06 October 2023, Mumbai

Indians are gearing up for a lavish spending spree this festive season, with 70% of respondents planning to increase their spending, according to a recent UBS report released on Wednesday. The report surveyed 2,000 Indians across 10 cities and found that average festive spending is expected to increase by 15% this year.

Shift to Cash Payments

The report also revealed a shift from digital to cash payments, with the former dropping from 71% to 58% and the latter rising from 27% to 35%. This suggests a growing preference for buying local and offline goods, which could boost Prime Minister Narendra Modi's "Vocal for Local" initiative.

Boost for Local Businesses

The shift to cash payments is also likely to benefit local businesses, which often do not accept digital payments. Additionally, the increase in festive spending is expected to boost the Indian economy.

Implications for Businesses

The findings of the UBS report have several implications for businesses. First, businesses should focus on offering attractive deals and discounts during the festive season to attract customers.

Second, businesses should make it easy for customers to pay in cash, especially if they are targeting local customers. Third, businesses should invest in marketing and advertising campaigns to reach out to potential customers during the festive season.

Sum & Substance

The UBS report reveals that Indians are ready to splurge on festive shopping this year, with a growing preference for buying local and offline goods.

This is a positive development for the Indian economy and could boost the sales of local businesses.

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30 September 2023, Mumbai

The Retail Technology Conclave (ReTechCon 2023), organized by the Retailers Association of India (RAI) in Mumbai on September 26th and 27th, 2023, brought together a distinguished assembly of retail CEOs, CIOs, technology service providers, and experts.

Highlights; The conclave aimed to provide valuable insights into the multifaceted landscape of technology trends impacting the retail sector.

Brings Together Retail Leaders to Discuss Technology Trends and Innovations

The discussions covered a wide range of topics, including sustainable solutions, global technology trends, and innovative disruptions aimed at addressing operational challenges in the retail industry.

D2C

The dynamic realm of retail. The conclave covered various areas such as Digital Transformation, Direct-to-Consumer (D2C) brand strategies, the Omnichannel Experience, and the growing influence of Artificial Intelligence (AI) in the retail sector.

The Open Network for Digital Commerce (ONDC) case was also discussed emphasising its commitment to driving inclusive e-commerce transformation in India.

As the goal is to bring numerous sellers into the digital ecosystem and foster an environment conducive to the growth of startups within the retail technology ecosystem.

Outlines

There was a mention around recent developments such as the Rupee Credit Card on UPI and RBI-approved credit lines on UPI that have broadened access to credit for a wider segment of the population, including small merchants.

The ever growing role of technology in enhancing customer experience also got attention leveraging technology to anticipate customer needs providing personalized experiences to drive innovation and growth.

The conclave was a resounding success highlighting the event’s role in empowering retailers with the knowledge and tools necessary to thrive in a digitally-augmented world.

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14 October 2023, Mumbai

The Indian textile and apparel industry has the potential to reach US$ 350 billion by 2030, according to experts at the FICCI TAG 2023 conference.
However, this will require a transformational change based on manufacturing excellence, responsible production, sustainable practices, technological capacities, and collaborative efforts.
Industry leaders opine:
The transformational change for textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all.
Unlocking the potential of India's textile industry is not just a vision; it's an achievable reality. To reach the $350-400 billion mark by 2030, we must embrace global trends, foster partnerships, manage labor reforms, and strengthen our value chain, reducing import reliance.
Outlines

FICCI recommends that the government should focus on developing a mini sub-sectoral roadmap within the larger macro picture with the support of Industry and help supporting each of the segments, which can not only contribute higher quantum but also provider faster growth to the overall Textile Sector.
In a country like India, supply-side capacities need to be built as India has the advantage of both domestic and export markets. The synthetic fiber industry is equipped to take care of all raw material needs as the industry expands.
Focus on sustainability, digitalization, and manufacturing excellence for profitable manufacturing growth to achieve 350 billion by 2030.
Nuances
There is a need for creating a product development center and tie-up with international institutes for new product growth and should focus on international experts in niche areas. Textile and apparel Industry of India has a bright future, and it will be a player to reckon with in the next 4-5 years.
PM MITRA Parks and the PLI scheme are expected to boost investment in the industry, contributing to significant growth in production, employment, and exports, and will emerge as a strong competitor in the global market.
The report concludes that the Indian textile and apparel industry has the potential to reach US\$ 350 billion by 2030, but this will require a concerted effort from all stakeholders.

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13 October 2023, Mumbai

Birla Cellulose, a leading producer of environmentally conscious Man-Made Cellulosic Fibers (MMCF), has launched a new Circular Fiber Blend.

Outlines

This innovative blend contains 50% mechanically recycled fiber while maintaining high-strength yarn, making it ideal for fabric and garment production across diverse categories.

The Circular Fiber Blend is certified by the Global Recycle Standard (GRS), Recycled Claim Standard (RCS), FSC, and High Index.

It also incorporates blockchain technology for full traceability of the yarn blend, ensuring transparency and accountability throughout the supply chain.
The mechanical recycling process used to convert PCW waste into fiber is chemical-free and the most energy-efficient process for sustainable yarn production. It also minimizes water usage throughout its lifecycle.
In addition to its environmental benefits, the Circular Fiber Blend offers a number of other advantages, including:
Reduced carbon footprint: The mechanical recycling process used to produce the Circular Fiber Blend has significantly lower greenhouse gas emissions than traditional fiber production methods.
In-situ coloration: The Circular Yarn Blend utilizes in-situ coloration, where recycled dope-dyed/mélange yarn negates the need for additional dyes or pigments, further lessening its environmental impact.
High quality: The Circular Fiber Blend maintains the same high quality standards as Birla Cellulose's other MMCF products.
Birla Cellulose's Circular Fiber Blend is a significant step forward in the development of sustainable and environmentally responsible textile production.

The company is confident that this initiative will encourage the textile industry to adopt more sustainable options, meeting consumer demand while upholding the highest quality standards and sustainable practices.

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02 October 2023, Mumbai

Key takeaways:

Revenue growth to be driven by domestic demand and export revival

Lower cotton prices and easing supply chain issues to support growth

Volume growth estimated to be 6-8%, higher than last year

However:

Revenue growth rate to be lower than last year due to stabilized raw material prices and lower realizations

Overall, the Crisil Ratings report paints a positive outlook for the RMG sector in FY24, with revenue growth expected to be higher than the previous fiscal year.

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25 September 2023, Mumbai

Wazir Advisors, a leading management consulting firm, has partnered with Good Fashion Fund (GFF), a Netherlands-based impact investor, to provide technical advisory services related to impact investments in the fashion industry.

Through this partnership, Wazir will advise GFF on technical, sustainability, and supply chain aspects of potential investments.

The investment and E&S expertise of GFF along with the financial and technical expertise provided by Wazir Advisors will significantly improve the positive impact of manufacturing along the Five Goods: Good Energy, Good Water, Good Materials, Good Lives, and Good Economy.

Trade dynamics

In the competitive landscape of textile and apparel manufacturing, integrating sustainable technological solutions into their supply chain becomes essential for manufacturers to retain their edge.

GFF provides long-term USD debt directly to manufacturers to facilitate the adoption of highly impactful and disruptive production technologies, with the goal of establishing a textile & apparel supply chain that is restorative and regenerative.

Quotes

Commenting on the partnership, Varun Vaid, Business Director, Wazir Advisors, said, "We are excited to collaborate with Good Fashion Fund. With increased consumer awareness and pressure from global buyers & policy makers, sustainability has become a matter of urgency.

Wazir is committed to being a part of the sector's progress, and we believe this collaboration will be pivotal in encouraging Indian stakeholders to adopt sustainable practices."

Bob Assenberg, Fund Director, GFF mentioned, "As the only impact fund globally providing risk-tolerant debt for investments in sustainable and circular textile & apparel technologies in Asia, we are thrilled to be partnering with Wazir Advisors."

The partnership between Wazir Advisors and GFF is a significant development in the fashion industry's journey towards sustainability.

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