29 May 2022, Mumbai:

Flipkart kicked a very differentiated initiative to cater to 10s of millions of Indian students facilitating their academics, cultural, social, and extracurricular interests by rolling out a designated remote storefront on its app, called the  ‘Flipkart Student’s Club’ designed to suit their needs closely.

ALSO READ Flipkart is a firm believer in real-time transactions

This initiative is likely to evince a great response drawing participation from hundreds of brands offering out of box propositions to enhance students’ shopping experiences.

RELEVANT NEWS Retail biggies team up to end Amazon-Flipkart dominance in Indian e-commerce

The given initiative will make a pitch to attract millions of students from across the country closer to brands and services enhancing their experience and capabilities.

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Credits: Business Standard

27 May 2022, Mumbai:

Due to their diverse skills and advantages, Bangladesh and Vietnam will profit from most garment sourcing businesses' 'In China plus one approach.

According to WTO data, Vietnam will overtake Bangladesh as the world's second-largest garment exporter in 2020.

Vietnam's lowdown on its foreign trade performance

According to the BGMEA, Bangladesh recovered its position in the first half of 2021. Compared to Bangladesh, Vietnam's garment exports have increased quickly in recent years. "Vietnam has had an FTA with the EU since 2019, which has aided its export growth.

Furthermore, China is significantly investing in Vietnam to diversify and increase the value of its exports. Bangladesh, on the other hand, Bangladesh is still competing with its low labor costs," Raihan Mahmud, marketing director of Bangladesh's Tex Garment Zone, mentioned in the news.

"If exporters here can diversify their products and our government inks some new free trade agreements," Bangladesh has a greater chance of catching up.

How Real Is the Shift Of Apparel Orders From China To Vietnam

Bangladesh and Vietnam will benefit from most garment sourcing companies 'China plus one strategy because of their diversified capabilities and advantages. Vietnam will replace Bangladesh as the world's second-largest garment exporter in 2020, according to WTO data.

According to Tran Thanh Hai, deputy general director of the Agency of Foreign Trade, Vietnam's exports and imports grew by double digits in the first quarter of 2022, reaching $176 billion, up 14.4% yearly. During this time, exports increased by 12.9%. According to several analysts, overall export-import income might surpass $700 billion this year.

Bangladesh, according to the BGMEA, regained its position in the first half of 2021. Vietnam's garment exports have expanded rapidly in recent years compared to Bangladesh.

Apparel Industry's Best Practices

"Vietnam has had an FTA with the EU since 2019, which has boosted its export growth.

The increase, according to Hai, is due to the benefits of new-generation free trade agreements (FTAs) and regional trade agreements. Below is the list of FTAs that Vietnam has concluded by now.

Vietnam - Japan Economic Partnership Agreement. ...

Vietnam - Chile Free Trade Agreement. ...

Vietnam - Korea Free Trade Agreement. ...

Vietnam - Eurasian Economic Union Free Trade Agreement. ...

ASEAN Agreements. ... ASEAN - India FTA. ...

ASEAN - Australia - New Zealand FTA.

Challenges & Opportunities

Following the publishing of a World Trade Organization (WTO) study, the competition between Vietnam and Bangladesh took on a new dimension. As close competitors in the realm of garment manufacturing and exports, Vietnam surpassed Bangladesh in 2020 to become the second-largest readymade garment exporter after China, shipping apparel worth the US $ 29 billion all over the world, even if Bangladesh rallied from behind to surpass Vietnam within a year of the WTO findings.

Garment exports, the lifeblood of Bangladesh's economy, and foreign earnings increased by 30.36 percent to the US $ 35.81 billion in the calendar year 2021, the highest level ever (earnings from apparel exports in 2020 were US $ 27.47 billion).

In 2021, Vietnam had a 9.89 percent increase, but only US $ 32.75 billion in garment exports, compared to the US $ 35.81 billion in Bangladesh. Vietnam gained $ 29.80 billion from garment exports in 2020.

Pandemic has battered supply chain disruptions and shifts in global markets having upended the garment industry in Bangladesh.

"It was a temporary change in ranking in the global apparel export market because COVID-19 hit our production hard, negatively impacting exports," said Abdus Salam Murshedy, Managing Director of Envoy Textile, who added that with the outbreak of the pandemic in March 2020, the government-imposed lockdown resulted in factories' production taking a significant hit.

Vietnam could manage to register 9.89 percent growth in 2021 yet the fact of the matter is it could earn only US $ 32.75 billion in apparel exports in the most challenging global business environment.

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02 May 2022, Mumbai:

About Paislei 

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CREDITS: Paislei

29 May 2022, Mumbai:

High Street Essentials, a Delhi-based fashion retailer, has raised Rs 40 crore in a combination of equity and debt from venture debt firm Stride Ventures. 

High Street Essentials or HSE founded in 2012 by Shivani Poddar and Tanvi Malik, which owns women’s fashion brands, FabAlley and Indya offer fast fashion through its omnichannel retail model.

ALSO READ  High Street Essentials to launch in international markets

With the latest funding, the fashion house through Indya is foraying into the premium occasion wear category, Indya Luxe. The Luxe range comprises occasion & festive wear, priced between Rs 6,500 and Rs 18,000.

RELEVANT NEWS Indya launches a new premium occasion-wear line 'Indya Luxe'

Fast fashion is a business model which basically replicates recent fashion trends by mass-producing them at low cost and bringing them to retail stores quickly while demand soaring.

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Credits: ET Retail

27 May 2022, Mumbai:

SITIP TECHNICAL TEXTILES - TECHTEXTIL - 21st-24th JUNE @FRANKFURT AM MAIN - HALL 12.1 B45.

Sitip at TECHTEXTIL: the latest fabrics developments reached by the company in its industrial core-business go from footwear and helmets to the medical sector, pairing sustainability to great technical performance and technology.

ALSO READ Next stop Techtextil

As sustainability in one of the major topics at Techtextil.

Industry experts from all over the world meet every two years at Techtextil, the trade fair about the new developments in technical textiles, functional apparel fabrics, and nonwovens offered by companies from all over the world.

Techtextil offers exhibitors and visitors an insight into the latest developments in the industry, as well as additional technical inspiration.

RELEVANT NEWS Italian Textile Machinery Exhibits At TECHTEXTIL

Techtextil is one of the most important trade fairs for Sitip, an Italian company with over 60 years of experience, specialized in the production of synthetic warp-knitted fabrics for the technical industrial world, and stretch and circular fabrics for the world of clothing. 

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CREDITS: GAP Inc. (The news article has not been edited by DFU Publications staff)

25 April 2022, Mumbai:

About Pratap Swarup

Over 18 years of experience in the Financial space in the Consumer Electronics, Retail Apparel Industry with special exposure to Financial/Strategic Planning, Setting Up Biz control Systems, Financial Reporting, Transfer Pricing, Budgeting & Variance Control, Creating sound financial structure, Financial relationships & Financial protection, Legal & secretarial function, taxation, SAP.

ALSO READ Bestseller India collaborates with social commerce platform Trell Shop

Pratap Swarup alludes, "No matter how high you Reach. No matter how far you Go. Being acknowledged and applauded for those milestones & moments is always a feeling of high. I am filled with immense gratitude & joy in receiving the Business Leader Award for being the Best CFO of the year, conferred by the industry".

RELEVANT NEWS Bestseller's VERO MODA line expands into sleepwear and loungewear

Pratap Swarup alludes, " Without a resilient and committed Team backing up, this moment would not have been possible. a Big shoutout to Sudhir, Vinod, Sanjay K, Sandip, Udaya, Rajan, Amey, Hiren, Harshali, and the list goes on …. Special thanks go to Vineet Gautam whose leadership has paved the path of success for BESTSELLER India and his unflinching support & directions have been a catalyst in this success.

Also, I owe a big thanks to Tommas B T, Lise K, and Thomas B Jensen for their inspiring presence & guidance always, adds Pratap Swarup alludes, ".

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CREDITS: Bestseller Pratap Swarup (The news article has not been edited by DFU Publications).

30 May 2022, Mumbai:

The first physical Amazon Fashion Store 'Amazon Style' store just opened its doors on Wednesday, May 25 in Los Angeles. 

ALSO READ  Amazon seeks dismissal of insolvency plea against Future Retail

Amazon believes this development is particularly followed closely by the fashion sector as one of the most prolific for its online marketplace.

RELEVANT NEWS  Amazon: Launches Smart Commerce To Help Offline Stores Setup Digital Store-fronts 

This opening relies heavily on automation processes and digital technology with heavy use of touchscreens and QR codes. Customers can use an app to do things such as requesting items without leaving a fitting room.

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Credits: FashionNetwork

28 May 2022, Mumbai:

Free trade agreements are the ones between two or more nations on the terms of trade. They assess the value of taxes and charges imposed on imports and exports by countries.

ALSO READ Vietnam Apparel industry Contribution To Nation's GDP 

With its admission to the World Commerce Organization (WTO) in 2007, Vietnam took a crucial step toward integrating with global trade and, as a result, entered into many free trade agreements. Vietnam has been active in forging bilateral trade agreements with nations worldwide in recent years.

"Vietnam has had an FTA with the EU since 2019, which has boosted its export growth. The increase, according to Hai, is due to the benefits of new-generation free trade agreements (FTAs) and regional trade agreements. Below is the list of FTAs that Vietnam has concluded by now.

Vietnam - Japan Economic Partnership Agreement. ...

Vietnam - Chile Free Trade Agreement. ...

Vietnam - Korea Free Trade Agreement. ...

Vietnam - Eurasian Economic Union Free Trade Agreement. ...

ASEAN Agreements. ...

ASEAN - India FTA. ...

ASEAN - Australia - New Zealand FTA.

RELEVANT NEWS Vietnam's lowdown on its foreign trade performance in Q1 2022 

In addition, as a member of the Association of Southeast Asian Nations (ASEAN), Vietnam has been a signatory to numerous Free Trading Agreements (FTAs) negotiated by the regional trade bloc.

Despite applying for World Trade Organization (WTO) membership in 1995, Viet Nam did not focus on WTO membership until 2001, after successfully establishing a bilateral trade agreement (BTA) with the United States (US).

Although the BTA was viewed as a stepping stone to WTO membership, the US proved to be a problematic negotiator during bilateral discussions for PNTR status.

The coverage of Viet Nam's FTAs has expanded to include the movement of commodities and trade in services, investment, and other elements of the trade.

RELEVANT NEWS  Vietnam Industry Existing FTAs And Its Impact On T&A Sector 

The agreement creating the ASEAN-Australian-New Zealand Free Trade Area (AANZFTA), is the most ambitious of the accords Vietnam has signed.

This contrasts with earlier ASEAN+1 FTAs, organized around a framework and then separate agreements. All of the elements in the AANZFTA were signed as part of a single document.

Viet Nam's exporters have profited from expanded export markets and lower tariff and non-tariff obstacles as a result of FTAs.

Compared to the ASEAN-6 and its FTA partners, Viet Nam was given lengthier implementation dates for tariff reduction/elimination.

In addition, Viet Nam has been recognized as a complete market economy by India, Australia, and New Zealand as a result of FTAs between ASEAN and its partners. Viet Nam has been able to participate in deeper regional economic integration due to the development of FTAs.

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03 May 2022, Mumbai:

In the run-up to Techtextil, taking place end of June in Frankfurt, nine exhibiting VDMA member companies presented their highlights for the technical textiles market at a virtual VDMA kick-off event themed “Sustainable technologies for technical textiles”.

ALSO READ Italian Textile Machinery Exhibits At TECHTEXTIL

A series of VDMA technology Webtalks are planned up to the fair as well Spotlight Talks during the show.

Dr. Janpeter Horn, Chairman of the VDMA Textile Machinery Association and Managing Director of August Herzog Maschinenfabrik stated in his introduction:

“This year’s Techtextil is the first important exhibition and get-together for the textile industry in Europe since 2019.

RELEVANT NEWS ITALIAN TEXTILE MACHINERY: ORDERS GROW AGAIN IN 2021 FOURTH QUARTER

For the first time, VDMA will be present with a group stand in hall 12. Altogether, more than 40 VDMA member companies will exhibit in Frankfurt, underlining the importance of the fair”.

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08 April 2022, Mumbai:

TIRUPPUR EXPORTERS POST RECORD EXPORTS, BUT THE QUANTUM STILL REMAINS THE SAME.

TEA, Tirupur

Tirupur Exporters Association – popularly known as TEA – was established in the year 1990. This is an Association exclusively for exporters of cotton knitwear who have production facilities in Tirupur. From the modest beginning, TEA has grown into a strong body of knitwear exporters.

Today, TEA has a membership of 1076 Life members and 155 Associate Members. The members of the Association, from the beginning, have resolved to develop their organization by focusing on Multilateral growth of the knitwear industry and exports Development of infrastructural needs for Tirupur.

ALSO READ TEA, Tirupur: Knitwear exports contributed 1% of India's exports in FY22

Despite being hit by the Covid-19 pandemic, the knitwear hub of Tiruppur has clocked exports worth Rs 33,525 crore in the 2021-2022 fiscal accounting for 54.2 per cent of the country’s total exports in the sector, an all-time high.

But the development has not enthused the exporters in Tiruppur as the jump is only on the revenue side due to an increase in the prices of raw materials that had an effect on the final price of the merchandise and not in terms of the quantum of goods.

The multi-crore industry had been registering an increase in exports but slumped for a couple of years due to 2016’s demonetization exercise and the introduction of GST in 2017.

RELATED NEWS TEA advocates for a two-year extension of the IES on pre-and post-shipment rupee export credit

However, the industry showed signs of recovery in 2018 and 2019 until Covid-19 hit the world in 2020 – from Rs 27,280 crore in 2019-20, the export figures fell to Rs 24,750 crore in 2020-21.

Despite the slump in numbers, Tiruppur’s share in overall knitwear exports from India has been on the rise – from 42.9 per cent in 2016-17, it has gone up to 54.2 percent in 2021-22.

Though a jump of around Rs 10,000 crore -- from Rs 24,750 crore in 2020-21 to Rs 33,525 crore in 2021-22 – in just about a year is significant, exporters say a non-increase in the quantum would spell doom for the industry as it would mean that the knitwear hub is losing out to countries like Vietnam and Bangladesh who have free access to key markets like the EU.

RELATED NEWS Tirupur exporters meet FM, urging to help SMEs

However, exporters said there is also a silver lining with the domestic sales increase in the past few years with many firms adopting the hypermarket concept which has led to more demand for garments.

“From just 8,500 crores before the introduction of GST, the domestic business is now worth over Rs 30,000 crore a year,” Ganeshan added.

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CREDITS: TEA (The news article has not been edited by DFU Publications staff).