Apparel giant Gokaldas Exports has finalised the acquisition of Coral Investments and its subsidiary, Ashton Apparel Manufacturing. This strategic takeover positions Gokaldas to dominate the industry with a broader product range, stronger manufacturing capabilities, and a wider global reach.

Gokaldas acquired 100 per cent shares of Coral Investments through its Dubai subsidiary Nava Apparels, indirectly gaining control of Ashton Apparel. The move expands Gokaldas' market presence, potentially leading to economies of scale and market leadership.

The merged entity will have a wider product portfolio, enhanced manufacturing capabilities, and a larger global footprint. With this acquisition, Gokaldas reaffirms its commitment to quality and positions itself to meet the industry's ever-changing demands. The acquisition propels Gokaldas Exports towards industry dominance and sets the stage for its future growth.

Kidswear and nursery brand Mamas & Papas has appointed Sarah Ashby as its new Chief Financial Officer.

Prior to joining Mamas & Papas, Ashby was engaged as a senior director of finance for projects and M&A at Asda. She has also been responsible for managing the finances of the large supermarket chain’s George clothes brand in addition to its apparel and general retail departments.

A founder and President of the Oxford Women in Business club, Ashby has also held comparable senior and director finance posts at Pladis Global, The Kraft Heinz Company, and Procter & Gamble.

Her appointment follows Mamas & Papas announcement of an accelerated expansion strategy after registering a 17 per cent increase in revenue for the 13-week period ending on December 31, 2023.

The retailer’s profits increased by an additional 50 per cent during this period. This growth was observed in all of its business’s channels including the brand-owned stores, concessions, and internet platform.

Owned by the Apparel Group, Fashion brand R&B has opened its sixth store in Bengaluru and 18th in India. Located in HSR Layout, the spacious 12,000 sq.ft. store offers a curated selection of trendy and affordable apparel for men, women, and children.

This opening highlights R&B's commitment to strengthening its presence in India and meeting the evolving fashion needs of Indian consumers. The bright and inviting store features dedicated sections for each category, catering to a wide range of age groups and styles.

The store promotes diversity and body positivity by offering a vast array of sizes. Customers can find a mix of international trends and versatile everyday wear, along with footwear, beauty products, toys, and accessories.

Launched in October 2012, R&B currently operates over 123 stores across seven countries. This new flagship store in Bengaluru signifies their commitment to the Indian market and their plans for further expansion.

Abhishek Bajpai, CEO, Apparel Group India, says, the launch of this store aligns perfectly with the brand’s plans for expansion in India. The store offers an exceptional blend of style, quality, and shopping comfort.

A leading apparel supplier and branded home furnishing player, Bella Casa Fashion & Retail Ltd reported its results for Q3 FY24 and 9M FY24 ended December 31, 2023. The company delivered a solid performance, marking consistent revenue growth and maintaining profitability.

The company’s revenues surged by 12.08 per cent Y-o-Y to Rs 58 crore in Q3 FY24. However, revenues declined slightly compared to Q2 FY24. Cumulative revenue for 9M FY24 reached Rs. 169.0 crore, reflecting steady growth.

Bella Casa’s operating profit improved by 7.7 per cent to Rs 4.5 crores in Q3 FY24. Its Profit Before Tax (PBT) stood at Rs. 3.2 crore, maintaining consistent performance Y-o-Y. Profit After Tax (PAT) reached Rs. 2.5 crore in Q3 FY24, showing a marginal decline Q-o-Q but an improvement Y-o-Y.

The company handled 35 per cent higher volumes in Q3 FY24 compared to the same period last year, indicating strong customer acceptance of product designs and execution strategy.

Saurav Gupta, Director, says, the increasing penetration of organised retail presents significant business growth opportunities for the company. It aims to capitalise on this momentum by leveraging its commitment to quality products and strong partnerships within the Indian retail ecosystem.

03 February 2024, Mumbai

The National Garment Fair (NGF 2024) Spring-Summer Edit, hosted by the Clothing Manufacturers Association of India (CMAI) in Mumbai, unfolded from January 29 to 31, 2024. Drawing an impressive crowd of nearly 18,000 attendees, including national and regional retailers, distributors, and wholesalers, the event showcased a vibrant snapshot of the domestic garment industry's recovery post-pandemic.

Spanning 700,000 sq. ft. across seven halls at the Bombay Exhibition NESCO Complex in Goregaon East, the NGF 2024 boasted over 1025 participants presenting more than 1,120 brands across various categories, including Women's wear, Men's wear, Kids wear, and Accessories.

This expansive display underscored the industry's resilience and determination to rebound from the challenges posed by the pandemic.

Industry leaders express confidence in recovery
Rajesh Masand, President of CMAI, highlighted the industry's journey towards normalization, citing the positive feedback received from exhibitors regarding business inquiries and orders. Despite facing inventory backlogs, the apparel sector has witnessed steady growth, driven by store expansions and network enhancements.

Rohit Munjal, Vice President and Chairman of the Fair Committee at CMAI, commended the unwavering support of retailers and distributors, attributing the fair's success to their active participation.

Striking feature

The continued vitality of NGF underscores its significance as a premier event in the garment industry, fostering collaboration and growth opportunities for all stakeholders.

Rahul Mehta, Chief Mentor of CMAI, discussed the evolving consumer trends, noting a shift from post-pandemic "revenge shopping" to more restrained purchasing behavior, followed by an anticipated resurgence in wardrobe refreshment.

This shift signifies a gradual return to pre-pandemic shopping patterns, offering hope for sustained growth in the apparel segment.

Relaunch of CMAI Apparel magazine elevates industry insights
During NGF 2024, the prestigious CMAI Apparel magazine was reintroduced with a revamped quarterly edition, featuring exclusive content, in-depth features, and captivating visuals.

The magazine's relaunch aims to provide readers with fresh perspectives, industry insights, and compelling stories, enriching the discourse on apparel trends and developments.

Recognized as the largest bi-annual trade fair in the Indian Apparel Industry, NGF serves as a critical platform for connecting brands, manufacturers, designers, and retailers.

With its comprehensive sourcing opportunities and efficient networking avenues, NGF continues to uphold its reputation as India's foremost trade fair, facilitating collaboration and innovation across the garment sector.

The success of NGF 2024 reflects the industry's resilience and adaptability in navigating challenging times. As retailers and manufacturers forge ahead with renewed optimism, the positive momentum generated by NGF sets the stage for a dynamic and prosperous spring-summer season, heralding a return to normalcy in consumer behavior and market dynamics.

03 February 2024, Mumbai

Held in Mumbai from January 29-31, the National Garment Fair (NGF 2024) Spring-Summer Edition attracted nearly 18,000 visitors and generated strong business activity.

This indicates positive momentum for the upcoming season, despite challenges faced by the industry.
Over 1,025 participants showcased more than 1,120 brands across various categories.

Nuanced view

Encompassing an expansive 700,000 sq. ft. across seven halls, the Spring-Summer Edition of the National Garment Fair 2024 (NGF 2024) was held at the Bombay Exhibition NESCO Complex in Goregaon East.

The trade show recorded robust business bookings and enquiries, suggesting a gradual return to normalcy in H1FY2025. It re-launched the CMAI Apparel magazine with a focus on exclusive content and trends.

Quotes

Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said the revival of the apparel industry post-pandemic has been less than robust, with retailers contending with a substantial backlog of inventory.

The predominant driver of retail sales growth in apparel in the past year has been the result of both store and network expansions.

Rahul Mehta, Chief Mentor of the Clothing Manufacturers Association of India (CMAI), added that the notable expansion of major retailers and brands into Tier II and III markets in the past year played a substantial role in driving retail sales growth within the apparel segment.

This year, consumers are expected to refresh their wardrobes, signaling a return to normalcy in shopping pattern's significance.

Global conglomerate, Apparel Group has opened the first Victoria's Secret Beauty store in Mumbai. Located at Inorbit Mall in Malad, the new store boasts of a distinctive design and embraces the "Store of the Future" concept. It offers an extensive range of products, spanning fragrances to accessories.

Set to become a one-stop shop for beauty enthusiasts in the region, the store features the brand's iconic array of fine fragrances, body mists and lotions, and an array of top-tier travel accessories.

Tushar Ved, President, Apparel Group India, says, the store embodies the brand’s dedication to bridging the gap between international brands and the Indian consumer, offering a world-class beauty experience tailored to local preferences."

Abhishek Bajpai, CEO, Apparel Group India adds, the choice of Inorbit Mall as the store's location will further strengthen the brand’s commitment to reach its target audience.

Renowned American fashion brand, Guess, has expanded its footprint in South India with a brand new store at Inorbit Mall in Hyderabad. Marking a significant step in Guess's retail expansion strategy, this store strengthens the brand’s presence in the growing South Indian market.

The new store boasts a wide range of clothing options for men, women, and children, along with a diverse selection of fashion accessories like watches, jewelry, fragrances, and footwear.

Established in 1981, Guess has become a global symbol of denim-inspired fashion.
The brand entered into India in 2012 and operates through a distributor model. With this new store in Hyderabad, the brand makes a potential shift towards establishing a more direct retail presence in the Indian market.

With over 1,608 stores in 80 countries as of 2023, Guess continues to expand its reach and cater to a diverse customer base. This new Hyderabad store is a testament to Guess's commitment to the Indian market and its potential for growth.

A garment manufacturer and exporter, Gokaldas Exports has signed a definitive agreement to acquire the apparel business of Matrix Clothing for Rs 489 crore. This strategic move strengthens Gokaldas' position in the knitwear segment besides introducing new customers, and expanding its geographic reach to Europe.

Known for its high-quality knitwear for men, women, and children, Matrix Clothing caters to renowned brands and operates five manufacturing facilities in India. Its strong performance and established customer base align well with Gokaldas' growth aspirations.

The acquisition creates a more comprehensive offering for Gokuldas Exports as the company benefits from Matrix’s expertise in knitwear. Matrix's established customer relationships in Europe also broaden Gokaldas' reach beyond its traditional markets. Its strengthens Gokuldas Exports’ operations in Europe.

Despite an industry-wide decline in apparel exports, Gokaldas demonstrated resilience in Q3FY24. Outperforming the industry, the company’s revenues grew by 6 per cent Y-o-Y. It’s profit after tax declined by 25 per cent Y-o-Y. The company maintained healthy margins, reflecting efficient operations and cost control.

In 2024, Gokuldas Exports expects a positive momentum driven by improving supply chain trends and normalised ordering patterns. The company expects sequential growth is anticipated in the coming quarters, fueled by the Matrix acquisition and other growth initiatives.

The acquisition of Matrix Clothing marks a significant step for Gokaldas Exports. By expanding its product portfolio, diversifying its customer base, and strengthening its geographic presence, the company is well-positioned for sustainable growth in the years to come.