Garments / Textiles
Raymond reappoints Gautam Hari Singhania as MD for five years
Raymond reappoints Gautam Hari Singhania despite recommendations against, prompting an independent investigation. The National Company Law Tribunal approves corporate restructuring. Q4 sees a significant 18% profit increase to Rs 229 crore.
PLI worth Rs 10,000 crore approved for textiles: Minister Giriraj Singh
Textiles Minister Giriraj Singh announced that the government has sanctioned a production-linked incentive (PLI) scheme exceeding Rs 10,000 crore for the textiles industry, with plans under consideration to extend it to the garments sector. Additionally, he highlighted that the ministry is developing a strategy to surpass China in the textile sector.
Raymond expands garmenting capacity eyeing China + 1 strategy, to become third largest suit marker
Expanding capacity to become a top global suit maker, I strategically cater to new markets. With a focus on high-value garments, my facilities in India and Ethiopia meet the strong demand from the US, UK, and European markets. This expansion boosts domestic manufacturing and aligns with the Make in India initiative.
Considering PLI scheme for garments sector: Textiles Minister Giriraj Singh
In 2021, the government approved the PLI scheme for textiles with an approved outlay of Rs 10,683 crore over a five year period to promote production of MMF (man-made fibre) Apparel, MMF Fabrics and Products of Technical Textiles in the country to enable textiles industry to achieve size and scale and to become competitive.
Gokaldas to invest Rs 300 Cr in Maharashtra fabric unit ahead of possible buyout
Gokaldas Exports Ltd (GEX), based in Bengaluru, has announced a strategic partnership with BRFL Textiles, a fabric processing company located in Tarapur, Maharashtra. This collaboration involves GEX making an initial investment of Rs 50 crore in BRFL through Optionally Convertible Debentures (OCDs), with a potential total investment of up to Rs 300 crore in phases. The agreement may lead to a merger between the two entities within a year.
Fancode renews exclusive merchandise deal with ICC for India
FanCode Shop has renewed its exclusive partnership with the International Cricket Council (ICC) in India to curate official fan merchandise and accessories for the ICC Men's World Cup 2024 and the Women's T20 World Cup. The company will partner with select outlets in Mumbai, Ahmedabad, Delhi, Hyderabad, Kolkata, and Bangalore to widen its distribution.
IPL official jerseys, merchandise a hit with fans this year
During the recent IPL season, jersey sales across 10 teams surged to around 140,000 units, indicating a rising trend in fan merchandise adoption. playR, the official merchandise partner for several teams, reported selling 100,000 units, with a significant portion being jerseys. Online sales accounted for 50%, reflecting growing team loyalty among fans.
Labour shortage hits Tiruppur apparel units as migrant workers who went home to vote not willing to return
Tiruppur, known as the 'knitwear capital' of India, is facing a labor shortage as thousands of migrant workers, who returned to their hometowns to vote in the recent Lok Sabha elections, are hesitant to come back. This crisis arises just as export inquiries from the US are beginning to show signs of improvement. Approximately 100,000-150,000 workers, primarily from Uttar Pradesh, Bihar, Assam, and West Bengal, are believed to be missing from the workforce.
Kewal Kiran Clothing acquires 50% stake in Kraus Jeans for Rs 166.51 crore
Kewal Kiran Clothing Limited, a leading menswear brand owner, has made a strategic move by acquiring a 50% stake in Kraus Casuals Private Limited for a whopping Rs 166.51 crore. This acquisition marks the company's foray into the women's denim and casual wear segment, expanding its already impressive portfolio which includes popular brands like Killer, Integriti, Lawman Pg3, and easies.
Indo Count signs licensing agreement with Iconix for selling branded products in US, Canada
Indo Count, a leading global home textile manufacturer, solidified its US market presence post-WAMSUTTA acquisition through a licensing deal with Iconix International Inc. for Fieldcrest and Waverly brands in the US and Canada. The agreements expand Indo Count's product range catering to diverse consumer segments with Fieldcrest and Waverly's reputation for quality and tradition.
Must Watch
Govt to give focused attention to promote India's textiles exports: Textiles secretary
The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023.
There is a big new star in Indian men's apparel market
During the period under review, sherwanis have emerged as a standout category, making up more than a quarter of all sales, the report (by Rupali Mukherjee) said quoting Ashish Mukul, brand head at Tasva.
Indian wear business slows down in times of fast fashion
Bestseller is closing its Indian ethnic wear brand Indifusion due to poor sales and shifting consumer trends. The company, known for western brands like Jack and Jones, bought Indifusion during the pandemic but struggled to understand and operate in the Indian wear market. The decline in traditional wear is part of a broader trend, with consumers increasingly choosing versatile, comfortable clothing for multiple occasions. Fusion wear, combining traditional and modern styles, is growing in popularity, driven by factors like the rise of the female workforce and fashion trends.
India's textile exports face second consecutive year of decline amid geopolitical strains
In the fiscal year 2023-24, exports amounted to $34.4 billion, marking a decline of over $1 billion (3%) compared to the previous fiscal year. Additionally, exports saw a significant drop of 16.3% compared to the fiscal year 2021-22, when the country reported exports worth $41 billion, the TOI report stated.
India targets $600 billion textile exports by 2047, aims to create $1.8 trillion domestic market
India plans to boost textile exports to $600 billion and grow the domestic market to $1.8 trillion by 2047, focusing on quality, sustainability, and global leadership in the textile industry. Industry has raised challenges of raw material for achieving the $350 billion export aim for apparels besides the need for an investment policy for textiles and a mission mode plan for supply augmentation.
Plan to reward patent, IPR creation in technical textiles in the works
As per the draft rules, the IP of the research outcome will generally vest with the host institution on behalf of the ministry. For all Indian patents, the government will have march-in rights, including the option of compulsory licence, in case of any exigency arising for the patent and technology to protect the interest of public, it said.
