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Union Cabinet announces, ECGC Investment of Rs 4,400 cr over 5 years

29th September 2021, Mumbai:

The government has given nod to today the capital infusion of Rs 4,400 crore to ECGC through five years. The Central government has additionally indicated to have approved the listing of state-owned Export Credit Guarantee Corporation (ECGC) through IPO on the stock exchange.

The underlying logic for going public clearly is to unlock the true value of the company, promote 'people's ownership' thereby create envy for public participation nudging retail investors to look at this financial asset class more sanguinely thus fuel Corporate Governance & accountability.

 

The Cabinet Committee on Economic Affairs was chaired by Prime Minister Narendra Modi which mandated the listing of Export Credit Guarantee Corporation (ECGC).

It is imperative to state that 'ECGC Limited' is a wholly-owned CPSE of the Government of India to improve the competitiveness of the MSMEs, SMBs, and technology to support the exports out of this sector which is the backbone of Indian exports providing Credit Risk Insurance and related services.

ECGC core motive thus is to hike its maximum liabilities to Rs 2.03 lakh crore from Rs 1 lakh crore by 2025-26 as a stated objective.

Export Credit Guarantee Corporation of India - Wikipedia

 

TOP 5:

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

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

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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Union Cabinet announces, ECGC Investment of Rs 4,400 cr over 5 years

Future Group gets NCLT approval for holding shareholders meeting in deal with Reliance Retail Ltd (RIL)

29th September 2021, Mumbai:

The National Company Law Tribunal (NCLT) on Tuesday gave a nod to Kishore Biyani-led Future Group firms to conduct meetings of its shareholders and creditors seeking a nod for the assets sales to RIL.

A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh rejected the application filed by e-commerce major Amazon India contesting the scheme of merger of the Future group companies.

To put it in perspective Amazon had earlier filed an application contesting tooth & nail NCLT considering the scheme pending completion of its arbitration proceedings against (FRL) Future Retail.

The NCLT also observed that the Supreme Court (SC) had only restrained it from issuing the final order approving the scheme.

Amazon gets a setback on Future-RIL deal, NCLT approves meeting even after  protests - 28/09/2021

 

TOP 5:

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

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

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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Future Group gets NCLT approval for holding shareholders meeting in deal with Reliance Retail Ltd (RIL)

Raymond: (VIBEZ) 'A story in Prints'

23nd September 2021, Mumbai:

Raymond is the largest OTC branded fabric player in the organized shirting and Raymond Group is also considered amongst the Top 3 leading players in the menswear segment unveiled the launch of its latest vibrant, playful & colourful collection of shirting fabrics – ‘Vibez’.

Towards this Raymond has hired & engaged celebrated designer SuketDhir. A famed designer enjoys envious honour & recognition in global fashion and he has helped curate an exclusive 'Raymond Vibez' collection.

Raymond Vibez tends to gain inspiration from nostalgic Indian motifs and seamlessly combines them with highly contemporary topical aesthetics and is pretty experimental boldly experiments with versatile colour palettes.

S. Ganesh Kumar, COO, Raymond Lifestyle Business avers; As thankfully Covid third wave fear unwinds, consumers confidence & the spends are back and increasing stress on casualization is the fundamental tailwind for our business prospects and numbers at the onset of festivity". 

Gautam Singhania Cars | The Complete Man's Car Collection"

 

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Raymond: (VIBEZ) 'A story in Prints'

Karnataka HC junks appellant plea, Flipkart & Amazon to halt CCI Probe

24th July 2021.Mumbai:

Karnataka HC Div Bench comprising Justice Satish Chandra Sharma and Justice Nataraj Rangaswamy on Friday junked an appeal by Flipkart and Amazon India to stall a probe by the country's competition watchdog, dealing a blow to the two ecommerce platforms. It comes on the back of appellants Walmart-owned Flipkart & Amazon India appealed regulatory body to reverse/ overturn ruling setting the context for the Competition Commission of India (CCI) to probe/ investigate the case in question.
 
HC observes unequivocally,"Ecommerce firms should not feel shy of the probe if they haven't violated any antitrust laws & moreover bench in uncertain terms stressed this appeal is devoid of any merits and substance".
 
 
CCI orders probe against Amazon, Flipkart In Jan 20 serious ALLEGATIONS:
Deep discounting, preferential treatment to certain vendors etc
 
 
Etailers like always maintained, "We respect the judgement passed by the H'ble HC and we will give a serious consideration & comprehensively review unfolding development it in detail to determine next steps, and remain in full compliance with Indian laws & will do spiritedly everything to be always compliant".
 
 
                                                                                               The Competition Commission of India (CCI) celebrated its Annual Day on 20th  May, 2019 which marks the notification of the substantive enforcement  provisions of the Competition Act, 2002.
 
TOP5
 
 
Likely Scenario
Karnataka HC junks appellant plea, Flipkart & Amazon to halt CCI Probe

FIRST LOOK: INSIDE NIKE’S MALL OF INDIA

25th September 2021, Mumbai:

Nike’s newest partnership in its retail transformation journey opens in NCR, India on the 25th of September. Located in the heart of Noida at DLF Mall of India –– India’s largest mall –– the Nike Mall of India store features the latest retail and architectural designs used in new Nike stores around the world.

The two-story, 743-square-meter store is a fully equipped to serve athletes* through membership offerings which enabling consumers to make sport a daily habit.

Nike members can enjoy exclusive products, as well as gain early access to new products and Nike events ahead of the public. Operated by Nike Partner, RJ Corp, the Nike Mall of India store includes the latest and most extensive range of Nike merchandise in the region, with comprehensive offerings for Men’s, Women’s and Kids. With product offerings across running, training, lifestyle, basketball and Jordan, this door is the destination for Nike’s best product innovation in the city. Footwear trialing and bra fitting services are also available for consumers.

We believe that brick-and-mortar spaces remain integral for consumers to achieve the best brand experience. With the opening of Nike at Mall of India, we are set to propel our consumer-direct strategy through the integration of digital and physical retail.

The best Nike products and offerings have been carefully selected for this community, and the store has been conceptualized with multiple touch points for a fully immersive and seamless Nike experience that is personalized and unique.”  - Tarundeep Singh, Senior Director Nike Stores, SouthEast Asia & India.   

Throughout the pandemic, Nike has doubled down on digital and membership to better serve consumers. Through innovative concepts and a connected marketplace strategy, Nike and partner stores are creating the future of retail.

Inside Nike's new store

 

TOP 5:

1. 'CMAI' urges government to review GST rates increase on fabrics and garments

2. Raymond launches new collection with designer 'Suket Dhir'

3. Amitabh Bachchan roped in as 'VKC Group’ new brand ambassador

4. 'Manyavar-Mohey' receives flak for advertisement featuring Alia Bhatt

5. GOVERNOR OF MAHARASHTRA HONOURS KAPIL PATHARE WITH BUSINESS EXCELLENCE AND VIP INNERWEAR AS BEST BRAND 2021-22

 

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FIRST LOOK: INSIDE NIKE’S MALL OF INDIA

Readymade garments likely to go expensive

22nd  September 2021, Mumbai:

As per the recent GST meeting to fix the inverted duty structure which is an anomaly existing in the Textiles sector by revising GST rates in this sector resulting in the potential increase of up to 7 percent V/s the current position.

The associations & garment traders responding to this likely overshooting of prices have raised serious concerns. The most credible voice of domestic apparel manufacturing fraternity CMAI including CITI ex-president have unequivocally expressed the simple math of this measure that 85 percent of garments sold in India are priced below Rs 1,000. 

 

Back of the envelope calculation lays bare that continued increased prices of the raw materials had resulted in a hike in prices of readymade clothes (RMG) by roughly 20 percent/ or so over the last 12-15 months, and in this elevated prices state it is no brainer to mention that any further increase is only going to hit apparel & clothing sales & demand going forward.

 

The logic behind this is that raw materials such as man-made yarn and fabrics used in the manufacture of garments attract GST at the rate of 12 per cent. Hence there are problems with an input tax credit (ITC); As at present five percent GST is levied on cotton yarn and fabric, but under the new decision, 12 percent GST will be imposed on garments made from cotton, and incremental cost rise.

 

The likely effect is going to be from January 1st,2022 albeit it is not officially been notified as yet.

What is inverted duty structure under GST? – Indian Economy

 

 

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Readymade garments likely to go expensive

RIL-FRL deal: NCLT reserves order on Reliance Retail's plea seeking shareholders consent

21st July 2021,Mumbai:

On 21st July, the National Company Law Tribunal (NCLT) reserves its order in the plea filed by (RIL) Retail Retail seeking to conduct shareholders and creditors meetings to get nod and approval for the proposed merger with FRL.

(NCLT) bench asked if the lenders to FRL were on board with the whole scheme

Drive envisages a merger of Kishore Biyani owned FRL into(RIL) Reliance Retail Ventures Ltd (RRVL) & Reliance Retail Fashion Lifestyle Limited (RRFLL).

The deal is a business consideration in a Rs 24,713 crore deal.

 

Watch: https://www.youtube.com/watch?v=BVMVGbPYXXU

 

                                                                Amazon, Future Retail Fight: Senior Counsel Says Restraining Future  Retail-Reliance Deal Will Lead To Job

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Co-optex to foray into organic wear for kids

COVID-induced restrictions lead to 50% decline in June retail sales: Retailers Association of India (RAI)

 

What RIL gets is

Reliance Retail gets over-night access to In excess of 1,800 stores across Future Group's format.

 

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KVIC launches khadi 'Babywear & Handmade Paper Slippers range'

Grasim Nagda plant to be world’s first 'Viscose Zero Liquid Discharge Unit'

 

RIL-FRL deal: NCLT reserves order on  Reliance Retail's plea seeking shareholders consent

Revenge dressing in post-pandemic world

25th September 2021, Mumbai:

Pandemic has thrown many challenges of different kinds forcing us to hardly look into our wardrobes or checked out the latest fashion trends as Fashion in the COVID-19 era has become understated-yet-elegant with more focus on comfort, leisure and in some sense casulisation was the fundamental tailwind.

THE ART OF REVENGE DRESSING 2021. After all how do we explain, Revenge Dressing,"Pandemic revenge dressing is all about melodrama and quirky expression".

New normal of WFH (Work from home or nearing that situation) nudging many have just slipped out of one pyjama into another syndrome. So much so that at the most, we have experimented with ‘waist-up looks/ fashion syndrome for that inevitable video/ zoom call. 

Pandemic catapulted disruptions of the kind that it created new non-stereotypes amongst fashionistas Or outliers, choosing to challenge the status-quo ongoing trend of relaxed/ comfort dressing by wearing something outlandish that they had to shove into the wardrobe for so many months otherwise.

The day's clear imperative is how to maintain our 'mental state' and imagine how simpler 'If A Nice Dress Makes You Feel A Bit Better In a World of Stress & Miseries'.

Princess Diana To Jennifer Aniston: These Are The Best Revenge Dresses |  British Vogue

 

TOP 5:

1. 'CMAI' urges government to review GST rates increase on fabrics and garments

2. Raymond launches new collection with designer 'Suket Dhir'

3. Amitabh Bachchan roped in as 'VKC Group’ new brand ambassador

4. 'Manyavar-Mohey' receives flak for advertisement featuring Alia Bhatt

5. GOVERNOR OF MAHARASHTRA HONOURS KAPIL PATHARE WITH BUSINESS EXCELLENCE AND VIP INNERWEAR AS BEST BRAND 2021-22

 

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Revenge dressing in post-pandemic world

Welspun India looks at capex of ₹ 800 crore over next two years

20th September 2021, Mumbai:

Welspun India a global home textiles player looks at CAPEX of ₹ 800 crores over the next two years aiming to build capacity & capabilities, while stating firmly that there would be no-change to its financial guidance for the current financial year with regard to its Net Debt position which stands at  ₹ 2400 crore for March 31, 2022.

Capex is envisaged around the capacity expansion of its home textiles and flooring businesses. As management contemplates the funds deployed would be by investing ₹ 656.5 crores on its home textiles business expansion during FY'22-23 also intend augmenting its towel manufacturing capacity on the back of strong order pipeline it continues to enjoy.

 

The management expects benefits of this Capex & slated expansions will start accruing in phases from Q1 FY'23 onwards and going

forward shall help to forge its future prospects.

What is CapEx and OpEx | Comindware Blog

 

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Welspun India looks at capex of ₹ 800 crore over next two years

Reliance Retail dials in 'Just Dial'

16th July 2021,Mumbai:

Reliance Retail buys controlling stake in 25-year-old 'Just Dial' search engine platform.

This foray helps Reliance decent into 'Local Search & Discovery Services Space' with the objective of sharpening its e-commerce play.

Reliance is the largest/ biggest retailer in the Indian market & is shaping its portfolio through spate of acquisitions (M&A), aggressive store expansion & openings.

The bigger underlying overarching strategy is to deepen its omni-channel capabilities by consistently building muscular power in the given landscape.

                                                                                       

RIL M&A in recent times: Netmeds, Hamleys, Urban Ladder, Zivame

How it goes

Reliance Retail will acquire 25.33% stake via preferential allotment at Rs 1,022.25 a share, another 15.62% from Just Dial founder V S S Mani. It will later make an open offer for 26% as per Sebi rules

What value 'Just Dial' brings on the table

30 million listings of enterprises across Web, App & Voice platforms

 

Way forward

JD Founder, Mani to continue as CEO leading it thru next phase of growth.

                                                                           Justdial Success Story | Local Search Engine | Business Model

 Related News:

Amazon India launches new ‘Spotlight North East’ storefront

Ensemble launches new festive collection for Eid-al-Adha

Snapdeal, FICCI FLO to launch online program for women entrepreneurs

 

The deeper issue optically is thus,"Reliance gets ready & instant 'Access to Just Dials-Database of MSMEs' thereby integrating it with 'Jio Mart' & semblance is this pathway will help it to strengthen e-commerce business & create unfair competitive edge.

 

Watch: https://www.youtube.com/watch?v=rCLbzVnEg28

                                            

Read More:

Government extends tax rebate on ‘Apparel Exports’ till March 2024

Extension of RoSCTL scheme till 2024 for textiles exporters

South Indian Garments Manufacturers Association (Sigma) to launch an e-platform ‘Sigma E-market place’

 

 

Reliance Retail dials in 'Just Dial'

Neetu Singh, Founder SINI Designs an inspirational leader

24September 2021, Mumbai:

SINI Designs India's Leading Garment Manufacturer & Exporter. Beautiful imaginations converted into reality by hundreds of talented artisans make up this thriving export house of garments and fashion accessories. SINI - a Finnish feminine name meaning 'Blue' is inspired by the name of its Founder & MD - Neetu Singh.

With a vision to create an empire of empowered women, SINI Designs is one of the prominent names bringing accolades to Indian art and culture since 2011. Built around fundamental strengths group has a robust infrastructure in the form of 30,000 sq.ft Manufacturing Facility 'In the heart of Noida'.

 

The founder has to her credit prominent acclaimed awards & achievements the most recent being "Times Power Women West India 2020" & "Asia's Greatest Leaders 2017". A woman entrepreneur with an illustrious career & rare passionate keeps the group progressively focused on innovations, ingenuity & the founder's philosophy of uplifting society as a larger purpose of life.

Founder SINI Designs, Neetu Singh: Crafted Jewellery and Accessories -  Banani Vista 

 

TOP 5:

1. 'CMAI' urges government to review GST rates increase on fabrics and garments

2. Raymond launches new collection with designer 'Suket Dhir'

3. Amitabh Bachchan roped in as 'VKC Group’ new brand ambassador

4. 'Manyavar-Mohey' receives flak for advertisement featuring Alia Bhatt

5. GOVERNOR OF MAHARASHTRA HONOURS KAPIL PATHARE WITH BUSINESS EXCELLENCE AND VIP INNERWEAR AS BEST BRAND 2021-22

 

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Neetu Singh, Founder SINI Designs an inspirational leader

GREENWEAR FASHION: Pursuit to Redefining Fashion!

18th September 2021, Mumbai:

With the essence of “sustainable fashion for all!” at the core of its philosophy, this initiative is poised to achieve milestones, not witnessed very commonly in the world we live in. Visibly management has its priorities right, in their bits and pieces management is trying to strike the right chord on the social elevation, corporate social responsibility with commercial Eco-space all rolled in one goal.

Having made its presence felt across Uttar Pradesh & Bihar, the budding business concept has already carved a respectable place under the sun for itself while staying focused on the target audience it stands.

The innovation endeavour of Abhishek Pathak from Lucknow, claims to have cloaked around INR 36 mn in annual turnovers & employing around 15 full-time skilled workforces alongside well connected to rural artisans who work along as a part of conscious supply-chain and critical piece of the value chain.

 Redefining Fashion: A Trendsetter's Starter-Pack | Kovet Invogue

 

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GREENWEAR FASHION: Pursuit to Redefining Fashion!

Piyush Goyal gets additional charge of Textile Ministry

Piyush Goyal, who already has bagged few ministers in Modi government holding portfolio of more than two ministries, finds himself reloaded with an additional charge & responsibility in July 7th Cabinet mega reshuffle.

 

The Commerce and Industry, and Food, Consumers Affairs and Civil Supplies Minister who is amongst most trusted hands in current government has now been asked to wear the hat of the Textile ministry too.

 

Timing is apt as Textile portfolio is supposedly going to complement his existing functions in the Commerce Ministry where country's exports and to build trade relations with countries across the globe takes primacy especially in the face of growing clamour for 'Make in India' theme in Post-Covid World.


Watch: https://www.youtube.com/watch?v=CrmBQ_EsWKw

 

TEXTILES INDUSTRY CREDENTIALS

  • Job Creator: Textiles & Apparel industry employs around 55 million
  • Textiles & apparel (T&A) industry contributes 2% to the GDP, 12% to export earnings & holds 5% of global T&A trade
  • Technical Textiles: Growth Engine of Indian Textiles Sector
  • Post Covid World has thrown a big opportunity for the online textile industry

 

General understanding is that Textiles should have a full-fledged minister

Piyush Goyal gets additional charge of Textile Ministry

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