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Trade 16-11-2022

Consumer price index drops

16 November 2022, Mumbai:

India’s consumer price index (CPI)-based retail inflation dropped to 6.77 per cent in October 2022 from 7.41 per cent in September 2022.

The wholesale price index (WPI) fell to a 19-month low, primarily due to subdued rates of food items. The CPI for clothing and footwear rose to 181 in October from 179.9 in September. While retail inflation is the lowest in three months, wholesale inflation declined for the fifth consecutive month.

Prices of commodities like crude oil, iron ore and steel have sobered in global markets. This, coupled with measures taken by the government to rationalise tariff structures of major inputs to augment domestic supply, helped keep cost-push inflation in consumer items under control.

Further, the government has taken trade-related measures on wheat and rice to keep domestic supplies steady and curb the rise in prices. The impact of these measures is expected to be felt more significantly in the coming months. The decline in October inflation was primarily contributed by the fall in prices of mineral oils, basic metals, fabricated metal products, except machinery and equipment, textiles, other non-metallic mineral products, and minerals.

Polyester-cotton, poly spun and recycled polyester prices have witnessed a steep fall in India.

Latest Textile News

Trade 16-11-2022

Future Group Vendors United (FGVU)

14 November 2022, Mumbai:

Future Group Vendors United (FGVU) is an association of more than 300 MSME vendors supplying garment and fashion accessories to all Future Group companies namely Future Enterprises Ltd / Future Retail Ltd / Future Lifestyle Fashions Ltd / Future Speciality Retail Ltd.
Mr. Piyush Shah, Co-Founder & Member of Future Group Vendors United stated that the future of vendors and around one lakh workers was in jeopardy.
In view of the above situation, the vendors have decided to gather outside Reliance Retail head office at Ghansoli, Navi Mumbai on 14 th November 2022.
It had two points agenda while meeting Kishore Biyani, though nothing came out from the
meeting.
1) Recovery of its outstanding in all Future Group companies pending for over 3 years.
2) The goods which we had made under the tripartite arrangement between Future Enterprises Ltd/ Reliance Retail Ltd / Vendors lying with us for the last 8 months.
A mutual arrangement was arrived at where we vendors used to bill goods to Future Enterprises Ltd and ship to Reliance Retail Ltd and payments for the same were done by Reliance Retail Ltd directly to the vendors.
After a lot of requests, the part quantity of our goods was lifted by reliance retail Ltd in the month of
July / August 2022 but a significant part of our goods are still lying with us which has a value of more than 500 crores.
Being Future Group vendors, it had no way to contact Reliance Retail and it does not even have a clear reply from Future Group spite chasing them for the last 8 months.
Some desperate measures need to be taken not only in the interest of these MSME vendors & huge numbers of workers but also to safeguard the general interest of the garment industry in the country.

Latest Textile News

Trade 14-11-2022

SIMA: Hails MEG's rejection of anti-dumping duty levy

02 November2022, Mumbai:

SIMA-a step in the right direction for the growth of the MMF sector.

In a Press Release issued here today, Ravi Sam, Chairman, The Southern India Mills’ Association (SIMA) welcomed the decision of DGTR and thanked the Hon’ble PM, Narendra Modi, and MoT, Piyush Goyal for the bold decision taken on this front.

He has further stated that as the country started facing a cotton shortage, several hundreds of spinning mills, weaving mills, knitting, and garment capacities are switching over to polyester textile clothing manufacturing and thereby sustaining the financial viability of these segments apart from protecting the jobs of several lakhs of people.

The Union Government has been taking various pathbreaking policy initiatives and addressing the structural issues relating to raw materials especially MMF raw materials, fibres, and filament yarns to gain global competitiveness and achieve exponential growth rate in textiles and clothing manufacturing and its exports.

Latest Textile News

Trade 02-11-2022

Tencel™: Presents Anju Modi's Indian Collection @ LFW & FDCI show

14 October 2022, Mumbai:

Anju’s look for the show reflected the western techniques and styles that were pioneered by the artist as the collection unfolded on the runway. Anju’s design philosophy has always resonated beautifully to empower the craftsmen of the country and this season too.

Anju Modi’s “Damayanti” collection presented by TENCEL™ fiber brand at Lakmé Fashion Week in partnership with FDCI was a poetic fashion showcase that created nostalgic romance on the ramp.

It balanced perfectly with TENCEL™ lyocell and modal fibers for the new collection.

Anju visualised a look that was sheer poetry on the ramp.

Latest Textile News

Trade 15-10-2022

The need for achieving 'Carbon-Zero'

05 November 2022, Mumbai:

At the outset outlining the trade body 'Sustainable Apparel Coalition (SAC)', a Nobel initiative/platform where the foundational spade work was done by a group of sustainability global impact leaders belonging to the apparel and footwear industry.

The Sustainable Apparel Coalition (SAC), in its annual Meeting held on November 1-2, 2022 in Singapore with the theme "Collective Action on Common Ground" underpinned the call to action (CTA) that the climate crisis is only deepening and gaining momentum.

The very timely held event which was no less than the silver lining in the global cloudy outlook involving the trade's multi-stakeholders, spanning retailers, brands, and manufacturers in the broader context got engaged in the conversations around how to pinpointedly lay down the regime of accountability and responsibility to the state & non-state actors within the universe of textile & footwear sector supply chains.

Global Fashion Summit, Singapore summit had a strong lineup of over 50 vanguards of movement speakers including H.E. Sandra Jensen Landi, Ambassador of Denmark to Singapore & Ambassador-Designate of Denmark to Brunei; H.E. Iwona Piórko, Ambassador of the European Union to Singapore; Anne-Laure Descours; to name a few and many more to drive home global message.

Latest Textile News

Trade 07-11-2022

Prioritising Nature and People in Business to Create Measurable Impacts

22 October 2022, Mumbai:

India and Sustainability Standards (ISS2022): International Dialogues and Conference 2 - 4 November 2022 | Eros Hotel, New Delhi (Hybrid).

Over the years the conference has been a successful platform in incorporating leading voices from various sectors in order to strengthen the discourse on sustainable business in India. Last year, ISS saw over 850 attendees and over 50 partners ranging from policymakers and civil society representatives to leaders of the industry.

The broad structure of the conference this year will be like the preceding years – (i) Inaugural Day on 2nd November comprising an Inaugural Session and High-level Plenaries, followed by (ii) Sectoral and Thematic Parallel Sessions on 3rd and 4th November.

The objective of this flagship event is to bring together multiple stakeholders in the sustainability ecosystem.

Latest Textile News

Trade 22-10-2022

54th IHGF Delhi Fair

14 October 2022, Mumbai:

Fair Days: 14th – 18th October 2022

CONNECTING THE BEST IN INDIA's HANDICRAFTS IN HOME | LIFESTYLE | FASHION | TEXTILES | FURNITURE TO THE WORLD

IHGF Delhi Fair is organized twice every year in Spring and Autumn editions, by the Export Promotion Council for Handicrafts (EPCH), the apex organization representing handicraft manufacturers & exporters in India.

54th IHGF Delhi Fair 2022 edition presents a comprehensive collection of home, lifestyle, fashion, textiles & furniture products for the season ahead from over 2000+ manufacturers & exporters. To be held at the plush India Expo Centre, Delhi-NCR, India, the IHGF Delhi Fair exhibits over 2000+ new product expressions and more than 300 design developments across 14 product categories. This is a one-stop sourcing destination for retailers, importers, wholesalers, and design professionals.

Fair Venue: India Expo Center & Mart, Greater Noida, Delhi-NCR.

Latest Textile News

Trade 14-10-2022

Retailers await trade policy

05 November 2022, Mumbai:

India has yet to formulate a national retail trade policy for all stakeholders, e-commerce players, modern trade as well as small mom-pop stores.

Small sellers feel it will bring about a level-playing field for them and provide them access to credit. Large, organized retailers feel it will help them with quicker approvals. However, a draft has been prepared for streamlining retail trade and development of all formats across the industry.

The draft is aimed at improvement in ease of doing business, ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support, development of physical infrastructure across the distribution chain of retail trade, promotion of skill development and improvement of labour productivity, creation of large scale employment opportunities, and providing an effective consultative and grievance redressal mechanism for the retail sector, for the welfare of traders and their employees. But it remains a draft.

India’s market for retail trade is largely unorganized. A number of laws, compounded by state-level variations in implementation, create immense complexity for retailers, especially those with a pan-Indian footprint. This makes a comprehensive pan-India retail policy a necessity. Retailers are hoping for a fast rollout.

Latest Textile News

Trade 05-11-2022

Bluesign Higg partnership coming up

20 October 2022, Mumbai:

Higg is developing partnerships with Bluesign and ZDHC to fast-track textile industry chemical management improvement.

It is to accelerate the use of environmentally-safe chemicals among global brands and manufacturers.

The production of textile chemicals has a significant impact on the global environment. According to a ZDHC latest report, between six and eight percent of all greenhouse gasses can be attributed to chemicals produced in the textile industry.

As part of the newly announced developing partnerships, the parties aim for more advanced integration of data for their customers in order to help textile manufacturers improve chemical management, and reduce the risk of water toxicity.

The announcement brings two of the world’s leading voices in sustainable chemical management to Higg’s industry-leading data and analytics platform to continue the expansion of data sources available on the Higg platform.

Latest Textile News

Trade 21-10-2022

NISTI presents: Learnings from Start-up Achievers

13 October 2022, Mumbai:

Webinar at 4:00 pm on Saturday, 15th Oct 2022

An intriguing session with 2 dynamic leaders from the Industry to know more about.

Ankit Singhvi, Director, Advent Polycoats P. Ltd, Udaipur will speak on the Challenges and opportunities in Advanced Coatings in Technical Textiles for a start-up.

Ms. Unnati Chamadia, Head of Marketing, and sales, Sierra Exports will be speaking on the Learnings from the venture on safety gloves.

Latest Textile News

Trade 14-10-2022

Big Billion Days drives an ecosystem

02 November2022, Mumbai:

Flipkart has been driving inclusive growth and democratizing e-commerce in the country.

As retail transitions to online and powers the growth of the economy, major e-commerce players such as Flipkart have acted as imperative catalysts as they offer not just small businesses but even artisans and weavers from remote locations dotting the length and breadth of the country a platform through which they can showcase their wares to more than one billion plus customers. To gain market access, these small players no longer need to create a wide range of products. E-commerce platforms have offered them an opportunity they would never have gotten in an offline world.

Flipkart’s Big Billion Days is not really a festive event or a sale but is a collaborative event for an entire ecosystem, which comprises lakhs of people, including sellers, small artisans and weavers, backups and transport logistics, drivers, kiranas and consumers.

There are almost two lakh kiranas who are an integral part of Flipkart’s supply chain. Out of the almost 100 million deliveries that Flipkart does in a month, more than 30 percent are enabled by these kiranas.

India is among the fastest-growing economies in the world today and e-commerce has acted as one of the major pillars of this growth,

Latest Textile News

Trade 02-11-2022

Cotton Sector & 3 Vs

19 October 2022, Mumbai:

We are living in a VUCA world and we will have to live with volatility as there is no single magic bullet. Cotton is a natural fiber; its availability depends on weather and other uncontrollable situations.

Recent months have seen high cotton drama regarding price volatility and demand which can threaten to trigger cotton-poverty. While the present economic situation put enormous stress on the textile sector, it provides a valuable lesson that we should focus both on the supply and demand sides of the textile equation.

3Vs

Given this scenario, our industry should focus on three Vs. :

Value Utilization

Value Creation

Value Addition.

Need for 3Vs

Prior to inflation reaching 9% in some parts of the world, which is a 40-year high, the textile sector focused predominantly on the supply side of the equation, such as the availability of raw materials, labor force, energy issues, etc.

(CREDITS: Seshadri Ramkumar, Professor, Texas Tech University, USA)

Latest Textile News

Trade 19-10-2022

Indian e-tail grows by 30%, may soon replace US: Bain

12 October 2022, Mumbai:

The Indian e-retail industry is expected to grow by 30 per cent annually. So says management consulting firm Bain. India might soon replace the US as the country with the second-largest online shopper base after China.

Some 180 million Indians shopped online in 2021. This number is estimated to grow to 400 million by 2027.An estimated 50 million online shoppers were added in 2021 alone. Of these, over 60 per cent were from Tier III cities and beyond. Going forward, a growing segment of online shoppers will also come from digital-native individuals under 25.

E-commerce in India is characterised by shopper micro-segments, novel business models, and use of technology. The recently concluded phase of online festive sales saw the adoption of novel business models such as social-led commerce, e-commerce through video, or live streaming from horizontal platforms. Although these channels are in their early days, they will serve as platforms to onboard and retain consumers in the long run.

Social and video-led live commerce are yet to gain traction in India, though they are hugely popular in China and Southeast Asian markets. Reseller models using social commerce help bridge the trust gap for consumers from Tier II and III cities.

Latest Textile News

Trade 12-10-2022