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Textile 22/08/23

MyTrident unveils Fall-Winter'23 collection

22 August 2023, Mumbai

MyTrident, the flagship domestic home furnishing brand of Trident Group, a USD 2 billion conglomerate, unveiled its Fall-Winter'23 collection yesterday at Andaz, Aerocity, New Delhi.
The 5-day meet was inaugurated by Dr. Rajinder Gupta, Chairman Emeritus of Trident Group, in the presence of over 3,000 retailers.

The brand offers a unique and seamless online shopping experience through myTrident.com and intends to leave an indomitable mark across retail touchpoints including EBOs, multi-brand stores, general trade, etc. MyTrident aims to cross a revenue of INR 1,000 crores by FY 2025-26.
Background

Starting its journey in India in 2014, MyTrident is today amongst the leading brands in home furnishing across home and HORECA in India.

Its growth has been driven by doubling the point of sales, adding new categories, and diversifying the range based on the evolving needs of the consumers.

Currently, the company has a retail network of 3,500+ retail touchpoints including 50 exclusive stores across India.
Speaking about the expansion plans, Dr. Rajinder Gupta said, "At MyTrident, we are bullish about the company's prospects which include ramping up our retail business operations across India.

Vision

Our ambition is encapsulated in our slogan 'ghargharmeinMyTrident' to offer accessible luxury to every Indian household. We are building on the trust and respect enjoyed by the company over 30 years.
We are The company plans to aggressively expand to 10,000+ retail touchpoints including 100 exclusive stores by the end of FY2025-26. We remain committed to offering unparalleled quality and a seamless shopping experience to our consumers."
The event also saw the launch of The Good Paper's new copier packaging and notebook designs.
Lineage

The Fall-Winter'23 collection from MyTrident is inspired by the rich heritage and culture of India. The collection features a wide range of products, including bed linen, towels, curtains, rugs, and home décor items.

The products are made from high-quality materials and are available in a variety of colors and designs to suit every taste.
The collection has been well-received by retailers and is expected to be a hit with consumers. MyTrident is confident that the collection will help the brand achieve its ambitious growth goals.

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Textile 22/08/23

Hindustan Chamber of Commerce announces ASIATEX 2023 Textile Trade Fair

The Hindustan Chamber of Commerce (HCC) is set to host the "ASIATEX 2023" Textile Trade Fair from August 31 to September 2, 2023, at Mumbai's JIO World Convention Centre, BKC.

5th edition of B2B fair

The 5th edition of this B2B Fair marks a significant milestone for HCC, celebrating its 125-year journey. The fair will comprise 125 stalls, representing major textile hubs like Mumbai, Bhiwandi, Surat, Ichalkaranji, Bhilwara, and Ahmedabad.

A multifaceted display

The event will showcase an extensive array of textile products, including yarns, fabrics, technical textiles, home textiles, and more, predominantly by manufacturers and exporters. The fair anticipates a footfall of over 15,000 visitors across three days.

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Textile 19/08/23

Hindustan Chamber of Commerce announces ASIATEX 2023 Textile Trade Fair

Texvalley's TAG EXPO 2023 ignites global textile trends

10 August 2023, Mumbai

Texvalley in Erode, the largest textile hub in South India, recently wrapped up the highly successful 3rd edition of TAG EXPO 2023.

The event, which has rapidly grown in stature since its inaugural edition in August 2022, attracted widespread attention from industry leaders, exhibitors, and buyers. The expo, held from July 24th to 26th, marked a significant milestone, showcasing the evolution of TAG EXPO into a global textile, accessories, and garments extravaganza.

Performance; With over 1200 pre-registered buyers and 150 exhibitors, the event demonstrated its rising influence in the industry.

TAG EXPO 2023's comprehensive media strategy, spanning trade magazines, digital platforms, influencer marketing, and traditional advertising, ensured extensive coverage.

This media blitz not only propelled the expo's success but also offered sponsors unparalleled exposure.

Well received

The expo's global appeal was accentuated by the participation of prominent international brands and buyers, creating a dynamic atmosphere for networking and collaboration. Emphasizing the event's forward-looking approach, TAG EXPO 2023 incorporated cutting-edge technology, including a dedicated app for post-event interactions, fostering enduring connections among participants.

TAG Expo's impact reverberated beyond the event's boundaries, bridging manufacturers and buyers, facilitating entrepreneurship opportunities, and contributing to the holistic growth of the textile and apparel sector.

Constructive platform

The expo's commitment to a seamless platform for innovation, trends, and business prospects positioned it as a vital player in shaping the industry's trajectory.

As preparations commence for the next edition in July 2024, TAG EXPO is set to expand its horizons, drawing an even broader international buyer base and solidifying its position as India's premier B2B exposition for the textile, accessories, and garment sector.

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Textile 10/08/23

Intex Sri Lanka 2023: Textile Opportunities Unveiled

01 August 2023, Mumbai

A Highly Anticipated Event Returns to Sri Lanka

Intex, the eagerly awaited International Textile Sourcing Show, is all set to make its grand return to Sri Lanka from August 9th to 11th, 2023.

The prestigious BMICH (Bandaranaike Memorial International Conference Hall) in Colombo will host this influential event, which has been a driving force behind business collaborations, innovation, and global trade opportunities in the textile industry since its inception in 2015.

A Global Showcase of Textile Products

With participation from more than 11 countries, Intex Sri Lanka is set to present a diverse and comprehensive range of textile products. From yarns and fabrics to accessories, denims, dyes, certifications, and designing solutions, attendees will witness an extensive array of offerings from India, Sri Lanka, Pakistan, Bangladesh, Vietnam, China, Korea, Indonesia, Taiwan, Thailand, the USA, and the UK.

The India Pavilion

Addressing Sri Lanka's Growing Demand A key highlight of the event is the India Pavilion, featuring over 70 companies representing the entire textile value chain.

With a particular focus on meeting Sri Lanka's increasing demand for raw materials, this pavilion comes at a time when garment exports from the country reached an impressive US$ 5.93 billion in 2022.

The Interactive Business Forum (IBF) Seminar Series

The Intex Sri Lanka event will also include the Interactive Business Forum (IBF) Seminar Series, a platform where industry leaders from prominent organizations like WGSN and Cotton USA will share valuable market insights.

Topics such as sustainability, digital transformation, supply chain management, and traceability will be discussed, providing attendees with valuable knowledge and ideas for the future.

Shaping the Future of the Textile Industry

Backed by esteemed associations and organizations, Intex Sri Lanka is poised to shape the future of the textile industry not only in Sri Lanka but also on a global scale.

As a must-attend event, it promises to foster growth, collaboration, and advancement in the thriving textile landscape, setting the stage for continued success in the years to come.

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Textile 1/08/23

Donear x French Crown: Luxury suits

17 August 2023, Mumbai

Textile major Donear Suitings has partnered with clothing retailer French Crown to launch a luxury suiting brand called "The Suited Saint."

Tie-Up

The partnership seeks to penetrate global markets, offering products priced at USD 500 and above. The brand's launch is scheduled for mid-September this year.

Donear has indicated to invest INR 30 crore over the upcoming 2-3 years, supplying fabric on a 90-day credit for manufacturing.

Contours

French Crown will oversee research, manufacturing, retail, and distribution, establishing a manufacturing facility and R&D unit in Surat.

International experts will guide the brand to cater to diverse trends and customer preferences.

French Crown

It currently garners 35% of revenue domestically and 65% internationally across 90+ countries, with the US contributing 60% of sales and the remainder from the UK, Canada, Australia, the Middle East, and others.

Vision; The company aims to reach INR 110 crore in revenue for FY24, building upon its annualized run rate of INR 100 crore.

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Textile 17/08/23

Vardhman Textiles Q1FY24 results reported

07 August 2023, Mumbai

Operating leverage

Vardhman Textiles Ltd, a key player in the textile industry and part of the Vardhman Group, faced a significant decline in Q1 net profit, plummeting by 58% to Rs 136 crore ($17 million) compared to the previous year's quarter.

The April-June quarter also saw an 18% decrease in revenue from operations, down to Rs 2,318 crore.

Despite its premium shirt production for retail giants like Van Heusen, Benetton, Sisley, and Colorplus, the company encountered a challenging financial period.

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Textile 7/08/23

Arvind reports for Q1FY24

29 July 2023, Mumbai

Arvind Mills reported a consolidated net profit of 658.7 million rupees ($8.04 million) for the quarter ending June 30, down from 984.2 million rupees the previous year.

Soft global textiles demand impact

The decline was primarily attributed to the struggling denim segment, which experienced a 39% drop in revenue due to low price realizations. While expenses reduced by 20.6%, analysts remained cautious about the global textiles demand outlook for the current year.

Optimistic outlook

Arvind remained optimistic about future improvements, aiming to enhance capacities, and sustainability initiatives, and reduce long-term debt.

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Textile 29/07/23

PM Modi unveils textile e-portal on National Handloom Day

14 August 2023, Mumbai

Prime Minister Narendra Modi inaugurated the 'Bhartiya Vastraevam ShilpKosh – A Repository of Textiles and Crafts' e-portal on National Handloom Day in New Delhi.

Unity in diversity: showcasing India's textiles

Developed by the National Institute of Fashion Technology (NIFT) in collaboration with the Ministry of Textiles, the portal unifies India's diverse clothing heritage. It provides a comprehensive platform for various clothing traditions to coexist.

Preserving cultural heritage

Addressing the audience, PM Modi highlighted the portal's role in preserving India's vibrant cultural heritage. He expressed satisfaction in seeing his concept of consolidating India's clothing diversity materialize.

Resource for exploration

The e-portal, a valuable resource, encompasses a craft atlas, cultural artifacts, and a visual museum. It is designed to aid individuals interested in understanding India's rich clothing traditions.

Khadi and village industries flourish

PM Modi shared the success of the khadi and village industries, boasting a turnover of over Rs 1.3 lakh crore, a substantial rise from Rs 30,000 crore a decade earlier.

Vocal for Local: A mass movement

He credited the 'Vocal for Local' ethos for this transformation, where citizens wholeheartedly embraced indigenous products, turning it into a mass movement.

Fostering cottage industries and handlooms

The Prime Minister elaborated on governmental initiatives fostering cottage industries and handlooms. These included the 'One District One Product' scheme, the Government e-Marketplace, the Mudra Yojana, and skill training programs.

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Textile 14/08/23

Ludhiana Spinning in Crisis

04 August 2023, Mumbai

The spinning industry in Ludhiana, a major employment generator in the city, is currently facing a significant crisis due to duty and tax irregularities.

According to Gagan Khanna, the chairman of Arisudana Spinning Mills Limited, the inverted duty structure on MMF (Man-Made Fibre) chain is causing a major issue.

Industry leaders seek removal of import duty

Raw materials like viscose and polyester staple fibre are taxed at 18%, while the yarn is taxed at 12%. This disparity results in a considerable accumulation of GST refunds, leading to a blockage of working capital, an inability to take GST credit on capital goods, and a time-consuming and cumbersome process for obtaining refunds.

Trade pacts

Khanna also pointed out that polyester staple fibre is not covered under the ASEAN FTA (Free Trade Agreement), whereas polyester spun yarn is included.

This lack of inclusion leaves domestic producers with no chance to compete with finished goods in the market.

Kamal Oswal, the vice-chairman of Nahar Group, highlighted the negative impact of the 11% import duty on raw cotton, which was imposed in October 2021. This duty has rendered the entire Indian cotton spinning industry unviable.

Level playing ground

Domestic prices have been on average 10% higher than ICE future prices since the introduction of this duty, resulting in a significant decline in exports, the closure of spinning mills, and a substantial loss of employment and export revenue.

In response to these challenges, the industry leaders have approached Rajya Sabha MP from Ludhiana, Sanjeev Arora, seeking his support in addressing their concerns with the government.

They hope that he can help find solutions to sustain the existing industry and attract fresh investment in the textile sector.

Call to action (CTA)

The industry leaders are urging the government to take specific actions, including removing the 11% import duty on raw cotton, including polyester staple fibre in the ASEAN FTA, and implementing the BIS (Bureau of Indian Standards) standard on polyester spun yarn.

They firmly believe that these measures will revitalize the spinning industry in Ludhiana, create more jobs, and drive economic growth in the region.

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Textile 4/08/23

Textile Expo wows Texvalley!

27 July 2023, Mumbai

South India's largest ‘B2B Expo’

The event, spanning three days till July 26, was inaugurated by esteemed Ministers R. Gandhi and S. Muthusamy, alongside MLAs E.V.K.S. Elangovan and A.G. Venkatachalam.

As the biggest B2B expo in South India, this showcase arrives just ahead of the festive season and Deepavali, attracting textile manufacturers and traders from various states.

Showcase of ‘Fashion & Trends’

With over 200 stalls displaying diverse fabrics, fashion, and cutting-edge trends, the event is a magnet for buyers, wholesalers, agents, and merchandisers. Notably, 150 associations have enthusiastically participated, making it a truly comprehensive and must-attend affair.

Must-visit event

The extravaganza will culminate with an enthralling fashion show on Tuesday, promising a delightful experience for all attendees.

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Textile 27/07/23

Arvind Fashions reports results for Q1FY24

12 August 2023, Mumbai

Arvind Fashions, the parent company of renowned brands like US Polo and Calvin Klein in the Indian market, experienced a financial setback during the initial quarter of 2023.

Net loss widens

The company's net loss expanded to $1.98 million, a considerable increase from the $5.1 million loss recorded the previous year.

Revenue rises; However, there was a positive aspect as well, with a 4% rise in operational revenue, amounting to 9.57 billion rupees. The deceleration in consumer demand was primarily attributed to inflationary pressures, which led shoppers to be more cautious with their spending.

Mixed bag

Within the company's brand portfolio, its prominent labels such as US Polo and Tommy Hilfiger witnessed a modest 2% growth in revenue, while emerging brands like Calvin Klein and Sephora exhibited a more substantial increase of 15%. The segments associated with footwear and kidswear experienced remarkable year-on-year growth rates of 30% and 12% respectively.

Following the release of these financial results, Arvind Fashions observed a nearly 7% drop in its share value. The company expressed optimism, foreseeing a gradual improvement in demand as the next festive season approaches.

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Textile 12/08/23

Raymond Group becomes debt-free powerhouse

02 August 2023, Mumbai

Drives successful business overhaul

In a strategic move spanning two decades, Gautam Singhania, the visionary leader of Raymond, has methodically divested from non-core businesses, reshaping the group's trajectory.

Notably, the recent sale of the consumer care business to the Godrej group for Rs 2,825 crore in an all-cash deal was a pivotal step in this transformation.

The Group's relentless pursuit of profitability and debt reduction yielded remarkable results.

Leading to impressive performance

The group's net debt plunged to Rs 689 crore in FY23, with net profits more than doubling to Rs 529 crore. Further restructuring carved the way for three focused businesses – real estate, lifestyle/textiles, and engineering.

Vision

With the group now debt-free and eyeing revenues of Rs 10,000 crore in FY24, Group envisions a future brimming with promise and possibilities.

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Textile 2/08/23

Trident Granted Patent for 'Air Rich Towels'

25 July 2023, Mumbai

Trident Limited has been granted a significant patent titled "Process of manufacturing a fabric with homogeneous pores" by the European Patent Office.

The patented manufacturing process

This pioneering invention involves the production of Air Rich yarn and fabric with pores distributed evenly throughout the cross-section, resulting in Air Rich towels and fabrics with exceptional qualities.

The novel fabric exhibits high wettability, quick absorbency, and easy dryability, and offers improved insulation by restricting the easy transmission of body heat through the fabric.

With this groundbreaking patent, Trident aims to deliver its innovative Air Rich towels, which outperform traditional fabrics in terms of water absorption and quick drying, to the global market.

Setting a new standard

The towels boast the unique ability to bloom after each wash, retaining their freshness and appearance even after numerous uses. The European Patent Office's recognition of this innovation reaffirms Trident's commitment to producing high-quality, cutting-edge products.

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Textile 25/07/23