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Apparel 11-01-2022

Tiruppur Exporters’ Association (TEA) appealed Government to ban cotton export

11 January 2022, Mumbai:

In view of the abnormal price rise in cotton and cotton yarn, the Tiruppur Exporters’ Association (TEA) has said that the Indian government should ban export of cotton. This is in addition to the call already given by the industry to remove 11 per cent import duty on cotton.

Last month, the price of Indian cotton was higher than the international market.

“The increase in cotton and cotton yarn exports from India is benefitting our competitors. India’s share in the export of knitting garments is only 4 per cent, while China has 39 per cent, Vietnam 13 per cent and Bangladesh 14 per cent in the segment.

The government should ban export of cotton so domestic industries can compete in international market and India can benefit from value addition. Higher MSP can protect the interest of farmers, if necessary,” TEA president Raja M Shanmugham said.

The issue has already been taken up with the government. Representatives of the textile industry have submitted a memorandum to textiles minister Piyush Goyal requesting government’s intervention.

Subsequently, textiles secretary Upendra Prasad Singh held a virtual meeting and discussed with the industry representatives. Shanmugam says the problems of the industry have been explained to the government officials, and Singh has given assurance of looking into the problems.

Now, the ministry of textiles and the industry representatives are trying to approach finance minister Nirmala Sitharaman as the issue of foreign trade is directly related to the Ministry of Finance. TEA has also urged the government to stop futures trading in cotton, as it is also causing for spike in cotton prices due to trading activities of investors.

According to Shanmugham, production is currently in full swing for export orders, but the recent price rise in cotton and yarn have worsened the things for exporters and producers.

The additional cost is unbearable for them, and has put the garment units of Tiruppur in deep crisis. TEA has requested other textile organisations like the Textile Mills Association, SISA, TASMA and ITF to appeal their members not to increase the rates of cotton yarn.

Meanwhile, to highlight their issues, TEA has called for a strike in Tiruppur on January 17-18. Around six lakh workers associated with about 20,000 MSME units and 2,000 direct exporters will participate in the strike. However, the strike has only symbolic significance, according to Shanmugham.

Fibre2Fashion News Desk

(The news article has not been edited by DFU Publications staff)

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Apparel 11-01-2022

Apparel Export Promotion Council (AEPC), write to Textile Ministry demanding reduced yarn price

10 January 2022, Mumbai:

According to the letter written by the Apparel Export Promotion Council, with an increase of ₹7,000 in the price of the cotton, the yarn price reached ₹401, whereas it should be around ₹359.

The Apparel Export Promotion Council has requested the Ministry of Textiles to suggest the mills to bring down the yarn price by ₹40 per kilogram.

Apparel exporters in Gautam Budh Nagar have written a letter to the Ministry of Textiles to decrease the prices of yarn, which is adversely affecting the garment industry in the district, they said on Monday.

According to the letter written by the Apparel Export Promotion Council, the cotton price per candy in October 2021 was ₹67,000 and yarn price ₹331. The cotton price was increased to ₹74,000 this January -- a hike of ₹7,000, with the yarn price set at ₹401 -- an increase of ₹70.

“The rise in the prices is not according to the formula adopted by the industry. According to its price increasing formula, for every ₹1,000 increase in the cotton price, the yarn price will also be increased between ₹3.50 and ₹4.

But now, with an increase of ₹7,000 in the price of the cotton, the yarn price reached ₹401... whereas it should be around ₹359,” said A Sakhtivel, chairman of AEPC.

The council has requested the ministry to suggest the mills to bring down the yarn price by ₹40 per kilogram.

Lalit Thukral, president of Noida Apparel Export Cluster (NAEC) and an executive member of AEPC, the total export value of the apparel sector in India is ₹130,000 crore, of which ₹40,000 crore revenue is generated in Uttar Pradesh alone.

“Gautam Buddh Nagar is known as the ‘City of Apparel’ as it generates nearly ₹32,000 crore revenue through apparel export, out of the total ₹40,000 crore revenue generated in Uttar Pradesh... Exporters enter into a price agreement with the buyers at least six months before the supply of apparels.

Now, as the mills have been increasing the prices frequently and arbitrarily, the buyers or importers are not willing to increase the prices as well,” Thukral said, adding that this has made the situation worse for the Indian exporters, especially those in Gautam Buddh Nagar.

The district houses nearly 3,000 garment export firms.

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Apparel 10-01-2022

Apparel Export Promotion Council (AEPC), write to Textile Ministry demanding reduced yarn price

Covid Omicron wave poses shortage of workers to Apparel exporters leading to supply side woes

10 January 2022, Mumbai:

Garment exporters from Noida and leather goods exporters from Mumbai, Delhi, and Kolkata, are facing a shortage of workers due to rising covid cases.

In the Noida apparel export cluster, the return of migrant workers has completely stopped with 3,000 garment export units facing a shortage of around 3 lakh tailors.

NAEC - Noida Apparel Export Cluster - Home | Facebook

With orders in hand from the US and Europe, exporters are concerned bow to meet their obligations Similarly, leather goods exporters are flooded with orders from global markets but rising covid cases among workers are creating a shortage in manpower at the units.

Noida Apparel Export Cluster Urges Exporters to Work Collectively - Apparel Resources

"Earlier, we were working at 70 per cent capacity. But now. suddenly, the flow of orders from the US and Europe has increased.

Top 15 Apparel Trade Shows in the United States of America | Exponents

The migrant workers were slowly coming in. But the rising covid cases have halted the process and we are In the dark on how to handle the orders. We have taken up the matter with the Uttar Pradesh government as well," said Lalit Thukral, president of Noida Apparel Export Cluster.

ET (The news article has not been edited by DFU Publications staff)

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Apparel 10-01-2022

Covid Omicron wave poses shortage of workers to Apparel exporters leading to supply side woes

Gokaldas Exports shares witness record high upward trend, in one month

07 January 2022, Mumbai:

Shares of Gokaldas Exports were locked at the 10 per cent upper circuit at Rs 362.75, after hitting an over 15-year high and inching towards a new record high on strong outlook.

The stock of the textiles company was trading at its highest level since May, 2006. It had hit an all-time high of Rs 405 in March 16, 2006. At 01:58 pm; a combined 765,000 equity shares had changed hands and there were pending buy orders for around 21,000 shares on the NSE and BSE.

In the past one month, the market price of Gokaldas Exports has appreciated by 36 per cent, as against a 3.5 per cent rise in the S&P BSE Sensex. In the last three months, it has zoomed nearly 75 per cent, as compared to a 0.05 per cent gain in the benchmark index.

In October, Gokaldas Exports had raised Rs 300 crore by issuing shares at a price of Rs 194.50 per share. A portion of the funds have been utilized towards reducing debt levels, with the surplus to be used to meet incremental working capital and capacity expansion requirements.

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Rating agency ICRA expected strong performance of Gokaldas Exports in the coming quarters on the back of its established market position and strong relationship enjoyed with large international customers, as illustrated by its order book position and the healthy improvement in capital structure and liquidity position witnessed post the equity infusion in October 2021.

Gokaldas Exports’ credit metrics and liquidity position witnessed a healthy improvement, primarily on the back of the Rs 300-crore equity infusion made in October 2021 (through the Qualified Institutional Placement route), ICRA said in a rating rationale on December 27.

Meanwhile, for the first half (April-September) of the current financial year 2021-22 (H1FY22), the company had reported a robust set of numbers, with consolidated net profit up 6-fold at Rs 26.06 crore, as against Rs 4.41 crore in the year ago period (H1FY21). The company’s consolidated revenue from operations during the period grew 19 per cent to Rs 685 crore from Rs 576 crore a year ago.

Gokaldas focuses on manufacturing complex garmenting products (mainly woven garments) with capacity of 30 million pieces (220 manufacturing lines). It has embarked on a capex of Rs 340 crore over the next four years (FY25E), which will have the potential to generate revenues worth Rs 1,300 crore.

Its production is currently operating at peak utilisation with capacity fully booked for Q3FY22E, Q4FY22E, said ICICI Securities.

During the July-September quarter (Q3FY22), Gokaldas Exports set up two units in Karnataka (potential revenue worth Rs 160 crore) and initiated work on a new greenfield unit that is expected to be commissioned in early FY23E.

We build in revenue CAGR of 21% in FY21-24E, ICICI Securities said, maintaining a BUY rating on Gokaldas Exports with a revised target price of Rs 425.

BUSINESS STANDARD

(The news article has not been edited by DFU Publications staff)

Apparel 08-01-2022

Gokaldas Exports shares witness record high upward trend, in one month

Banno's Swagger has big aspirations for growth and product diversification

10 January 2022, Mumbai:

Banno's Swagger, a home and comfort wear company, plans to increase its presence in India by expanding its product offering to appeal to a broader client base. The brand now offers pyjama sets, short sets, robe sets, kaftans, and co-ord sets in its nightwear and loungewear categories. Banno's Swagger plans to add other categories on its web platform in the future months, relying on its low prices to flourish.

"Despite Covid-19's issues, we saw an increasing need for an Indian brand to enter the home wear and loungewear market and build a presence." Banno's Swagger co-founder Shashank Agarwal said in a statement, "This motivated us to establish Banno's Swagger."

"Banno's Swagger has been climbing its way up in the Indian market since its launch, and with that in mind, we will be adding various categories encompassing the complete spectrum of lifestyle Fashion range for modern Indian women targeting the 18 to 25 age bracket," Agarwal added.

Shashank Agarwal and Karan Juneja founded the brand in Surat in December 2020. Since its introduction, it claims to have seen a 20 percent increase in income.

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Apparel 10-01-2022

Banno's Swagger has big aspirations for growth and product diversification

Retailers seek rent waivers as Omicron wave dents businesses in India

10 January 2022, Mumbai:

With weekend curfews and late evening curbs severely denting business, large retailers and restaurant chains have started negotiating for rental concessions with mall operators and landlords.

Operator of Asia 7, Punjab Grill and the Arful Baker, Lite Bite Foods have written to landlords and mall owners to renegotiate rentals as around 75 per cent of their business has been impacted by the curbs, says Rohit Aggarwal, Director. The company expects business to remain impacted all through January to March.

Similarly, apparel retailers like Benetton, Jack & Jones-retailer Bestseller Retail, Vero Moda, Only, ethnic retailer Biba and Forever New have also begun to negotiate with landlords and mall owners for rental concessions as footfalls at malls in Delhi-NCR have reduced to half.

Finding the right solution

These retailers now plan to approach their landlords and find a right solution, says Siddharth Bindra, Managing Directors, Biba.

They are confident of landlords taking a proactive view of the situation. Kabir Suri, Cofounder, Azure Hospitality, Pratik Pota, CEO, Jubliant FoodWorks and Sagar Daryani, Co-Founder, Wow!Momo, recently drew their landlord’s attention to ‘commercial concerns’ caused by Omicron-led third wave.

They sought complete wavier or rentals, common area maintenance in case of complete shutdown, revenue sharing during restricted operations and rent waivers for three months post reopening of businesses.

Landlords ready to negotiate

Meanwhile, mall executives and landlords have sought one week from retailers before they could commit to these concessions. As these retailers have not yet generated rental bills for January, they were ready for negotiations with retailers, adds Harsh Bansal Head, Unity Group that operates four malls in Delhi.

With cinema halls closed and shops open only on odd-even basis in Delhi, footfalls have reduced by almost 40 per cent. Though retailers will definitely get some concessions, their nature is yet to be decided, adds Abhishek Bansal, Director, Pacific Group.

No rents in case of store closures

Many large retailers such as Reliance Retail and Aditya Birla Fashion incorporated a clause in their annual contract after the second COVID-10 wave that they will not pay rents or pay only in proportion to their actual businesses, if the government passes orders for store and mall closures.

However, many of these concessions are not binding to the parties as no one predicted the third wave in India despite such a strong vaccination drive, says Zorawar Kalra, Managing Director, Massive Restaurants, which operates Masala Library and Farzi Cafe, among others.

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Apparel 10-01-2022

Retailers seek rent waivers as Omicron wave dents businesses in India

Swastik Health Wear is expanding and will soon begin producing performance apparel

08 January 2022, Mumbai:

Despite several obstacles, many micro and small businesses are thriving and increasing. Swastik Health Wear, established in Delhi, is one such company. The company presently employs over 150 people and wants to invest roughly Rs. 1.50 crore to expand its capacity, generate employment, and expand its product line.

It now has roughly 300 pieces in its product basket, which are divided into three key categories: athleisure clothing, sportswear, and sports accessories. It is now expanding its product line to include performance apparel.

"A large product basket automatically draws more clients," says Rohit Ahuja, the firm's Director. "Adding new items is really crucial." We chose performance clothing since it is a category in which we excel and where we also have customers. Sportswear, in particular, has shown strong growth in recent months.

To keep costs down, Rohit said he sought to make as much as possible in-house, with extra effort; for example, he added, glue is being developed in-house for seamless clothing.

"Common market concerns don't matter much because they are the same for everyone, and the market grows acclimated to them over time." Individual efforts are also very important. We were able to take advantage of the ATUF plan because of our proactive and progressive strategy.

Working in a systematic manner also aided us. The cash constraint will take precedence, but we must handle it," adds Rohit, who anticipates 25% growth following this expansion. The company, which has its own brand and a robust dealer network, also works with other well-known companies.

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Apparel 08-01-2022

Swastik Health Wear is expanding and will soon begin producing performance apparel

V-Mart Retail: No major drop in revenues despite fresh COVID disruptions

10 January 2022, Mumbai:

Value fashion retailer V-Mart Retail does not expect the fresh disruptions caused by the Omicron variant of COVID- to have any significant impact on its revenue in the coming quarters. Over the last few weeks, the company has witnessed a slight drop in footfalls due to the Omicron fear.

Footfalls have dropped below the pre-COVID levels, says Lalit Agarwal, Chairman and Managing Director.

However, demand for apparels has increased as the company caters to the need of basic value apparels of customers, he adds. V -Mart currently operates 300 stores.

The company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids, cosmetics, luggage, toys, and games, and food, non-food, and staple items.

It recently opened a store in Uttar Pradesh and plans to open another 12-15 stores this year.

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Apparel 10-01-2022

V-Mart Retail: No major drop in revenues despite fresh COVID disruptions

Garment Mantra to set up integrated facility in Surat, Gujarat

08 January 2022, Mumbai:

Garment Mantra Lifestyle plans to setup a new centralized integrated facility in Surat, Gujarat to efficiently cover the western region and scale up the operations of Poortibesides giving an impetus to its apparel convenience store Price Mantra to strengthen brand visibility in the region.

The proposed integrated facility will not just scale up business operations but also boost the company’s revenues in the next two years. It will also promote brand loyalty by catering to a large customer base.

This facility is dedicatedly planned strategically to build and grow strong revenue models from Poorti: a textile wholesale surplus hub and gradually enhance the presence of Price Mantra: an apparel convenience store model.

Extending upto ~10,000 sqft, the facility is equipped with modern facilities to manage operations efficiently and the management expects to commence operations in this quarter i.e. Q4FY22.

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Apparel 08-01-2022

Garment Mantra to set up integrated facility in Surat, Gujarat

Kankatala Sarees introduces their first fusion wear collection

07 January 2022, Mumbai:

Kankatala Sarees has introduced its first fusion wear collection with its first range of lehengas in 78 years. Twenty-five lehengas are included in the new collection, all of which are handwoven in genuine gold zari.

The firm revealed in a press statement on January 7 that each lehenga, choli, and dupatta set honours handlooms from weaving clusters around India, including Paithani, Kanchipuram, and Bandhani, among others.

The collection costs between Rs 1.5 lakh and Rs 6 lakh ($2,018). From January 10 to 11, the range will debut with an unique exhibit at the brand's 'Queens of Kankatala' shop in New Delhi. Kankatala Sarees' outlets in Andhra Pradesh, Telangana, and New Delhi, as well as its dedicated e-commerce store, would thereafter debut the collection.

In a statement, the firm said, "The edition is an artistic manifestation of Indian weavers where the variety of India's rich culture is embraced harmoniously." "Three distinct handloom techniques from three separate states combine to create a wearable marvel that is a rare occurrence."

Kankatala Appalaraju founded Kankatala Sarees in 1943, and the company presently has 13 physical locations. The firm is now managed by three brothers from the Kankatala family, and the brand attempts to combine current saree trends with traditional workmanship.

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Apparel 07-01-2022

Kankatala Sarees introduces their first fusion wear collection

Amazon appeals against CCI suspension of deal with Future Group

10 January 2022, Mumbai:

Amazon has appealed against the suspension of its deal with the Future Group by the Competition Commission of India's at the National Company Law Appellate Tribunal (NCLAT).

The US e-commerce retailer also filed a special leave petition (SLP) in the Supreme Court against the staying of its proceedings in the Delhi court in an ongoing Singapore arbitration case between Amazon and Future Group until February, 1 citing ICICI's recent order.

Last month, the competition regulator suspended its earlier approval of Amazon's investment in Future Coupons a Kishore Biyani promoted firm. CCI said Amazon hadn't fully disclosed its interest in Future Retail when it sought clearance for the Rs 1,431-crore investment in FCPL.

Amazon, in its latest appeal, claimed that CCI does not have authority to unwind approval after 12 months and in case of any aberration, it attracts a maximum penalty of ₹5 crore. However, CCI ordered a penalty of ₹202 crore.

Amazon also appealed that abeyance or revoking was not a viable punishment given that CCI clearly stated requisite information was given by Amazon, but its interest in FRL should have been emphatically pointed, said a person aware of the development.

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Apparel 10-01-2022

Amazon appeals against CCI suspension of deal with Future Group

Due to an increase in Covid-19 instances, Sabyasachi outlets are now appointment-only

07 January 2022, Mumbai:

Due to the fast proliferation of Covid-19 cases across India, luxury traditional apparel, accessories, and jewellery designer Sabyasachi has switched to in-person appointments exclusively for its outlets, despite high demand.

The firm declared on Facebook that "Sabyasachi outlets around the nation would stay open for restricted in-person appointments only." "With the growing instances in mind, our community's health and safety remain our top priority." We appreciate our customers', artists', and staff' patience, support, and understanding at this difficult time."

Sabyasachi has flagship stores in New Delhi, Mumbai, Hyderabad, and Kolkata, all of which are scheduled to open in the near future. The company also sells through multi-brand luxury boutiques in a variety of metros (including London, UK), each of which has its own opening schedule.

The brand's website is also undergoing renovations, however, Sabyasachi's items may be purchased through Elahe's online store. According to Gulf News, Sabyasachi's latest fine jewellery line was just introduced in Dubai at multi-brand retailer Bayt Damas.

Sabyasachi expanded its fine jewellery collection in Dubai ahead of the forthcoming wedding season, after making its debut at the store last autumn.

"There will be polarisation when it comes to consumption of items when the pandemic stops," designer Sabyasachi Mukherjee told Gulf News this week. "Some individuals will be cautious, while others will take risks. During the epidemic, I had the opposite difficulty.

There was a greater demand than supply. However, because I am a responsible entrepreneur, my factor was functioning in a fragmented manner. We've been denying orders all throughout the world... Some people are heartbroken. When the choice is between life and livelihood, life takes precedence."

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.

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Apparel 08-01-2022

Due to an increase in Covid-19 instances, Sabyasachi outlets are now appointment-only

Revenge spending, e-commerce fuelling luxury fashion market in India

07 January 2022, Mumbai:

With newly minted billionaires emerging in India, luxury fashion and lifestyle consumption landscape in the country is slowly taking shape, says Darshan Mehta, Managing Director, Reliance Brands.

He says, the luxury sector in the country is seeing a surge in revenue shopping as more number of fully vaccinated people especially in urban areas is stepping out of their homes. Revenge shoppers represent customers likely to become repeat buyers over the next few years, he adds.

Market getting habituated to international shoppers

Mehta points out, India’s luxury market has become habituated to the well-heeled international traveller and shopper, now getting used to the domestic market in the past one year. These shoppers have discovered prices in the domestic market are comparable to international market.

Also, shopping in domestic market offers them personalized, welcoming and warm experience, not available in the Western shopping arena. These factors are helping to convert die-hard international shoppers into first time Indian ones, who now swear by the joys of shopping in India, opines Mehta.

The pandemic has also raised morality values amongst consumers and has led to a surge in demand for timeless luxury products especially for gifting during weddings. After a hiatus in 2020, the Indian wedding market is back with a bang, making it difficult for Indian designers to cope with scope of business.

Ease of availability fuelling luxury gifting

The luxury gifting market is especially booming with restrictions on all other spends set aside for weddings including number of guests and the size of the event. The easy availability and accessibility has raised consumption of luxury products in the country.

Benefitting from the booming economy, young professionals are diverting their savings into luxury purchases. Internet commerce has made loads of rich and aspirational consumers in the country.

E-commerce driving luxury purchases in the country

E-commerce is fuelling luxury consumption in the country. It is also limiting luxury shopping of customers to their domestic and international travels. Innovative sale channels such as distance selling are gaining importance enabling customers to buy expensive and good quality products.

Early buyers of luxury products are transforming into customers who are now more about confident of themselves and value true luxury.

These customers view luxury as being unique and timeless and a true expression of their own individuality.

Currently, there are around 10 million ready and habitual consumers of luxury with another 25 million increasingly getting addicted to luxury shopping. These consumers are making India an epicenter of global luxury stage, Mehta concludes.

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