Indian footwear brand, Solethreads aims to generate a net sales value of Rs 100 crore in FY 24 and Rs 250 crore in FY 25. The brand plans to increase its offline distribution besides collaborating with premium trade partners for signature stores, and capturing a larger share of the online market.

Launched in 2019 with a mission to revolutionise comfort-centric footwear in a market dominated by flip-flops, Solethreads is led by a dynamic team, including Gaurav Chopra, Sumant Kakaria, Vikram Iyer, and Aprajit Kathuria, The brand prioritises innovation, design, and manufacturing to cater specifically to Indian consumers.

Investing significantly in R&D and manufacturing, Solethreads boasts over 20 styles, each incorporating proprietary technologies like SuperFoamTM and TruBounceTM, ensuring unparalleled comfort and functionality. Their partnerships with established brands like Mochi and presence across various e-commerce platforms reflect their strategic expansion efforts.

Moreover, Solethreads emphasises seamless order fulfillment to enhance the consumer experience, with SolethreadsCart.com facilitating real-time order tracking for trade partners. Their commitment to innovation and efficiency extends to their marketing endeavors, as seen in their association with Kalki Koechlin for the 'Comfortably You' campaign, challenging stereotypes and embracing quirkiness.

House of fashion brands, Brand Studio Lifestyle (BSL), has embarked on an expansion drive covering Middle East countries including the UAE, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman.
The expansion will be carried out in partnership with UAE-based e-commerce platforms like Styli, Noon, Namshi, and Centrepoint.
Further, BSL will also expand its presence into South & South-East Asia, and European markets.
Shyam Prasad, CEO, Brand Studio Lifestyle says, the company’s expansion in the GCC market targeted to providing a diverse range of fashion offerings to its global clients. The company aims to develop a robust fashion supply chain to deliver the latest fashion styles in the market.
Nirmal Jain, CEO, Styli, (Landmark Group) adds, the partnership will enable Style to promote its fashion and Gen Z centric brands’ portfolio of brands in the Middle East.
Founded in 2015, the Bangalore-based Brand Studio Lifestyle grew at a CAGR of 3.8 per cent in the last eight years.

29 November 2023, Mumbai

The combined revenues of key players in the home textile sector, including Welspun, Trident, Himatsingka, and Indo Count, are forecast to see an approximately 8 percent year-on-year increase, reaching Rs 215 billion in FY24, says an ICRA Ratings report.

KK Lalpuria, Executive Director and CEO of Indo Count Industries, emphasizes that the primary driver for this growth will be the escalating demand for premium and sustainable home textile products. Conversely, the demand for mass-produced home textile items is anticipated to remain at a moderate level.

Bracing up

Overcoming challenges such as elevated material and energy costs, alongside subdued demand in the US and EU markets, led to an 18 per cent decline in India's home textile exports in FY2023 and a subsequent 12 per cent decline in the initial four months of FY2024.

During these periods, the US claimed the largest market share in home textile exports, accounting for 56 per cent in FY2023 and 58 per cent in the initial four months of FY2024.

Quotes

Kaushik Das, Vice-President & Co-Group Head, Corporate Sector Ratings at ICRA, expresses optimism that India's home textile exports will receive a boost in the first four months of FY2024, driven by proposed Free Trade Agreements (FTAs) with the UK and the EU, existing FTAs with Australia and the UAE, and the China Plus One strategy adopted by major retailers.

Multiple data-points

Projections indicate that the export share of home textile products such as beds, tables, toilets, and kitchen linen will rise to 32–33 percent in the initial four months of FY2024, while exports of carpets and floor coverings are expected to surge to 31 per cent.

Latest Textile Events

Additionally, the anticipated rationalization in raw material costs and advantages stemming from a larger scale is poised to elevate the operating margins of home textile exporters by 250–350 basis points, reaching 14.5–15.5 percent in FY2024.

19 January 2024, Mumbai

India's leading fabric manufacturer, Siyaram's is doubling its store presence in the midst of a challenging textile industry.

Outlook

This confidence stems from the long-term positive outlook for the Indian textile market, which is expected to grow at a 10 percent CAGR to reach $350 billion by 2030.

The company's omnichannel approach, which combines physical stores with online sales, is essential for reaching a wider audience and driving growth.

Innovation drives growth

Siyaram's is also focusing on innovating its product lines and communication strategies to connect with younger consumers. This is crucial for the brand's long-term success, as the youth market is a major driver of growth in the Indian textile industry.

In future, Siyaram's needs to ensure that its product lines are priced competitively and marketing campaigns resonate with young consumers.

The company needs to effectively integrate its online and offline channels to provide a seamless shopping experience for customers.

The company's focus on expansion, innovation, and connecting with younger consumers will be key to success.

Data-point

As per a FICCI-Wazir Advisors report, driven by a growing domestic market and exports, the Indian textile and apparel market is expected to grow at a CAGR of 10 percent to reach $350 billion by 2030 from $165 billion in 2022.

However, the sector faces several challenges, including rising input costs, competition from global players, and a slowdown in demand.

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In a groundbreaking move, Linen Club, a leading linen brand under the Aditya Birla Group, has launched an unprecedented campaign celebrating the annual Sankranti festival. The campaign, a first of its kind by any textile fashion brand in India, focuses on the age-old tradition of Bhogi, symbolizing new beginnings during the harvest season.

Letting go for new beginnings: Bhogiritual as a life lesson

Capturing the essence of Sankranti, the campaign emphasizes the significance of 'letting go off the old,' a crucial custom in Andhra Pradesh. The Bhogi ritual involves discarding old belongings into a ceremonial fire, paving the way for a fresh start and an annual shopping spree for farmers.

360-degree campaign: Linen Club's unique approach

The 360-degree campaign, activated across digital platforms, offline media, brand stores, and radio, invites everyone to share what they resolve to 'let go off' to embrace new beginnings. Linen Club sees the Bhogi ritual not just as a custom but a valuable life lesson, promoting evolution and embracing the new.

Melodious festive song and folk melody integration

Accompanying the campaign is a festive song, 'Linen Club SankrantiSambaralu,' performed by award-winning singers GeethaMadhuri and LollaVenkataRevanth Kumar Sharma. The unique endeavor by a fashion brand to present a local folk melody aligns Linen Club with its customers during their most important annual festival.

Celebrating authentic aesthetics: Linen Club's expertise

The campaign brings alive the authentic aesthetics of the festival and showcases Linen Club's expertise with a wide palette of fabrics and apparel. The film, directed by NirupamParitala and Surya, beautifully captures a Sankranti morning, emphasizing celebration, prosperity, and new beginnings.

A heartwarming story: Tradition, family, and new Beginnings

The video story features a Sankranti morning with a family preparing for the Bhogi ritual. The grandfather imparts wisdom to the grandson about the importance of letting go of the old. A touching moment arises when the child, inquiring about throwing away anger, prompts the grandfather to reconcile with his estranged daughter.

Passion, authenticity, and expertise: Linen Club's commitment

Satyaki Ghosh, CEO, Domestic Textiles, Grasim Industries, Aditya Birla Group, expresses excitement, stating that Linen Club's campaign pays homage to Andhra Pradesh's rich culture. The brand's commitment to customer engagement and sustainability is evident in its premium linen fabrics and festive apparel range.

Experience the spirit of Sankranti with Linen Club, embracing tradition while making room for new beginnings through the purity of linen.

23 November 2023, Mumbai

Adesh Kumar Gupta, who served as the Executive Director at Liberty Shoes, was removed from the company's board of directors following the rejection of his petition by the National Company Law Tribunal (NCLT). Gupta's plea, filed under Section 244 of the Companies Act, 2013, which alleged oppression and mismanagement, was dismissed after seeking exemption from the requirement to file such a plea.

Nuanced picture

Gupta, along with other shareholders, collectively holding 5.83 per cent of the company's shares, sought relief under Section 244.

To file a plea on grounds of oppression and mismanagement, he needed at least one-tenth of the total issued share capital of the company. While this requirement can be waived by the NCLT in special circumstances, Gupta's petition was rejected.

The resolution for Gupta's removal from the company's board was passed during the Annual General Meeting held on September 30, 2023. This development marks a significant change in the leadership structure of Liberty Shoes, with Gupta's removal raising questions about the governance and internal dynamics within the company.

Latest Textile Events

Rooh by Shivani has launched the new GOTS-certified Peach Silk Collection that adheres to strict ecological guidelines. Free from the use of synthetic fertilisers and pesticides, the collection is available in a color palette of cobalt blue, blush pink, and greens.

Blending luxury and elegance with compassion and sustainability, the new Peace Silk Collection inspires consumers to shift to conscious consumption. The collection features classic silhouettes, innovative pattern cutting, and natural dyeing methods, which further enhance its sustainability aspect. The artisanal embellishments featured in the collection not only enhance the individually of each garment but also supports traditional craftsmanship.

Outfits in the collection can be layered or styled in multiple ways, making the range more versatile. The collection also promotes the concept of slow fashion with each garment having a narrative of its own.

Aimed at tapping the burgeoning affluent market in India, Tata Capital, the financial services arm of the $144 billion Tata Conglomerate, is set to acquire a 13 per cent stake in the domestic fashion brand Rare Rabbit at a valuation of $300 million.

Rare Rabbit, founded in 2015 by the family-run company Radhamani Textiles, specializes in men's shirts and other apparel, offering a stylish range priced between $20 and $80. With a significant presence through 90 retail outlets across India and a robust online platform, Rare Rabbit has become a notable player in the fashion industry.

This investment by Tata Capital reflects the broader trend observed among conglomerates, with the likes of Mukesh Ambani's Reliance showing a keen interest in the premium fashion segment. Tata Capital's infusion of $40 million into Rare Rabbit underscores its commitment to being part of the evolving landscape of the Indian fashion and clothing sector.

It's noteworthy that major domestic and international brands including Tommy Hilfiger and Uniqlo, have been drawn to the opportunities presented by the Indian market. Concurrently, retail giants like Reliance and the Tata Group are strategically positioning themselves by catering to the middle-class segment, offering a diverse range of mid-range clothing options through their expansive networks of outlets across the nation. In essence, Tata Capital's investment in Rare Rabbit signifies a strategic alignment with the dynamic shifts in consumer preferences and the conglomerate's commitment to exploring and investing in sectors poised for growth in the Indian market.

Liberty Shoes has launched a new holiday collection of footwear that focuses on both style and comfort. The collection offers a variety of slip-ons, sneakers, Flip-Flops, and casual sandals.

The Slip-ons offered in the collection are an ideal for last-minute holiday gatherings, while sneakers provide a casual yet stylish alternative. The Flip-Flops collection caters to those looking to the escape from the travails of the urban life. The range of casual sandals balances comfort and sophistication for festive occasions.

The brand provides not just fashionable but also comfortable footwear options through meticulous craftsmanship and attention to detail in each pair. The holiday collection enables individuals to make a lasting impression at any festive affair. Fusing fashion with functionality, it becomes a symbol of timeless elegance.

Prashat Aluru, Co-founder and CEO of TMRW, the roll-up commerce company under the Aditya Birla Group, anticipates FY24 revenues for its fashion and apparel brands to reach $150 million.

Currently, TMRW boasts of eight brands in its portfolio, three of them falling within the Rs 200 crore-Rs 350 crore range and five in the Rs 50 crore – Rs 100 crore range. Aluru highlights the larger brands within the company are experiencing a robust growth rate ranging between 20 and 30 per cent.

Aluru emphasizes the strategic use of data science as a pivotal element in brand-building. TMRW currently employs two data science stacks to enhance its operations. Among the notable brands in TMRW's portfolio are Bewakoof, The Indian Garage, JuneBerry, and Nauti Nati.

As per Cotton Market Bulletin l
Cotton Futures
Most cotton futures contracts closed higher on November 13, 2023.
The December 2023 contract closed up 16 points at 77.48 cents per pound.
The March 2024 contract closed down 3 points at 79.47 cents per pound.
The May 2024 contract closed up 13 points at 80.41 cents per pound.
Pakistan
The Spot Rate Committee of the Karachi Cotton Association (KCA) decreased the spot rate by Rs 2,00 per maund to Rs 17,500 per maund.
The cotton market remained bearish with low trading volume.
Australia
Cotton Australia is launching an information and advertising campaign to tackle spray drift risks for growers.
The campaign will include radio ads, media releases, and collaboration with enforcement agencies.
The goal is to ensure that growers and contractors spray in compliance with regulations to protect themselves and their neighbors.
Overall, the cotton market is mixed with some contracts up and others down. Pakistan is experiencing bearish market conditions with low trading volume. Australia is taking proactive steps to address spray drift risks.