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11th ATEXCON: Asia's Textile Industry in 2025 and Beyond

23 August 2023, Mumbai

IntroductionThe 11th Asian Textile Conference (ATEXCON) will be held on August 31-September 1, 2023 in Coimbatore, Tamil Nadu, India. 

The theme of the conference is "2025 & Beyond Asia's Global Hub for Textile Manufacturing & Consumers".Over 400 delegates from the global textile and apparel value chain are expected to attend.

  • Key Topics
    • Enabling Resilient Textile & Apparel Supply Chains
    • Regional Cooperation And Partnerships For Sustainable Development
    • Emerging Trends & Opportunities In The Mmf Based Value Added Textiles Including Technical Textiles
    • Collaborating With India
    • Green Revolution: Scaling Sustainable Textile & Apparel Manufacturing
    • Trends, Developments, And Innovations In Home Textiles
    • Managing Financial Risks In T&A Businesses
  • Speakers and Panelists
    • A galaxy of eminent speakers and panelists will deliberate on these topics.
    • They include industry leaders, government officials, and experts from academia and research organizations.
  • Supporters and Sponsors

Conclusion

The 11th ATEXCON is a major event for the Asian textile industry. It will provide a platform for industry leaders to discuss the challenges and opportunities facing the sector in the years to come.

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Indian Textile Industry Faces Challenges

22 August 2023, Mumbai

  • Fluctuating Cotton Prices
    • Despite ample domestic cotton availability, cotton prices have been fluctuating wildly, causing problems for the textile industry.
    • This has led to a decline in cotton textile exports, including ready-made garments.
    • Cotton yarn exports have plummeted by 50%, causing production halts and job losses.
  • 11% Import Duty
    • The 11% import duty on cotton has also made it difficult for the textile industry to compete in the global market.
    • This is because cotton is a relatively inexpensive raw material, and the import duty makes it more expensive for Indian textile manufacturers to import cotton.
  • Initiatives to Address Challenges
    • The Union Minister of Textiles, Piyush Goyal, has established a Textile Advisory Group to address the challenges facing the industry.
    • The group has proposed a number of measures, including removing the 11% import duty and providing export benefits to the textile industry.
  • Industry Appeals for Stability
    • The chairman of the Southern India Mills’ Association (SIMA), Ravi Sam, has called on the Cotton Association of India (CAI) to align its estimates with those of the Committee on Cotton Production and Consumption (COCPC).
    • CAI has overestimated the cotton crop size for 2022-23, which has pushed up cotton prices.
    • This has made it difficult for the textile industry to compete in the global market.
  • Import Duty Removal and Global Competitiveness
    • Ravi Sam has also called on the government to remove the 11% import duty on cotton.
    • He believes that this would help to stabilize cotton prices and make the Indian textile industry more competitive in the global market.

Conclusion

The Indian textile industry is facing a number of challenges, including fluctuating cotton prices and an 11% import duty on cotton.

The government has taken some steps to address these challenges, but more needs to be done.

The textile industry is a major contributor to the Indian economy, and it is important to take steps to ensure its long-term growth and competitiveness.

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MyTrident unveils Fall-Winter'23 collection

22 August 2023, Mumbai

MyTrident, the flagship domestic home furnishing brand of Trident Group, a USD 2 billion conglomerate, unveiled its Fall-Winter'23 collection yesterday at Andaz, Aerocity, New Delhi.
The 5-day meet was inaugurated by Dr. Rajinder Gupta, Chairman Emeritus of Trident Group, in the presence of over 3,000 retailers.

The brand offers a unique and seamless online shopping experience through myTrident.com and intends to leave an indomitable mark across retail touchpoints including EBOs, multi-brand stores, general trade, etc. MyTrident aims to cross a revenue of INR 1,000 crores by FY 2025-26.
Background

Starting its journey in India in 2014, MyTrident is today amongst the leading brands in home furnishing across home and HORECA in India.

Its growth has been driven by doubling the point of sales, adding new categories, and diversifying the range based on the evolving needs of the consumers.

Currently, the company has a retail network of 3,500+ retail touchpoints including 50 exclusive stores across India.
Speaking about the expansion plans, Dr. Rajinder Gupta said, "At MyTrident, we are bullish about the company's prospects which include ramping up our retail business operations across India.

Vision

Our ambition is encapsulated in our slogan 'ghargharmeinMyTrident' to offer accessible luxury to every Indian household. We are building on the trust and respect enjoyed by the company over 30 years.
We are The company plans to aggressively expand to 10,000+ retail touchpoints including 100 exclusive stores by the end of FY2025-26. We remain committed to offering unparalleled quality and a seamless shopping experience to our consumers."
The event also saw the launch of The Good Paper's new copier packaging and notebook designs.
Lineage

The Fall-Winter'23 collection from MyTrident is inspired by the rich heritage and culture of India. The collection features a wide range of products, including bed linen, towels, curtains, rugs, and home décor items.

The products are made from high-quality materials and are available in a variety of colors and designs to suit every taste.
The collection has been well-received by retailers and is expected to be a hit with consumers. MyTrident is confident that the collection will help the brand achieve its ambitious growth goals.

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Hindustan Chamber of Commerce announces ASIATEX 2023 Textile Trade Fair

The Hindustan Chamber of Commerce (HCC) is set to host the "ASIATEX 2023" Textile Trade Fair from August 31 to September 2, 2023, at Mumbai's JIO World Convention Centre, BKC.

5th edition of B2B fair

The 5th edition of this B2B Fair marks a significant milestone for HCC, celebrating its 125-year journey. The fair will comprise 125 stalls, representing major textile hubs like Mumbai, Bhiwandi, Surat, Ichalkaranji, Bhilwara, and Ahmedabad.

A multifaceted display

The event will showcase an extensive array of textile products, including yarns, fabrics, technical textiles, home textiles, and more, predominantly by manufacturers and exporters. The fair anticipates a footfall of over 15,000 visitors across three days.

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Hindustan Chamber of Commerce announces ASIATEX 2023 Textile Trade Fair

Vardhman Textiles Q1FY24 results reported

07 August 2023, Mumbai

Operating leverage

Vardhman Textiles Ltd, a key player in the textile industry and part of the Vardhman Group, faced a significant decline in Q1 net profit, plummeting by 58% to Rs 136 crore ($17 million) compared to the previous year's quarter.

The April-June quarter also saw an 18% decrease in revenue from operations, down to Rs 2,318 crore.

Despite its premium shirt production for retail giants like Van Heusen, Benetton, Sisley, and Colorplus, the company encountered a challenging financial period.

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Garvare Technical Fibres Ltd., Q1 FY24 results

18 August 2023, Mumbai

Garware Technical Fibres Ltd. reports strong Q1 FY24 results

  • Net sales up 7% to Rs. 325.7 crore
  • Pre-tax profit up 54% to Rs. 57.1 crore
  • Post-tax profit up 52% to Rs. 43.0 crore
  • EPS is up 54% to Rs. 21.08

Management commentary:

  • FY24 has started off well and is on track with the strategic plan.
  • Pre-tax profit margins have rebounded to 17%+ levels.
  • The aquaculture business remains strong, especially in Chile.
  • Geo-synthetics business continues to grow and deliver strong profitability.
  • Domestic businesses also perform well.
  • Management expects a good FY24.

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Ludhiana Spinning in Crisis

04 August 2023, Mumbai

The spinning industry in Ludhiana, a major employment generator in the city, is currently facing a significant crisis due to duty and tax irregularities.

According to Gagan Khanna, the chairman of Arisudana Spinning Mills Limited, the inverted duty structure on MMF (Man-Made Fibre) chain is causing a major issue.

Industry leaders seek removal of import duty

Raw materials like viscose and polyester staple fibre are taxed at 18%, while the yarn is taxed at 12%. This disparity results in a considerable accumulation of GST refunds, leading to a blockage of working capital, an inability to take GST credit on capital goods, and a time-consuming and cumbersome process for obtaining refunds.

Trade pacts

Khanna also pointed out that polyester staple fibre is not covered under the ASEAN FTA (Free Trade Agreement), whereas polyester spun yarn is included.

This lack of inclusion leaves domestic producers with no chance to compete with finished goods in the market.

Kamal Oswal, the vice-chairman of Nahar Group, highlighted the negative impact of the 11% import duty on raw cotton, which was imposed in October 2021. This duty has rendered the entire Indian cotton spinning industry unviable.

Level playing ground

Domestic prices have been on average 10% higher than ICE future prices since the introduction of this duty, resulting in a significant decline in exports, the closure of spinning mills, and a substantial loss of employment and export revenue.

In response to these challenges, the industry leaders have approached Rajya Sabha MP from Ludhiana, Sanjeev Arora, seeking his support in addressing their concerns with the government.

They hope that he can help find solutions to sustain the existing industry and attract fresh investment in the textile sector.

Call to action (CTA)

The industry leaders are urging the government to take specific actions, including removing the 11% import duty on raw cotton, including polyester staple fibre in the ASEAN FTA, and implementing the BIS (Bureau of Indian Standards) standard on polyester spun yarn.

They firmly believe that these measures will revitalize the spinning industry in Ludhiana, create more jobs, and drive economic growth in the region.

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