26th August 2021, Mumbai:

The second wave of the pandemic prompted a drop in denim fabric sales in the local market, but the export industry has responded with a much-needed spike in demand.

Denim sales and production mills across the nation have ramped up their pace as a result of continuous export demand, with Gujarat accounting for 60% of total denim manufacturing capacity and earning the moniker of "denim capital" of India.

“Demand from the worldwide market, including nations like the United States and those in Europe, has increased substantially, and orders have begun to flow in,” said Gaurav Davida, Head of Corporate Finance and Strategy at Jindal Worldwide Limited. Export orders, in fact, were a lifeline for denim manufacturers, as they helped compensate for a drop in domestic demand from April to June 2021, when the second wave of COVID-19 was at its peak and a raft of limitations were implemented to keep the spread in check.”

Denim manufacturers saw strong growth in the first quarter of 2021, despite the low base of the previous fiscal year's first quarter. Despite this, according to an industry spokesperson, their output has returned to pre-COVID levels. “Manufacturers are also seeing higher price realizations, which is helping to offset the margin loss. This is due to a rise in demand, with merchants in major areas such as Europe, the United Kingdom, and the United States reporting double-digit sales increases, both offline and online.”

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For the first quarter of 2021-22, major denim producers reported a significant increase in revenue. Arvind Limited, for example, reported a 186% rise in denim manufacturing sales, from Rs. 145 crore in the first quarter of 2020-21 to Rs. 416 crore in the same quarter of 2021-22. According to the company's investor presentation, total volumes increased 2.8-fold year over year. “We attained at least 80% of the pre-COVID level of our revenues from denim sales in the April to June quarter of 2021-22,” Davada noted. We generated an income of at least Rs. 500 crore over this time, thanks to improved export realisation.”

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24th August 2021, Mumbai:

On Nykaa Fashion's e-commerce shop, Gajra Gang debuted its first collection of brilliantly colored traditional and fusion style occasion attire. Nykaa's newest private label also debuted a dedicated Instagram account, with the goal of creating a community around the brand.

Nykaa Fashion CEO Adwaita Nayar stated on Facebook, "It frequently strikes us at Nykaa Fashion that the greatest gift, particularly for a woman, is the ability to choose."

“Women not only want to show their uniqueness in all parts of their lives, from their clothing to major life decisions, but they also want judgment-free societies to support these choices. We will aim to achieve both with Gajra Gang's collection and social media community: inspire and assist women to pursue the life of their dreams.”

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Gajra Gang offers a young twist on occasion wear with kurtas, fusion style lehengas, gowns, and kaftan-esque tops. The loose and lightweight silhouettes are a response to the shifting consumer desires brought on by the epidemic. About the brand's beginnings, Nayar told Vogue India, "The role of fashion in these stranger-than-fiction times has become akin to personal expression."

“Within the confines of our houses, we developed a new relationship with clothing, where items that bring us delight were elevated to top-drawer rank... Nykaa Fashion picked up on cues from consumers and their shifting lifestyles over the course of the previous year to create brands and categories that addressed new needs.”

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Another reaction to the trend of buying less occasion wear owing to financial limitations and an increased focus on sustainability is that pieces are intended to be mixed and matched for more versatility. The collection is available on Nykaa Fashion's e-commerce shop for Rs 2,000 ($26.98) to Rs 12,000 rupees.

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21th August 2021, Mumbai:

ABOF (all about fashion), a fashion brand owned by Aditya Birla Fashion and Retail Limited (ABFRL), is now available for purchase through third-party vendors on e-commerce platforms like Flipkart and Myntra. ABOF caters to young people aged 18 to 25, with 600+ styles and the greatest in-house fashionable clothing.

Every month, ABOF releases two new collections, making it a go-to online destination for best-in-fashion buying and trend spotting. ABOF offers a comprehensive range of apparel for both men and women, with over 600 stylish goods and styles. The brand intends to extend its range in the areas of children's clothing and accessories.

By using Flipkart and Myntra's extensive networks, the firm hopes to expand its reach across India, allowing customers to access a wide selection of the brand's worldwide trends-inspired collections. “At ABOF, we strive to deliver high-fashion products to the young and make them available to them from the comfort of their homes or portable devices with a wonderful shopping experience,” said Manish Singhai, Chief Operating Officer, ABOF, Aditya Birla Fashion, and Retail Limited. This partnership with the Flipkart Group has the potential to boost India's clothing sector and change the youth fashion and athleisure market. The partnership will expand ABOF, Flipkart, and Myntra's reach by providing the latest trends in a variety of categories for men and women at affordable prices.” 

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“We are pleased to strengthen our partnership with ABFRL for the introduction of ‘ABOF,' which meets the rising need for affordable high-fashion streetwear,” said Nishit Garg, Vice President, Flipkart Fashion. As we aim to serve a wide variety of customer demands in fashion, this launch elevates our current strategic collaboration. Consumers will be able to access the newest ‘runway' trends on a regular basis with the introduction of ABOF, with new designs accessible every month.” “The ABFRL Group has been an enabling partner in Myntra's journey of generating value for our consumers, and the introduction of ABOF on our platform today is a major milestone,” said Ayyappan Rajagopal, Chief Business Officer, Myntra.

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23rd August 2021, Mumbai:

Arvind Fashions Ltd. (AFL), India's biggest casual and denim maker, has collected Rs. 439 crore from a number of high-profile investors, including founders, by issuing equity shares. US Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale, and Ed Hardy are among the foreign and indigenous brands represented by AFL.

This cash, according to Kulin Lalbhai, AFL's Non-Executive Director, will go a long way toward totally bolstering AFL's balance sheet and helping to mitigate any possible pandemic-related risks.

It completes the financial required for expansion and navigating any risks with this fundraising. In the short-to-medium term, the firm is unlikely to require more capital. Akash Bhanshali, existing shareholders such as ICICI Prudential Mutual Fund, different international institutional investors such as University of Notre Dame Du Lac, GP Emerging Markets Strategies LP, The Ram Fund LP, and other investors engaged in the fundraising. Aura Merchandise, a promoter company, also took part in the preferred offer for Rs. 40 crores.

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The acquisition is also subject to appropriate shareholder and SEBI clearances, according to the firm. AFL sold its ‘unlimited' store network to V-Mart Retail Ltd., a value fashion retailer, for an estimated Rs. 150 crores in an all-cash transaction last month. Shailesh Chaturvedi, CEO of Arvind Fashions, told the prominent English business newspaper Mint that several of his company's brands had surpassed pre-Covid August 2019 figures.

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