21 November 2022, Mumbai:

Reid & Taylor has completed 25 years in India.

This premium suiting and shirting brand have built a strong presence in India with its premium experience and high-value endorsements by ace celebrities.

With its rapid growth in the initial years and increasing demands from consumers, the company faced a lot of challenges in the last decade with faulty supply chain management and inefficient management of distribution channels, which halted the growth of the brand.

It went through a process of restructuring, and eventually, it was taken over by the Finquest Group in 2020. Within a short period, Reid & Taylor has bounced back and is rapidly growing. With its suiting factory running successfully in Mysore, Reid & Taylor has expanded its product basket by acquiring a premium 100 per cent cotton shirting unit at Bharuch with an investment of more than Rs300 crores.

This premium shirting unit is a one-of-a-kind manufacturing unit with an annual capacity of more than 18 million meters and is spread over 35 acres of land. Reid & Taylor today employs more than 1800 people and the company has grown rapidly with two manufacturing units and strong distribution channels across the country to meet growing consumer demands.

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16 November 2022, Mumbai:

China Homelife and Machinex will be held in Mumbai, from December 13 to 15, 2022. This is the largest comprehensive trade show of Made-in-China products in India. Over 450 suppliers will showcase more than 7500 innovative and technologically advanced products and will attract over 20,000 buyers comprising traders, distributors, retailers, importers, manufacturers, and corporate decision-makers from across India.

The main product categories are textiles and garments, household and gifts, consumer electronics, electrical appliances, building materials, auto parts, food processing, industrial machinery, power and electricity, lighting, epidemic prevention, etc.

The event offers an opportunity for Indian enterprises to come face to face with verified Chinese manufacturers and personally inspect their latest and advanced products. The show focuses on increasing trade and building sustainable relationships between Chinese and Indian companies.

This expo is a key platform that brings suppliers from China to the doorstep of Indian companies and enables the smooth execution of trade between India and China.

There will be a unique match-making program to assist buyers in locating the best supplier and products. Held globally in over 12 countries annually, this is the leading platform for Chinese manufacturers, connecting over 45,000 Chinese companies with over three million business associates worldwide.

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07 November 2022, Mumbai:

For the second quarter Bombay Dyeing’s revenue from operations jumped 50 per cent. Total expenses were up 41 per cent.

Bombay Dyeing’s revenue from polyester was up 17 per cent. Revenue from retail/textiles surged to Rs 15.50 crores as against Rs 4.03 crores in the year-ago quarter, revenue from the real estate segment was up over two-fold.

Bombay Dyeing is one of the seven producers of polyester staple fiber in the country with a market share of about 15 per cent. Bombay Dyeing entered the business in 2006. The company produces a wide range of specialty products, including micro fibers, super micro fibers, trilobal, super high tenacity, optically white, optical white super high tenacity, micro super high tenacity, black and black super high tenacity.

Bombay Dyeing enjoys a leadership position in south India in yarns.Spinning mills’ yarn for suitings and shirtings comes from Bombay Dyeing fiber.The company offers value-added services to its clients and has regional offices spread throughout India, where the primary responsibility is to guide the customer in terms of what to do, what fiber to use, guiding them on the fiber that is suitable for their type of machinery, telling them about what is happening in the industry etc.

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15 November 2022, Mumbai:

For the second quarter Vishal Fabrics’ net profit fell by 44 percent. Revenue for the quarter declined by 14 percent. During the quarter, the overall demand scenario remained muted owing to ongoing economic challenges, volatile cotton prices and global inflationary pressures.

As a result, Vishal’s capacity utilization levels were on the lower side, impacting margins negatively. But the company is ready to sail through these challenging times with a comfortable level of debt-equity ratio at 0.98x. Although the short-term headwinds may continue, the company remains confident about the long-term growth prospects for the Indian textile sector as well as its capacity to raise utilization levels and get back the revenues at normalcy.

Vishal Fabrics, based in Ahmedabad, is a flagship company of the Chiripal Group. Vishal Fabrics caters to the premium and the super-premium end of the denim segment.The company is also expanding its overseas presence by adding new markets in Latin America and Europe. Vishal Fabrics has no plans to go into garments and apparels and will be confined to the B2B segment.

Vishal Fabrics is aiming at a Rs 2000 crore topline in the next two fiscals. The denim maker is also investing in the expansion of its current capacity to increase denim production.

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03 November2022, Mumbai:

Cost control initiatives have helped Raymond to improve overall performance.

Raymond is looking forward to a good season ahead and is experiencing an increase in exports. Every month new overseas customers are added. The group continuously focuses on product development and the shirting and suiting ranges are constantly evolving keeping customers in mind. To attract new customers, new and younger-looking products are being launched, especially apparel.

Raymond is enhancing its presence in the retail space and is balancing digital and physical. At present, more than 90 percent of Raymond stores are physical and will continue to be so in the near future.

In the realty segment, the strategy is to create the best product at the best price at the best locations. The strategy is to deliver customer delight. For this purpose, the company is also going into joint development to improve quality and execution capability through its realty arm Ten X Realty.

Despite being new to the business, Raymond has become the top real estate developer in the Thane market of Maharashtra in just three years. The company has entered the edtech segment too.

Raymond is one of the country’s leading branded fabric and fashion retailers.

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19 November 2022, Mumbai:

High inflation, price rise of raw materials and GST have been hitting hard Surat’s synthetic textile industry. The industry recorded a 60 per cent decline in business this Diwali compared to last year during the same period.

Surat’s synthetic textile industry comprises various verticals like spinning polyester yarn and weaving grey clothes, which are then dyed, processed and embroidered. Textile traders buy the grey cloth woven at power looms and get them dyed, processed, and the embroidery works done before selling them to wholesalers across the country. But now traders are abandoning the work to shift to other sectors because of the new tax regime, skyrocketing prices and lesser returns.

The meltdown in the textile sector has caused a massive lay-off of labourers. Of the one lakh labourers, around 35,000 have already lost their jobs. And if this continues, more people will be left jobless. Around 45,000 to 50,000 multi-headed computerised embroidery machines in Surat are operated by the same number of labourers who work in two shifts. Night shifts in embroidery units have completely stopped because of a fall in orders.

The industry is fast losing its sheen. Every manufacturer used to have bulk orders since Diwali (which traders and manufacturers consider the beginning of their new business year). The workload was such that they had no time to meet their families.

But this year, even after almost a month since the festival, most factories are shut because they do not have work from traders. Where one machine was manned by at least two workers, because of a fund crunch two machines are handled by one worker.

GST effect

The rollout of GST was a challenge. Traders have to pay taxes and account for the same at each stage. Unlike in the pre-GST era, a sole entrepreneur, working informally cannot do so. The predominantly informal business sector of synthetic fabrics bears the brunt of the new tax system. While the aim of GST is to boost tax revenues and formalise India’s economy, the reality is Surat’s cluster is unable to pay these taxes and remain competitive. Structure of Surat’s cluster

Two value chains co-exist in the Surat cluster. The first comprises thousands of small units engaged in garment manufacturing — some units make yarn and others weave it into the fabric. Many of them print, stitch and embroider the garment. More than 70,000 textile traders play a pivotal role in this arrangement.

They take orders from textile and apparel/garment (T&C) sellers and lead the consignment from unit to unit along the manufacturing process. It is a competitive value chain where thousands of small businessmen, who are operating their units with the help of migrant workers, compete with each other for business.

The other value chain is integrated and organised. It has large companies which do everything — from weaving to post-production in-house. But not even ten such firms exist in Surat.

Most units in the cluster operate in the disaggregated value chain. GST has impacted both of these value chains. Profit margins have come to an all-time low because of the hike in prices of raw materials and stagnant rates of the consignments.

The textile cluster in Surat has been hit in terms of tax rates and structure since everything from raw materials to finished products is attracting a different tax rate.

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09 November 2022, Mumbai:

For the first half of the year, Siyaram Silk Mills’ revenue rose by 45 per cent.

An all-around performance in the fabric and apparel business led to this strong revenue growth. The fabric business revenue grew by 30 per cent. The share of fabrics in total revenue is 70 per cent. Higher pent-up demand led by strong demand revival in Tier II and III cities led to such an increase.

The company sold 11 per cent more meters of fabric. Apparel revenue rose by 92 per cent. The share of apparel in total revenue is 21 per cent. So the company’s apparel business has seen good traction. New brands and designs helped to demonstrate good performance.

Siyaram Silk Mills is a manufacturer of fabrics, readymade garments, and other textile products. The company's brands in its fabric business are Siyaram, J. Hampstead, and Cadini. The top brands in the apparel business are Siyaram, Oxembergand J. Hampstead.

The company has been consistently customer-centric and has been careering its fabric designs to meet ever-evolving fashion trends. On the fabric front, both trade and retail witnessed an encouraging trend led by higher secondary sales and strong retail footfalls in MBOs.

The apparel division too has been exhibiting strong performance. Its continued focus on Tier II and Tier III cities and its positioning among aspiring Indians have made the brand more reachable and acceptable among the masses.

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01 November2022, Mumbai:

This Diwali season was an utter failure for the textile industry in Surat.

Compared to the previous season, aggregate business was down by almost 40 percent. Though the marriage season will start in the second week of November, very few orders are coming. Over 300 textile markets have been closed since October 25 and will open only from the second week of November.

Struggling to get fresh orders amid sluggish demand, textile units in Surat, India’s biggest manmade fabric (MMF) manufacturing hub, have asked their daily wage workers to take unpaid extended Diwali vacation till mid-November.

Conventionally, Surat textile units keep their activities shut for three to five days after Diwali every year, with Gujarati New Year closely following the festival of lights.

This year, however, these units, especially weavers, processors, and embroidery manufacturers, have decided to shut activities for a longer period of time. The situation of weaving units is even more dire as out of nearly a million power looms, hardly a lakh have started operations and the rest will remain closed.

This is the first time in the history of Surat’s textile industry that weaving units have remained closed for a fortnight due to extremely low demand.

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