4th Aug 2021, Mumbai:

Under Armour's sales increased by 91 percent to $1.4 billion in the second quarter, which concluded on June 30. In light of the results, the business has revised its FY21 sales forecast to the low 20s, up from the high teens before.

“We are quite happy with Under Armour's better-than-expected second-quarter results, which show excellent growth in comparison to both 2020 and 2019.” We're boosting our full-year projection to reflect the ongoing momentum, putting us on track to deliver a strong performance in 2021,” said Patrik Frisk, president, and CEO of Under Armour.

In the second quarter, gross profit nearly doubled to $668.8 million from $349.1 million, while income from operations increased to $121.2 million from $169.7 million. From a deficit of $182.9 million, the company's net income increased to $59.2 million. North American revenues increased by 101.4 percent to $905.5 million, while EMEA revenues increased by 132.5 percent to $207.2 million, according to the sportswear business. Revenues rose 56.1 percent in Asia Pacific ($192.3 million) and 317.3 percent in Latin America ($46.5 million).

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

Under Armour's garment revenue increased by 105.3 percent to $874.2 million, while footwear income increased by 85.1 percent to $342.6 million. “At the midway point of our fiscal year, I'm confident in our ability to execute our plan by putting Focused Performers at the center of everything we do and growing our capacity to deliver steady, profitable long-term growth for our shareholders,” Frisk said.

https://www.linkedin.com/feed/update/urn:li:activity:6828990983649185792

TOP 5:

1. Elevation Capital invests Rs 75 crore in The Souled Store

2. India’s e-commerce market grows at 5% year-on-year

3. Iconic Virender Sehwag sportswear brand 'VS by Sehwag' bats for online play

4. Anti Dumping Duty on viscose staple fibre (VSF) is a big plus: AEPC

5. PLI scheme to boost manufacturers’ integration in global textile value chain

31st July 2021, Mumbai:

Som Parkash, minister of state for commerce and industry, in response to a question in the Lok Sabha on whether the Union Government agreed to have received complaints from various sectors of the business that some e-commerce behemoths have been flouting the government's policies.

He claimed the government has received complaints from traders and industry groups accusing marketplace e-commerce firms of violating the e-commerce sector's FDI policy.

Ecommerce firms are only authorized to operate in Business to Business (B2B) e-commerce and not in Business to Consumer (B2C) e-commerce, according to the current FDI Policy on the e-commerce industry. Furthermore, in the marketplace model of e-commerce, 100 percent FDI via the automatic route is authorized.

FDI is not authorized in the inventory-based e-commerce business.  Parliament was told that the government has no plans to use the Patents Act or a forced license to boost the manufacture of Covid-19 vaccinations.

Vax Patent - “Sir, no. The matter does not arise since no patent has been awarded for any Covid-19 vaccine in India,” Parkash replied when asked whether the government intended to use the Patents Act, 1970 to promote domestic production of Covid-19 vaccines or if forced licensing of Covid-19 vaccines have been used. 

Impact of Covid - Anupriya Patel, Minister of State for Commerce and Sector, stated that the Covid-19 epidemic has had an impact on the tea industry in India, especially Assam. Tea output in Assam is expected to fall by 98.29 million kg (13.72 percent) in 2020, compared to 2019.

Review of Infrastructure - The government informed the Lok Sabha on June 29 that it has evaluated 59 outstanding problems of chosen 20 infrastructure projects with a total investment of about Rs 2.74 lakh crores.

These concerns were outstanding with various departments of the state governments of Bihar, Haryana, Maharashtra, and Tamil Nadu, and in the meeting, explicit directions/timelines were provided for speedy settlement of the difficulties and fast-tracking the execution of these projects.

TOP 5:

'Sangam India' plans capacity expansion

Snapdeal capitalizes on the value-shopping trend with new launches every month

Rudra Pratap and Susmitha present 1st ever online tailoring solutions app ‘Cloud Tailor’ targeting fashion industry

Trident Ltd, leading home textile player starts commercial production at expanded capacity

Snapdeal fashion sales zoom in 2021

Joe Kuruvilla, CEO-Lifestyle Business, Raymond has quit from the company from July 05, 2021.

As per Fashion Network, Kuruvilla has decided to leave the company due to personal reasons. He will hand over the business to Ganeshkumar S, who will continues as chief operating officer for the lifestyle business of the company. Prior to joining Raymond, Kuruvilla worked for Unilever PLC including for its European operations. Kuruvilla’s appointment at Raymond was described as part of the business’ “refreshed approach,” to its lifestyle business.

Raymond lifestyle retails branded textiles, branded apparel, and garments through a range of subsidiary brands. The business also retails furniture and upholstery fabrics. Raymond is a diversified group with majority business interests in Textile & Apparel sectors as well as presence across diverse segments such as FMCG, Realty, Engineering and Prophylactics in national and international markets. Having enjoyed the patronage of over a billion consumers, Raymond is reckoned for delivering world class quality products to its consumers since the past nine decades

4th Aug 2021, Mumbai:

Under Armour Inc upped its yearly expectations after surpassing quarterly estimates, as it sells more sports gear and footwear directly to consumers at low to no discounts, sending its stock up 5%. Customers are turning to healthy living and outdoor experiences like hiking and running, which has boosted sales at sportswear companies like Nike and Adidas AG.

Under Armour has taken advantage of the demand by focusing more on full-price sales in its brick-and-mortar and online stores, as well as preparing to exit 2,000 to 3,000 discount-heavy wholesale locations to boost profit margins.

Under Armour, located in Baltimore, has extended its product ranges with the help of actors Dwayne Johnson and Stephen Curry of the National Basketball Association. The company has also increased its marketing spending to combat competition from Lululemon Athletica and Nike. "We're going to be ready for growth when we get out of this epidemic," Chief Executive Patrik Frisk told analysts. Under Armour increased its adjusted earnings per share (EPS) projection for 2021 from 28 cents to 30 cents to between 50 cents and 52 cents. It also anticipates revenue to increase by a low-twenty percent, up from a prediction of a high-teens percent before. Analysts predict 35 cents in earnings per share and a 19.5 percent increase in revenue.

BMO Capital Markets analyst Simeon Siegel stated, "UA is a good example of a company that utilized a 'COVID-Cover' to refashion its business for multi-year success and return to under-promising and over-delivering." However, owing to the return of COVID-19, Under Armour has identified supply chain difficulties, notably in Vietnam, which contributes to approximately a third of the company's footwear and clothing supply. The company's second-quarter net sales increased by 91% to $1.35 billion, above analyst expectations of $1.21 billion. Under Armour earned 24 cents per share excluding items, above the Refinitiv IBES forecast of six cents.

TOP 5:

1. Elevation Capital invests Rs 75 crore in The Souled Store

2. India’s e-commerce market grows at 5% year-on-year

3. Iconic Virender Sehwag sportswear brand 'VS by Sehwag' bats for online play

4. Anti Dumping Duty on viscose staple fibre (VSF) is a big plus: AEPC

5. PLI scheme to boost manufacturers’ integration in global textile value chain

19th July 2021, Mumbai:

Bangalore based completely student-run NGO, SPARK, has raised 40 lakhs through Crowdfunding for COVID Relief.

The Associate Vice Presidents of the NGO, Indraneel Acharya and Tanisha Anand Raaj, connected with us for a short interaction. 

This non-profit organisation was founded by Akarsh Shroff, a BITS Pilani student, in 2018. 

This NGO seeks to develop the condition of underprivileged children, through educational mentorship, scholarships.

The NGO focuses on the areas of education with 500+ student volunteers who have contributed 16,000+ hours of volunteering with 5,000+ children beneficiaries. Apart from this SPARK’s COVID relief campaigns have helped it step into the limelight due to its astonishing impact numbers.

The NGO has facilitated the deployment of 27000+ Examination gloves, 1056+ Face Shields, 12 Fowler Beds, 5100+ N95 Masks, 18+ Oxygen Concentrators, 600+ Oxygen Masks, 155+ Pulse Oximeters, 400+ litres Hand sanitiser, 7600+ Surgical Masks, 4+ Thermal Scanners, 200+ Thermometers, 1920+ Universal PPE Kits and 1200+ Ration Kits. 

They are in the process of expanding their rural digital education programme to several more villages and their teaching operations 2 at orphanages and government schools are scaling threefold.

TOP5: 

Barcelona targets second tier

Raymond appoints S L Pokharna to its board

Uniqlo to launch e-commerce operations in India to perk up Indian business

‘Pace Active’ expands product lines with new collections focused around Sustainability

Designers Palak, Aarohi Shah of famed brand ‘Ekaya Banaras’ team up for collaborative collection

Read more:

Piyush Goyal,Textile Minister aims at 10x quantum rise in 'Textile industry capacity'

Textile Ministry drafts ‘PLI Scheme’ focused on value-addition to benefit more businesses

Industry body urges Maha govt to let Malls following COVID protocols open

Grasim teams up with ‘CTIL’ formulating a Joint Venture Company ‘Birla Advanced Knits’

H&M India’s net sales, during the six-month period ended May 31, 2021, grew by 30 per cent to Rs 836.6 crore from Rs 645.86 crore in the corresponding period previous year.

The group’s net sales in local currencies increased by 12 per cent in the first half of 2021 compared with the corresponding period last year.

The pandemic led to reduced footfall as a result of continued restrictions and store closures. At the most, around 1,800 stores were temporarily closed, i.e. around 36 percent of the group’s total number of stores.

In India, the retailer’s net sales jumped by over 200 per cent to Rs 307 crore, albeit on a lower base during the second quarter spanning from March 01-May 31, ’21.

In the year-ago quarter, its net sales had dipped by 70 per cent y-o-y dip as India remained under a strict lockdown for most of the period.

The retailer operates 50 stores in the country—apart from its own e-commerce channel as well sales on e-commerce marketplace Myntra. It was quick to roll out more comfort and casual wear as the pandemic struck last year.

In the presence of Ministers of State for Social Justice and Empowerment, Km Pratima Bhoumik and A Narayanaswamy, Dr. Virendra Kumar, Union Minister of Social Justice and Empowerment, e-inaugurated the fifth Northeast India Traditional Fashion Week (NEIFW) 2021.

Anjali Bhawra, the secretary of the Department of Empowerment of Persons with Disabilities (DEPwD), was also present at the ceremony.

Dr. Kumar greeted everyone and thanked DEPwD and the National Institute for the Empowerment of Persons with Visual Disabilities (NIEPVD) on this groundbreaking program for Northeast divyangjan. 

Through the divyangjan movement, he promised that this would become an annual event to promote indigenous and traditional skills across India and to conserve the history of each village in the Northeast.

He believes that numerous national mission projects are being implemented under Prime Minister Narendra Modi Ji’s leadership and that the inhabitants of the country are benefiting from them.

As a result, all of DEPwD's national institutions must operate as a strong connection and extend their services to ensure that the divyangjan benefit fully from all of these national mission initiatives, such as the Samagra Shiksha Abhiyan, the National Bamboo Mission, and Skill Development.

He further stated that events like this will undoubtedly inspire divyangjan to pursue business chances while also providing them with job options.

During this event, all of the department's institutions, including eight national institutes, the Rehabilitation Council of India, the National Trust, the National Handicapped Finance Corporation, the Development Corporation, and the Artificial Limb Manufacturing Corporation of India, are holding various awareness programs.

This event, which takes an inclusive approach to divyangjan, aims to deepen the Make in India movement by mainstreaming divyangjan while also showcasing Northeast India's unique culture and art forms. 

Narayanaswamy went on to say that the Northeast area of India has a long history of fine craftsmen and a large-scale informal artisan enterprise in the textile, handloom, and craft industries.

Women from the North-East are recognized for their weaving, textile, and craft abilities, according to Bhoumik. She also mentioned how indigenous and traditional Northeastern talents like as silk-rearing, silk-extraction, weaving, wood-craft, bamboo-craft, organic farming, and orchids may be studied as possibilities for divyangjan skill-training and mainstreaming.

The divyangjan movement will gradually acquire pace as part of the ‘India@75 national celebration' and flagship program for Northeast India, according to Anjali, and will be a milestone for empowering the specially-abled towards an inclusive India.

NEIFW 2021 is being organised by NIEPVD, Dehradun, with the goal of catering to the divyang population and stakeholders in order to promote Northeast India's arts and craftsmen.

Its goal is to empower and uplift the divyangjan from the Northeast's different tribes and ethnic groups, while also pushing the textile and craft industries to be more inclusive.

The NEIFW emphasized skill development and entrepreneurship, as well as an artisan training workshop, a divyang artisans' exhibition, a traditional clothing display, and a traditional cultural festival.

This will not only raise awareness of divyangjan's talents and abilities, but it will also assist them to find work.

Members of the divyangjan community, their families, and representatives from other NGOs, DPOs, parent organizations, special schools, special vocational centers, and cooperatives from all eight North-Eastern States are taking part in this historic event, which will pave the way for re-engineering the concept of divyangja skilling, employment, and entrepreneurship.

TOP 5:

'Sangam India' plans capacity expansion

Snapdeal capitalizes on the value-shopping trend with new launches every month

Rudra Pratap and Susmitha present 1st ever online tailoring solutions app ‘Cloud Tailor’ targeting fashion industry

Trident Ltd, leading home textile player starts commercial production at expanded capacity

Snapdeal fashion sales zoom in 2021

31st July 2021, Mumbai:

Norlanka Brands, the retail arm of the PDS Multinational Group, has purchased a controlling share in Lilly + Sid, a British children's clothing brand, and expects to launch it in India this month.

With an exclusive tie-up with Reliance Retail's fashion marketplace, Ajio, and the launch of its own website, Lilly + Sid will join the Indian market via the digital method. GS Periwal, CEO of Norlanka Pvt. Ltd., commented on the India launch.

“As kids’ clothing grows to be an essential lifestyle emphasis for parents, we are delighted to introduce an award-winning, certified brand like Lilly + Sid in India,” the company said in a statement. 

We want to give Indian consumers a product line that is sustainable, aware, and does not compromise on the quality of children's clothes by having a strong web presence.”

“We focus on optimizing the lifetime of our goods through intelligent design elements that enable clothes to grow with the kid over the years,” said Emma Hassan, co-founder of Lilly + Sid.

Our multi-wear separates and reversible garments are a big element of the collections - two looks in one is a huge gain for sustainable wardrobes since it means less washing and fewer items to put together outfits for kids.” In the next months, Norlanka Brands Ltd aims to introduce Turtle Dove London, a 100 percent organic unisex children's brand.

TOP 5:

'Sangam India' plans capacity expansion

Snapdeal capitalizes on the value-shopping trend with new launches every month

Rudra Pratap and Susmitha present 1st ever online tailoring solutions app ‘Cloud Tailor’ targeting fashion industry

Trident Ltd, leading home textile player starts commercial production at expanded capacity

Snapdeal fashion sales zoom in 2021