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Apparel 29-01-2022

Iris Clothing results reported for Q3 FY’22

Kitex Garments: Reports Q3 FY22 results

28 January 2022, Mumbai:

In its press release, Kitex Garments Ltd., the second-largest infants’ garments manufacturing company in the world, has announced its Q3 results for the FY 2021-22.

The company reported consolidated revenue for the quarter ending December 2021 at Rs 208.20 crores as against Rs 121.70 crores for the quarter ending December 2020, reflecting a growth of 71.68% YoY.

The company’s EBITDA margin for this quarter stood at 26.20%, higher by 80.32% YoY as compared to Q3 FY21.

The company reported PAT of Rs 34.71 crore for Q3 FY’22 against Rs 15.60 crore for Q3 FY’21, representing a growth of 120% YoY.

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PBT Margin was higher by 99% at 23.43% for Q3 FY’22, against Q3 FY’21.

Sabu M. Jacob, Chairman and Managing Director of Kitex Garments Ltd said, “Despite the increase in raw materials costs by around 30%, the company has been able to achieve a higher turnover and through effective cost control measures been able to achieve higher profits.”

Kitex Garments closed at Rs 264.45 against the previous closing price of Rs 250.20, up by Rs 14.25 or 5.70%.

**The statistics mentioned in the above articles have been sourced from India Infoline

CREDITS: India Infoline

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Apparel 29-01-2022

Aim for a double-digit proportion of Colombian clothing imports, with AEPC following up on sourcing strategy in the near future

28 January 2022, Mumbai:

By focusing on high-value garment items, Indian apparel exporters may boost India's proportion of Colombia's worldwide apparel imports. And, in order to take advantage of this opportunity, the Apparel Export Promotion Council (AEPC) will implement a close sourcing approach.

This was a key lesson from AEPC and the Embassy of India in Colombia's virtual B2B conference on "India-Colombia Synergies in Garment and Textiles," which brought together Colombian customers and Indian apparel exporters. This event has about 25 Colombian importers registered.

Colombia's Fashion Industry is Leading the Region on Sustainability – Sourcing Journal

It's also worth noting that, despite a decrease in readymade garment imports in Colombia, Indian RMG exporters have managed to preserve their market dominance in the country.

While Colombia's RMG imports from throughout the world decreased from $652 million in 2019 to $408 million in 2020, India's proportion of overall clothing imports in Colombia stayed constant at 3.2 percent, with US $21 million in 2019 and US $13 million in 2020.

"India's part of Colombia's worldwide clothing import is just 3.2 percent," said Narendra Goenka, Chairman of the AEPC, "but we are aiming at elevating this to some reasonable level in the double digits." We're concentrating on higher-value, specialized items like MMF clothing, medical, and technical fabrics."

"Colombian investors may also set up manufacturing facilities in India, either directly or through joint ventures, and collaborate with us in developing R&D, innovation, and incubation centers in India," he added.

"The majority of the apparels shipped from India form Colombia's top 10 items of import in that area," stated Sanjiv Ranjan, Indian Ambassador to Colombia. The popularity of Indian clothing and textiles in Colombia has grown over time, particularly among women, and this is an extra benefit."

He also stated that reaching the pre-pandemic level of exports of around $22 million would need considerable efforts.

The AEPC will follow up on the Ambassador's idea, which "he defined as a near sourcing approach of some sort of warehouse which could be placed in Colombia and service Latin America and be a hub," according to Gautam Nair, Chairman (Export Promotion), AEPC.

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Apparel 28-01-2022

Aim for a double-digit proportion of Colombian clothing imports, with AEPC following up on sourcing strategy in the near future

Supervisory training in specific abilities can have a big payoff: Lab for Good Business

25 January, Mumbai: 2022

An expensive error that clothes manufacturing businesses may be making is failing to pay attention to the managerial abilities of factory supervisors. In garment factories, as in any other company that relies on human labor, some teams are more productive than others.

There appear to be a variety of talents and management styles that make some supervisors' teams more productive. According to research conducted by Good Business Lab (GBL), educating supervisors in specific skills might result in significant financial gains for the company.

GBL is a not-for-profit labor innovation organization with ongoing projects in India, the United States, and Latin America that employs rigorous research to create, test, and scale worker wellbeing programmes ranging from improving factory lighting to teaching frontline employees in soft skills.

GBL said in a statement that it detailed this in a learning paper issued in 2021 for Shahi Exports, one of India's largest and most competitive garment manufacturing enterprises. India's top garment exporter is Shahi Exports.

Shahi Exports Pvt Ltd | LinkedIn

"In a lot of manufacturing environments, middle management (usually known as supervisors) are frequently merely employees who have progressed up the ranks," said Dr. Achyuta Adhvaryu, the research paper's primary author.

They may have technical expertise, but they typically lack the soft skills needed to ensure that everyone on their team feels empowered to be productive, such as fundamental communication skills, people management, and so on."

As a result, we may improve the productivity of their teams by educating supervisors in soft skills like communication as well as specific management abilities and practices like control, autonomy, and attentiveness.

GBL put it to the test in 2017 when it launched a training programme to investigate the effectiveness of training managers in these areas.

For starters, the STITCH (Supervisors' Transformation Into Change Holders) training reduced turnover, which is infamously high in this profession.

Supervisors who got training were shown to be 15% less likely to abandon their employment than those who did not get training throughout the research period.

The average returns from this training were enormous and constant, and the firm's investment was repaid hundreds of times over.

"A high-pressure work atmosphere, coupled with power dynamics, leads to supervisors often behaving in an authoritarian and hostile manner," stated Chitra Ramdas, GM, Organizational Development, Shahi Exports, who was directly engaged in planning and delivering the programme.

STITCH is one approach to address this problem by teaching supervisors soft skills like communication and problem-solving.

This basic training, in our experience, has had a revolutionary influence on workplace relations and the work environment, resulting in broader organizational advantages.

We've already enrolled over 1,600 supervisors in the programme, with the objective of teaching all supervisors by 2024."

According to the press release, manufacturing lines with all managers taught had 7.3 percent higher efficiency during the training than lines with untrained managers. Furthermore, as compared to their untrained counterparts, STITCH-trained supervisors saw a 6% increase in average income rise.

"What we're demonstrating is that it has a massively and persistently disruptive influence, even in a nuts-and-bolts technical manufacturing situation."

So, in my opinion, the findings should be generalisable to other technical blue-collar contexts, and I believe the findings might be at least as significant in entry-level management posts in other sectors where soft skills are even more important, such as the service industry.

Dr. Anant Nyshadham, GBL's Chief Strategy Officer and co-author of the article, commented, "We're now going to expressly examine this in fast food and retail environments."

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Apparel 25-01-2022

Supervisory training in specific abilities can have a big payoff: Lab for Good Business

Indian Textile Sector: Targeting $65 billion exports by 2026

28 January 2022, Mumbai:

Traditionally an important contributor to economy, the performance of Indian textile industry has declined in recent years due to many factors some being global. Reports show, India’s textile exports declined 18.7 per cent in 2020. On the other hand, exports by Bangladesh and Vietnam surged during the period.

Compared to other exporters, India faces several cost disadvantages. Its power costs are almost 40 per cent more than Bangladesh. The country also lacks free trade agreements with key importers like EU, UK and Canada.

Bangladesh and Vietnam: Forging Stronger Relationship | Online Version

Its high capital costs and import dependence for textile machines does not allow it to earn the deserved returns on investments. Additionally, the lead times of Indian manufacturers are longer than Chinese manufacturers, especially in the fashion segment.

Targeting $65 billion exports by 2026

However, things are beginning to change with COVID-19. The pandemic has led to a reformation of sourcing patterns, enabling Indian textile industry to regain its lost position in the global market.

India now aims to grow its textile exports by 9 per cent CAGR till 2026. It aims to generate textile exports worth $65 billion by the period. The Ministry of Textiles has also set an ambitious target of $100 billion exports over the next five years. Export growth will also create 7.5 million to 10 million direct new jobs in the industry.

To achieve these targets, India needs to first target a $16 million rise in exports by exploiting the China-Plus One sentiment in Europe. India’s strategic depth compared to Vietnam or Bangladesh helped it achieve the status of a preferred supplier alongwith China.

Aim to be a regional fabric hub

India also needs to position itself as regional fabric hub to increase fabric exports to $4 billion. It can start by focusing on cotton exports and further extend to other sub-categories. It can also build on existing advantages in the home textiles market to increase exports to $4billion, write Neelesh Hundekari and Karan Dhal in The Economic Times. .

To boost MMF exports to $3 billion, it needs to increase its share of MMF products in the global market. It can achieve exports targets in technical textiles by building capabilities in select key sub-segments on the back of potential domestic demand growth.

$20 billion investments needed

To achieve these targets, both the industry and government need to take certain crucial steps. The government needs to follow its recent launches of schemes like PLI, MITRA and RoDTEP with their efficient implementation and leverage by industry players.

The government may also need to make fresh investments of $20 to $25 billion to achieve these targets. It will have to also ensure effective returns on these investments to attract newer ones.

Reducing import duties on machinery or promoting indigenous manufacturing to bring down cost of capex can help India achieve this. It can also purse free trade agreements with key imports like the UK, EU and Canada.

Boost cost effectiveness and maximize services

To enable businesses to operate and expand effectively, India needs to boost cost competitiveness besides maximizing services, digitizing operations, building design capabilities and boosting global competitiveness by focusing on sustainability and traceability.

To distinguish itself from other competitions, India needs to become a one-stop destination for sustainable textile products manufactured by transparent value chain with best-in-class quality, at competitive rates and with minimum lead times.

The country needs to move at an accelerated pace to maintain not just its global position but also millions of jobs in the industry.

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Apparel 29-01-2022

Indian Textile Sector: Targeting $65 billion exports by 2026

The Joint Apparel Association Forum,(JAAF), Srilanka :Apparel Industry to continue dialogue with Government on forex crisis

28 January 2022, Mumbai:

The Joint Apparel Association Forum of Sri Lanka (JAAF) called for intensive dialogue and greater stakeholder collaboration in order to arrive to resolve the current forex crisis, as well as legislative reform towards a more sustainable medium-long-term trajectory for Sri Lankan apparel.

These views were expressed at the recent Annual General Meeting (AGM) of the Association, the apex body representing five associations encompassing supply chain partners, the export- oriented apparel manufacturers, buying offices and representatives of international brands in Sri Lanka.

Addressing the gathering, newly appointed Chairman of JAAF and Deputy Chairman of MAS, Sharad Amalean commended the resilience demonstrated by the sector in the face of an unprecedented pandemic and outlined measures necessary for the sector to achieve its target of US$ 8 Bn in exports by 2025, while maintaining GSP+ and enhancing bilateral trade.

“Once again, Sri Lankan apparel has delivered an outstanding performance, achieving over US$ 5 Bn in exports last year amidst various challenges. While highly commendable, there are still many obstacles ahead of us.

Sri Lankan Industry Eyes 6% Apparel Export Growth In 2020 | Textile Excellence - Textile & Apparel Newspaper / Magazine

In order to successfully navigate these uncertain times, it is essential that all stakeholders act with unity, and continue to engage in dialogue with authorities on issues pertaining to foreign exchange and the adoption of regulations that can ensure sustainable growth for our vital industry,” Amalean stressed.

“We must also continue to enhance our bilateral trade by engaging with regional partners and associations to enhance trade relations. The securing of a GSP+ extension beyond 2023 will be absolutely critical for the growth of our industry,” he added.

Meanwhile, outgoing JAAF Chairman, A. Sukumaran noted that the industry would likely face continuing disruptions to their supply chain over the coming year, making the need for continuous engagement across industry stakeholders an essential prerequisite to developing long-term solutions to the industry’s current and future challenges.

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Apparel 28-01-2022

The Joint Apparel Association Forum,(JAAF), Srilanka :Apparel Industry to continue dialogue with Government on forex crisis

US Brassieres import status: Hits $ 2.57 billion in Jan.-Nov. ’21

24 January 2022, Mumbai:

Imports of brassieres, including categories such as shapewear and foundation garments, of USA have touched US $ 2.57 billion in the first 11-month period of 2021, noting 46.81 per cent Y-o-Y surge.

Markedly, as per official US custom data, the imports have surpassed the figures of the same period in 2019 when USA imported brassieres worth US $ 2.07 billion.

China remained the top shippers of brassieres to USA during the mentioned period, while Vietnam, Sri Lanka, Indonesia and Bangladesh too noted steep increase in their respective shipment to the US market.

USA imports US $ 2.10 billion worth of brassieres in Jan.-Sep. '21 | Apparel Resources

China’s export values in brassieres segment to USA stood at US $ 858.81 million, noting 48.64 per cent Y-o-Y growth in Jan.-Nov. ’21 period.

Vietnam may have seen a constant export in 2021 but the country has witnessed strong growth in brassieres category as it clocked US $ 496.76 million in its brassieres exports to USA, growing 52.77 per cent on yearly basis.

Sri Lanka’s shipment too remained positive in double-digits as it upped its exports of brassieres by 34.54 per cent to US $ 244.73 million in the said period.

Indonesia, the 4th top brassieres shipper to USA, earned US $ 238.97 million export revenues in the category and witnessed a significant growth of 89.64 per cent – the best growth rate amongst top 5 shippers.

Bangladesh, an emerging lingerie and intimatewear garment exporter to USA and 5th in the tally, shipped US $ 150.39 million worth of foundation garments to USA, registering 43 per cent annual growth till November in 2021.

CREDITS: Apparel Resources

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Apparel 24-01-2022

The Uttar Pradesh (U.P.) apparel industry takes a hit owing to the COVID-19 third wave

28 January 2022, Mumbai:

The Uttar Pradesh garment industry has suffered heavy losses due to the third COVID-19 wave. The garment industry in Noida and Kanpur in particular reported a 40 percent slump in production and a considerable drop in export.

The garment industry in these two cities had been showing signs of recovery from November 2021 onwards after a successive slowdown of two years, when the third COVID wave hit in January.

UP State Static GK 2020: Uttar Pradesh GK Questions

As per a Textile Value Chain report, there are over 10,000 textile and garment units across the state with most of them located in the Kanpur and the Noida region. The Noida region alone houses around 3000 textile units and each unit has a minimum workforce of around 100 employees.

Nearly all of them are facing a financial crisis as foreign buyers are reluctant to place orders. They are apprehensive about the capacity of these textile and garment units to fulfill the orders due to the prevailing COVID-19 conditions.

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Apparel 29-01-2022

The Uttar Pradesh (U.P.) apparel industry takes a hit owing to the COVID-19 third wave

The Wildlife Trust of India is the beneficiary of Good Earth's 26th birthday celebration

27 January 2022, Mumbai:

Good Earth, a fashion and lifestyle company, is celebrating its 26th birthday by collaborating with The Wildlife Trust of India on a new art campaign to raise awareness about endangered species.

Good Earth, a company that has long promoted sustainable and eco-friendly clothing manufacturing practices, has stated on Facebook that it is striving to increase awareness about endangered animals in India and South Asia.

As part of the brand's birthday celebrations, Nitin Brijwal collaborated with UK-based artist Rebecca Campbel to create a unique poster titled 'Living on the Edge,' which Good Earth is selling on its website with all revenues going to The Wildlife Trust of India.

Good Earth - Home | Facebook

Good Earth's creator and creative director Anita Lal stated on Facebook, "Birthdays are milestones when we acknowledge our blessings and look forward with optimism for a brighter future for everybody." "On our birthday, we'd want to draw attention to the predicament of some animal species that, although probably unknown to many of us, are facing extinction.

Many organizations, including the Wildlife Trust of India, are working relentlessly to prevent the extinction of our most endangered creatures. "We want to help in whatever manner we can to this noble endeavor."

"While it may appear ideal, these creatures on the verge of extinction are truly living on the edge," Lal explained. "We hope that the artworks raise awareness and encourage us and the younger generation to think more about sustainable living."

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Apparel 27-01-2022

The Wildlife Trust of India is the beneficiary of Good Earth's 26th birthday celebration

The Noida Apparel Export Cluster (NAEC): Demands policy intervention to check elevated cotton yarn prices & fabrics to promote apparel exports

24 January 2022, Mumbai:

The Noida Apparel Export Cluster (NAEC) on Sunday sought immediate intervention of the government in containing high cost of cotton yarn and fabrics, saying rising prices are impacting exporters.

NAEC president Lalit Thukral suggested control in cotton exports, removal of 10 per cent cotton import duty, and development of a mechanism to regulate the prices of cotton and other raw materials to support the sector.

Lalit Thukral (@lalit_thukral) / Twitter

"Apparel industry is facing a severe problem of high cost of cotton yarn and fabrics. During the last couple of months the cotton prices have been hiked up to 80 per cent.

The prices of the cotton per candy of 335 kg went to Rs 74,000 from Rs 37,000. In apparel making, 75 per cent of raw material used is cotton," he said.

He added that the unexpected steep price rise of the cotton posed a great challenge to the apparel manufacturers and exporters as it is hurting the production cost, which has been increased many folds.

"Indian exporters are losing export orders and facing tough competition in the global export market.

Moreover, they are also losing confidence of the importers and the buying houses," Thukral said, adding the major reason for this situation is unchecked export of cotton to competing countries like Bangladesh, Vietnam and Thailand.

CREDITS: ET

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Apparel 24-01-2022

Manish Malhotra is preparing to expand in India and beyond

28 January 2022, Mumbai:

Through his brand collaboration with Reliance Brands Limited, designer Manish Malhotra plans to establish his first worldwide flagship shop in 2023, as well as at least six outlets in India and internationally.

According to Business Standard, Manish Malhotra now owns four flagship shops for his namesake brand in India and is preparing to launch a worldwide flagship following a capital infusion from Reliance Brands Limited.

In October 2021, Mukesh Ambani's company purchased a 40% share in Malhotra's company, MM Styles Limited, for an unknown sum with the goal of growing the brand's activities.

Designer Manish Malhotra celebrates 30 years in Bollywood - Times of India

Malhotra, on the other hand, emphasized that retail growth does not imply that his brand would leave the premium market. "We're not moving into mass manufacturing; we're going to carry the brand's luxury,"

Malhotra said of potential growth plans to Bloomberg. "The objective is to take our Indian craft and make it worldwide, so it's understood, accessible, and desired all across the world."

Malhotra's worldwide debut has yet to be revealed, although the designer has stated that it will take place in a country where the brand already has a huge fanbase, such as the United States, the United Kingdom, or the United Arab Emirates, all of which have substantial South Asian populations.

The designer also intends to develop new product lines in sync with the brand's foreign development in order to reach a larger, global audience.

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Apparel 28-01-2022

Manish Malhotra is preparing to expand in India and beyond

The IPO of Vedant Fashions, Manyavar, has been approved by the Sebi

25 January, Mumbai: 2022

The capital market regulator Sebi has given Vedant Fashions permission to proceed with its proposed initial public offering for its event clothing brand Manyavar.

According to the Times of India, Kolkata-based Vedant Fashions submitted its draft IPO documents with Sebi in September 2021.

The company intends to conduct its IPO as a pure offer for sale, with over 363 lakh shares available. Over 174 lakh Rhine Holdings equity shares, as well as over 7.2 lakh shares held by Kedaara Capital Alternative Investment Fund- Kedaara Capital AIF 1, would be available for purchase.

Manyavar owned by Vedant Fashions: IPO gets SEBI approval

Axis Capital, Edelweiss Financial, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital are the book running lead managers for the offering. Manyavar offers a brick-and-mortar network of 525 unique brand locations, including 55 shop-in-shops, that sells traditional style event apparel. The brand is available in 207 Indian cities, as well as the United States, the United Arab Emirates, and Canada.

Mohey, Mebaz, Manthan, and Twamev are among the fashion brands owned by Vedant Fashions.

Ravi Modi, the company's founder and CMD, Shilpi Modi, and the Ravi Modi Family Trust are the company's promoters.