22 November 2021, Mumbai:

Prices of FMCG, apparel products have shot up in India. Prices of agriculture commodities have already gone up amid crop damage due to the inclement weather in India affecting production and supplies. Though freight rates have eased from the peak and container availability has improved for India’s exporters and importers, high input costs could force them to increase prices in the coming months.

Apparel exporters are renegotiating rates with big brands to pass on higher costs to consumers. Exporters were finding it tough to renegotiate prices earlier this year when freight rates were increasing, as buyers, worried about a possible third wave of the pandemic in India and the ability of suppliers to meet their commitments in that event, were unwilling to pay more. Now that the spread of Covid is under control and vaccination has picked up across the globe, overseas apparel buyers like Zara and other big brands have agreed to take into consideration a portion of the freight cost while fixing prices.

However, what is affecting the apparel industry is yarn prices, which have gone up by more than 60 per cent in the last one year. Manufacturers have to increase prices of their products but are not sure whether buyers will accept it. The container pile-up has reduced and it's available in about a week than what it was earlier.

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22nd October 2021, Mumbai:

For the second quarter ended September 30, 2021(Q2 FY2022), TT Ltd’s total income increased to 117.9487 crore, against Rs 99.0739 crore in the corresponding quarter of the previous year (YoY) and ₹83.7223 crore in previous quarter (QoQ).

The company’s net profit increased to Rs 5.2075 crore, against Rs 2.6604 crore in the corresponding quarter of the previous year (YoY) and Rs 4.1575 crore in previous quarter (QoQ).

Earnings Per Share (EPS) increased to Rs 2.42, against Rs-1.24 in the corresponding quarter of the previous year (YoY) and ₹1.93 in previous quarter (QoQ).

For the six months ended September 30, 2021, the company's total income increased to Rs 201.6709 crore, against Rs 167.3102 crore in the previous year (YoY) (Half Year Ended FY 2021).

The net profit increased to Rs 9.3650 crore for the six months period ended September 30, 2021, compared to Rs -6.6209 crore in the previous year (YoY).

The Earnings Per Share stood at Rs 4.36 for the six months period ended September 30, 2021, against Rs-3.08 in the previous year (YoY) (Half Year Ended FY 2021).

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6th October 2021, Mumbai:

Ved Prakash Chirpal, Chairman, Chiripal Group of Companies informs, his group aims to expand its footprint both in the local as well as international markets. A diversified textile company, Chiripal Group is a global conglomerate comprising Chiripal Industries (fabric division), Chiripal Industries (petrochemicals), Nandan Denim, Vishal Fabrics, Nandan Terry, Chiripal Poly Films and Vraj Integrated Textile Park.

With a net worth of Rs 2,500 crore, the group is committed to bringing about sustainability and developing environmental initiatives in the regions surrounding its manufacturing plants and facilities. It has made all efforts to reduce, recycle, and reuse waste. It has also increased the proportion of reusing and recycling among its denim verticals like Vishal Fabrics to 5-10 per cent and is in the process of replacing outdated machinery with modern equipment to reduce waste. The group employs a go-green washing machine for sampling and research. It also uses eco-friendly dyes besides having a large green cover around both the plant and the industrial park.

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22 November 2021, Mumbai:

Karmatex Apparels has added a premium weekend wear brand for urban and semi-urban Indian men called Harbour 9. The collection includes polo T-shirts, shirts, shorts and joggers. It has been created to find the perfect balance between dressed up and dressed down.

Karmatex exports knitted and woven garments for men, women and children. Across sub-brands, its range includes T-shirts, shirts, blouses, flannel, nightwear, sets and ensembles in 100 per cent cotton, spandex and blended fabrics with value additions like computer embroidery, prints, processes, tie-dyes, and more. Karmatex’s factories have 2000 stitching machines in operation, which can produce up to 1,000,000 pieces of T-shirts in a month and 6,50,000 wovens. Compliant with all labor laws and quality-controlled, these factories are instrumental in realising expansion and production plans for Karmatex.

The plan now is to tap cities like Surat, Jaipur, Tirupur and Ludhiana for more garment factories. Operational since 1990, the firm’s focus on quality and affordability has led it to Indian and international markets like those in Mexico, Argentina, Chile and Australia. In the past, it has supplied to Norway, Sweden, Finland and small orders to the UK and France as well. Karmatex has opened factories in Mumbai and Tirupur which make fine knits and wovens to fit within product ranges for men, women, boys, girls, babies and infants.

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12th October 2021, Mumbai:

In its recent meeting with Textile Minister Piyush Goyal, an industry delegation insisted on a 5 per cent GST rate on garments.

As per an Apparel Resources report, the delegation included Rajesh Masand, President, CMAI and Rahul Mehta, Chief Mentor, CMAI along with Kulin Lalbhai, Arvind Ltd. and Lalit Agarwal, V-Mart.

Recently, The Clothing Manufacturers Association of India (CMAI) had expressed its deep sense of disappointment and anguish. Industry is of the view that it is indeed disturbing that in order to correct an issue faced by a small section of the entire Industry, the GST Council is considering increasing the prices of nearly 85 per cent of the final products to the consumers.

It is important to mention here that there are reports claiming that the garment and fabric price have jumped by 10 per cent in about a week following a steep rise in yarn prices. Besides, the skyrocketing fuel prices have made logistics expensive.

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10th September 2021, Mumbai:

To connect with young consumers, Lux Industries -owned brand ‘Lux Cozi’ has launched a new campaign featuring its brand ambassador and Bollywood actor VarunDhawan.

The campaign targets India’s youth and will help the brand acquire new young customers across India. UditTodi, Executive Director, Lux Industries adds, the new commercial has been launched in major news and entertainment channels and has received rave reviews from consumers on social media.

Lux Cozi is an Indian brand of men's underwear, part of the Lux Industries group based in Kolkata, West Bengal, India. The brand turnover is about Rs 200 crores, mostly from rural India. The Lux Innerwear brand was launched by LIL in 1963. Today, it is sold in 5 lakh retail outlets across India.

Lux Industries operates brands like Genx, Lyra, and Onn, among many others, and is one of the largest players in the hosiery business, with a market share of 15 percent of the organized industry.

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07 October 2021, Mumbai:

The Kerala garment and textile industry has opposed the proposed GST hike on readymade garments and fabrics from 5 per cent to 12 per cent from January 2022. John Thomas Mundacal, State Vice President, Kerala Textile and Garment Welfare Association says the GST hike is likely to increase production cost from 10 to 30 per cent. He urged the Central and state governments to withdraw the tax. Kerala's textile industry is still enduring heavy losses even after the reopening of businesses after almost a year of complete shutdown due to subsequent waves of COVID-19.

Shop owners in Kottayam are finding it difficult to meet even basic expenditures like salaries, electricity bills, and rent. Local business owners also complained that buyers are buying things online instead of visiting physical stores due to the fear of COVID-19.

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10th September 2021, Mumbai:

Mumbai-based clothing brand Nachke has partnered with GirishDhoot, Owner, Downtown to strengthen its presence in the dance-wear category in the Indian market. The brand has also added a new active wear range to make inroads into the lucrative activewear market in India.

Nachke’s new range includes tracksuits, joggers, cargo pants, crop tops, t-shirts, oversized t-shirts, jackets, hoodies, caps, shoes, and other accessories. The clothing materials used are exclusive, they are breathable, stretchable, comfortable, and stylish.

Nachke was founded in 2020 by Ajay Shivan and claims to India’s first dance-wear clothing brand. It offers a wide range of collections of tracksuits, joggers, cargo pants, crop tops, t-shirts, oversized t-shirts, jackets, hoodies to caps, shoes, and other accessories. The brand believes that everyone loves to dance and they are here to create apparels that will not only be comfortable but also stylish which is based and inspired by dance.

TOP 5:

• Amazon vs FRL: SC stays proceedings in $3.4 bn deal
• Government indicates to clear textile exporters’ ₹5,300cr dues
• Aditya Birla Fashion Retail (ABFRL) sets its eye on a ₹25,000 crore turnover through 5 years
• 'Reliance Retail' contributes to 1/4th of Future Consumer’s sales
• 'India Circus' launches new T-Shirt collection