of NIFT New Delhi.

Each Abraham & Thakore collection explores the development of a quiet and modern design voice while simultaneously drawing on the rich traditional vocabulary of Indian design and craft. The brad reiterates the belief that real luxury lies in specially crafted product in limited numbers of high quality.

Levi’s®’ new spring campaign — “Buy Better, Wear Longer” raises awareness about the the environmental impacts of apparel production and consumption. Featuring an inspiring group of changemakers including Jaden Smith, Xiye Bastida, Melati Wijsen, Xiuhtezcatl, Emma Chamberlain and Marcus Rashboard MBE — this multi-platform global ad campaign combines Levi’s® longstanding commitment to making quality clothing with the passion of six icons and activists working on issues critical to the future of our planet.

As per Economic Times, the campaign also encapsulates Levi’s® ongoing efforts to drive more sustainable production practices: by driving ambitious climate and water action and by investing in materials and technologies such as Cottonized Hemp and Organic cotton, and scaling Water<Less® manufacturing. Around 76 per cent of all Levi Strauss & Co. products, and 70 per cent of all Levi’s® bottoms and trucker jackets are now made using our Water<Less® technology — built on a series of finishing techniques and water recycling guidelines that have saved more than 4 billion liters of water and resulted in the recycling of nearly 10 billion liters of water since they were first introduced.

India’s leading women’s apparel brand, W’s new Spring Summer Collection 2021 offers an extensive range of apparels in Whites on White, with soothing tonalities. As per Indian Retailer, it also offers a range of LivaEco and also includes Workwear Dobbies, offering fashionable yet comfortable workwear options to modern Indian women.

The collection also features all-day rompers layered with long sheer resort shirts and vacay dresses with clever cutouts, cropped Jumpsuits, easy-tiered dresses, resort sets, and holiday tunics.

With this new collection, W has also unveiled its new campaign ‘Hope is Trending’ that calls for rejoicing life by celebrating the positivity, strength, and happiness amid the unforeseen challenges of the pandemic.

The all-new Spring Summer Collection 2021 reflects the campaign theme well, featuring unique silhouettes, colors, and patterns imparting timeless, minimal, and functional looks while adding style and functionality to the wardrobe. The theme is projected through the displays at the stores as well with the minutest of the details crafted with the utmost attention.