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.

25th October 2021, Mumbai:

Hon'ble Textile Minister, Piyush Goyal has recently reviewed the 'Revised Technology Upgradation Fund Scheme (ATUFS)' to give a palpable fillip to the underperformer Textile Sector.

Hon'ble Textile Minister, Piyush Goyal & 'Minister for State for Textiles, Smt. Darshana Vikram Jardosh has seriously reviewed looking into the granularity of 'Amended Technology Up-gradation Fund Scheme (ATUFS)' pivoting this exercise going across the several Ministries, Departments, Textiles Industry Associations, Trade bodies, and Banks, etc at the 5th Inter-Ministerial Steering Committee (IMSC) notably the meeting in question was well-conducted & by (MoT) the Ministry of Textiles.

The clear-cut message is that government continues its philosophy of creating an easy working business environment, sector PLI Scheme, pushing trade to bolster exports besides 'Reduction of Compliance burden' thus fuelling employment across the supply chains of this enormous sector.

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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

26th October 2021, Mumbai:

Nykaa, a highly valued start-up led by a women entrepreneur 'Falguni Nayar-founded' online cosmetics and fashion retailer which is underway to going public, making a profit for a change is well-backed by marquee investors viz TPG Growth Lighthouse Ventures & JM Financial, has reported an impressive GMV of $199 million in Q1FY22, more 3x it recorded $59 million in the corresponding period yesteryear.

Just for the information, "GMV in e-commerce would indicate the worth of whole items bought on a platform, together with reductions/ discounts/ rebates though excluding returns.

Over here it is interesting to mention that consolidated GMV fundamentally covers the corporate’s magnificence, private care enterprise, and style vertical just to broadly explain the state of existing affairs.

GMV pie goes like this," A big chunk of the start up’s gross sales are interestingly from tier-2 and -3 cities. However it is vital to state that 95% of the entire gross sales are out of digital presence, the rest portion is from the physical 80 shops nationwide proving a successful omnichannel approach corporate has undertaken through its course".

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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25th October 2021, Mumbai:

The National Capital Goods Policy (NCGP) is designed to help local manufacturers transit ramping up to become as large an ₹7.5-trillion industry by 2025 opportunity from a modest estimated size of ₹2.3 trillion way back in FY15, Union minister Piyush Goyal allude on Sunday.

Just for the quick contest," The National Capital Goods Policy (NCGP), approved by the Union Cabinet in May 2016, envisages employing 30 million people by 2025 up from a meager 8.4 million in 2014-15.

Interacting with manufacturers, The minister exhorted local manufacturers to get out of the copy-paste mindset/ command-and-control mind block to pivot processes on the lines of working through plug and play mode to make an opportunistic case out of it while the world looks for China Plus one supply chain strategy in this vibrant textile sector.

Goyal made a sincere suggestion of looking at the manta of ' THREE' with a razor-sharp focus on "speed, Skill and Scale to develop & bring up 100 champions companies as in overarching theme to break the ice & create a credible eco-system going forward.

Let us not forget The government has already set in a goalpost of $100 billion for textiles and clothing (T&C) exports over the coming five years.

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

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25th October 2021, Mumbai:

The Clothing Manufacturing Association of India (CMAI) has fully justified the non-payment of VDA factor using the disruption & financial distress & disturbance caused by COVID-19 leading to battered balance sheets of most of the business units and on the back of the fact that the matter is subjudiced.

Here there is a case in point that close to four (4) lakh garment workforce of Karnataka (India), comprising of a good chunk of women workers await for their respective Variable Dearness Allowance (VDA) fixed for the time period of 2020-21.

Let us have a legal view on this, "The garment industry is among the 82 scheduled industries that come under the Minimum Wages Act to where this VDA is technically applicable,”.

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23rd October 2021, Mumbai:

'Woke' is a term employed to describe someone who is aware of social and political issues.

In the age of social media these days to find in Twitter's trending tab, among advertorial and conspiratorial/ objectionable hashtags relating to XYZ campaign/ sensational news, in terms of trolling Or boycotting a specific trending brand.

A case in point is recent week's public social genre outrage against Fabindia an inspirational Indian brand for iteration of an Urdu punchline Jashn-e-Riwaaz for its contemporary festive spirit campaign took the world by nasty surprise by its sheer ferocity.

Still afresh in the mind is preceding year's darling of consumers bran 'Tanishq' was posed a social media backlash for its Ekatvam campaign the semblance is, "which was iterating an interfaith marriage".

Earlier we experienced, Global FMCG biggie HUL had to undergo in some sense something akin in the case of its 'Red Label' ad showing a Muslim sculptor curating for auspicious 'Ganesh Chaturthi festivity' which again could not come up to the public expectations around communal sensibility a national brand is supposed to observe.

Make no mistakes in a digital social media era WOKE ADVERTISING can lead to misfire which can be disastrous to the interest of the brand, and advertising instead of doing good can be counterproductive!

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

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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.

25th OCTOBER 2021, Mumbai:

At the inauguration of TEXCON: The 13th edition of the International Conference on Textiles & Apparel organized by the Confederation of Indian Industry last week, "A special CII-Kearney report was also released".

The report is a comprehensive view of the entire textile value chain outlining the trade imperatives for both the key actors i.e. government and industry to put the sector in a fast lane.

Shri Upendra Prasad Singh, Secretary, Ministry of Textiles alluded that the proactive government efforts to facilitate the creation of an enabling environment for sustainable growth and to get the Textiles and Apparel (T&A) sector its mojo back.

It was unequivocally echoed that “Textile sector per se is capable to meet the local as well as the overseas market demands but still something is missing. Therefore, the need of the day is that we have to glue the different pieces of the jigsaw puzzle.

Mr. Dilip Gaur, Chairman, CII National Committee on Textiles and Apparel & Managing Director, Grasim Industries Limited, Aditya Birla Group opined, achieving path-breaking growth in Indian textiles could simple mean doubling down on all the key metrics.

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23rd October 2021, Mumbai:

DFC Delhi Fashion Club is a govt. of India appreciated association which is promoting and supporting Designers & Brands to grow in Fashion industry nationally & internationally, DFC Delhi fashion club includes various segments like DFC advertising & productions, DFC Grooming Workshops, DFC Fashion Management, DFC Social Enterprise & DFC Fashion Network.

It aims to help in the growth of the fashion industry as a social enterprise & provide the best services as a Fashion agency.

Looking at the post covid situation of the Fashion industry, DFC Came with the new initiative
“Fashion Connecting India” aims to connect India together as one Fashion network & help
each other collaborate to boost trade, exposure & the business of fashion.

As a step towards expanding the fashion network in India, DFC recently launched it's Goa & Bangalore Chapter.

DFC Goa's chapter started with launching a young designer Yash rohilla with a Fashion show sequence at Cidade De Goa by Taj during an International fashion week, Styling
support was done by Omender from Delhi. A later formal ceremony took place at COVE, Mall de Goa.

In This Ceremony, DFC was privileged that DFC Goa Chapter was launched with the hands of
legendary Bollywood designer Abu Jani who was present in Goa during that time & visited the mall as well.

DFC Chairman Mr. Harshit Dhingaun also honored Mr. Bhuvanesh sheth, Director, Mall De Goa
as DFC Goa Patron for his great support to association and achievement in the field of fashion and connect Goa to global brands.

With this honor, DFC also announced an initiative to promote young designers from all over India and give them a platform to sell their garments at the mall in association with COVE, a Multi designer store.

After the launch of the Goa chapter, the DFC team headed towards Bangalore, where they launched the DFC Bangalore chapter in association with the Indian Photo academy, here they also honored the director of IPA Mr. Dev Singh as an honorary associate member for outstanding support to the association and help in the growth of Indian fashion industry in the field of photography.

DFC is now in association with IPA Shall run certificate workshops in styling and model grooming, also will cater to production &; advertising shoots. DFC aims to promote both designers, brands & Models all across India &; internationally. During this event, DFC also appreciated some other industry members like Rebecca Capri, director, Oxarte salon for outstanding work in the field of hairstyling internationally who had worked in Malaysia as well, DFC also appreciated Gen-next sustainable fashion designer than raising from Bangalore.

DFC is associated with many well-known brands & fashion weeks like Lakme Academy, IOD –Institute of Design, Chennai, Asian designer week, International Fashion week (Chandigarh, Goa, Delhi ), Paris fashion week, Dubai fashion week, and Indian fashion week, London & Canada.

DFC is already launched in Mumbai, Dehradun & Delhi. Mr. Harshit Dhingaun (DFC Chairman &; Celebrity Fashion director) said “We believe in creating opportunities through collaborations and network which is the only way through which the fashion industry can survive &; flourish post covid lockdown, next, we plan to expand in more than 10 cities of India namely Jaipur, Hyderabad, Chennai, Himachal Pradesh, Ludhiana, Chandigarh, Indore, Guwahati, Meghalaya, Kolkata, Patna, Lucknow, Agra, Ahmedabad by Dec 2022 and also plans to expand internationally in Dubai, London, Burma, Sri Lanka, Nepal &; Bhutan”.

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1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

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4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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