Garments / Textiles
Confederation of Indian Textile Industry elects Rakesh Mehra as chairman for 2 years
Mehra is the chairman of Banswara Syntex, an integrated textile manufacturer and exporter of yarns, fabrics and garments, having a turnover of Rs 1,400 crore, CITI said. He expressed his commitment to fostering collaborative and inclusive initiatives for the overall growth of the textile sector.
Domestic demand, exports revival to boost readymade garment players' revenue by 8-10 pc in FY24: Report
The report further said volume of exports fell 7 per cent year-on-year last fiscal following a sharp rise in domestic cotton prices and moderation in demand from the US and the European Union, which account for 60 per cent of shipments.
Essential to have a holistic approach to grab the space vacated by China in textile sector: SIMA
Industry officials in Coimbatore have emphasized the need for a holistic approach and long-term vision in the textile and clothing sectors to capitalize on global market opportunities. The industries are major contributors to employment and revenue, but have faced challenges such as raw material issues and high production costs. The Southern India Mills' Association aims to address these challenges and enhance global competitiveness.
Apparel brand Chique plans expansion into smaller cities, to open 150 stores in three years
Indian women's apparel brand, Chique, is looking to expand into tier-2 and 3 cities across the country, with plans to open over 150 stores in the next three years. The company already has a presence in 26 cities and is now targeting growth in smaller cities. Chique will collaborate with over 10 multibrand outlets to extend its reach.
Jute mills foresee 30-50pc production cuts on low procurement plan for jute packaging
"In the current jute season from September to November 2023, the actual demand indent placement is lower by 30-40 per cent. In September alone, demand indents are expected to be lower than 2.5 lakh bales against planned 3.21 lakh bales due to slow order placing by Maharashtra," IJMA Chairman Raghav Gupta told PTI.
Grasim Textiles plans to open nearly 120 retail stores over next two years
"We are optimistic about the growth story of India. We plan to expand in both retail and wholesale businesses. Over the next two years, we plan to open 100-120 Linen Club retail stores in smaller cities and towns," Satyaki Ghosh, CEO, (Domestic Textiles), told PTI in an interview.
Sumeet Industries' lenders ask initial bidder to raise offer
Sumeet has been classified as a non-performing account (NPA) with banks for more than three years. It owes lenders led by the Bank of Baroda (BoB) more than ₹900 crore including about ₹530 crore in principal. Lenders expect to recover at least 47% of their principal dues by asking Gajera to better its offer.
Bombay Rayon Fashions' lenders reject all resolution proposals
All resolution plans received for the assets of Bombay Rayon Fashions have been rejected by lenders. The textile manufacturer has liabilities of Rs 7,234 crore, including Rs 6,690 crore in financial dues. Several companies had shown interest in acquiring the company through the insolvency resolution process. The rejection of the plans may lead to the company filing for liquidation.
Govt extends textile PLI application date till Oct 31
The Indian government has extended the deadline for fresh applications under the performance-linked incentive (PLI) scheme for textiles until October 31. The scheme, which aims to boost the textile sector, covers manmade fibre apparel, fabrics, and technical textiles. Last year, 64 applications were approved under the scheme, which has a total budget of Rs 19,798 crore.
Home textile industry to see 7-9% rise in revenues this fiscal: Report
The home textile industry is expected to see a 7-9% increase in revenues this fiscal year, following a decline of 15% in the previous year. The sector is benefiting from lower domestic cotton prices and restocking by big-box retailers in major overseas markets. The report by Crisil Ratings predicts that operating profitability will improve due to lower raw material costs, but it will still be below pre-pandemic levels. The industry's stable credit outlook is also attributed to improved operating performance. The US is the biggest market for the industry, accounting for more than half of its exports.
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Gokaldas Exports hits upper circuit to double share price in 2023
Gokaldas Exports Limited (GEL) through its wholly owned subsidiaries has entered into an agreement to acquire Atraco Group (Atraco). Shares of Gokaldas Exports hit a 20 per cent upper circuit on Tuesday and in the process doubled so far in 2023.
Gokaldas Exports inks deal to buy out Dubai-based garment firm Atraco
The equity value of the transaction is $55 million and the same will be funded by a mix of debt and internal accruals. The transaction will comprise acquisition of shares and assets and will be subject to customary regulatory approvals. The transaction is expected to be closed by the October-December quarter of this fiscal year.
India likely to present incentives for ailing textile industry by December: Trade body
The incentives could come under the production linked incentive (PLI) scheme that promises billions of dollars to boost manufacturing ranging from electronic products to pharmaceuticals. Earlier this month, government officials reviewed the PLI scheme, launched in 2020, under which government proposed to offer around $24 billion in cash incentives to 14 sectors.
Pakistan’s textile industry struggles due to low exports and inflation
Pakistan's textile industry has been struggling to survive as the level of textile exports from the country fell by 15 percent to reach $16.5 billion in 2022-2023. The sector employs over 40 per cent of the country’s 20 million industrial workforce. Pakistani government's measures to help the struggling country like import freeze, and managing foreign reserves, further hindered the industry’s ability to manage the shortfall by sourcing inputs from outside.
Indian hosiery sector stitches up revenue growth of Rs 36,000 cr, 18-20% higher on-year
Notably, the Comprehensive Economic Partnership Agreement signed by the government with UAE could boost textile segment exports, especially of hosiery. Tailwinds from the agreement could add 2-3% to hosiery exports from the historical level of 10%. That said, revenue growth would be higher than the 18-20% expected, were it not for a 15-17% fall in realisations that saw a significant uptrend in the past two fiscals.
Cotton textile, apparel companies see 8-10% rise in exports
Cotton textile and garment exporters in India anticipate an 8-10% increase in outbound shipments in the coming months due to the holiday season in developed markets being expected to bring relief, even as apparel exports continue to decline. Due to inflation and economic slowdowns, many clients have deferred order placements or requested lower prices, causing the apparel export sector to slump. However, cotton textile exports rose by 6% in July, and a representative from the sector believes that the green shoots emerging.
