Garments / Textiles
Government plans 12 new industrial parks and multiple mega textile parks: Piyush Goyal
Commerce Minister Piyush Goyal revealed plans for 12 new industrial parks and mega textile parks, urging private sector participation. Highlighting notable economic progress, he spoke on reducing compliance issues and emphasizing youth and skill development. Minister Jayant Chaudhary echoed a focus on forward-thinking initiatives in the Union Budget for entrepreneurship and education.
Filatex Fashions bags Rs 293 crore export order
Filatex Fashions' subsidiary, Filatex Mines and Minerals, received its first export order worth USD 35 million for white marble from Bloomflora Ventures for 54 hospitals in Africa. The company also approved a 5:1 stock split to increase market liquidity and appointed Sunil Agarwal as CEO and Additional Director, enhancing the leadership team.
Tata International to increase share of sustainable leather to 50% in 4 years
Tata International plans to increase its sustainable leather production from 27% to 50% by FY28. Manufactured under the Earthcare brand, including Phoenix Leather, the sustainable leather is produced in Dewas. Despite post-Covid challenges, demand is recovering in key markets. Tata collaborates with top global brands and benefits from India's reduced customs duty on certain leather types.
Khadi, handloom sales rising, creating job opportunities in large numbers: PM Modi
Prime Minister Narendra Modi, in his Mann Ki Baat broadcast, announced Khadi Gramodyog's business surpassing Rs 1.5 lakh crore, attributing the 400% sales increase to growing popularity and job creation, especially among women. Modi encouraged citizens to purchase Khadi. He also celebrated Indian students' success in the International Mathematics Olympiad and urged support for athletes in the Paris Olympics. Additionally, Modi praised Assam's Moidams' inclusion in the UNESCO World Heritage list and remembered the great Ahom warrior Lachit Borphukan.
Lowered customs may improve India’s global position in apparel and footwear market
Indian-made apparel and footwear could become a significant player in global sourcing for brands such as Zara, H&M, Marks and Spencer, and Gap. Finance Minister Nirmala Sitharaman has announced exemptions on import duties for raw materials used in apparel and footwear, provided these materials are used for further export.
Delhi HC restrains local firms from using 'ADIDAS' mark
The Delhi High Court has restrained three local firms, Adidas Weaving Mills, Adidas Textile Industries, and Adidas Merchandise, and their directors from manufacturing, trading, selling, or dealing in textile goods under the "ADIDAS" mark or any other marks deceptively similar to Adidas AG's trademark. Adidas AG sought damages of Rs 20 lakh, but Justice Sanjeev Narula rejected the claim, stating it was entitled to nominal damages of Rs 3 lakh.
Indian cotton spinning industry expected to recover in FY25: ICRA Report
ICRA predicts the domestic cotton spinning industry will recover in FY2025, with 6-8% growth driven by increased volume and mild realisation gains. Following two years of decline, improved domestic demand and stabilised exports will boost the industry. Cotton yarn prices are expected to rise slightly, supporting better profit margins and reduced leverage levels.
Bata India aims expansion, to prioritise 'top 6 brands'
The company's retail network now spans over 1,850 stores, including over 500 franchise stores, 650 plus sneaker studios, and over 125 Hush Puppies stores. Its distribution network has also expanded to over 1,500 towns, and with technology in-store availability increasing to 72 per cent, the company said.
KVIC turnover crosses Rs 1.5 lakh cr, 10 lakh jobs created in FY24: Chairman
Khadi and Village Industries' annual turnover surpassed Rs 1.5 lakh crore for the first time in the fiscal year 2023-24, creating over 10 lakh new jobs, Chairman Manoj Kumar announced on Tuesday. The provisional figures for 2023-24 released by KVIC indicate significant growth over the last decade, with a 315 percent increase in production and a 400 percent rise in sales.
Budget 2024: Sitharaman can help weave Indian textile industries' golden fortune with PLI extension to garment sector, MSME funding
India, the world's sixth largest textile and apparel exporter, faces challenges in achieving its textile export goals. The government aims to achieve $600 billion in textile exports by 2047, but the sector faces challenges such as geo-political uncertainties, consumption shifts, and low overall growth. The textiles sector is also affected by the ongoing Russia-Ukraine war, the Red Sea crisis, and the Israel-Hamas conflict.
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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.
