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Trade 24-08-2022

Silk Mark Expo inaugurated in Delhi

24 August 2022, Mumbai

The Silk Mark Expo was inaugurated by DarshanaVikramJardosh, Minister of State for Textiles and Railways in New Delhi. Featuring 39 exhibitors from 12 states, the expo runs from Aug 22-28, 2022.

The exhibition aims to protect India’s rich silk heritage and empower the women weavers and workers engaged in the sector with greater opportunities to earn a better living. The government is taking many steps to promote this industry, said Jardosh.

With Indian textiles standing on the cusp of a global opportunity, Central Silk Board has ushered in a new regime to ensure that silk products carry specific markings about their contents for pro-consumer information through a process of labeling, added Jardosh. A scheme has been enacted in the name of “Silk Mark” by the Silk Mark Organization of India.

The scheme aims at generic promotion of silk and building brand equity of Indian Silk at home and abroad. It also protects the interests of not only the silk consumers but all stakeholders of the silk value chain including farmers, reelers, twisters manufacturers, and traders of pure silk, she added further.

Silk Mark is a quality assurance label, signifying that the product to which it is affixed is made of pure silk. It can be affixed to Silk yarn, sarees, dress materials, made-ups, furnishing materials, and other silk products made up of 100 percent natural silk.

With more than 4300 members and over 4.3 crore Silk Mark labeled products in the market, ‘Silk Mark Organisation Of India’ spearheads the quality movement in silk.

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Trade 24-08-2022

Government to release new foreign trade policy

23 August 2022, Mumbai

The government plans to release the new foreign trade policy next month. Focusing on boosting e-commerce exports and developing districts as export hubs, the policy may highlight ways to reduce the compliance burden on small exporters and fund MSMEs to increase exports.

It may also seek to make proper categorization of products that are at present clubbed as "others", as this system leads to misclassification and tax evasion, thereby adding to the growing trade deficit.

The policy comes amid India’s export growth slowing. Goods exports rose 2.14 percent from a year earlier to $36.27 billion in July, even as the trade deficit almost tripled to $30 billion. In fiscal 2022, India's outbound shipments were a record $421.8 billion. The government aims to take the value to $1 trillion by 2030.

Exporters have sought a separate chapter on e-commerce in the policy that would enlist all the export benefits available to the sector that should be at par with conventional exports.

Ajay Sahai, Director General, Federation of Indian Export Organization (FIEO) has recommended setting up an integrated park for cross-border e-commerce.

Such parks should provide comprehensive facilities such as banks, fintech companies, foreign post offices, courier terminals, logistics companies, warehouses, customs, and tax refunds - all under a single umbrella. Also, some space can be earmarked for packaging and small operations.

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Trade 23-08-2022

India Show, Mongolia: 18-21 Nov 2022

03 August 2022, Mumbai:

India Show, Mongolia, Misheel Expo Centre, Ulaanbaator, Mongolia (18-21 Nov 2022).

India Trade Promotion Organisation (ITPO), a Govt. of India Enterprise will be organising the India show (A new event) to be held from November 18-21, 2022 at Misheel Expo Centre, Ulaanbaator, Mongolia.

ALSO READ Piyush Goyal: India should display fashion products globally

This India Show is one of the important business opportunities for Indian Companies to expand their business to Mongolia.

It offers a horizon to meet new business partners, find new markets, enhance market & sales, and share & cultivate new business opportunities. Mongolian retail represents a huge opportunity for international suppliers as it provides the most important meeting place for international product suppliers and buyers sourcing products.

The India Show spans the entire sector and presents an incredible variety of products and services tea, coffee, bakery products, bulk commodity ingredients, food & beverages, cereals, seafood, fruit & vegetables, meat & poultry, milk & dairy products, IT Software Solutions, Kitchen Equipment, Packaging Machinery & Material, Transport & Logistics, Cold Chain, Retail Technology, Refrigeration, Mining, Cloths, Oil & Gas Sector, handicrafts, health sector products/medical equipment, etc.

This fair is remarkable for the incredible range of different products that are exhibited and introduced through distributors into the Asian market. It is the only multi-sectoral event of its kind in Mongolia. It is the key annual product sourcing opportunity for the entire continent's retail industry.

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Trade 03-08-2022

CITI, TEXPROCIL& SIMA: Hail govt holistic view on cotton textile value chain

26 July 2022, Mumbai:

Cotton has been the engine of growth for the Indian Textiles and Apparel Industry that provides jobs to 105 million people including 6.5 million cotton farmers, especially from the rural mass and women folks.

Realizing the urgent need for enhancing cotton production, productivity, quality, and branding Indian cotton, the Union Textile Minister, Shri Piyush Goyal, constituted a Textile Advisory Group under the Chairmanship of Shri Suresh A Kotak.

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In a joint Press Release issued here today, Mr.T.Rajkumar, Chairman of Confederation of Indian Textile Industry (CITI), Mr.Manojkumar Patodia, Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL), and Mr.Ravi Sam, Chairman of The Southern India Mills’ Association (SIMA), who attended the stakeholders meeting, have highly appreciated the unstinted efforts constantly taken by the Hon’ble Union Minister of Textiles, Shri Piyush Goyal.

They have said that India has to adopt global best practices to improve cotton productivity and quality and also brand the Indian cotton and textile products for the benefit of all the stakeholders in the cotton textile value chain including the farmers as stated by Shri Piyush Goyal.

They have said that the stakeholders should come together in a mission mode for holistic growth of the cotton textile value chain in India as advised by the Textile Minister.

The strategy to have testing facilities from Farm to Industry and also the production of clean and contamination-free cotton would soon enable the country to brand the Indian cotton and its textile products on par with any other international cotton.

Explore: Fashion Brand News l Apparel News l Lifestyle News l Retail News l Textile News l Trade News l Startup News

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Trade 26-07-2022

SOURCING at MAGIC: August 7-10

09 August 2022, Mumbai:

SOURCING at MAGIC Las Vegas August 7 - August 10, 2022.

SOURCING at MAGIC Las Vegas Hybrid Event is all about commerce and content giving fashion businesses, brands, and sourcing professionals the opportunity to connect and collaborate with a global community of manufacturers, suppliers, and service providers - both in-person and online.

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SOURCING at MAGIC Las Vegas gives sourcing experts access to our established international community of global manufacturers, suppliers, and service providers. Access the latest in cutting-edge fashion technology, sustainable resources, educational content, networking, and extended visibility into the industry’s most critical global issues.

INDUSTRY INSIGHTS & EDUCATION Sourcing at Magic fair is all about commerce and content, see below for key articles and business resources.

(Credits: SOURCING at MAGIC, Website)

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Trade 10-08-2022

Welspun’s Q1FY’23 results reported

01 August 2022, Mumbai:

Welspun India’s total income surged to Rs 19,790 million in the first quarter (Q1) of fiscal 2023 (FY23) ended June 30, 2022.

The company reported revenues of Rs 18,521 from its home textiles segment while revenues from the flooring segment increased to Rs 1,694 million.

ALSO READ Welspun India’s Q1FY’23 results reported

The company’s EBITDA grew 8.8 percent to Rs 1,736 million. Its core business EBITDA grew to Rs 1,716 million and its EBITDA margin stood at 9.3 percent.

The net debt of the company grew to Rs 21,392 million as of June 30, 2022, as opposed to Rs 22,289 million as of March 31, 2022. The company has expanded its footprint to over 7,833 outlets and 495 towns.

The company completed the expansion project at Anjar started last year, increasing the facility towel manufacturing capacity by 7 percent to 90,000 MTPA. The balance flooring and advanced textiles CAPEX will conclude towards the end of the second quarter of FY23.

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Trade 01-08-2022

NCLT: Insolvency proceedings initiated against Future Retail

20 July 2022, Mumbai:

A company court on July 20 allowed a consortium of lenders, led by Bank of India, to initiate insolvency proceedings against debt-laden Future Retail. The order was pronounced by the Mumbai bench of the National Company Law Tribunal (NCLT).

The two-judge bench of Pradeep Narhari Deshmukh and Shyam Babu Gautam also said that Vijaykumar V Iyer of Deloitte will be appointed as the interim resolution professional of the company.

ALSO READ Alternative plan may help Future Retail lenders recover dues, minimize damage

The NCLT's order goes against US online retailer Amazon, a shareholder in Future Coupons. Amazon had alleged that the Bank of India’s petition to initiate insolvency proceedings against the Indian retailer was "malicious."

It had also alleged that lenders to Future Retail, including Bank of India, were colluding with Future Retail by initiating the sale of the distressed company’s assets to Reliance Retail.

(Money Control Report)

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Trade 20-07-2022

SIMA TEXFAIR 2022: SUCCESSFUL EXPO

08 August 2022, Mumbai:

SIMA TEXFAIR 2022 – SUCCESSFUL EXPO CONDUCTED AT THE RIGHT TIME.

The Southern India Mills Association (SIMA), the single largest employers’ organization representing the entire textile value chain in the country, located at Coimbatore organized the 13th edition of SIMA Texfair 2022 – the largest expo of textile machinery, spares, accessories, and other supporting services during June 24-27, 2022 at CODISSIA Trade Fair Complex, Coimbatore.

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The Expo was formally inaugurated by the Hon’ble Union Minister of Commerce & Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Shri Piyush Goyal on 25th June 2022.

south india mills association coimbatore Chairman Shri Ravi Sam welcomed the Chief Guest, Shri Piyush Goyal. In his Chief Guest address, Shri Piyush Goyal highly appreciated the innovative capabilities and entrepreneurial skills of the people of Tamil Nadu especially the twin cities viz., Coimbatore and Tiruppur.

Shri Piyush Goyal highly appreciated the efforts taken by The Southern India Mills’ Association in organizing the Texfair event with world-class standards and providing opportunities for several hundreds of MSME manufacturers to develop import substitution and enhance the competitiveness of the Indian textile industry.

Dr L Murugan, Hon’ble Minister of State for Information & Broadcasting, highlighted the numerous policy initiatives taken by the NDA Government led by Hon’ble Prime Minister, Shri Narendra Modi.

Shri R Gandhi, Hon’ble Minister for Handlooms & Textiles, Government of Tamil Nadu in his Guest of Honour address appreciated the support extended by the Union Government.

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Trade 10-08-2022

Meolaa bolsters footwear offering with Neeman’s

30 July 2022, Mumbai:

E-commerce platform Meolaa has bolstered its footwear offerings by onboarding sustainable footwear brand Neeman’s.

ALSO READ Footwear brands Neeman and GoKwik announce tie up

RELATED NEWS . Meolaa Onboards Neeman

This partnership with Neeman’s will motivate the retail industry and help us proliferate an inclusive and environmentally friendly lifestyle one step at a time, by building an eco-friendly community working towards a sustainable tomorrow, says IshitaSawant, Founder.

As the world progresses towards sustainable living, Indian customers are also increasingly gravitating toward Neeman's sustainable footwear, adds TaranChhabra, Founder and CEO, Neeman. The partnership with Meolaa would help Neemanreach directly with a faster turnaround time, he adds.

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Trade 30-07-2022

Source Fashion Launches to replace Pure Origin

19 July 2022, Mumbai:

SOURCE FASHION LAUNCHES TO REPLACE PURE ORIGIN From field to fashion, responsibly sourced.

From February 2023, Source Fashion will replace Pure Origin as part of a brand evolution reflecting a new vision for sustainable, ethical, and inspirational material and textile sourcing.

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From raw materials and trims to fabrics and packaging, Pure Origin, which runs alongside Pure London, has brought inspiration to designers and buyers around the world. With an urgent need for retailers to adopt a diversified, transparent, and ethical supply chain, Source Fashion becomes the gateway to UK retail and sets the new standard for how inspiration, collaboration and awareness will shape the future of responsible product sourcing, from the field to fashion.

Source Fashion will debut on the 12th – 14th of February 2023 and is set to be a leading sourcing destination amongst the European buying community.

Connecting buyers and manufacturers and raw material suppliers, Source Fashion will bring its vision to life with new values:

Responsibility

Sustainability

Inspiration

Suzanne Ellingham, Director of Sourcing at Hyve Group said: “We believe that Source Fashion represents an important step change in responsible sourcing that the Fashion community craves.

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Trade 19-07-2022

Source Fashion Launches to replace Pure Origin

Gartex: Fabric To Finish Solutions

04 August 2022, Mumbai:

Gartex Texprocess India: Fabric To Finish Solutions For Manufacturing Value Chain.

The exhibition is to be inaugurated by Textile Secretary, Ministry of Textile (MoT) U.P. Singh today at Pragati Maidan, Delhi. The event is to go on till August 6th, 2022.

ALSO READ Gartex Texprocess, Delhi: Edition to be bigger than ever

It is focused on the theme of environmental protection through the display of sustainable innovations & techniques.

The event is hosting over 200 exhibitors & is supported by the Ministry of Textile, along with other supporting associations Fabexa, The Confederation of Indian Textile Industry (CITI), Denim manufacturers Association (DMA), The Textile Association (India) TAI & The Gujarat Garments Manufacturer Association (GGMA).

Gartex Texprocess India has established itself as the trendsetter for India's Textile & Apparel/Garmenting industry.

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Trade 04-08-2022

Be part of the solution not part of the pollution

28 July 2022, Mumbai:

Fabrica X relaunches as Innovative Impact Retail Store.

Fabrica X is a go-to Impact Retail Store. In addition to exciting new shopping opportunities, visitors can also enjoy pop-up exhibitions and interactive workshops all under the theme of sustainability. The idea is to inspire visitors to develop a more environmentally conscious lifestyle, and that their decisions on purchase and consumption all matter substantially to the planet we live in.

ALSO READ The Mills Fabrica Debuts New Visual Identity To Mark Global Expansion

Upcycling ocean plastic waste into valuable daily products From July to October, we are bringing the “The Ocean Material Recycling Workshop”, through the experience of using a small recycling machine to convert marine plastic waste into daily necessities, such as flower pots, coasters, etc, we aim to raise public awareness of millions of tons of plastic waste hidden beneath the ocean surface and its impact to the environment and human health.

Where is the plastic from?

Plastics used in the workshop are collected from around Hong Kong from HSBC Clean Waterways Programme’s four zero-emission, solar-powered boats.

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Trade 28-07-2022

India, UAE: Industry body to promote cooperation

18 July 2022, Mumbai:

Aimed at boosting trade ties between India and the United Arab Emirates, a new industry body The Indo-UAE Economic Chamber of Commerce was launched here on Sunday, officials said.

A memorandum of understanding was signed between MM Gems and Jewellers, and Majestic Investment, United Arab Emirates in this connection, a press release issued on Sunday said.

ALSO READ India and the UAE have signed a historic CEPA, which will promote textile and garment exports

According to UAE-based Majestic Investments representative Sheikh Majid Rashid Al Mualla, the trade between the two countries grew to USD 59 billion in 2019 from USD 180 million in the 1970s.

The majority of sectors are focused on increasing trade between the two countries including the services sector, sea transport, power, and construction, among others.

CREDITS: ET (The news article has not been edited by DFU Publications staff)

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Trade 18-07-2022