Page 2 - Apparel Industry

FTA with Britain, EU will be a game changer for domestic industry: AEPC

The proposed free trade agreement with the UK and the European Union will be a game changer for the domestic industry and will offer a huge advantage for apparel exporters, AEPC said on Saturday. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that trade pacts with the UAE, Australia and Japan are providing market access for the sector. "The FTA with the UK will be a game changer for the industry, and the EU will offer a big advantage if we sign an FTA deal," he said. The negotiations for the trade agreement with the UK are in the last stage and talks with the EU are moving at a faster pace. He also said that one of the major issues regarding the poor export competitiveness of Indian apparel is poor economies of scale. The apparel industry comprises 80 per cent of exporters with around Rs 10 crore turnover and the average number of machines in Indian apparel manufacturing units is 250-400, whereas competing countries have an average of 800- 1000 machines. "Also

Jockey India licensee posts 7.3% fall in Q2 profit as inflation hits demand

India's malls and high streets saw lower footfall during the quarter as rising inflation forced people to tighten their belts.

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

Led by festival season, revenue of apparel retailers to grow 7-8% in FY24

The revenue density, calculated as revenue per square feet, is, however, expected to remain below the pre-pandemic level: CRISIL

Raymond surges 10%, hits record high on healthy business outlook

Brokerage firm Motilal Oswal Financial Services has initiated coverage on the stock with a 'BUY' rating and a target price of Rs 2,600 per share

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

Gokaldas Exports soars 6%, nears record high on hopes of biz revival in H2

The management said they are optimistic about revival of the business in H2FY24, and are bullish on the long-term prospects of the company

Japan has immense opportunities for Indian apparel exporters: AEPC

Decline in Chinese garment exports to Japan provides an immense opportunity for the Indian apparel industry to boost shipments to the island nation, AEPC said on Wednesday. The Apparel Export Promotion Council (AEPC) said a strong Indian garment industry with its unique offerings has a huge scope for Japanese trading companies to source from India. Members of the council are participating in the 12th edition of the India Tex Trends Fair in Tokyo. Speaking at the inauguration of the fair, AEPC Chairman Naren Goenka said over 180 Indian exhibitors are participating in the fair. Apparel imports into Japan have witnessed a positive mark in the last three years. Japan's total import from the world, which was USD 28.49 billion in 2018, has now risen to USD 46.72 billion, he said adding Japan is the fourth largest garment importer in the world after the US, Germany and France. Out of the total garment import of USD 23 billion by Japan, India's share is just one per cent. We hold a stron

India offers world complete value chain solution in apparel sector: AEPC

There are huge opportunities in the textiles sector and India offers to the world a complete value chain solution from farm to fashion in the apparel segment, AEPC chairman Naren Goenka said on Tuesday. He also said that India International Garment Fair (IIGF) at Noida provides a direct marketing platform to MSME exporters from across the country bringing together about 300 exhibitors and more than 2,500 overseas buyers and buying agents. It is the biggest platform in Asia under one roof wherein Micro, Small and Medium Enterprises (MSME) showcase latest garment and fashion accessories trends to the world and begin the order booking process. The Apparel Export Promotion Council of India (AEPC) chairman said that the platform provides huge opportunities considering the fact that the global apparel market is expected to reach USD 1.9 trillion in 2025. "India offers to the world a complete value chain solution from farm to fashion giving us a competitive edge by shortened lead times to

Despite dip in sales, India's clothing market expands 15% on price hike

The branded apparel segment now accounts for 30% of the market, which was only 25% five years ago

Integration with value chains to help apparel sector register growth: APEC

Healthy investments, innovation and integration with value chains will help India's textiles and apparel sector to register healthy growth in manufacturing and exports, AEPC said on Tuesday. Newly appointed secretary general of the Apparel Export Promotion Council (AEPC) Mithileshwar Thakur said the focus should be on building scale, skill and technology besides diversification of products basket and strengthening of Brand India. "My mantra for the exponential growth of the Indian Textiles and Apparel sector is investment, innovation and integration of the value chain. The idea is to align the industry's approach with the government's vision to make India a favoured textiles destination," he said in a statement. Before joining the council, Thakur served as Additional Director General in the Ministry of Commerce and Industry. The apparel exports increased by 1.1 per cent to USD 16.20 billion in 2022-23 from USD 16.02 billion in 2021-22. According to the council, the all-time high .

77% of young Indians now spend the most on phones, apparels: Report

Indians aged between 18 and 34 now spend the most (77 per cent) on mobile phones and apparels and over 65 per cent of them use personal funds for such purchases, a report has shown

Apparel supply chain start-up Fashinza raises $30 mn in business funding

B2B platform connects small and medium enterprises directly to fashion brands across the world

Apparel brand Cantabil expects annual Rs 1000 cr revenue in next 3 years

Company plans to have 540 store by this year's end to consolidate itself in smaller cities

December retail sales jump 16% from pre-Covid levels, shows RAI survey

Retailers Association of India (RAI) surveys retailers in different categories such as apparel, home decor, beauty and personal care, quick service restaurants, footwear, food, and grocery

Leasing of retail space across 8 cities rose 21% last year, says CBRE

Leasing of retail real estate space during last year rose 21% to 4.7 million square feet across eight major cities mainly on rising demand from Food and Beverage (F&B), fashion and apparel retailers

Apparel, drugs, and leather exporters under scanner for tax scheme misuse

Sources say refunds of 600 entities not being processed

Aditya Birla Group led incubator buys majority stake in 8 lifestyle brands

With these eight brands on board, TMRW has achieved a revenue run-rate of over Rs 700 crore and is on a path to cross an annual revenue rate of Rs 1,500 crore in the next 12 months

House panels recommends rationalising GST on inputs of man-made textiles

The problem of inverted duty structure arises when the finished product is at a lower tax bracket compared to the input raw materials

Patagonia's Yvon Chouinard gives everything away to fight climate change

All the profits of the $3 billion company, Patagonia, will now go towards fighting climate change and protecting land across the world