30 December 2023, Mumbai

WHY India

India, with its booming population of 1.4 billion, is defying global economic uncertainties as consumer optimism soars. Deloitte's Financial Well-Being Index (FWBI) reveals India's impressive score of 109.1 in October 2023, surpassing the global average of 91.9.

Rise in aspirational spending
This positive outlook is fueling a surge in consumption, particularly of discretionary and aspirational products. Deloitte's ongoing initiative, Consumer Signals, reports that 77% of Indian consumers are unwilling to delay significant purchases, with 70% having indulged in the past two months.

Premium brand appeal
Notably, over 50% of consumers express interest in investing in premium consumer durables, and 57% are ready to splurge on premium food and grocery items. The Indian economy's growth is pushing consumers toward luxury spending, with the overall luxury market projected to reach $30 billion by 2030.

Expanding luxury landscape
Global luxury brands are capitalizing on this trend, expanding their presence in India. This not only attracts new buyers but also retains consumption within the country, previously fulfilled through overseas travel.

Diverse consumer preferences
Increasing affluence has made consumers more discerning. They seek differentiated, localized offerings beyond popular brands, driving the growth of specialized direct-to-consumer (D2C) players and private-label businesses.

The new commerce landscape
The rise of new commerce, including D2C, social commerce, quick commerce, and live commerce, is transforming the consumer shopping experience. Predicted to be 40% of the e-commerce market by 2030, it offers diverse choices, pushing brands to prioritize customer experience as a key growth driver.

Technology integration
Brands are leveraging technology, with generative AI emerging as the future for enhanced consumer experiences. Its growing usage enables better conversations, effective communication, and personalized fulfillment processes, propelling brands to reinvent and scale efficiently.

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Shahi Exports, India's leading apparel manufacturer and exporter, unveiled its second Sustainability Report for FY 2022-23, spotlighting robust initiatives across key focus areas. The report underscores Shahi's commitment to environmental stewardship, emphasizing Energy and Emissions Management, Water Efficiency, Chemical and Materials Stewardship, Waste Towards Circularity, Empowered Workforce, Employee Health and Well-being, Fair and Respectful Workplace, and Corporate Social Responsibility (CSR).
Anant Ahuja, Head of ESG at Shahi Exports, highlighted the transformative shifts in the sustainability narrative within the fashion industry. The Sustainability Report serves as a vital tool for tracking progress and identifying avenues for further improvement, aligning strategies with long-term growth objectives.
Key report highlights showcase Shahi's significant strides in environmental targets, notably achieving 92.5MW in renewable energy capacity and eliminating coal from garment factories. The company's commitment earned international and national recognition, including the International Green Apple Environment Award and the Excellence in Performance Award.
On the social front, Shahi's dedication to employee development is evident through investments in upskilling, soft skills training, and initiatives supporting migrant workers. Harish Ahuja, Managing Director and Chairperson, expressed confidence that sustainability efforts will underpin Shahi's success as it approaches its 50th year, advocating for industry-wide transformation through collaboration and shared best practices.

Re-commerce platform Rockingdeals Pvt. Ltd. (RDPL) is set to expand its footprint with the opening of six mega stores in Punjab, investing a total of Rs. 10 crores.

This strategic move aims to strengthen RDPL's offline market presence, eliminating third-party involvement and directly connecting with customers.

The company, already successful in Haryana, Uttarakhand, Delhi, and Bihar, sees tremendous potential in Punjab's markets.

The new stores in Barnala, Moga, Morinda, Panipat, Abohar, and Bannur will unfold over the next 12 months, marking a significant milestone for RDPL's nationwide expansion.

06 December 2023, Mumbai

Leaders get a guide: The GFA Monitor 2023, launched at COP28, maps a sustainable fashion future, fueled by 25+ industry voices.

Data drives solutions: The report taps into the Fashion Industry Target Consultation (FITC), surveying 900 voices globally, offering a real-world perspective.

Five priorities, actionable steps: Aligned with the Fashion CEO Agenda, it focuses on fair work, wages, circularity, resources, and smart materials, providing practical tools and best practices.

United, but cautious: The FITC reveals optimism about 27 action areas but urges concrete impact. The report sets clear goals, highlighting areas needing improvement.

2025: Our critical deadline: With the UN's 2030 goals approaching, the GFA Monitor sounds the alarm: peak greenhouse gas emissions must happen by 2025. Paris pledges fall short; projections worsen.

COP28: Fashion steps up, GFA leads: GFA co-hosts a special session, ensuring fashion's voice is heard. The Global Fashion Agenda Assembly on December 5th reviews progress, shares financing solutions, and advises policymakers.

Join the movement: "Partnerships are key," says Federica Marchionni, Global Fashion Agenda CEO. "Together, sustainability becomes the new normal."

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As per a deal signed with Reliance India, fashion group SMCP will expand operations in India by opening new stores in the Mumbai’s Jio World Plaza Mall mall. Owner of French fashion labels Sandro and Maje, SMCP is encouraged by the country’s growing wealth and youth population to enter the Indian market.

Through this partnership, Reliance Brands will become the exclusive distributor of Sandro and Maje in India. The company will open around 10 stores to sell SMCP brands in the next three to five years, says Isabelle Guichot, CEO, SMCP.

SMCP the French accessible luxury player reported a 1 per cent fall in sales at constant exchange to €295 million in its third quarter. The company plans to implement a cost-cutting and full-price sales strategy to boost growth. SMCP also plans to open stores in France in cities like Paris, Lille and Marseille. In the US, it will open two new stores in mid-December and one store in the first quarter of next year. Meanwhile it is upgrading operations by shifting away from oil-based virgin polyester to recycled materials and natural fibers. It also includes QR codes on 70 per cent of its SKUs.

A subsidiary of the Reliance Retail Ventures, Reliance Brands has partnerships with several luxury fashion European and American labels, including Bottega Veneta, Burberry, Valentino and Tiffa.

These high-end European labels aim to expand their retail presence in India to tap its growing economic strength and rising population of affluent consumers.

Purple Style Labs, a prominent omnichannel luxury fashion platform based in Mumbai, clocked in remarkable financial growth, with revenues soaring from Rs 44 crore in FY21 to an impressive Rs 372 crore in FY23. The company also demonstrated a substantial reduction in losses for the fiscal year ending March 2023.

As per annual financial statements submitted to the Registrar of Companies, Purple Style Labs achieved a noteworthy 2.1X growth in operational revenues, reaching Rs 372 crore in FY23 compared to Rs 175 crore in FY22. The company's overseas operations contributed significantly to this success, with a remarkable 40.2 per cent increase in revenues during the same period.

However, this period of growth was accompanied by increased expenditures, rising from Rs 97 crore in FY22 to Rs 214 crore in FY23. Notably, 51per cent of this capital was allocated to the procurement of materials for designer wear and fashion products. Furthermore, expenditure on advertising and marketing witnessed a substantial surge, jumping by 78.6 per cent in the last fiscal year. Overall, the company's expenditures experienced a notable 85.9 per cent increase, reaching Rs 422 crore.

Purple Style Labs attributed this rise in expenditure to various factors, including enhanced employee benefits, an increase in rent, and professional fees. Despite these increased costs, the company's strategic investments in these areas likely contributed to its overall growth and strengthened its position as a major player in the omnichannel luxury fashion domain.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs continues to make significant strides in the competitive world of luxury fashion, emphasizing its commitment to quality, innovation, and a comprehensive omnichannel experience.

05 December 2023, Mumbai

RSWM Limited, a subsidiary of LNJ Bhilwara Group, has solidified its market standing by signing a binding term sheet to acquire Ginni Filaments Limited's spinning, knitting, and processing unit in Mathura. Valued at Rs 160 crore, the acquisition is anticipated to be finalized within 90 days, contingent on approvals and definitive document execution.
This strategic move is poised to elevate RSWM Limited's market presence, fostering growth in turnover, workforce, and plant capacity.

Nuanced view

Positioned as a front-runner in the spinning and knit fabric sector, the acquisition is set to fortify RSWM Limited's production capabilities, with plans for modernization and technological advancements. B. M. Sharma, Joint Managing Director, underscored the significance of expanding the reach and solidifying a pivotal role in the sector.
Perfect Fitment

The acquisition aligns with RSWM Limited's commitment to innovation, as it plans substantial investments in state-of-the-art machinery, including the latest compact ring frames and advanced carding and comber machines. This infusion of technology aims to elevate recoveries, productivity, and product diversity.
Management Riju Jhunjhunwala, Chairman, Managing Director, and CEO of RSWM Limited, expressed enthusiasm for the expansion beyond Rajasthan, anticipating a surge in turnover by targeting new global customers.

Group Ethos

The strategic investment in sustainable practices and operational efficiency underscores RSWM Limited's commitment to eco-friendly production.
In conclusion, acquiring Ginni Filaments Limited's operations positions RSWM Limited as a dominant force in the spinning and knit fabric sector, ready to thrive in domestic and international markets.

The company's foresighted approach to modernization and expansion solidifies its trajectory for success.

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In an effort to reduce its reliance on Chinese suppliers, the US-based retail giant Walmart is expanding imports from India, aiming to cut costs. Walmart's imports from India have surged from 2 per cent in 2018 to 25 per cent between January and August of the current year.

Concurrently, imports from China have decreased from 80 per cent in 2018 to 60 per cent during the same period, reflecting the company's strategy to diversify its supply chain amidst increasing political tensions between the US and China and rising import costs from China.

Since 2018, Walmart has been steadily growing its operations in India, and in 2020, the company committed to importing goods worth $10 billion annually from India until 2027. Currently, Walmart imports approximately $3 billion worth of goods from India each year, covering a range of products including toys, electronics, bicycles, pharmaceuticals, packaged food, dry grains, and pasta.

This shift is seen as a positive development for the Indian manufacturing industry, benefitting from the confidence shown by global retailers and leveraging its well-equipped factory infrastructure, as highlighted by Rajesh Kharabanda, CEO of Freewill.

12 December 2023, Mumbai

Lenzing, a global leader in wood-based specialty fibers, recently hosted 'The Lenzing Conclave' in Bengaluru, providing a crucial platform for industry stakeholders to discuss current consumption trends and the future trajectory of textile fibers and fabrics up to 2030.
The event featured an extensive display of Lenzing fibers in segments like denim, home textiles, intimate wear, outerwear, and traditional attire, allowing participants to directly experience the latest products and innovations.

Spotlight
A notable highlight was the diverse range of LENZING ECOVERO black fibers, renowned for their exceptional depth of black color in fabrics, and LENZING ECOVERO with REFIBRA technology, a step towards a circular economy.
This aligns with Lenzing's commitment to sustainability and innovation. The company recently converted its Indonesian manufacturing site to produce EU Ecolabel-certified LENZING ECOVERO fibers and introduced LENZING ECOVERO black fibers for the Asian market.
Lenzing, a frontrunner in the evolving textile industry, continues to offer pioneering and eco-friendly solutions in line with the evolving demands of the Indian market. 'The Lenzing Conclave' facilitated valuable networking opportunities and collaborative dialogues, reinforcing Lenzing's position as a leader in the dynamic textile landscape.
Avinash Mane, Senior Commercial Director of AMEA & NEA region, Textiles Business, expressed elation over the event's success, emphasizing Lenzing's commitment to sustainable solutions and its role in supporting brands to create innovative and eco-conscious fashion for Indian consumers.

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04 December 2023, Mumbai

Global Textile Mega-Event Focuses on Sustainability and Resilient Supply Chains

• Scheduled for February 26–29, 2024.
• Organized by 11 Textile Export Promotion Councils and the Ministry of Textiles.
• covers the entire textile value chain: exhibitions, knowledge sessions, B2B meetings, MoUs, and product launches.

Distinguished Audience Expected: Policymakers, CEOs, 3,500+ Exhibitors

• Over 3,000 overseas buyers and 40,000+ domestic buyers are expected.
• Dedicated pavilions for sustainability, recycling, resilient supply chains, and digitization

Interactive Experiences: Fabric Testing, Product Demos, Masterclasses

• Exclusive, invitation-only discussions with policymakers for top-level attendees.
• Business matchmaking for sourcing opportunities in sustainable supply chains and global manufacturing

2,00,000 sq. m. Exhibition: Apparel, Home Furnishings, Technical Textiles, and More

• Dynamic platform for innovation, sustainability, and tradition in textiles.
• Bharat Tex 2024: Weaving a vibrant future for the global textile industry

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