Apparel

Will reduce demand, lead to job losses: Apparel body on proposed GST hike

The apparel industry has expressed serious concerns over the proposed GST rate hike recommended by the Group of Ministers (GoM) on rate rationalisation. Under the new tax structure, garments priced between Rs 1,500 and Rs 10,000 would be taxed at 18 per cent, while apparel above Rs 10,000 would fall under the highest GST slab of 28 per cent. The rate for apparel priced up to Rs 1,500 would remain at 5 per cent. The Clothing Manufacturers Association of India (CMAI) has urged the government to reconsider the hike, warning that it could lead to reduced consumer demand, widespread job losses, and disruptions in the industry's value chain. The association emphasised the need for government policies that support the growth and stability of the industry, advocating a balanced approach to ensure long-term sustainability and benefits for all stakeholders. "The proposed GST rate hike risks severely disrupting the formal retail sector by pushing both consumers and businesses toward informal

GST hike on apparel could shut MSMEs, lead to 100,000 job losses: CMAI

The CMAI said that the proposed GST rate revisions pose a significant threat to the apparel industry, which is facing challenges like drop in consumer demand, profit erosion and working capital issues

Nordstrom raises lower end of annual sales outlook on uncertain environment

Nordstrom's addition of sought-after brands, along with its focus on digital growth and expanding stores of its off-price brand Rack, has boosted sales ahead of a potentially mixed holiday season

4.8 mn weddings boost business for jewellery, apparel, auto, and hotels

This season has created a ripple effect, turning what might have been a sluggish year for many businesses into one of strong recovery

Focus on quality, sustainable manufacturing help boost exports: AEPC

The industry's focus on quality products and sustainable manufacturing practices is helping to increase India's ready-made garment exports, which rose by 35 per cent in October, AEPC said on Friday. Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri also said that exports to countries with which India has a free trade agreement (FTA), such as Korea, Japan and Australia, are helping to increase its share of exports. Ready-made garment exports increased by 35 per cent year-on-year to USD 1.22 billion in the last month. During April-October this fiscal, the shipment grew by 11.6 per cent to USD 8.73 billion. Sekhri attributed this growth to the industry's emphasis on quality, sustainability and affordability, which has boosted demand from international buyers. "Our constant endeavour to be sustainable and affordable is a great attraction for international buyers which is reflected in recent months' exports growth," the Chairman said. Looking ahead, he said, India will hos

Burberry's new CEO Schulman faces outlet store and pricing dilemmas

Schulman, the company's fourth CEO in 10 years, previously held the top job at Coach and at Michael Kors, and is expected to set out a new strategy for Burberry at half-year results on Nov 14

Raymond Lifestyle stock jumps 4% after Motilal Oswal's 'buy' rating

Revenue, profit to grow 11%, 15% CAGR between FY24 and FY27, says the brokerage

Smartphone sales fall 3% as apparel grows 6-8% during festive season

E-commerce platforms experienced a slow start to their annual festive sales, which began on September 26, but demand picked up after Navratri as consumers received their paychecks

Organised apparel retailers to clock 8-20% revenue growth in FY25: Report

Festive and wedding season and increasing preference for fast fashion is expected to help the organised retail apparel sector log 8-10 per cent revenue growth this financial year, a report said on Tuesday. The organised retail apparel sector will clock a revenue growth of 8-10 per cent this fiscal riding on higher demand stemming from a normal monsoon, easing inflation, festive and wedding season and increasing preference for fast fashion, which is inexpensive, trendy clothing that mimics high fashion designs and popular styles, Crisil Ratings said in a report. "The mass market segment accounts for 60 per cent of total sales now, compared with 56 per cent before the pandemic, due to the rising popularity of fast fashion, which is expected to be the primary revenue driver this fiscal. The likely increase in demand for premium clothing during the upcoming festive and wedding seasons will also contribute to overall revenue growth of 8-10 per cent this fiscal," Crisil Ratings Senior ...

Export share of manufacturing companies' sales nears a record low

Drop across listed and unlisted companies

Carrefour set to enter India through partnership with Apparel Group

Through the partnership, Carrefour will launch its exclusive brands initially in North India with plans for nationwide expansion

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