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.

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.

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20 September 2023, Mumbai

Substantial Increase in Exhibitors and Visitors

The recent Yarn Expo Autumn show, Asia's largest yarn and fiber trade fair, boasted an impressive participation of 510 exhibitors hailing from 14 different countries and regions, marking a substantial 19% increase compared to the previous edition. Notably, the event welcomed new exhibitor countries and regions, including Bangladesh, France, Indonesia, Japan, the Netherlands, Uzbekistan, and Vietnam, resulting in an almost six-fold surge in international booths.

Wide Array of Products on Display

The fair showcased a wide array of products across various zones and pavilions, encompassing an extensive spectrum of offerings such as cotton yarns, cellulose fibers, and recycled synthetics, among others.

In light of the growing emphasis on sustainability, the event witnessed a significant surge in attendance, with 20,297 buyers representing 106 countries and regions, a substantial increase from 2021 when there were 13,037 visitors from 28 countries and regions.

Global Industry Collaboration

By bringing together numerous prominent industry players from across the globe, the organizers assert that the Yarn Expo Autumn serves as a crucial contributor to global industry trends. The event's fringe program often mirrors the innovative trends observed on the show floor.

Notably, one of the most notable trends in recent years has been the increased focus on eco-friendliness throughout the textile supply chain.

Sustainability at the Forefront

There was palpable enthusiasm throughout the fairground during this edition, with buyers displaying a particular interest in the diverse range of environmentally friendly products showcased by both international and domestic exhibitors."

The Econogy Concept

The recently introduced 'Econogy' concept, which combines economic and ecological considerations, is poised to have a lasting and sustainable impact within Messe Frankfurt's Texpertise Network.

For Yarn Expo Autumn, this initiative will further enhance the focus on an area that is already of paramount importance to a multitude of fair attendees.

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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.

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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.

20 September 2023, Mumbai

Kejriwal Unveils Plans for Major Event

In a significant revelation, Arvind Kejriwal, the Chief Minister of Delhi, unveiled the government's intentions to host a Delhi Shopping Festival inspired by the world-famous Dubai Shopping Festival.

Speaking at the Chandni Chowk Shopping Festival in Rangpuri, Kejriwal announced that the government is actively working on organizing this major event.

Delay to Ensure Grand Launch

Kejriwal recognized that the planning and implementation of this festival had taken longer than initially expected, resulting in missed deadlines.

Nevertheless, he stressed that this delay was imperative to guarantee that the inaugural event would be a magnificent spectacle, leaving an indelible mark on all those in attendance.

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