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Trade 16-09-2022

Future Enterprises runs into losses

16 September 2022, Mumbai:

Future Enterprises underwent a consolidated net loss of Rs 2,296 crores in the fourth quarter.

The company’s revenue for the quarter was down by 13 per cent. Expenses rose by 36 per cent. The widening of its losses and drop in revenue are attributed to factors including failure of the deal with Reliance, attrition of employees, and litigations.

The company’s financial condition took a serious downturn due to events such as cancellation of the scheme of amalgamation, huge attrition of employees, financial instability, litigations faced by related party, non-functioning of production units coupled with Covid.

Future Enterprises was part of 19 group companies operating in the retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a deal announced in August 2020. The deal was called off by Reliance in April after it failed to get lenders' support.

Future Enterprises is a Future Group firm. Future Group is the parent of four listed retail entities Future Retail, Future Lifestyle Fashion, Future Consumer and Future Enterprises.

Future Enterprises has acquired a 55 per cent stake in LivQuik Technology.LivQuik Technology operates QuikWallet. This is a mobile wallet that enables customers to pay at retail outlets and restaurants directly from their smart phones.

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Trade 16-09-2022

Raymond sees healthy business verticals

15 September 2022, Mumbai:

As far as exports are concerned, Raymond has been able to onboard new customers. This is mainly on account of the China plus one story playing out in the company’s favor. Additionally, Raymond is adding new lines for exports.

Raymond is seeing strong traction in the real estate segment. The engineering business is also witnessing robust demand. Raymond expects to see both these verticals, real estate, and engineering, account for 25 percent of the total revenues by fiscal year 24. Both these segments are expected to contribute 35 percent to the EBITDA going forward.

So overall Raymond expects 2022 to be a record year in terms of profitability and revenues. And with healthy cash generation from most of its businesses, it is on track to become net debt free in the next three years.

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Trade 15-09-2022

SEBI exempts Aditya Birla from share listing

08 September 2022, Mumbai:

Market regulator SEBI has granted Aditya Birla Fashion and Retail Limited exemption over listing of shares worth Rs 2,195 crores allotted to Caladium Investment, a foreign portfolio investor.

Based on the in-principle approval received from the stock exchanges, the Aditya Birla Group firm had made an application to the stock exchanges who approached SEBI and sought an exemption.

Under rule 19(2) (b) of SCRR, exemptions are granted to listed companies from making public issue for listing of securities different from the existing listed securities.

Earlier, ABFRL had announced to raise up to Rs 2,195 crores from Singapore’s sovereign wealth fund GIC. And GIC will invest Rs 770 crores now towards subscription of equity and warrants, followed by up to Rs 1,425 crores in one or more tranches within 18 months upon exercise of warrants. Post the entire investment, GIC will own a 7.5 per cent equity stake in ABFRL. After the transaction, Aditya Birla Group will hold a 51.9 per cent stake in the firm.

ABFRL under Madura Fashion and Lifestyle business is a repertoire of leading apparel brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England while its international brand portfolio includes The Collective, India's largest multi-brand retailer of international brands, Simon Carter and select mono-brands such as Forever 21, American Eagle, Ralph Lauren, Ted Baker and Fred Perry. It also owns fashion retail chain Pantaloons having over 370 stores spread across 180 cities.

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Trade 08-09-2022

Ind-Texpo 2022: Huge orders booked

30 August 2022, Mumbai

The leading show for cotton textiles and its blends, Ind-Texpo 2022 organised by The Cotton Textiles Export Promotion Council (Texprocil) came to a close on 26th August 2022 in Mumbai. The three-day Reverse Buyer Seller Meet which was held at the World Trade Centre, Mumbai from 24 to 26 August 2022, provided the international audience with an optimum setting and platform for exchanging information and strengthening business relationships.

The Show had over fifty stalls of Indian suppliers displaying yarns, fabrics, and home textiles while international buyers from over twenty countries invited by Texprocil visited the Show. Over 90 percent of all visitors and exhibitors were very happy and satisfied with their participation in the trade show expressing an interest to repeat their representation at the next edition of Ind-Texpo.

Chairman Manoj Patodia, The Cotton Textiles Export Promotion Council (TEXPROCIL) said that feedback from both the exhibitors and visitors showed that orders booked on-site at the three-day event were about US$ 6.4 mn (approx. Rs. 51 Crs) while future estimated orders which are in negotiation phase were about US$ 58.7mn (approx. Rs. 470 Crs).

The Ind-Texpo Show was inaugurated by the Secretary, Textiles Shri Upendra Prasad Singh on 24^th August with Smt. Roop Rashi, Textile Commissioner in attendance.

Ms. Lisette, Purchase Manager of Amle Industries SRL and a garment manufacturer from the Dominican Republic was happy to meet suppliers of fabrics in India and looked forward to coming with a bigger delegation from the Dominican Republic for the next edition scheduled in March 2023. Ms. Belinda Coyle, of the Australia-based Agile Sourcing, was very satisfied with the suppliers of sustainable products in yarns, fabrics, and home textiles at Ind-Texpo 2022.

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Trade 31-08-2022

SIMA: Ravi Sam re-elected as Chairman

15 September 2022, Mumbai:

Ravi Sam re-elected as Chairman of SIMA – Advises mills to focus on renewable energy.

The 63 rd Annual General Body meeting of The Southern Indian Mills’ Association (SIMA) Coimbatore, the single largest employer organization representing the Textile Value Chain was held at SIMA on 14 th September 2022.

Immediately after the 63 rd AGM, the members of the Committee at its first meeting unanimously re-elected Mr.Ravi Sam, Managing Director, Adwaith Textiles Private Limited, Coimbatore, as the Chairman for the year 2022-23.

In a Press Release issued here today, Mr. Ravi Sam has advised the textile industry to give priority to making investments in renewable energy generation (Wind and Solar Power) to remain competitive and fulfill sustainability obligations.

Ravi Sam has appealed to the Hon’ble Prime Minister to remove the 11% import duty on cotton as the industry would face a cotton shortage in the coming years.

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Trade 15-09-2022

SIMA: Hails intervention of Union Textile Minister

07 September 2022, Mumbai:

Cotton prices started sliding – SIMA hails intervention of Union Textile Minister.

The Indian cotton textile industry has been facing an unforeseen crisis from the beginning of the year especially from 1st April 2022 due to an abnormal increase in cotton price that was primarily caused by speculation of cotton trading under MCX and 11% import duty levied on cotton. The MCX cotton price has been costlier by 40% to 60% by 31st August 2022 when compared to the New York futures. The removal of the 11% import duty on cotton from 14th April 2022 to 31st October 2022, though gave a sigh of relief, it did not last long as the international and domestic cotton prices started coming down and creating a panic situation in the industry.

Realizing the urgent cotton issues, the Hon’ble Union Minister of Textiles, Piyush Goyal formed a Textile Advisory Group under the Chairmanship of Shri.Suresh.A.Kotak, convened a series of meetings for the first time with the Ministry of Agriculture and SEBI and took numerous corrective measures to bring stability to cotton prices. Consequent to the meeting held by SEBI along with MCX and industry stakeholders on 26th August 2022, certain changes were brought in the MCX trading. The MCX cotton price has significantly come down within a week which has softened the domestic cotton price.

In a Press Release issued here today, Mr.Ravi Sam, Chairman, The Southern India Mills’ Association (SIMA) has appreciated the proactive and bold steps taken by the Hon’ble Union Minister of Textiles to control the speculation in cotton trading by directing SEBI and MCX to bring necessary changes so as to enable the cotton futures trading to benefit all the stakeholders in the cotton textile value chain and protect the jobs of 35 million people directly employed in the cotton textile value chain and also around 6.5 million cotton farmers.

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Trade 07-09-2022

India’s economic growth to more than halve this quarter: Reuters

30 August 2022, Mumbai

Economists polled by Reuters expect the growth pace of India’s economy to more than halve this quarter and slow further toward the end of the year as interest rates rise.

As per reports, growth this quarter is predicted to slow sharply to an annual 6.2 percent from a median forecast of 15.2 percent in Q2, supported mainly by statistical comparisons with a year ago rather than new momentum, before decelerating further to 4.5 percent in October-December

The median expectation for 2022 growth was 7.2 percent, according to an August 22-26 Reuters poll, but economists said that the solid growth rate masks how rapidly the economy was expected to slow in the coming months.

Kunal Kundu, India Economist, Societe Generale, says, domestic consumption will perhaps not be strong enough to drive growth further as unemployment remains high and real wages are at a record low level.

Meanwhile, the RBI, a relative laggard in the global tightening cycle, is set to raise its key repo rate by another 60 basis points by the end of March to try to bring inflation within the tolerance limit.

That follows three interest rate rises this year totalling 140 basis points and would take the repo rate to 6.00% by end-Q1 2023.

The economy is also enduring inflation pressure from a weak rupee, which for months has been trading close to 80 to the U.S. dollar, a level the central bank has been defending in currency markets by selling dollar reserves.

The latest Reuters poll also showed India's current account deficit swelling to 3.1 percent of gross domestic product this year, the highest in at least a decade, which may put further pressure on the currency.

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Trade 30-08-2022

ITMF: Gadoon joins as Corporate Member

12 September 2022, Mumbai:

Gadoon Textile Mills Ltd. (Pakistan) joins ITMF as Corporate Member. It joined the International Textile Manufacturers Federation (ITMF) as a new corporate member on September 7, 2022.

“By becoming a Corporate Member of ITMF, Gadoon Textile Mills will join associations and companies from around the world that are active in the entire textile value chain like fibre, textile, apparel/garment, home textile, textile machinery or chemical producers as well as other organisations and companies affiliated with the textile industry.

Mr. Sohail Tabba, CEO of Gadoon Textile Mills, stated that “in a fast-evolving, dynamic and integrated world, the ITMF represents a growing ecosystem of industry leaders, experts, and key stakeholders from the global textile industry.

Bringing like-minded people together on ITMF’s platform for a better understanding of the dynamics of global trends and for sharing best practices is one of the several advantages of ITMF”, stated Dr. Christian Schindler, Director General of ITMF.

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Trade 12-09-2022

Webinar on Guidance Support for Higher Education: Sep

02 September 2022, Mumbai

NISTI Regd holds the webinar on Guidance Support for Higher Education in India and Abroad by Prof. Sunil Garg on Sep 9, 2022, 04:00 PM India.

Prof Sunil Garg is B.Tech. M.Tech. (IIT-BHU); MBA (IIFT) with 48 years of experience in Industries, International Trade, IT, Automation, and Education Services in India and Abroad.

Currently, he is President, US Work Study Pvt. Ltd. India and representing Universities with Campus Jobs, Scholarships, and CPT in the U.S.A.; Career Counselling & Admission Support for Lucrative Education (no cost) and; Professor - of Mechanical Engineering at APJAKTU (U.P.) & Operation Management at GGSIPU (Delhi).

The webinar, in interactive mode, will provide an opportunity to seek clarification on a higher study in India and abroad.

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Trade 03-09-2022

Raymond signs MoU with Nagaland for a skill training program

27 August 2022, Mumbai

A social initiative of Raymond, JK Trust has signed an MoU with the Nagaland Government to launch an ‘Employment Linked Skill Training Program’ in Kohima.

The project will be implemented for five years and 1,080 trainees will be trained and provided employment opportunities in Silver Spark Apparel, Bengaluru.

The center will be launched in the second week of September 2022. The program is supported by National Bank for Agriculture and Rural Development (NABARD), Silver Spark Apparel Limited (Raymond Group), and the Directorate of Technical Education, Nagaland.

It is aimed at providing employment opportunities to the youth of Nagaland in the apparel/garment industry. The project will bridge the existing gap between skill training imparted and skill sets required by the industry.

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Trade 27-08-2022

E-com sales double this festive season

10 September 2022, Mumbai:

E-commerce retailers led by Amazon and Flipkart are expected to garner sales this festive season that is more than double the pre-pandemic figure in 2019.

Covid has speeded up the shift to e-commerce, with an increasing number of consumers shopping online at a higher frequency than last year. This year’s numbers are projected to increase by 28 percent from 2021. The festive month starts from the first sales day and lasts roughly till the Diwali week and includes non-sales days in the interim.

However, the festive season’s share of the online retail gross merchandise value (GMV) is dropping, due to the increasing frequency of transactions fuelled by sale events throughout the year. GMV is the total value of merchandise sold over a certain time frame. The spurt in sales is expected to further push the overall online retail GMV up 30 percent from 2021.

This has been driven by accelerated digital adoption and increasing penetration in Tier II cities and beyond. The launch of new e-commerce models such as live and video commerce will further drive the growth of online shoppers, especially in TierII cities and beyond.

Category-wise this festive season, the fashion category is expected to see robust growth driven by an increasing shopper base from Tier II cities. The mobile and electronics category is expected to remain strong during the festive sales driven by better deals and new launches.

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Trade 10-09-2022

INTERNATIONAL SOURCING EXPO AUSTRALIA: 15 -17 Nov

01 September 2022, Mumbai

From Tuesday 15 – Thursday 17 November 2022 at the Melbourne Convention & Exhibition Centre, this Expo is your one-stop shop for global sourcing.

International Sourcing Expo Australia is co-located alongside two other major industry events, The Footwear & Leather Show Australia and the China Clothing Textiles Expo. Australia’s premier apparel, textile & accessories sourcing event, International Sourcing Expo Australia, enables you to source directly from 300+ global manufacturers and suppliers over 3 days.

Source direct from some of the world’s leading suppliers from countries such as India, Turkey, Pakistan, Bangladesh, Taiwan, Japan, Indonesia, and many more…

Get ready to source from leading global suppliers who are ready to do business.

Save time and money by accessing sourcing opportunities all in one convenient location in Melbourne this November.

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Trade 01-09-2022

ReTechCon 2022: 6 - 7 Sep in Mumbai

25 August 2022, Mumbai

The event is scheduled on 6 - 7 September @ JW Marriott Mumbai Sahar.

Retail Technology Conclave (ReTechCon) offers a deep exploration of multiple facets of the technology.

The event is back with the Retail Technology Conclave, popularly known as ReTechCon. This year the industry’s most sought-after platform will be hosted in physical form after a gap of two long years.

RETAIL TECHNOLOGY CONCLAVE Retail Technology Conclave (ReTechCon) offers a deep exploration of multiple facets of the technology trends in retail. This knowledge fair provides the depth of a masterclass and the breadth of a conference, helping you develop new strategies for your business and expand your perspective on technology and its changing role in retail.

Get detailed insights and takeaways to help you improve in your role, as well as the big-picture vision you’ll need to advance your retail function/business. Join experts, thinkers, disruptors, and other stakeholders across the retail technology ecosystem for an unparalleled opportunity to learn, network, and grow.

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Trade 25-08-2022