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Trade 08-11-2023

KARL MAYER Revolutionizes Tricot Machines Amid Market Challenges

08 November 2023, Mumbai

In the dynamic landscape of the fashion industry, KARL MAYER takes center stage with groundbreaking machinery to meet growing demands. At the upcoming ITMA ASIA event in Changzhou City from November 19 to 23, 2023, the KARL MAYER GROUP will unveil cutting-edge technologies for warp knitting.

The diverse lineup of performance-oriented machines addresses challenges in sustainability, new business avenues, flexibility, and productivity. Kay Hilbert, Product Owner Global Tricot Machines at KARL MAYER, anticipates visitors from China, Turkey, and India.

Key highlights include the high-speed TM 4 EL, outpacing competitors with up to 30% increased speed. The three-bar HKS 3-M ON introduces an Energy Data Ready option for transparent energy monitoring. The TM 2-NET offers a 20% speed boost for demanding net applications, while the HKS 2-SE excels in producing high-quality elastic fabrics.Innovative digital solutions from KM.ON, such as Digital Production Management (DPM) and CORE, promise enhanced production efficiency and shortened time-to-market.

To complement these technological strides, KARL MAYER ensures top-notch after-sales support through myKM.ON, a customer portal offering easy access to spare parts, expert knowledge, and online services.

Latest Textile Events

Trade 08-11-2023

Garware Technical Fibres Q2 FY24 Results

07 November 2023, Mumbai

Net sales decreased by 8% to Rs. 328.3 Cr in Q2FY24, but profit before tax increased by 12% to Rs. 68.1 Cr.
Net profit after tax increased by 10% to Rs. 52.5 Cr in Q2 FY24.
EPS for Q2 FY24 is at Rs. 25.8, a growth of 11.2% over Q2 FY23.
Nuanced picture
Net sales decreased by 1% to Rs. 654.0 Cr in H1FY24, but profit before tax increased by 28% to Rs. 125.2 Cr.
Net profit after tax increased by 26% to Rs. 95.4 Cr in H1 FY24.
EPS for H1 FY24 is at Rs. 46.84, a growth of 27.1% over H1 FY23.
Management's Comments
H1 FY24 has shown a strong recovery in margins with PBT of 19%, which the company expects to maintain going forward.
The good performance improved product mix and growth in new products in the global aquaculture segment as well as improvement in domestic businesses compared to H1 last year.

Latest Textile Events

Trade 07-11-2023

Garware Technical Fibres Q2 FY24 Results

Birla Cellulose: A sustainable & responsible approach to Textile Production

13 October 2023, Mumbai

Birla Cellulose, a leading producer of environmentally conscious Man-Made Cellulosic Fibers (MMCF), has launched a new Circular Fiber Blend.

Outlines

This innovative blend contains 50% mechanically recycled fiber while maintaining high-strength yarn, making it ideal for fabric and garment production across diverse categories.

The Circular Fiber Blend is certified by the Global Recycle Standard (GRS), Recycled Claim Standard (RCS), FSC, and High Index.

It also incorporates blockchain technology for full traceability of the yarn blend, ensuring transparency and accountability throughout the supply chain.
The mechanical recycling process used to convert PCW waste into fiber is chemical-free and the most energy-efficient process for sustainable yarn production. It also minimizes water usage throughout its lifecycle.
In addition to its environmental benefits, the Circular Fiber Blend offers a number of other advantages, including:
Reduced carbon footprint: The mechanical recycling process used to produce the Circular Fiber Blend has significantly lower greenhouse gas emissions than traditional fiber production methods.
In-situ coloration: The Circular Yarn Blend utilizes in-situ coloration, where recycled dope-dyed/mélange yarn negates the need for additional dyes or pigments, further lessening its environmental impact.
High quality: The Circular Fiber Blend maintains the same high quality standards as Birla Cellulose's other MMCF products.
Birla Cellulose's Circular Fiber Blend is a significant step forward in the development of sustainable and environmentally responsible textile production.

The company is confident that this initiative will encourage the textile industry to adopt more sustainable options, meeting consumer demand while upholding the highest quality standards and sustainable practices.

Latest Textile Events

Trade 13-10-2023

8-10% revenue growth for RMG makers in FY24: Crisil Ratings report

02 October 2023, Mumbai

Key takeaways:

Revenue growth to be driven by domestic demand and export revival

Lower cotton prices and easing supply chain issues to support growth

Volume growth estimated to be 6-8%, higher than last year

However:

Revenue growth rate to be lower than last year due to stabilized raw material prices and lower realizations

Overall, the Crisil Ratings report paints a positive outlook for the RMG sector in FY24, with revenue growth expected to be higher than the previous fiscal year.

Latest Textile Events

Trade 02-10-2023

HK Rita

28 October 2023, Mumbai

Partnerships are Essential for Innovation in a Disruptive World
In a rapidly changing and disruptive world, partnerships are crucial for advancement and innovation.
The industry needs to overcome new challenges and seize new opportunities, and no single organization can do it alone.
Partners for Progress
The forum "Partners for Progress" stresses the importance of collaboration between organizations with diverse skills, resources, and perspectives to create powerful innovations that benefit the industry, society, and the world.
By joining forces, organizations can be more flexible and adaptable to changing market demands while also fostering a culture of innovation and lifelong learning.

Latest Textile Events

Trade 28-10-2023

Indians to splurge on festive shopping: UBS Report

06 October 2023, Mumbai

Indians are gearing up for a lavish spending spree this festive season, with 70% of respondents planning to increase their spending, according to a recent UBS report released on Wednesday. The report surveyed 2,000 Indians across 10 cities and found that average festive spending is expected to increase by 15% this year.

Shift to Cash Payments

The report also revealed a shift from digital to cash payments, with the former dropping from 71% to 58% and the latter rising from 27% to 35%. This suggests a growing preference for buying local and offline goods, which could boost Prime Minister Narendra Modi's "Vocal for Local" initiative.

Boost for Local Businesses

The shift to cash payments is also likely to benefit local businesses, which often do not accept digital payments. Additionally, the increase in festive spending is expected to boost the Indian economy.

Implications for Businesses

The findings of the UBS report have several implications for businesses. First, businesses should focus on offering attractive deals and discounts during the festive season to attract customers.

Second, businesses should make it easy for customers to pay in cash, especially if they are targeting local customers. Third, businesses should invest in marketing and advertising campaigns to reach out to potential customers during the festive season.

Sum & Substance

The UBS report reveals that Indians are ready to splurge on festive shopping this year, with a growing preference for buying local and offline goods.

This is a positive development for the Indian economy and could boost the sales of local businesses.

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Trade 06-10-2023

ReTechCon 2023

30 September 2023, Mumbai

The Retail Technology Conclave (ReTechCon 2023), organized by the Retailers Association of India (RAI) in Mumbai on September 26th and 27th, 2023, brought together a distinguished assembly of retail CEOs, CIOs, technology service providers, and experts.

Highlights; The conclave aimed to provide valuable insights into the multifaceted landscape of technology trends impacting the retail sector.

Brings Together Retail Leaders to Discuss Technology Trends and Innovations

The discussions covered a wide range of topics, including sustainable solutions, global technology trends, and innovative disruptions aimed at addressing operational challenges in the retail industry.

D2C

The dynamic realm of retail. The conclave covered various areas such as Digital Transformation, Direct-to-Consumer (D2C) brand strategies, the Omnichannel Experience, and the growing influence of Artificial Intelligence (AI) in the retail sector.

The Open Network for Digital Commerce (ONDC) case was also discussed emphasising its commitment to driving inclusive e-commerce transformation in India.

As the goal is to bring numerous sellers into the digital ecosystem and foster an environment conducive to the growth of startups within the retail technology ecosystem.

Outlines

There was a mention around recent developments such as the Rupee Credit Card on UPI and RBI-approved credit lines on UPI that have broadened access to credit for a wider segment of the population, including small merchants.

The ever growing role of technology in enhancing customer experience also got attention leveraging technology to anticipate customer needs providing personalized experiences to drive innovation and growth.

The conclave was a resounding success highlighting the event’s role in empowering retailers with the knowledge and tools necessary to thrive in a digitally-augmented world.

Latest Textile Events

Trade 30-09-2023

Textile Sourcing Meet

24 October 2023, Mumbai

Jaipur's Premier Buyer-Seller Meet brought together a high percentage of decision-makers from across the textile industry, including industry leaders, fashion buyers, garment exporters and manufacturers, material suppliers, tech solutions providers, and senior consultants.
This powerful blend of stakeholders on a single platform fostered speed, trust, validation, and increased business confidence.

Latest Textile Events

Trade 24-10-2023

Reliance Brands and Superdry forge joint venture for Indian expansion

Reliance Brands Limited (RBL) has inked a groundbreaking joint venture agreement with UK-based Superdry PLC, marking a pivotal moment in their long-standing partnership. The deal, executed through RBL's subsidiary in the UK, will see the creation of a joint venture entity, which will acquire Superdry's intellectual property assets for India, Sri Lanka, and Bangladesh. RBUK will hold a majority stake of 76%, with Superdry retaining 24%. The transaction, valued at £40.0 million, will result in Superdry PLC receiving approximately £28.3 million in net cash proceeds.

This strategic move follows RBL's successful introduction of Superdry to the Indian market through a franchise agreement in 2012. With an eye on India's burgeoning affluence and evolving consumer habits, the joint venture aims to facilitate Superdry's expansion across the region. Superdry, renowned for its fusion of British, American, and Japanese styles, has garnered a devoted following among fashionable Indian youth, boasting 200 points of sale in 50 cities and a robust e-commerce presence spanning over 2,300 cities.

Superdry's diverse offerings, including outerwear, T-shirts, and accessories, have resonated with Indian consumers. The brand's adaptability to local preferences, such as introducing swimwear and fragrances, has contributed to its success. Additionally, its foray into sports and activewear under 'Superdry Sport' has expanded its portfolio. Bollywood actor Kartik Aryan's association with the brand as a brand ambassador since 2022 has further propelled its popularity.

Both companies are optimistic about the partnership's potential. Reliance Brands anticipates a fruitful era of collaboration, while Superdry sees India as a promising market for future growth. This agreement heralds a new phase in their alliance, allowing for enhanced collaboration, innovative product offerings, cost efficiency, and sustained brand development.

Trade 06-10-2023

Reliance Brands and Superdry forge joint venture for Indian expansion

Textile and clothing sectors: Major economic drivers for India

27 September 2023, Mumbai

Industry officials highlight challenges of structural issues related to raw materials, high production costs, and operational scale.

The textile and clothing sectors, which play a significant role in India's economy, need a comprehensive, forward-thinking strategy to capitalize on global market opportunities, according to industry officials.

Contribution

The sectors contribute Rs 30,000 crore in GST revenue and generate USD 44 billion in foreign exchange earnings, but have faced challenges in recent times, including structural issues related to raw materials, high production costs, and operational scale.

SIMA Chairman SK Sundararaman highlighted these concerns as obstacles to their continued growth and success.

Holistic View; He called for a comprehensive strategy that addresses the structural issues in the sector, such as the high cost of raw materials and the need for scale. He also urged the government to provide more support to the sector in terms of infrastructure development, research and development, and export promotion.

Job creator

The textile and clothing sectors are among the largest employers in India, providing direct employment to over 45 million people. The sector also plays a significant role in the country's foreign exchange earnings.

However, the sector has been facing challenges in recent years due to a number of factors, including the rising cost of raw materials, competition from low-cost countries such as Bangladesh and Vietnam, and the lack of scale.

A comprehensive strategy that addresses these challenges is essential to ensure the continued growth and success of the textile and clothing sectors in India.

Latest Textile Events

Trade 27-09-2023

Textile and clothing sectors: Major economic drivers for India

FICCI TAG 2023: Indian Textile Industry to Transform

14 October 2023, Mumbai

The Indian textile and apparel industry has the potential to reach US$ 350 billion by 2030, according to experts at the FICCI TAG 2023 conference.
However, this will require a transformational change based on manufacturing excellence, responsible production, sustainable practices, technological capacities, and collaborative efforts.
Industry leaders opine:
The transformational change for textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all.
Unlocking the potential of India's textile industry is not just a vision; it's an achievable reality. To reach the $350-400 billion mark by 2030, we must embrace global trends, foster partnerships, manage labor reforms, and strengthen our value chain, reducing import reliance.
Outlines

FICCI recommends that the government should focus on developing a mini sub-sectoral roadmap within the larger macro picture with the support of Industry and help supporting each of the segments, which can not only contribute higher quantum but also provider faster growth to the overall Textile Sector.
In a country like India, supply-side capacities need to be built as India has the advantage of both domestic and export markets. The synthetic fiber industry is equipped to take care of all raw material needs as the industry expands.
Focus on sustainability, digitalization, and manufacturing excellence for profitable manufacturing growth to achieve 350 billion by 2030.
Nuances
There is a need for creating a product development center and tie-up with international institutes for new product growth and should focus on international experts in niche areas. Textile and apparel Industry of India has a bright future, and it will be a player to reckon with in the next 4-5 years.
PM MITRA Parks and the PLI scheme are expected to boost investment in the industry, contributing to significant growth in production, employment, and exports, and will emerge as a strong competitor in the global market.
The report concludes that the Indian textile and apparel industry has the potential to reach US\$ 350 billion by 2030, but this will require a concerted effort from all stakeholders.

Latest Textile Events

Trade 14-10-2023

ITTA's 13th AGM Sets Agenda for Boosting Growth in India's Technical Textile Sector

04 October 2023, Mumbai

The 13th Annual General Meeting (AGM) of the Indian Technical Textile Association (ITTA) was held on September 25, 2023, at the Orchid Hotel in Mumbai.

The meeting was chaired by Amit Agarwal, and S. P. Verma, Addl. Textile Commissioner & Secretary- Textile Committee, Ministry of Textiles (MoT), Government of India, graced the occasion as the Chief Guest.

Address

In his address, Verma praised the technical textile industry's potential for growth and innovation and acknowledged ITTA's role in facilitating industry dialogue and fostering R&D partnerships to tackle industry issues.

He urged the industry to invest in technical textiles and pursue new R&D projects under the National Technical Textile Mission (NTTM), assuring full backing from the textile ministry. He also emphasized the need to simplify export procedures for better competitiveness and pointed out opportunities for joint ventures and innovations in the sector.

Felicitation

The event also honored Yogesh Kusumgar, the "Father of Technical Textiles," with the Lifetime Achievement Award in the Technical Textile Industry for his outstanding contributions to the sector.

The AGM also witnessed the formation of a new ITTA Board, with Avinash Misar as Chairman and Shri. Mahesh Kudav as Vice Chairman. Amit Agarwal continues to be an ex-member of the Board, providing guidance along with Dr. Sundararaman K. S.

Policy Intervention

ITTA also appreciated the government schemes such as the Production Linked Incentive (PLI) Scheme for Textiles, PM MITRA Scheme, and NTTM, which are set to stimulate industry growth. Chairman Agarwal requested a two-year extension of the NTTM scheme to effectively utilize allocated funds.

Latest Textile Events

Trade 04-10-2023

Challenges and Opportunities in the Indian Textiles and Clothing Industry

Structural Challenges and External Factors

The Indian textiles and clothing industry, second only to agriculture in employment, has faced recent challenges. Structural issues in raw material supply, tariff barriers, high production costs, and logistical hurdles have impeded growth.

The NDA Government under Prime Minister Narendra Modi has made efforts to boost competitiveness but faces policy issues and delays in raw material development. Capacity Expansion and Incentives

States offer incentives for capacity expansion, but delays in benefit disbursement strain new investments.

A holistic, long-term vision is essential to fill China's textile trade gap and ensure sustained growth. Industry Leaders' Perspectives Dr. S.K. Sundararaman, Chairman of SIMA, highlights issues like rising cotton prices, anti-dumping duties, and recent Quality Control Orders.

While appreciating initiatives to remove duties on raw materials, he urges the government to exempt certain materials under the Advance Authorization Scheme and direct domestic producers to offer materials at international prices.

Technology Mission on Cotton 2.0 Sundararaman calls for a Technology Mission on Cotton 2.0, emphasizing the need for modern seed technology and global best practices in agronomy.

Increased cotton productivity and value-added varieties can benefit farmers and enhance global competitiveness.

Value Addition and Sustainability

SIMA Chairman urges the industry to focus on value addition, innovation, and sustainability. Coastal transportation, reducing carbon footprint, and collaboration with shipping and port authorities are key strategies.

Leadership and Vision

Dr. S.K. Sundararaman is elected Chairman of SIMA for 2023-24, a leader with a strong background in technical textiles and education. Mr. Durai Palanisamy and Mr. S. Krishnakumar serve as Deputy Chairman and Vice-Chairman, respectively, bringing expertise and experience to the association's leadership.

Trade 26-09-2023