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Purple Style Labs’ revenues surge to Rs 372 crore in FY’23

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.

Purple Style Labs’ revenues surge to Rs 372 crore in FY’23

Lenzing sets fashion's future aglow in Bengaluru Conclave

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.

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.

Latest Textile Events


Bharat Tex 2024: Weaving a Sustainable Future

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

 Latest Textile Events


Shahi Exports released Sustainability Report, aims for 100% Renewable Energy

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.

Shahi Exports released Sustainability Report, aims for 100% Renewable Energy

Intex India: A Global Sourcing Hub for Textiles and Apparel

21 November 2023, Mumbai

A Comprehensive Platform for Sourcing, Networking, Learning, and Innovation

Intex India has established itself as the premier sourcing destination for textile and apparel industry professionals, providing a holistic platform that encompasses sourcing, networking, learning, and innovation across the entire textile value chain. With its extensive global reach and unwavering commitment to excellence, Intex plays a pivotal role in shaping the future of textiles, not only in India but across South Asia.

The Unrivaled B2B Textile Sourcing Show

Intex India is more than just a trade show; it is an annual gathering of industry leaders, innovators, and stakeholders, bringing together Indian and global textile suppliers. It serves as the preeminent B2B international textile sourcing event, attracting a multitude of exhibitors, buyers, and professionals who are integral to the textile and apparel industry's vibrancy.

Connecting the Global Textile Ecosystem

Intex India stands as a beacon for global textile sourcing, fostering a seamless connection between exhibitors and buyers from diverse regions across the world. It offers comprehensive sourcing solutions and access to the rich and diverse tapestry of the textile and apparel industry. This convergence of industry players is a testament to Intex's role in facilitating international business relationships and promoting cross-cultural collaboration.

A Catalyst for Growth: Networking, Knowledge Sharing, and Business Expansion

Intex India offers a unique opportunity for networking, knowledge sharing, and business expansion. It caters to a wide spectrum of professionals, ranging from textile manufacturers and suppliers to designers and entrepreneurs. The trade show also exhibits the latest textile innovations and industry trends. It functions as a hub for the exchange of ideas and knowledge, facilitating discussions on sustainable practices, digital advancements, and design innovations that are shaping the textile landscape.

A History of Success

Since its inception in 2015, Intex has gone from strength to strength. Through the past 12 editions, it has connected over 50,000 trade buyers from over 35 countries with over 1,850 textile suppliers from 20 countries. This remarkable track record underscores the event's continued growth and its vital role in facilitating international trade relations.

Intex India 2023: An Immersive Experience

Intex India 2023 transcends being a mere exhibition. It offers an immersive experience for professionals, with special forums that serve as platforms for industry leaders to exchange ideas, knowledge, and insights. These forums include:

  • Intex Textile Conclave (ITC): An inspiration and innovation exchange where the industry's brightest minds come together to share their vision for the future.

  • Intex Investment Forum (IIF): An opportunity to explore the investment potential in India and globally, paving the way for business expansion and collaboration.

  • Interactive Business Forum (IBF): A convergence of ideas and businesses, where industry leaders chart the course for future growth and development.

Value Accretion: Shaping the Future of Textiles

As the industry evolves and transforms, Intex India has emerged as a consistent and indispensable force, contributing significantly to the development and progress of the textile and apparel sector in the region. It is a place where ideas become reality, where connections are forged, and where the textile industry's future is etched. Intex India 2023 is not just an exhibition; it's an experience that will shape the industry's future.

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COP28 Gets Fashion's Blueprint: GFA Monitor Charts Course to Net Positive

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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French luxury player SMCP to venture into India with Reliance Brands tie-up

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.

French luxury player SMCP to venture into India with Reliance Brands tie-up

Amazon Global Trade looks to boost merchandise exports from India

20 November 2023, Mumbai

Amazon Global Trade, Amazon's new B2C platform, has successfully onboarded over 100,000 small sellers onto its e-commerce platform, aiming to boost merchandise exports from India to reach $20 billion.

Bhupen Wakankar, Director of Global Trade, says a significant number of new entrepreneurs joined the platform this year. The surge in demand for 'Made in India' products, particularly organic health supplements, homeware items such as bath towels and jute rugs, and robotic games for children, has been a driving force behind this expansion.

In the previous year, exporters saw a remarkable 70 percent growth in their business through this platform, benefiting from logistical support and access to a vast customer base of over 200 million Amazon Prime members globally.

Optimistic View

Notably, substantial growth was observed in various categories, including beauty, apparel, home goods, kitchen products, furniture, and toys. Sales were further propelled by key holidays such as Halloween, Thanksgiving, Black Friday, Cyber Monday, Christmas, and New Year, primarily in markets like the United States, Britain, Canada, Australia, and Germany.

In an effort to stimulate exports, Amazon implemented a reduction in subscription fees for its global selling program, lowering the cost from $120 to $1 for the first three months for exporters signing up before March 31.

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RSWM Limited bolsters market leadership with Ginni Filaments acquisition

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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Walmart ramps imports from India, diversifying supply chain away from China

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.

Walmart ramps imports from India, diversifying supply chain away from China

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