12 November 2021, Mumbai:

For the second quarter, V2 Retail’s revenue grew 76 percent. The gross margin stood at 30.8 percent for the quarter as compared to 31.8 percent for the same quarter last year. Stores were operational on an average for 86 percent days of the total days for the quarter.

The EBDITA margin stood at 11.1 percent.

Revenue for the first half of the year grew by 90 percent. The EBITDA grew by 63 percent for the first half of the year. The EBIDTA margin stood at 11.7 percent. The company opened three new stores during the second quarter.

There are 96 stores spread across 15 states and 84 cities with a total retail area of 10.15 lakh sq. ft. Same-store sales growth for the second quarter stood at 59 percent. All the stores are now fully operational with overall store operation days at 86 percent for the quarter.

And V2’s customers are leveraging the convenience of its digital platforms with the online channel. Store expansion plans are on track and barring delays due to the pandemic the plan is to open additional five or six stores in the second half of the year. The emphasis on private brands continues.

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TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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09 November 2021, Mumbai:

After e-commerce giant Amazon attempted to prevent the deal, India's Future Retail has moved the country's top court to halt a Singapore arbitration panel's decision to freeze a $3.4 billion asset sale. Last year, Future Retail,

India's second-largest retailer with over 1,700 outlets, decided to sell its retail and other activities to Reliance Industries, India's largest retail firm. Amazon claims that a stipulation in a transaction with one of Future Group's firms barred the Indian company from selling retail assets to anybody on a "restricted persons" list that included Reliance.

Future Retail, which operates India's famed Big Bazaar stores, claims it has not broken any contractual agreements with Amazon. The long-running spat between two of the world's wealthiest men, Amazon founder Jeff Bezos and Reliance majority owner Mukesh Ambani, and could determine if Amazon can challenge Reliance's hegemony in India's massive retail industry.

According to a petition obtained by Reuters, Future Retail asked the Supreme Court to put the Singapore arbitration panel's ruling on hold, citing stress on its company if the deal goes through. The case is expected to be heard in the coming days.

Future stated in prior court papers that its bank loans and thousands of employees are still in jeopardy, and that failure to complete the Reliance acquisition might force it into bankruptcy.

Last year, the Singapore panel placed the Future-Reliance agreement on hold, and Future Retail's attempt to rescind that decision was denied in October.

Following that, a Delhi court turned down Future's request for emergency relief under Indian law to halt the panel's judgment. On Monday, Amazon didn't immediately reply to a request for comment.

In view of the arbitration panel's judgments, Future Retail has repeatedly argued that it should not proceed with the Reliance purchase.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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08 November 2021, Mumbai:

For the second quarter VIP Clothing’s revenue rose by 44 percent. Net profit was Rs 2 crores against a net loss of Rs 31 lakhs in the year-ago period. Total income was Rs 84 crores while its net loss during the period stood at Rs 1 crores.

The company has attributed the rise in sales and net profit to the gradual opening of markets post the Covid-19 caused disruptions. The company expects strong sales in the coming quarters on the back of a good festive season coupled with the easing of Covid-19 related restrictions across the country.

VIP is one of India’s leading intimate apparel companies providing intimate wear to consumers across various segments under different brands. It has a pan-India presence with one of the largest distribution networks. Mature, robust, dependable, and composed; a true representation of the Indian male, that's what brand VIP stands for.

The brand came from the simple belief that even the common man deserved to be treated like a dignitary – a person to be reckoned with. For more than 40 years, VIP has been consistently delivering quality products that provide utmost comfort to the consumer coupled with a style quotient.

The products not only appeal to one’s aesthetic senses but also provide a regal level of comfort.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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09 November 2021, Mumbai:

Puma, a sportswear company, has announced the start of a circular pilot project to explore a biodegradable version of its most famous shoe, the Suede. The "Re: Suede - No Time For Waste" experiment, which aims to improve waste management in the footwear sector, will involve around 500 workers.

What will the shoes and accessories of the future look like? The fashion industry is coming up with all kinds of ways to make the sector greener or at least less polluting with innovations designed to reduce environmental impact upstream, during, or after product manufacturing.

From 3D printing to turning greenhouse gases into biomaterials to innovative and sustainable materials, the fashion industry is coming up with all kinds of ways to make the sector greener or at least less polluting.

Puma is targeting the post-product phase, notably waste management, with its new "Re: Suede - No Time For Waste'' pilot initiative. The company has announced a new pilot to test a biodegradable Suede shoe, which was first released in 1968.

This limited edition will be manufactured from sustainable materials such as Zeology tanned suede, biodegradable TPE, and hemp fibers, and will be based on breakthrough technology.

In Germany, 500 people will be chosen to participate in the initiative, which will begin in January 2022 and allow participants to wear the "Re: Suede'' shoes for six months before returning them to Puma.

The goal is to assure the shoe's durability in real-world settings as well as its effective biodegradability. The sneakers will subsequently be delivered to the Valor Compostering B.V. recycling plant in the Netherlands, which is operated by Ortessa Groep B.V. Puma notes,

"The purpose of this phase is to see if Grade A compost can be created for agricultural use." The company plans to disseminate the findings of this study so that the whole footwear industry may improve waste management.

This isn't the first time Puma has attempted something similar. The firm previously designed and released a biodegradable shoe as part of its InCycle line in 2012. According to the company, this inaugural project was canceled after four seasons owing to "poor demand and the necessity for further research and development."

This new trial is part of the brand's "Forever Better" sustainability plan, which seeks to minimise waste by 2025 by implementing a number of measures such as expanding the usage of recycled polyester and establishing product return programmes.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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08 November 2021, Mumbai:

Value fashion retailer V-Mart has opened seven new stores across India. Four in Uttar Pradesh, two in Bihar, and one in Uttarakhand, with these additions, V-Mart currently has a store count of 375 and plans to open around 50 stores every year to fuel growth.

V-Mart Retail has witnessed an increase in footfalls over the last two months and expects revenue growth over the next two quarters on the back of strong festive season sales. In the last quarter, V-Mart had managed to narrow net loss to Rs 29 crores, with revenue jumping twofold to Rs 177 crores despite the Covid-19 disruptions.

The company hopes to recover from the Covid-19 disruptions over the next few quarters on the back of its retail expansion.

About 70 percent of V-Mart’s offerings are private labels. V-Mart has improved its private labels not only in terms of designs but also product quality and has worked on sourcing capabilities as well.

Customers have started recognising private labels and the company has improved in-store branding and visual merchandising. Online retail will also be used to increase its private-label strategy.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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09 November 2021, Mumbai:

The planned GST hike on garments priced less than Rs 1,000 from January 1, 2022 is likely to increase prices of 80 per cent final products, opine experts. The government had decided to increase the Good and Services Tax (GST) rate on readymade garments and fabrics in September this year. The planned hike is likely to affect almost 85 per cent of the garment market in India, as per reports. It will create a greater stress on the working capital requirements of the industry, especially the Micro, Small and Medium Enterprises.

Majority of industry to be impacted

The government had proposed the hike to correct the problem of Inverted Duty Structure faced by a small segment of the textile value chain. The duty structure involves levying higher taxes on input and lower tax on output of the final product. Though the GST Council has addressed this issue for many other industries, it continues to persist for footwear, textiles, pharmaceuticals and fertilizers.

However, the issue impacts only 15 per cent of the textile sector while the proposed GST hike is likely to increase prices of 85 per cent products, say experts. Furthermore, the continued shutdown of retail outlets in the country is likely to force domestic garment industry to continue operating at 65 per cent of pre-COVID levels.

Effect on employment levels

The industry also faces a 20 per cent decline in employment as most units have either scaled down or shut operations due to the pandemic. Though the festive season looks optimistic and encouraging, it may not last long as the GST hike on clothes below 1,000 may severely hit the textile industry, particularly MSMEs, says Kumar Rajagoplan, CEO, Retailers Association of India.

As a solution, the Clothing Manufacturers Association of India has urged the government to impose a uniform 5 per cent GST across the entire value chain. The sharp increase in cost of raw materials such as yarn, fabric, fuel, packaging materials and transportation is likely to hit sales even more.

Sales drop as raw material costs surge

Sales are likely to drop by over 50 per cent as people have lost their capacity to spend. The prices of raw materials have also shot up significantly. In such a situation, hike in GST rates to 12 per cent will hit the industry hard, adds Sajjan Raj Mehta, Karnataka Hosiery and Garments’ Association.

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09 November 2021, Mumbai:

Value fashion retailer V-Mart has opened seven new stores across India. Four in Uttar Pradesh, two in Bihar and one in Uttarakhand, with these additions, V-Mart currently has a store count of 375 and plans to open around 50 stores every year to fuel growth.

V-Mart Retail has witnessed an increase in footfalls over the last two months and expects revenue growth over the next two quarters on the back of strong festive season sales. In the last quarter, V-Mart had managed to narrow net loss to Rs 29 crores, with revenue jumping twofold to Rs 177 crores despite the Covid-19 disruptions. The company hopes to recover from the Covid-19 disruptions over the next few quarters on the back of its retail expansion.

About 70 per cent of V-Mart’s offerings are private labels. V-Mart has improved its private labels not only in terms of designs but also product quality and has worked on sourcing capabilities as well. Customers have started recognising private labels and the company has improved in-store branding and visual merchandising. Online retail will also be used to increase its private label strategy.

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06 November 2021, Mumbai:

The Bangladesh government will present the Green Factory Award to 30 enterprises, including 15 garment industries, for their exceptional contributions to environmental protection and employment creation, according to the labour ministry.

On December 8, Prime Minister Sheikh Hasina is due to present away the prizes to commemorate the birth centennial of Bangladesh's founding father, Sheikh Mujibur Rahman.

Green factories will be recognised in six categories. The prize was established in 2020 by the ministry to encourage increased investment in sectors while still maintaining a green environment, according to a release.

Bangladesh has 150 green garment buildings, 44 of which are platinum-rated, 93 gold-rated, and nine silver-rated, and four of which have been certified by the US Green Building Council for Leadership in Environmental and Energy in Design (LEED) (USGBC).

According to Bangla media reports, the garment factories include Remi Holdings, Tarashima Apparels, Plummy Fashions, Mithila Textiles Industries, Vintage Denim Studio, AR Jeans Producer, Karooni Knit Composite, Designer Fashion, Kenpark Bangladesh Apparel (Kenpark Unit 2), Green Textile (Unit -3), Four H Dyeing and Printing, Wisdom Attires, Mahmuda Attires, Snowtex Outwear, and Oeko-Tex.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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09 November 2021, Mumbai:

V-Mart Retail Ltd, a value fashion retailer, recorded a financial loss of Rs 14 crore ($2 million) for the second quarter ending September 2021, down from Rs 19 crore in the previous quarter.

The company's revenue for the quarter increased by 93 percent to Rs 338 crore, compared to Rs 176 crore in the previous fiscal year's similar period. V-costs Mart's for the quarter was Rs 361 crore, up from Rs 216 crore the previous year.

Lalit Agarwal, commenting on the Q2 results, said the swift market rise following Covid-19's second wave showed a significant rebound on the strength of additional operational days and festive-driven demand.

Despite the fact that the company was affected in Q1 due to the second wave, it was heartening to see operations swiftly rebound from mid-June onwards, with speedy re-opening of our stores in practically all areas."

"The planned increase in GST from 5% to 12% on clothes and footwear in the sub-1000 rupee range from January 1, 2022, might have an impact on margins and future sales, since this category accounts for 88 percent of the company's inventory and sales," Agarwal noted.

V-Mart presently has 375 locations and expects to add roughly 50 more stores each year to continue to expand in the Indian market.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

09 November 2021, Mumbai:

For the second quarter VIP Clothing’s revenue rose by 44 per cent. Net profit was Rs 2 crores against a net loss of Rs 31 lakhs in the year-ago period. Total income was Rs 84 crores while its net loss during the period stood at Rs 1 crores.

The company has attributed the rise in sales and net profit to the gradual opening of markets post the Covid-19 caused disruptions. The company expects strong sales in the coming quarters on the back of a good festive season coupled with the easing of Covid-19 related restrictions across the country.

VIP is one of India’s leading intimate apparel companies providing intimate wear to consumers across various segments under different brands. It has a pan-India presence with one of the largest distribution networks. Mature, robust, dependable and composed; a true representation of the Indian male, that's what brand VIP stands for. The brand came from the simple belief that even the common man deserved to be treated like dignitary – a person to be reckoned with. For more than 40 years, VIP has been consistently delivering quality products that provide utmost comfort to the consumer coupled with style quotient. The products not only appeal to one’s aesthetic senses but also provide a regal level of comfort.

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05 November 2021, Mumbai:

New Delhi-based Kriti Tula's fashion label Doodlage is using discarded pieces of cloth to create fashion wear for men and women as a sustainable alternative to high-end garments.

The brand collects fabric waste from factories discarded for minor defects and pieces them together to create flowing dresses and sarees, selling them for about $100 apiece.

The label, which includes a men's line featuring patchwork shirts with denim strips, emerged out of Tula’s concern for global warming and the fashion industry's impact on the environment. The roughly $2.4 trillion global fashion industry accounts for 8-10 percent of the world's carbon emissions - more than all international flights and maritime shipping combined, the United Nations Environment Program said in 2019.

The industry is also the second-biggest consumer of water, generating about 20% of the world's wastewater, adds Tula. Sourcing the scraps initially proved complex for the brand and the product prices had to be higher than what many buyers may have felt was worth paying for recycled wear.

Gradually though, tge business has found like-minded vendors and partners. Besides clothes, the label also makes soft toys, bags, purses and paper out of leftover fabrics.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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