11 January 2022, Mumbai:

The new flagship store opened by luxury men’s and women’s resort wear brand Shivan and Narresh in Kala Ghoda in Mumbai is housed within a historic 1940’s Deco building.

The new store displays the brand’s five holiday-wear themed lines for swim, resort, cruise, safari, and latest edition ski. The space evokes the spirit of a global traveller and features vacation-inspired design elements as well as Art Deco elements to reflect the building’s heritage.

Based on the concept of ‘Art of Holidays,’ the store features a spiral staircase, marble inlay flooring, feature rugs, life-size frames of the brand's archival prints, and a bold floral design piece. The ground floor is dedicated to the brand’s brightly coloured fusion-style resort wear, while the upper mezzanine houses its celebration wear and couture as well as trial rooms and a private space for consultations.

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10 January 2022, Mumbai:

According to the letter written by the Apparel Export Promotion Council, with an increase of ₹7,000 in the price of the cotton, the yarn price reached ₹401, whereas it should be around ₹359.

The Apparel Export Promotion Council has requested the Ministry of Textiles to suggest the mills to bring down the yarn price by ₹40 per kilogram.

Apparel exporters in Gautam Budh Nagar have written a letter to the Ministry of Textiles to decrease the prices of yarn, which is adversely affecting the garment industry in the district, they said on Monday.

According to the letter written by the Apparel Export Promotion Council, the cotton price per candy in October 2021 was ₹67,000 and yarn price ₹331. The cotton price was increased to ₹74,000 this January -- a hike of ₹7,000, with the yarn price set at ₹401 -- an increase of ₹70.

“The rise in the prices is not according to the formula adopted by the industry. According to its price increasing formula, for every ₹1,000 increase in the cotton price, the yarn price will also be increased between ₹3.50 and ₹4.

But now, with an increase of ₹7,000 in the price of the cotton, the yarn price reached ₹401... whereas it should be around ₹359,” said A Sakhtivel, chairman of AEPC.

The council has requested the ministry to suggest the mills to bring down the yarn price by ₹40 per kilogram.

Lalit Thukral, president of Noida Apparel Export Cluster (NAEC) and an executive member of AEPC, the total export value of the apparel sector in India is ₹130,000 crore, of which ₹40,000 crore revenue is generated in Uttar Pradesh alone.

“Gautam Buddh Nagar is known as the ‘City of Apparel’ as it generates nearly ₹32,000 crore revenue through apparel export, out of the total ₹40,000 crore revenue generated in Uttar Pradesh... Exporters enter into a price agreement with the buyers at least six months before the supply of apparels.

Now, as the mills have been increasing the prices frequently and arbitrarily, the buyers or importers are not willing to increase the prices as well,” Thukral said, adding that this has made the situation worse for the Indian exporters, especially those in Gautam Buddh Nagar.

The district houses nearly 3,000 garment export firms.

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DAILY NEWS:

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• Consumers will determine growth of sustainable fashion e-comm in India

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• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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11 January 2022, Mumbai:

Several fashion brands are launching their IPOs. Backed by Warburg Pincus and Faering Capital, Biba Apparels has launched an IPO and shortlisted several advisors including investment banks JM Financial, HSBC Securities, DAM Capital, and Ambit Capital.

Through this IPO, the brand plans to raise Rs 1,500 crore to Rs 2,000 crore. Sequoia Capital-backed women’s bottom-wear brand Go Colours raised Rs 1,014 crores via its IPO and made a stellar debut on the bourses in November, listing at a 90 percent premium to its issue price.

Others like Manyavar owner Vedant Fashions are also preparing an IPO. Gaurav Marathe, Managing Director, Lincoln International ( India) says, mature IPO cycles throw the best opportunity to value fashion brands, given their long-term value creation potential.

Now that the robustness of the current IPO cycle has been tested with several unique consumer businesses, it probably is the best time for fashion brands to hit the market.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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10 January 2022, Mumbai:

Banno's Swagger, a home and comfort wear company, plans to increase its presence in India by expanding its product offering to appeal to a broader client base. The brand now offers pyjama sets, short sets, robe sets, kaftans, and co-ord sets in its nightwear and loungewear categories. Banno's Swagger plans to add other categories on its web platform in the future months, relying on its low prices to flourish.

"Despite Covid-19's issues, we saw an increasing need for an Indian brand to enter the home wear and loungewear market and build a presence." Banno's Swagger co-founder Shashank Agarwal said in a statement, "This motivated us to establish Banno's Swagger."

"Banno's Swagger has been climbing its way up in the Indian market since its launch, and with that in mind, we will be adding various categories encompassing the complete spectrum of lifestyle Fashion range for modern Indian women targeting the 18 to 25 age bracket," Agarwal added.

Shashank Agarwal and Karan Juneja founded the brand in Surat in December 2020. Since its introduction, it claims to have seen a 20 percent increase in income.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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10 January 2022, Mumbai:

With weekend curfews and late evening curbs severely denting business, large retailers and restaurant chains have started negotiating for rental concessions with mall operators and landlords.

Operator of Asia 7, Punjab Grill and the Arful Baker, Lite Bite Foods have written to landlords and mall owners to renegotiate rentals as around 75 per cent of their business has been impacted by the curbs, says Rohit Aggarwal, Director. The company expects business to remain impacted all through January to March.

Similarly, apparel retailers like Benetton, Jack & Jones-retailer Bestseller Retail, Vero Moda, Only, ethnic retailer Biba and Forever New have also begun to negotiate with landlords and mall owners for rental concessions as footfalls at malls in Delhi-NCR have reduced to half.

Finding the right solution

These retailers now plan to approach their landlords and find a right solution, says Siddharth Bindra, Managing Directors, Biba.

They are confident of landlords taking a proactive view of the situation. Kabir Suri, Cofounder, Azure Hospitality, Pratik Pota, CEO, Jubliant FoodWorks and Sagar Daryani, Co-Founder, Wow!Momo, recently drew their landlord’s attention to ‘commercial concerns’ caused by Omicron-led third wave.

They sought complete wavier or rentals, common area maintenance in case of complete shutdown, revenue sharing during restricted operations and rent waivers for three months post reopening of businesses.

Landlords ready to negotiate

Meanwhile, mall executives and landlords have sought one week from retailers before they could commit to these concessions. As these retailers have not yet generated rental bills for January, they were ready for negotiations with retailers, adds Harsh Bansal Head, Unity Group that operates four malls in Delhi.

With cinema halls closed and shops open only on odd-even basis in Delhi, footfalls have reduced by almost 40 per cent. Though retailers will definitely get some concessions, their nature is yet to be decided, adds Abhishek Bansal, Director, Pacific Group.

No rents in case of store closures

Many large retailers such as Reliance Retail and Aditya Birla Fashion incorporated a clause in their annual contract after the second COVID-10 wave that they will not pay rents or pay only in proportion to their actual businesses, if the government passes orders for store and mall closures.

However, many of these concessions are not binding to the parties as no one predicted the third wave in India despite such a strong vaccination drive, says Zorawar Kalra, Managing Director, Massive Restaurants, which operates Masala Library and Farzi Cafe, among others.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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11 January 2022, Mumbai:

Indian footwear industry needs to embrace the 3D technology, says VKC Razak, Managing Director, VKC Group. The industry has come a long way from Methiyadi, the traditional wooden footwear to a wide range of offerings including flip-flops, shoes (formal and sports) and Roman (half shoes).

The group is also experimenting with virtual reality based products. The Kozhikode-based footwear manufacturer has roped in Bolllywood megastar Amitabh Bachchan as its new brand ambassador.

The ₹2,000 crore company, which is one of India’s largest polyurethane (PU) footwear maker, believes Bachchan will inspire both young and old customers alike, and help change people’s perception of footwear.

VKC Razak, Managing Director, VKC Group, says its association with Bachchan will help promote VKC — which carries the slogan “celebrate hard work” in its campaign — resting on the pillars of “long-lasting, honest pricing and affordability”.

Also, he believes it will give a fillip to the overall development of the Indian footwear industry — creating a global mass brand in the economy segment to take on Chinese products.

India’s footwear production is expected to touch $38 billion by 2030. India is the second largest player in the footwear industry.

But there is a huge gap between China, which currently commands 60-65 per cent of the world’s footwear business, while India’s share is hardly 10-12 per cent. Razak believes India can close the gap considering the labour cost and availability.

Though there are around 40,000 players in the footwear industry, he points out that 75 per cent of them are in the unorganized segment. There is a need to strengthen the sector to compete with China.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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10 January 2022, Mumbai:

Value fashion retailer V-Mart Retail does not expect the fresh disruptions caused by the Omicron variant of COVID- to have any significant impact on its revenue in the coming quarters. Over the last few weeks, the company has witnessed a slight drop in footfalls due to the Omicron fear.

Footfalls have dropped below the pre-COVID levels, says Lalit Agarwal, Chairman and Managing Director.

However, demand for apparels has increased as the company caters to the need of basic value apparels of customers, he adds. V -Mart currently operates 300 stores.

The company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids, cosmetics, luggage, toys, and games, and food, non-food, and staple items.

It recently opened a store in Uttar Pradesh and plans to open another 12-15 stores this year.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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08 January 2022, Mumbai:

Garment Mantra Lifestyle plans to setup a new centralized integrated facility in Surat, Gujarat to efficiently cover the western region and scale up the operations of Poortibesides giving an impetus to its apparel convenience store Price Mantra to strengthen brand visibility in the region.

The proposed integrated facility will not just scale up business operations but also boost the company’s revenues in the next two years. It will also promote brand loyalty by catering to a large customer base.

This facility is dedicatedly planned strategically to build and grow strong revenue models from Poorti: a textile wholesale surplus hub and gradually enhance the presence of Price Mantra: an apparel convenience store model.

Extending upto ~10,000 sqft, the facility is equipped with modern facilities to manage operations efficiently and the management expects to commence operations in this quarter i.e. Q4FY22.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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10 January 2022, Mumbai:

Amazon has appealed against the suspension of its deal with the Future Group by the Competition Commission of India's at the National Company Law Appellate Tribunal (NCLAT).

The US e-commerce retailer also filed a special leave petition (SLP) in the Supreme Court against the staying of its proceedings in the Delhi court in an ongoing Singapore arbitration case between Amazon and Future Group until February, 1 citing ICICI's recent order.

Last month, the competition regulator suspended its earlier approval of Amazon's investment in Future Coupons a Kishore Biyani promoted firm. CCI said Amazon hadn't fully disclosed its interest in Future Retail when it sought clearance for the Rs 1,431-crore investment in FCPL.

Amazon, in its latest appeal, claimed that CCI does not have authority to unwind approval after 12 months and in case of any aberration, it attracts a maximum penalty of ₹5 crore. However, CCI ordered a penalty of ₹202 crore.

Amazon also appealed that abeyance or revoking was not a viable punishment given that CCI clearly stated requisite information was given by Amazon, but its interest in FRL should have been emphatically pointed, said a person aware of the development. 

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage