15 November 2022, Mumbai:

For the second quarter Vishal Fabrics’ net profit fell by 44 percent. Revenue for the quarter declined by 14 percent. During the quarter, the overall demand scenario remained muted owing to ongoing economic challenges, volatile cotton prices and global inflationary pressures.

As a result, Vishal’s capacity utilization levels were on the lower side, impacting margins negatively. But the company is ready to sail through these challenging times with a comfortable level of debt-equity ratio at 0.98x. Although the short-term headwinds may continue, the company remains confident about the long-term growth prospects for the Indian textile sector as well as its capacity to raise utilization levels and get back the revenues at normalcy.

Vishal Fabrics, based in Ahmedabad, is a flagship company of the Chiripal Group. Vishal Fabrics caters to the premium and the super-premium end of the denim segment.The company is also expanding its overseas presence by adding new markets in Latin America and Europe. Vishal Fabrics has no plans to go into garments and apparels and will be confined to the B2B segment.

Vishal Fabrics is aiming at a Rs 2000 crore topline in the next two fiscals. The denim maker is also investing in the expansion of its current capacity to increase denim production.

Latest Textile News

03 November2022, Mumbai:

Cost control initiatives have helped Raymond to improve overall performance.

Raymond is looking forward to a good season ahead and is experiencing an increase in exports. Every month new overseas customers are added. The group continuously focuses on product development and the shirting and suiting ranges are constantly evolving keeping customers in mind. To attract new customers, new and younger-looking products are being launched, especially apparel.

Raymond is enhancing its presence in the retail space and is balancing digital and physical. At present, more than 90 percent of Raymond stores are physical and will continue to be so in the near future.

In the realty segment, the strategy is to create the best product at the best price at the best locations. The strategy is to deliver customer delight. For this purpose, the company is also going into joint development to improve quality and execution capability through its realty arm Ten X Realty.

Despite being new to the business, Raymond has become the top real estate developer in the Thane market of Maharashtra in just three years. The company has entered the edtech segment too.

Raymond is one of the country’s leading branded fabric and fashion retailers.

Latest Textile News

25 October 2022, Mumbai:

Houmn has opened a store in Mumbai. The store has a spacious, bright interior and highlights Houmn’s printed textile throws, cushions, bed covers and sheets, and other home textiles. The store mixes natural wood shelves with white walls and an industrial-style ceiling to mirror its traditional meets modern aesthetic.

Houmn is a home textile and homeware brand. The brand’s products mix a traditional Indian aesthetic with items designed to fit in the modern home. Floral and geometric prints on fabrics add to a classic desi aesthetic and clean white background hues add a touch of contemporary simplicity. The new store is the brand’s second location in Mumbai.

Houmn also has stores in Bangalore and Gurugram as well as in New Delhi and Ahmedabad.

Home textile exporters have been facing a consistent decline in operating margins. Among the reasons for the decline in margins are the high and increasing raw material and logistic costs. The demand scenario has normalized and inflation is exerting pressure on consumer discretionary spending.

Slower-than-expected sales have resulted in higher-than-average inventory levels in recent months (June 2022 and July 2022).

Rising inflationary concerns, the resultant slowdown in consumer discretionary spending, uncertainty about the economic growth outlook, and cautious buying by retailers to manage inventories are affecting sales in key export markets.

Latest Textile News

09 November 2022, Mumbai:

For the first half of the year, Siyaram Silk Mills’ revenue rose by 45 per cent.

An all-around performance in the fabric and apparel business led to this strong revenue growth. The fabric business revenue grew by 30 per cent. The share of fabrics in total revenue is 70 per cent. Higher pent-up demand led by strong demand revival in Tier II and III cities led to such an increase.

The company sold 11 per cent more meters of fabric. Apparel revenue rose by 92 per cent. The share of apparel in total revenue is 21 per cent. So the company’s apparel business has seen good traction. New brands and designs helped to demonstrate good performance.

Siyaram Silk Mills is a manufacturer of fabrics, readymade garments, and other textile products. The company's brands in its fabric business are Siyaram, J. Hampstead, and Cadini. The top brands in the apparel business are Siyaram, Oxembergand J. Hampstead.

The company has been consistently customer-centric and has been careering its fabric designs to meet ever-evolving fashion trends. On the fabric front, both trade and retail witnessed an encouraging trend led by higher secondary sales and strong retail footfalls in MBOs.

The apparel division too has been exhibiting strong performance. Its continued focus on Tier II and Tier III cities and its positioning among aspiring Indians have made the brand more reachable and acceptable among the masses.

Latest Textile News

01 November2022, Mumbai:

This Diwali season was an utter failure for the textile industry in Surat.

Compared to the previous season, aggregate business was down by almost 40 percent. Though the marriage season will start in the second week of November, very few orders are coming. Over 300 textile markets have been closed since October 25 and will open only from the second week of November.

Struggling to get fresh orders amid sluggish demand, textile units in Surat, India’s biggest manmade fabric (MMF) manufacturing hub, have asked their daily wage workers to take unpaid extended Diwali vacation till mid-November.

Conventionally, Surat textile units keep their activities shut for three to five days after Diwali every year, with Gujarati New Year closely following the festival of lights.

This year, however, these units, especially weavers, processors, and embroidery manufacturers, have decided to shut activities for a longer period of time. The situation of weaving units is even more dire as out of nearly a million power looms, hardly a lakh have started operations and the rest will remain closed.

This is the first time in the history of Surat’s textile industry that weaving units have remained closed for a fortnight due to extremely low demand.

Latest Textile News

 29 October 2022, Mumbai:

Indian Administrative Service (IAS) officer Rachna Shah is a secretary in the ministry of textiles.

Shah is an officer of the 1991 batch. She is currently serving as an additional secretary with the department of commerce. Born in Uttar Pradesh, she is a post-graduate in business economics from Delhi University. She has experience of working in ministries like science and technology, corporate affairs, etc.

The ministry of textiles is responsible for policy formulation, planning, development, export promotion, and trade regulation of the textile industry. This includes all-natural and man-made cellulosic fibers that go into the making of textiles, clothing, and handicrafts.

The ministry has the responsibility to build state-of-the-art production capacities and achieve a pre-eminent global standing in the manufacture and export of all types of textiles including technical textiles, jute, silk, cotton, and wool and develop vibrant handlooms and handicrafts sector for sustainable economic development and promote and preserve the age-old cultural heritage in these sectors.

A primary aim is to ensure a proper working environment and easy access to health care facilities and insurance coverage for weavers and artisans to enable them to achieve a better quality of life. The ministry strives to make available adequate raw materials to all sectors of the textile industry.

Latest Textile News

07 November 2022, Mumbai:

For the second quarter Bombay Dyeing’s revenue from operations jumped 50 per cent. Total expenses were up 41 per cent.

Bombay Dyeing’s revenue from polyester was up 17 per cent. Revenue from retail/textiles surged to Rs 15.50 crores as against Rs 4.03 crores in the year-ago quarter, revenue from the real estate segment was up over two-fold.

Bombay Dyeing is one of the seven producers of polyester staple fiber in the country with a market share of about 15 per cent. Bombay Dyeing entered the business in 2006. The company produces a wide range of specialty products, including micro fibers, super micro fibers, trilobal, super high tenacity, optically white, optical white super high tenacity, micro super high tenacity, black and black super high tenacity.

Bombay Dyeing enjoys a leadership position in south India in yarns.Spinning mills’ yarn for suitings and shirtings comes from Bombay Dyeing fiber.The company offers value-added services to its clients and has regional offices spread throughout India, where the primary responsibility is to guide the customer in terms of what to do, what fiber to use, guiding them on the fiber that is suitable for their type of machinery, telling them about what is happening in the industry etc.

Latest Textile News