04 September 2023, Mumbai
IN BRIEF
China’s economy grew by 6.3% in Q2, higher than Q1’s 4.5% but lower than expected 7.3%. H1 growth was 5.5%, matching the annual target of around 5%.
Beijing avoided large stimulus despite rising local debt. Retail sales slowed down while industrial output picked up in June.
04 September 2023, Mumbai
IN BRIEF
The European Union's apparel imports from the world declined by 9.22% in the first six months of 2023. The decline was most pronounced in the value of apparel imports from Bangladesh, China, and Turkey.
The unit price of EU apparel imports increased due to inflation and the increasing value of the euro.
02 September 2023, Mumbai
IN BRIEF
Reliance Retail Ventures is in advanced talks with global investors to secure $2.5 billion in funding by September. This is part of the company's $3.5 billion fundraising target, with $1 billion already pledged by Qatar Investment Authority (QIA) last month.
Reliance Retail has confirmed that it is evaluating various opportunities, amid media speculation about a potential stock market debut.
31 August 2023, Mumbai
Men's and women's western wear brand Beverly Hills Polo Club has opened its 21st India store in Kochi's Forum Mall. The new exclusive brand outlet is the brand's third store in Kerala. The store has a dark wood clad interior with off white walls and gold accents.
It opened with the brand's summer line of bright, sporty polo shirts, button-downs, and graphic t-shirts as well as bags and accessories.
04 September 2023, Mumbai
IN BRIEF
The 8th edition of CENTRESTAGE, a fashion and lifestyle event organized by the Hong Kong Trade Development Council, will return to Hong Kong from 6-9 September.
The event will feature over 200 brands from 17 countries and regions, showcasing the latest spring/summer 2024 collections.
The event will also feature a gala show featuring Hong Kong and Japanese brands REDEMPTIVE and FETICO and a runway show featuring four local brands that have participated in international fashion weeks.
01 September 2023, Mumbai
In Brief
Being Human, a clothing brand founded by Bollywood actor Salman Khan will open its first store outside of South Asia in Dubai on Friday. The 2,500-square-foot store is located in the City Centre Deira Mall and will be inaugurated by Khan's brother, Arbaaz Khan.
Being Human currently operates about 10 stores in Bangladesh and Nepal, but this is the first time the label is venturing outside of the region. The company plans to open two more stores in Dubai by January and one store in Canada next October.
Being Human hopes to do well in Dubai as the brand has a high recall in the UAE. The company expects the Deira flagship store to double the business of its best store in India.
31 August 2023, Mumbai
Jaipur Kurti, a women's apparel manufacturer and retailer, opened its first store in Bangalore on Saturday.
The company plans to expand its physical presence to 9 cities in the next few months, including Jammu, Kota, Hubli, Faridabad, Ahmednagar, Latur, Delhi, Muzaffarnagar, and Hyderabad.
02 September 2023, Mumbai
IN BRIEF
Lenders to Bombay Rayon Fashions have rejected all the resolution plans received for the textile manufacturer's assets. The company has admitted liabilities of ₹7,234 crore, including ₹6,690 crore financial dues.
Over a dozen companies, including Lalbhai Group-promoted Arvind, had shown interest in acquiring the company through the insolvency resolution process. However, the lenders were not satisfied with the proposals received.
The company's resolution professional will now need to file a fresh report with the National Company Law Tribunal (NCLT). The NCLT will then decide whether to initiate the liquidation process of the company.
01 September 2023, Mumbai
In Brief
This means that the government has moved the date by which applications for the PLI scheme must be submitted.
Applications: This refers to the forms that companies must submit to apply for the PLI scheme.
PLI scheme: This stands for Production-Linked Incentive scheme. It is a government program that provides financial incentives to companies that invest in and produce certain goods.
Textiles: This refers to fabrics and other products made from fibers.
October 31, 2023: This is the new deadline for submitting applications.
31 August 2023, Mumbai
The report highlights the growth of the Indian retail real estate market in the first half of 2023. Bengaluru, Delhi-NCR, and Ahmedabad were the top three cities for leasing activity, and the overall supply increased by 148% YoY.
02 September 2023, Mumbai
IN BRIEF
Aditya Birla Fashion and Retail (ABFRL) plans to raise INR 750 crore through private placement of debt bonds, starting September 4.
The bonds will be listed, unsecured, rated, redeemable, and non-convertible.
01 September 2023, Mumbai
In Brief
The 5th edition of ASIATEX 2023, a B2B textile trade fair, was inaugurated by Shri Mangal Prabhat Lodha, Minister of Tourism, Govt. of Maharashtra on 31st August, 2023.
The fair will remain open up to Saturday, 2nd September, 2023 and is expected to attract over 20,000 visitors.
29 August 2023, Mumbai
In Brief
The global apparel market is facing a number of challenges, including a decrease in clothing exports, China's loss of market share, and the rise of regional trade models.
The economic slowdown and high inflation in leading apparel import markets have led to a decrease in clothing exports in 2022.
China, the world's largest apparel exporter, has also lost market share to other low-cost Asian apparel exporters. In addition, the focus on near-shoring has led to the regionalization of the textile and apparel trade. These challenges are forcing the apparel industry to adapt and change.
