05 February 2022, Mumbai:

Aditya Birla Fashion and Retail Limited (ABFRL) yesterday decided to get into the Direct to Consumer (D2C) space to cash in on the fast-emerging business category by announcing to set up a new subsidiary.

The announcement came up during its 'The board of the leading company meeting held on Friday. The move was in the direction of curating a portfolio out of agility to tap into new-age, digital brands segment across categories in fashion, beauty, and potentially other allied lifestyle segments and so and so forth.

"The D2C portfolio will be built through organic and inorganic means," said a statement from the Aditya Birla Group firm.*

Management view is that," This venture will initially be funded through ABFRL's internal accruals," 

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*Figures mentioned in the above article have been sourced from ET article. 

24 January 2022, Mumbai: 

Mall operators in Kolkata have spotted green shoots of recovery from the third wave that saw footfall crash by 80%-85% from the festive high in December-end.

At Acropolis, footfall that had slumped after restrictions were announced in January-beginning saw recovery by almost 50% this week. The promotional sales on Republic Day, end-of-season sale, and Saraswati Puja and Valentine's Day lined up, mall general manager K Vijayan expects footfall to recover to the pre-restriction level by mid-February.

"The footfall slump was owing to the initial fear of a repeat of the second wave. Once it was clear that the third wave was nowhere close to being as bad as the second wave, customers felt confident enough to walk back.

From just essential sales, we are beginning to see activity in food and beverage and other non-essential category sales said mall general manager K Vijayan.

Though the recovery at luxury mall Quest has been a lot slower at 20%, mall vice-president Sanjeev Mehra believes people are just waiting for the government to send out the right signals before the situation turns around dramatically.

"I think we are nearing the end of the pandemic. That is the signal that the West is sending out. Once that signal goes out here, and I think that should happen before April, the year 2022-23 will turn out to be a record one with people stepping out to spend," he remarked.

The latter half of 2021 saw the pent-up demand drive sales to beyond the pre-pandemic level despite food and beverage contributing 70% of pre-Covid revenue and cinema only 30% of what it grossed in 2019.

At South City, it is still way short of what it was three weeks ago. But the mall operator says there has been a visible recovery in the past week with indications that sales will pick up in the next couple of weeks.

“People are back in the food court though restaurants are still struggling due to the 10 pm deadline. If the night restriction timing is pushed back to 11 pm, dinner will be back on the table,” said a mall representative.

The other malls — City Centre 1 at Salt Lake, City Centre 2 at New Town, Mani Square of EM Bypass, Forum and Forum Courtyard on Elgin Road, and Diamond City Mall — also saw visitors stream back and bring cheer to retailers.

Credits: TOI

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15 January 2022, Mumbai:

The Jordan Brand has always been a favourite when it comes to footwear. With the rise of sneaker resales and the proliferation of trading platforms, this is even more true.

According to StockX, the popular Air Jordan 1 is still the most popular model in 2021, but the rise of partnerships has reintroduced another classic, the Jordan 2.

While shoe businesses appear to be doing better than ever, it's still difficult to dethrone the Jordan Brand, which is the result of Nike and Michael Jordan's successful and decades-long cooperation. Jordan continues to lead deals in the secondary shoe market in 2021, ahead of two other giants: Nike and Adidas, according to the resale portal StockX.

Other brands, however, are pursuing these three behemoths, beginning with New Balance, which, owing to various partnerships and launches, is currently ranked fourth in the top brands for total trades for the first time in 2021. In 2018, the brand didn't even crack the top ten. Converse (5th), Reebok (6th), Vans (8th), Puma (9th), and Bape (9th) are the next brands in line (10th).

However, Crocs (7th), which has been cleaning up in the sneaker and streetwear resale market, has pipped the latter three brands to the spot. Crocs (7th) moved from being very uncool to hyper popular in just a few years.  Crocs "finished the year with the greatest average price premium of any major shoe brand, with the typical pair of Crocs trading for 98 percent above retail," according to StockX.

The Air Jordan 1 was the most popular shoe in 2021, followed by the Nike Dunk, Air Force 1, Yeezy 350, and Air Jordan 4. However, the surge of collaboration projects boosted several models as well.

This is the case with the New Balance 550, which has seen a 20-fold increase in sales, owing in part to a collaboration with Aimé Leon Dore. The Jordan 2 has also benefited from the late Virgil Abloh's Off-White label's sponsorship.

While men's shoes have traditionally been the most popular item to resell on StockX, the site has undergone major adjustments in 2021, signalling a desire to broaden the resale craze to include the entire family.

Resells of preschool-size sneakers, as well as those for smaller children, have increased by 150 percent year over year, while women's sneaker swaps climbed three times faster than men's in 2021. Over the course of 2022, both tendencies may continue to rise.

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04 February 2022, Mumbai:

Adidas has announced an endorsement contract with Indian footballer Sandesh Jhingan, with the goal of inspiring the country's future generation of players. Jhingan joins a select group of Indian Adidas ambassadors, including Rohit Sharma, Mirabai Chanu, Lovlina Borgohain, Manpreet Singh, Simranjit Kaur, Nikhat Zareen, and Jeremy Lalrinnunga.

"Sandesh is a role model for many young players and a great blend of enthusiasm and talent," Sunil Gupta, senior director, Adidas India, said in a statement. With this cooperation, we hope to inspire young people and work together to grow football in India from the ground up. Sandesh is a fantastic addition to the Adidas family."

"My path with football has been really fulfilling," Sandesh Jhingan continued, "and I hope to make it a much greater sport in India than it is today." I'm happy to be a member of the Adidas family, and I believe this partnership will help me achieve my goal of seeing India grow a stronger football culture and qualify for the FIFA World Cup in 2026."

Currently, Adidas India has over 400 outlets across the country. The brand sells through its website and other e-commerce channels in addition to traditional storefronts.

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*Figures mentioned in the above article have been sourced from Fashion Network article. 

15th January 2021, Mumbai:

Snapdeal has announced a partnership with BOB Financial and NPCI to launch a co-branded contactless RuPay credit cards targeting the online buyers from smaller cities, an official statement highlighted.

The SoftBank backed e-commerce company reveals that the company is receiving more than 86% of its orders from outside metro cities, with more than 72% of its orders coming  from buyers living in Tier 2+ cities & towns. Snapdeal’s core target audience is the value-seeking, middle-income, price-conscious buyers who predominantly live in the smaller cities of India. 

Snapdeal has joined hands with BOB Financial and NPCI to launch a co-branded contactless RuPay credit card that aims to popularise the adoption & usage of credit cards among the growing number of online buyers from India’s smaller cities and towns. The co-branded credit cards will be equipped with contactless features and will be offered on the RuPay platform. 

BOB Financial Solutions Limited (BFSL), is a wholly-owned subsidiary of Bank of Baroda (BoB), one of India’s largest public sector banks. RuPay is the first-of-its-kind Global Card payment network from India, with wide acceptance at ATMs, POS devices, and e-commerce websites. RuPay is conceived and operated by the National Payments Corporation of India (NPCI), the umbrella organization that powers retail payments in the country.

The Snapdeal-BoB co-branded contactless cards, powered by RuPay will be rolled out to users by March 2022 and will provide a range of reward points and other benefits to the cardholders – both while they shop on Snapdeal and also when they use the card at other online and offline transaction points. 

Himanshu Chakrawarti, President Snapdeal Limited commented on this partnership, and said “We are particularly delighted to partner with BOB Financial and NPCI for the launch of this credit card. Just like Snapdeal, both Bank of Baroda & RuPay have a deep connection with users in Bharat. The synergies of this partnership will help accelerate the adoption of digital payments, especially amongst users living beyond India’s metros and Tier 1 cities”.

Shailendra Singh, MD & CEO, BFSL, also added  “We are pleased to partner with Snapdeal in our shared objective of making credit card payments popular and rewarding for a large number of new users, who are now getting familiar and comfortable with online shopping options. We continue to acquire more customers from non-metros and other smaller locations and believe that Snapdeal’s close connect with buyers in those locations, along with Bank of Baroda’s stature and distribution strength will provide the right opportunity to promote credit card usage among new users.”

The partnership between Bank of Baroda, NPCI & Snapdeal brings together parties with a strong understanding of digitally-evolving Indian consumers. Between April 2018 – September 2021, more than 50 million (Mn) unique customers have shopped one or more times on Snapdeal.

A pioneer in the space of credit cards, BOB Financial offers an array of credit cards, catering to all segments of customers.

Source: IndiaRetailing

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31 January 2022, Mumbai:

Asia Jewels Show

Fine Jewellery Exhibition in Bengaluru

The Grand Showcase of Jewellery Is Back !

Overarching theme this time around is: Wedding Jewellery with All New Format from the best of the best Jewellery Designers Pan-India.

Venue : JW Marriott Hotel,Bengaluru
Dates : 25-26-27 February 2022

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23 January 2022, Mumbai:

High cotton prices have been a raging issue for more than a year, and despite several initiatives, they continue to stymie the Indian garment industry's progress. Tirupur clothing exporters staged a two-day walkout in Tamil Nadu to draw attention to the issue.

The strike was organized  to draw the attention of the government to the rising cost of living.

Due to the two-day strike, the Tiruppur cluster, which manufactures garments worth Rs. 200 crore per day, would lose about Rs. 400 crore per day.

The strike was effective on the closure point, according to Raja M. Shanmugham, President of the Tirupur Exporters' Association (TEA), but they are still waiting for answers. Yarn costs have climbed about 75% in the previous two years, with 40s count hosiery costing Rs. 230/kg before the epidemic and now costing Rs. 400/kg.

Exporters anticipate a meeting with MOT in the next few days, at which the problem will be discussed once more. Meanwhile, Palladam and Tirupur powerloom, garment, and hosiery makers have called a hunger strike for tomorrow (21 January) across the state.

Tiruppur utilizes over 30 lakh kg of yarn every day, and the rise in raw material prices has hampered garment manufacture. The unions are calling for a ten percent import levy on cotton to be removed, as well as price control measures for yarn.

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28 January 2022, Mumbai:

In a recent development letter written to Prime Minister’s Office (PMO) and Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Madhyanchal Cotton Ginners and Traders Association stated there has been a clamour demanding suspension of cotton futures by a section of value chain participants who do not want transparent pricing and thrive of price opacity. thehindubusinessline

The contextual fundamental state of the affairs is that " The consistent hike in cotton prices is driven by evolving trade dynamics of with the demand stripping the supply and the unequivocal sanguine demand for suspending the futures trading to prevail over price speculation is entirely prejudiced".

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20 January 2022, Mumbai:

To achieve its target of $100 billion textile exports in the next five years, the government needs to incentivize investments across the textile value chain the upcoming budget, says ICRA. According to the rating agency, India is currently on the cusp of a potential growth cycle in the global textile market.

Besides the US-China trade war issues, the China Plus One sourcing policy being endorsed by several large consuming regions across the globe, are fuelling this opportunity. India remains one of the potential beneficiaries of the reduction of China’s share in the global textile market.

However, the country faces challenges from other low-cost/more efficient peer nations, the evolving free trade agreement landscape with some peers already enjoying duty-free access to some of the major markets, as well as domestic issues such as infrastructure bottlenecks, says the ICRA report.

The report states, India’s also lags due to the growing shit to MMF garments and technical textiles.

Though the government has adopted several policy initiatives including the announcement of the PLI scheme, extension of the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme for apparel and made-ups for three years, announcement of the Remission of Duties and Taxes on Exported Products (RoDTEP) rates for the other textile segments and notification of seven textile parks under the PM-MITRA Scheme, during the past one year, their effective implementation remains crucial, for which adequate provisioning in the Budget is necessary, adds the report.

The ICRA report also calls for the extension of the ATUFS scheme or announcement of a new scheme particularly for the downstream segments and/or for captive renewable power capacities to encourage investments and enable the companies to reduce their carbon footprint while being more cost-efficient.

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It is with great sadness that VDMA Textile Care, Fabric and Leather Technologies said farewell to Reinhardt Veit, who died on December 30 at the age of 96.

Reinhardt Veit founded the company Veit GmbH in 1956 and became known worldwide as a pioneer of professional ironing technology.

In 1990, he handed over the management to Günter Veit.

Since 2019, his son Christopher Veit, the grandson of the company founder, has been the group's main managing director. 

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