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India's clothing will assist the country meet its $400 billion export goal: Chairman of the AEPC

17th August 2021, Mumbai:

In his address at the Garment Export Promotion Council's (AEPC) 42nd annual general meeting, chairman A Sakthivel expressed optimism that apparel exports will play a key role in reaching the $400 billion in goods exports objective for this fiscal year.

According to A Sakthivel, apparel exports increased by 91% from April to July 2021 compared to the same period last year. According to him, India's clothing exports are increasing as a result of widespread COVID-19 immunisation in every Western market.

“We are growing our exports to our key markets. Exports to the United States grew by 22% from January to May 2021 compared to the same period last year. In January-April 2021, India's exports to the EU [European Union] increased by 22% over the same period the previous year. Exports to other markets, such as the United Kingdom, Saudi Arabia, Canada, Japan, and Australia, are also increasing, according to Sakhtivel.

The government's decision to prolong the Rebate of State and Central Levies and Taxes (RoSCTL) programme through March 31, 2024 will provide a stable and predictable policy environment, he added, as well as promote exports by making Indian clothing globally competitive.

The worst is over, growth is on its way,” claims Dr A Sakthivel on Tirupur  - Apparel Resources

 

India's clothing will assist the country meet its $400 billion export goal: Chairman of the AEPC

Under Armour raises its expectations as sales from athletic wear more than doubles

4th Aug 2021, Mumbai:

Under Armour Inc upped its yearly expectations after surpassing quarterly estimates, as it sells more sports gear and footwear directly to consumers at low to no discounts, sending its stock up 5%. Customers are turning to healthy living and outdoor experiences like hiking and running, which has boosted sales at sportswear companies like Nike and Adidas AG.

Under Armour has taken advantage of the demand by focusing more on full-price sales in its brick-and-mortar and online stores, as well as preparing to exit 2,000 to 3,000 discount-heavy wholesale locations to boost profit margins.

Under Armour, located in Baltimore, has extended its product ranges with the help of actors Dwayne Johnson and Stephen Curry of the National Basketball Association. The company has also increased its marketing spending to combat competition from Lululemon Athletica and Nike. "We're going to be ready for growth when we get out of this epidemic," Chief Executive Patrik Frisk told analysts. Under Armour increased its adjusted earnings per share (EPS) projection for 2021 from 28 cents to 30 cents to between 50 cents and 52 cents. It also anticipates revenue to increase by a low-twenty percent, up from a prediction of a high-teens percent before. Analysts predict 35 cents in earnings per share and a 19.5 percent increase in revenue.

BMO Capital Markets analyst Simeon Siegel stated, "UA is a good example of a company that utilized a 'COVID-Cover' to refashion its business for multi-year success and return to under-promising and over-delivering." However, owing to the return of COVID-19, Under Armour has identified supply chain difficulties, notably in Vietnam, which contributes to approximately a third of the company's footwear and clothing supply. The company's second-quarter net sales increased by 91% to $1.35 billion, above analyst expectations of $1.21 billion. Under Armour earned 24 cents per share excluding items, above the Refinitiv IBES forecast of six cents.

 

UNDER ARMOUR OUTLET SHOPPING * SHOP WITH ME 2019 - YouTube

 

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4. Anti Dumping Duty on viscose staple fibre (VSF) is a big plus: AEPC

5. PLI scheme to boost manufacturers’ integration in global textile value chain

Under Armour raises its expectations as sales from athletic wear more than doubles

FirstCry's GlobalBees acquires homecare products company 'The Better Home'

31th August 2021, Mumbai:

FirstCry’sGlobalBees, a Thrasio-style venture, has acquired sustainable home care products company The Better Home. This is the company’s first acquisition.

Prior to this acquisition, the company had raised $150 million in a mix of equity and debt in a Series A led by the parent company FirstCry and some of the ecommerce unicorn’s investors. Besides this, Lightspeed Venture Partners has also invested in GlobalBees in what is one of the largest Series A funding rounds in the Indian startup history.

Post the acquisition, the 15 member core team that built The Better Home will join GlobalBees and continue working towards the company’s initial goal. The Better Home products have so far been selling on Amazon and the company’s website.

The Better Home was launched by its parent company The Better India in 2020 by Dhimant Parekh, and is a D2C range of sustainable home-cleaners. The company claims to have made deliveries across 600+ cities and towns in India and reached over 70,000 customers in its first year of operations.

Founded by NitinAgarwal and SupamMaheshwari, GlobalBees invests in and acquires seller businesses on Amazon India, Flipkart and other ecommerce marketplaces. It is one of the early adopters of the Thrasio-like model in India.

 

TOP 5:

Grasim Industries’ Q1 FY21-22 net profit rises four fold to Rs 2,447.97 crore

14th August 2021, Mumbai:

The consolidated net profit of Aditya Birla Group firm Grasim Industries jumped by around four-fold jump to Rs 2,447.97 croreduring the first quarter ended June 2021. The company had posted a net profit of Rs 616.99 crore during the April-June quarter of the previous fiscal.

The company’s revenue from operations increased by 52.72 per cent to Rs 19,919.40 crore during the quarter under review as against Rs 13,043.51 crore in the corresponding period of the previous fiscal. Its total expenses increased by 36.67 per cent toRs 16,853.28 crore, as against Rs 12,330.93 crore during the corresponding quarter last fiscal.

Grasim Industries' revenue from viscose-pulp, viscose staple fibre and filament yarn segment increased by over three-folds to Rs 2,102.76 crore in Q1/FY2021-22 as against Rs 557.68 crore a year ago.

However, sequentially the segment has witnessed a degrowth of 17.9 per cent as it was at Rs 2,583.40 crore in the January-March quarter.

Revenue from cement business UltraTech Cement increased by 54.21 per cent to Rs 11,829.82 crore as against Rs 7,671.05 crore in the corresponding quarter of the previous fiscal.

Its revenue from the chemicals segment was up over two-folds at Rs 1,436.48 crore as against Rs 701.57 crore of Q1/FY 2020-21.

 

TOP 5:

The fifth Northeast India Traditional Fashion Week is now in progress

In the presence of Ministers of State for Social Justice and Empowerment, Km Pratima Bhoumik and A Narayanaswamy, Dr. Virendra Kumar, Union Minister of Social Justice and Empowerment, e-inaugurated the fifth Northeast India Traditional Fashion Week (NEIFW) 2021.

Anjali Bhawra, the secretary of the Department of Empowerment of Persons with Disabilities (DEPwD), was also present at the ceremony.

Dr. Kumar greeted everyone and thanked DEPwD and the National Institute for the Empowerment of Persons with Visual Disabilities (NIEPVD) on this groundbreaking program for Northeast divyangjan. 

 

Through the divyangjan movement, he promised that this would become an annual event to promote indigenous and traditional skills across India and to conserve the history of each village in the Northeast.

He believes that numerous national mission projects are being implemented under Prime Minister Narendra Modi Ji’s leadership and that the inhabitants of the country are benefiting from them.

As a result, all of DEPwD's national institutions must operate as a strong connection and extend their services to ensure that the divyangjan benefit fully from all of these national mission initiatives, such as the Samagra Shiksha Abhiyan, the National Bamboo Mission, and Skill Development.

He further stated that events like this will undoubtedly inspire divyangjan to pursue business chances while also providing them with job options.

 

During this event, all of the department's institutions, including eight national institutes, the Rehabilitation Council of India, the National Trust, the National Handicapped Finance Corporation, the Development Corporation, and the Artificial Limb Manufacturing Corporation of India, are holding various awareness programs.

This event, which takes an inclusive approach to divyangjan, aims to deepen the Make in India movement by mainstreaming divyangjan while also showcasing Northeast India's unique culture and art forms. 

 

Narayanaswamy went on to say that the Northeast area of India has a long history of fine craftsmen and a large-scale informal artisan enterprise in the textile, handloom, and craft industries.

Women from the North-East are recognized for their weaving, textile, and craft abilities, according to Bhoumik. She also mentioned how indigenous and traditional Northeastern talents like as silk-rearing, silk-extraction, weaving, wood-craft, bamboo-craft, organic farming, and orchids may be studied as possibilities for divyangjan skill-training and mainstreaming.

 

The divyangjan movement will gradually acquire pace as part of the ‘India@75 national celebration' and flagship program for Northeast India, according to Anjali, and will be a milestone for empowering the specially-abled towards an inclusive India.

NEIFW 2021 is being organised by NIEPVD, Dehradun, with the goal of catering to the divyang population and stakeholders in order to promote Northeast India's arts and craftsmen.

Its goal is to empower and uplift the divyangjan from the Northeast's different tribes and ethnic groups, while also pushing the textile and craft industries to be more inclusive.

 

The NEIFW emphasized skill development and entrepreneurship, as well as an artisan training workshop, a divyang artisans' exhibition, a traditional clothing display, and a traditional cultural festival.

This will not only raise awareness of divyangjan's talents and abilities, but it will also assist them to find work.

Members of the divyangjan community, their families, and representatives from other NGOs, DPOs, parent organizations, special schools, special vocational centers, and cooperatives from all eight North-Eastern States are taking part in this historic event, which will pave the way for re-engineering the concept of divyangja skilling, employment, and entrepreneurship.

 

 

 

 

 

NorthEast INDIA Fashion WEEK - Home | Facebook

 

 

 

TOP 5:

'Sangam India' plans capacity expansion

Snapdeal capitalizes on the value-shopping trend with new launches every month

Rudra Pratap and Susmitha present 1st ever online tailoring solutions app ‘Cloud Tailor’ targeting fashion industry

Trident Ltd, leading home textile player starts commercial production at expanded capacity

Snapdeal fashion sales zoom in 2021




The fifth Northeast India Traditional Fashion Week is now in progress

Afghanistan's unrest has impacted the textile business in Surat, India.

26th August 2021, Mumbai:

According to reports, the Afghan turmoil has harmed Surat's textile sector, since payments to over 100 traders have been delayed. It's worth mentioning that textile items worth Rs 1,000-1,200 crore (the US $ 145-155 million) were being exported yearly from the Indian state of Gujarat's textile powerhouse Surat to nations like Iran and Afghanistan.

Around 150 textile dealers from different marketplaces on Surat's Ring Road have been exporting textile items to Afghanistan every year.

According to reports, the Afghan turmoil has harmed Surat's textile sector, since payments to over 100 traders have been delayed. It's worth mentioning that textile items worth Rs 1,000-1,200 crore (the US $ 145-155 million) were being exported yearly from the Indian state of Gujarat's textile powerhouse Surat to nations like Iran and Afghanistan. Around 150 textile dealers from different marketplaces on Surat's Ring Road have been exporting textile items to Afghanistan every year.

  

Textile dealers in Surat have been directly touched by the upheaval, and they risk losing money worth more than $100 million as a result. The city's textile sector has lately taken a hit as a result of the GST and the coronavirus shutdown. Consumer spending during the Onam and Akha Teej holidays did not turn out to be as successful as predicted, adding to the problems.

Pakistan Remains the Arsonist and the Fireman in Afghanistan as Biden  Withdraws US Forces

 

YouTube Channel: https://www.youtube.com/watch?v=d_YB9Wje2hA

Afghanistan's unrest has impacted the textile business in Surat, India.

Arvind X Textile Genesis for traceability in apparel supply chain

11th August 2021, Mumbai:

Arvind Limited, conglomerate having interest in Textile, Technical Textiles & Technology and one of the largest manufacturer of denims globally, has tied-up with Textile Genesis, a block-chain enabled digital transparency platform for apparel supply chain.

Quick update on 'TEXTILE GENESIS™'  – which happens to be a pioneering start up in “Digital track & trace” space with credibility. 

This is intended to address the critically emerging need for transparency across the Denim supply chain as consumer keeps evolving, backed by a credible/ robust traceability mechanism. It shall hopefully provide complete traceability of upstream (cotton onwards incl. all other inputs) being used by Arvind to the end-customer. 

has always been ahead of the curve while adopting new technologies and solutions which can add value to their and their partners’ businesses. Sustainability has  been a mission for the company and it has undertaken various initiatives for water, energy and chemical conservations, including tieups with global brands like Gap for making them more effective.

Sustainability Targets Of Arvind - A Talk With Abhishek Bansal -  Denimandjeans | Global Trends, News and Reports | Worldwide

 

In India, Norlanka Brands introduces Lilly + Sid, a children's clothing line

31st July 2021, Mumbai:

Norlanka Brands, the retail arm of the PDS Multinational Group, has purchased a controlling share in Lilly + Sid, a British children's clothing brand, and expects to launch it in India this month.

With an exclusive tie-up with Reliance Retail's fashion marketplace, Ajio, and the launch of its own website, Lilly + Sid will join the Indian market via the digital method. GS Periwal, CEO of Norlanka Pvt. Ltd., commented on the India launch.

“As kids’ clothing grows to be an essential lifestyle emphasis for parents, we are delighted to introduce an award-winning, certified brand like Lilly + Sid in India,” the company said in a statement. 

 

We want to give Indian consumers a product line that is sustainable, aware, and does not compromise on the quality of children's clothes by having a strong web presence.”

“We focus on optimizing the lifetime of our goods through intelligent design elements that enable clothes to grow with the kid over the years,” said Emma Hassan, co-founder of Lilly + Sid.

Our multi-wear separates and reversible garments are a big element of the collections - two looks in one is a huge gain for sustainable wardrobes since it means less washing and fewer items to put together outfits for kids.” In the next months, Norlanka Brands Ltd aims to introduce Turtle Dove London, a 100 percent organic unisex children's brand.

 

 

Lilly + Sid | Organic Children's Clothing – Lilly and Sid

 

 

 

TOP 5:

'Sangam India' plans capacity expansion

Snapdeal capitalizes on the value-shopping trend with new launches every month

Rudra Pratap and Susmitha present 1st ever online tailoring solutions app ‘Cloud Tailor’ targeting fashion industry

Trident Ltd, leading home textile player starts commercial production at expanded capacity

Snapdeal fashion sales zoom in 2021

In India, Norlanka Brands introduces Lilly + Sid, a children's clothing line

Denim's domestic downturn is mitigated by strong exports

23rd August 2021, Mumbai:

Despite a drop in domestic sales as a result of the second wave, the export market has provided a much-needed boost to denim fabric sales. Denim sales and production at Gujarat mills have increased as a result of continuous export demand. Gujarat is justifiably known as the denim capital of the country since it houses around 60% of the country's total denim production capacity.

"Demand from the foreign market, which includes nations such as the United States and Europe, has substantially improved, and orders have begun to stream in. Export orders, in fact, were a lifeline for denim manufacturers, as they helped compensate for a drop in domestic demand from April to June 2021, when the second wave of Covid-19 was at its peak and a slew of restrictions were imposed to keep the spread in check "Jindal Worldwide Limited's head of corporate finance and strategy, Gaurav Davida, stated.

Despite the fact that denim producers saw strong growth in the first quarter, owing to a low base from the previous fiscal year's same quarter, the output is gradually returning to pre-Covid levels. "Manufacturers are also seeing higher price realizations, which is helping to offset margin losses. This is due to a rise in demand, with merchants in major regions such as Europe, the United Kingdom, and the United States reporting a double-digit increase in both offline and online sales "a source in the sector stated. Clearly, major denim fabric manufacturers saw a significant increase in revenue in the first quarter of 2021-22.

Arvind Limited, for example, recorded a 186 percent rise in denim revenues in the first quarter, going from Rs 145 crore in the first quarter of 2020-21 to Rs 416 crore in the first quarter of 2021-22. Overall volumes increased 2.8-fold year over year, according to the company's investor presentation. "We achieved at least 80% of our pre-Covid level of revenues from denim sales in the April to June quarter of 2021-22," Davda continued, "thanks to the higher realization from exports, we registered a revenue of at least Rs 500 crore during this time." Manufacturers all around the globe have been searching for alternatives to China since the Covid-19 epidemic. 

Gujarat, as a denim manufacturing center, stands to benefit, according to denim manufacturers. According to P R Roy, a denim expert, "Given its huge manufacturing capacity, China is a major participant. However, following the recent US and European sanctions on China's Xijiang province - a textile manufacturing powerhouse – based on reports of human rights violations, companies have moved their focus to India, and specifically Gujarat, for denim sourcing." As a result, Gujarati denim manufacturers have begun to receive more export orders.

 

TOP 5:

In Q2, Under Armour maintains its growth trajectory and improves its outlook

4th Aug 2021, Mumbai:

Under Armour's sales increased by 91 percent to $1.4 billion in the second quarter, which concluded on June 30. In light of the results, the business has revised its FY21 sales forecast to the low 20s, up from the high teens before.

“We are quite happy with Under Armour's better-than-expected second-quarter results, which show excellent growth in comparison to both 2020 and 2019.” We're boosting our full-year projection to reflect the ongoing momentum, putting us on track to deliver a strong performance in 2021,” said Patrik Frisk, president, and CEO of Under Armour.

In the second quarter, gross profit nearly doubled to $668.8 million from $349.1 million, while income from operations increased to $121.2 million from $169.7 million. From a deficit of $182.9 million, the company's net income increased to $59.2 million. North American revenues increased by 101.4 percent to $905.5 million, while EMEA revenues increased by 132.5 percent to $207.2 million, according to the sportswear business. Revenues rose 56.1 percent in Asia Pacific ($192.3 million) and 317.3 percent in Latin America ($46.5 million).

 

Watch: https://www.youtube.com/watch?v=GBQevVvrvJo

 

Under Armour's garment revenue increased by 105.3 percent to $874.2 million, while footwear income increased by 85.1 percent to $342.6 million. “At the midway point of our fiscal year, I'm confident in our ability to execute our plan by putting Focused Performers at the center of everything we do and growing our capacity to deliver steady, profitable long-term growth for our shareholders,” Frisk said.

 

https://www.linkedin.com/feed/update/urn:li:activity:6828990983649185792

 

UA Reveals Technical Spacewear for Virgin Galactic | UA Newsroom

 

TOP 5:

1. Elevation Capital invests Rs 75 crore in The Souled Store

2. India’s e-commerce market grows at 5% year-on-year

3. Iconic Virender Sehwag sportswear brand 'VS by Sehwag' bats for online play

4. Anti Dumping Duty on viscose staple fibre (VSF) is a big plus: AEPC

5. PLI scheme to boost manufacturers’ integration in global textile value chain

In Q2, Under Armour maintains its growth trajectory and improves its outlook

Government to Parliament: Received complaints about e-commece behemoths flouting FDI policy

31st July 2021, Mumbai:

Som Parkash, minister of state for commerce and industry, in response to a question in the Lok Sabha on whether the Union Government agreed to have received complaints from various sectors of the business that some e-commerce behemoths have been flouting the government's policies.

He claimed the government has received complaints from traders and industry groups accusing marketplace e-commerce firms of violating the e-commerce sector's FDI policy.

Ecommerce firms are only authorized to operate in Business to Business (B2B) e-commerce and not in Business to Consumer (B2C) e-commerce, according to the current FDI Policy on the e-commerce industry. Furthermore, in the marketplace model of e-commerce, 100 percent FDI via the automatic route is authorized.

FDI is not authorized in the inventory-based e-commerce business.  Parliament was told that the government has no plans to use the Patents Act or a forced license to boost the manufacture of Covid-19 vaccinations.

 

Vax Patent - “Sir, no. The matter does not arise since no patent has been awarded for any Covid-19 vaccine in India,” Parkash replied when asked whether the government intended to use the Patents Act, 1970 to promote domestic production of Covid-19 vaccines or if forced licensing of Covid-19 vaccines have been used. 

Impact of Covid - Anupriya Patel, Minister of State for Commerce and Sector, stated that the Covid-19 epidemic has had an impact on the tea industry in India, especially Assam. Tea output in Assam is expected to fall by 98.29 million kg (13.72 percent) in 2020, compared to 2019.

Review of Infrastructure - The government informed the Lok Sabha on June 29 that it has evaluated 59 outstanding problems of chosen 20 infrastructure projects with a total investment of about Rs 2.74 lakh crores.

These concerns were outstanding with various departments of the state governments of Bihar, Haryana, Maharashtra, and Tamil Nadu, and in the meeting, explicit directions/timelines were provided for speedy settlement of the difficulties and fast-tracking the execution of these projects.

 

 

MINISTRY OF COMMERCE AND INDUSTRY – UPSC Current Affairs

 

 

 

TOP 5:

'Sangam India' plans capacity expansion

Snapdeal capitalizes on the value-shopping trend with new launches every month

Rudra Pratap and Susmitha present 1st ever online tailoring solutions app ‘Cloud Tailor’ targeting fashion industry

Trident Ltd, leading home textile player starts commercial production at expanded capacity

Snapdeal fashion sales zoom in 2021

Government to Parliament: Received complaints about e-commece behemoths flouting FDI policy
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