Apparel

With long-term vision, I aimed at creating 3 separate businesses: Singhania

Singhania says he has laid the groundwork for a promising future

Page Industries Q1 results: Net profit rises to Rs 165 cr on strong demand

The apparel maker reported a profit of Rs 165 crore(nearly $20 million) for the quarter ended June 30, compared with Rs 158 crore a year ago

Nike bets on Olympics marketing spending to revive slumping sales

It's all hands on deck after Nike's shares had their worst day on record in June, when management told investors revenue is expected to decline this fiscal year

Govt proposes to reduce BCD on some items used in manufacturing apparel

Suresh Nair, partner at EY India, said that this will make exporters more competitive. "This is a positive move for exporters and it will definitely give exporters competitive edge in mkt," Nair said

Budget 2024: Apparel exporters seek fiscal incentives to boost exports

Apparel exporters on Monday sought fiscal incentives including cut in customs duties and fund support in the forthcoming Budget to boost the outbound shipments from the sector. Finance Minister Nirmala Sitharaman is scheduled to present the Budget on July 22. The Apparel Export Promotion Council (AEPC) suggested the government should increase the rates under the interest equalization scheme to 5 per cent for all the apparel exporters for a period of five years. "This will increase the apparel industry's competitiveness in the international market," AEPC Chairman Sudhir Sekhri said in a statement. He also said that all types of trimmings and embellishments should be covered under Import of Goods at Concessional Rates of Duty Rules. Sekhri said that with the complete value chain and commitment for compliance driven quality products, India is all set to unleash its prowess in the textiles and apparel sector by being a significant global player. "The long-term policy for garment indu

Toys to YouTube channel: Japan's Hello Kitty is coming to India

Stores, cafes and restaurants on cat-themed cartoon character merchandise planned later in the country

ABFRL aims to demerge Madura Fashion business into separate listed entity

Move aimed to create two growth engines with distinct value creation trajectories and a well articulated capital allocation strategy

Apparel industry needs to focus on synthetic fabrics to boost exports: GTRI

The Global Trade Research Initiative (GTRI) said that due to weak synthetics, India's apparel industry is a horse running with one leg tied

MSME apparel makers may face losses up to Rs 7,000 crore in Q4: CMAI

Says retailers dropping order because of amendment to I-T Act on payment to MSMEs

Govt extends export incentive scheme for apparel, garment till March 2026

The government on Thursday approved the continuation of an export incentive scheme - RoSCTL - for apparel, garments and made-ups up to March 31, 2026. The Rebate of State and Central Taxes and Levies (RoSCTL) scheme is aimed at compensating for the state and central taxes and levies in addition to the rebate provided under duty drawback scheme on export of apparel/garments and made-ups. "The Union Cabinet chaired by Prime Minister Narendra Modi approved the continuation of scheme for RoSCTL for export of apparel/garments and made-ups up to March 31, 2026," an official statement said. It said that the move will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long-term delivery. "The continuation of RoSCTL will ensure predictability and stability in policy regime, help remove the burden of taxes and levies and provide level-playing field on the principle that goods are exported an

Future Enterprises RP invite bids for insurance biz, apparel making units

The resolution professional of debt-ridden Future Enterprises Ltd (FEL) has invited Expression of Interest for the company's assets, including stakes in the insurance business and apparel manufacturing units. FEL, a flagship firm of Kishore Biyani-led Future Group, is going through the Corporate Insolvency Resolution Process (CIRP). The EoI, which has invited prospective buyers to submit interests, has divided the FEL assets into three clusters and the deadline for submission is February 27, 2024. The first cluster has FEL's 25.18 per cent stake in Future Generali India Life Insurance Company (FGILIC) and 0.51 per cent stake in Future Generali India Insurance Company (FGIIC). The cluster also includes FEL's 49.81 per cent stake in Sprint Advisory Services and Shendra Advisory Services, both a special purpose vehicle previously holding 44.88 per cent of the issued and paid-up share capital of FGILIC and FGIIC. The second cluster has FEL's 39 per cent stake in two firms --Apollo Des

Reliance Retail to scale up distribution of clothing under B2B venture

Reliance Retail has launched over 50 exclusive brands and plans to increase the number by 2-3 times, under its strategy to expand the fashion business beyond its own stores

Levi's CEO Bergh to step down in Jan, handing reigns to ex-CEO of Kohl's

Levi Strauss & Co. has said that its CEO will step down in January and hand over the reins of the jeans maker to his appointed successor. Chip Bergh, 66, will cede the CEO job to Michelle Gass, 55, who left her CEO role at Kohl's to become president of Levi's in January of this year. Bergh, who took over at the San Francisco company in September 2011, will stay on as executive vice chair until he retires in late April, Levi Strauss said on Thursday. He will remain on as an advisor through the end of the fiscal year. Gass will take on the CEO position on January 29. The move completes the succession plan that was announced just over a year ago, when Levi Strauss had said Gass was joining the company to succeed Bergh within 18 months. Over the course of his tenure, Bergh moved the brand from a predominantly men's US wholesale pants business to a global, direct-to-consumer company. He also reinvigorated the women's business. Under his leadership, Levi Strauss returned to the public ..

Festival season fail to light up apparel sales, consumer durables shine

The Consumer Electronics and Appliances Manufacturers Association (CEAMA) has pegged the growth this festive season at 20 per cent

Uniqlo announces second store in Mumbai; plans to enter southern market

Japanese apparel retailer Uniqlo now plans to enter the southern market to open its stores as part of the next phase of offline expansion in India. Uniqlo India on Wednesday announced to launch its second store in Mumbai as part of the strategic expansion of its retail network in the country. The retailer, which forayed into the Indian market in October 2019, has a substantial presence in North Indian cities like Delhi-NCR, where it operates 8 stores. It is also present in Lucknow and Chandigarh. The company is also on track to achieve 30 per cent domestic sourcing, as per the current FDI policy, with the help of a local supplier. It now works in India with 17 sewing factories and 6 fabric mills, Uniqlo India CEO Tomohiko Sei said. Uniqlo had announced to enter Mumbai earlier this year. Its first store in Mumbai at Phoenix Marketcity, Kurla, will open on October 6, and the second store at Goregaon East is scheduled to be launched on October 20, he said. Besides, the company, wh

Mufti brand owner Credo and RBZ Jewellers get Sebi's approval for IPOs

Credo Brands Marketing Ltd, which owns denim brand Mufti, and B2B and retail jewellery firm RBZ Jewellers Ltd have received approval from capital markets regulator Sebi to mobilise funds through initial public offerings (IPOs). RBZ Jewellers and Credo Brands, which filed draft papers with Sebi during June and July, obtained observations on September 28 and October 6, respectively, data with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, its observation means its go-ahead to float the public issue. Going by the draft papers, Credo Brands' maiden public issue is entirely an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders. At present, promoters and promoter group members together hold over 67 per cent stake in Credo Brands Marketing. Bennett Coleman & Co, which made an investment of over Rs 9 crore for 9.72 per cent ownership, holds a 12.36 per cent stake in the company. Credo Brands Marketing is .

Sai Silks Rs 1,201-crore IPO subscribed 4.40 times on last day of bidding

The Initial Public Offering (IPO) of ethnic apparel retailer Sai Silks (Kalamandir) was subscribed 4.40 times on the last day of bidding on Friday. The Rs 1,201 crore-initial share sale received bids for 16,94,58,544 shares against 3,84,86,309 shares on offer, according to data available with the NSE. The quota for Qualified Institutional Buyers (QIBs) received 12.35 times subscription while the quota for non-institutional investors was subscribed 2.47 times. The category for Retail Individual Investors (RIIs) was subscribed 88 per cent. The public issue had a fresh issue of up to Rs 600 crore and an offer for sale of up to 2.70 crore equity shares. Price range for the offer was Rs 210-222 a share. The IPO of Sai Silks (Kalamandir) was subscribed 33 per cent on the second day of offer on Thursday. On Monday, Sai Silks said it has raised over Rs 360 crore from anchor investors. The Hyderabad-based company was founded by Prasad Chalavadi, a techie turned entrepreneur in 2005. It

Apparel retailers likely to register 7-8% revenue growth FY24: CRISIL

Organised sector brick and mortar apparel retailers are expected to register a 7-8 per cent revenue growth this fiscal, buoyed by festival and marriage season demand, and despite inflation impacting discretionary spending in the first quarter, according to a report. Continued store expansion, including into tier-II and III cities, will also help revenue growth this fiscal and over the medium term, Crisil Ratings said in a report on Wednesday. Despite moderation in topline growth, revenue growth will be comparable to the 8 per cent range seen before the pandemic, the report said. Last fiscal, retailers had seen a strong 38 per cent growth on a low base, driven by swift recovery from the pandemic-induced slump and higher realisations following a steep jump in raw material prices. Operating margins are seen at 8 per cent this fiscal as improving product mix in favour of the premium segment and lower input costs will offset the impact of higher marketing spends, the report said. The p

Shoppers Stop sinks 8% as Venugopal Nair tenders resignation as MD & CEO

The Board has approved the appointment of Kavindra Mishra as executive director & CEO of the company for a period of three years

Apparel firm Uniqlo to open its first Mumbai store by October this year

Uniqlo Phoenix Marketcity, Kurla, will be the 11th brick-and-mortar Uniqlo store in India