17 December 2021, Mumbai:

The Confederation of All India Traders (CAIT) on Thursday urged Union Finance Minister Nirmala Sitharaman to ban Chinese e-commerce company Shopee, which it claimed to be operating in India against FEMA Rules and FDI Press Note of 2020.

The traders' body urged the Centre to take immediate cognisance of the matter.

According to the 2020 rule, an entity of any country, which shares a land border with India or where the beneficial owner of investment into India is situated in or is a citizen of any such country, can invest only through the government route.

CAIT accuses the Chinese e-commerce company Shopee of violating the rule.

BUSINESS STANDARD (The news article has not been edited by DFU Publications staff)

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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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16 December 2021, Mumbai:

At Vetements, it's brother to brother: Guram Gvasalia has been named the brand's new creative director, thus succeeding his brother Demna. "Everything has its appointed time." It's time for me to shine! "I took over the brand and chose to step in as Creative Director of the house starting with the FW 22-23 collection," Guram stated in an emotional statement.

Demna had previously labeled himself as the designer of Vetements' most recent collection, which was revealed online on the evening of November 25, thus the news came as a surprise. The collection, which was presented as a digital lookbook and photographed against a backdrop of greenbacks that read 'One Million Dollar,' praised Bitcoin billionaires.

"There have been several attempts in recent years to remove from Vetements what has always belonged to Vetements.

"I understood what I had to do to reclaim Vetements' original birthrights to safeguard our hard work, the codes, and the DNA of Vetements," Guram stated. In 2014, the two brothers – Demna as designer and Guram as CEO – established Vetements as a collaborative in Paris, showcasing the initial collections in quirky homosexual bars and historic cathedrals.

The brand gained international recognition almost immediately for its mix of street flair, excessive volume, and logo quirkiness. Demna was named creative director of Balenciaga in 2015, because of the hype and impact produced by Vetements.

The Gvasalia family was born in Sukhumi, the capital of the Georgian province of Abkhazia, and was forced to escape their birthplace in the 1990s after Russia instigated a revolution in the region, resulting in the creation of a so-called "new state" that has never been recognized internationally. "To me, Vetements is more than a brand. My blood contains its DNA.

However, that is not the main reason I am doing it. True, because I'm a very private person, I could have done it in secret. But I felt compelled to speak up for all the children who aspire to be models but are frightened to tell their parents because they will disapprove.

To all the children who cannot afford to attend expensive design schools with annual tuition rates ranging from $50,000 to $100,000. Those who need to work during the day to make ends meet while learning design at night.

For people who come from low-income backgrounds and believe they will never be accepted into the fashion industry. It's all about me. I'm a displaced person. During the war, my family lost everything. When we fled to Europe, none of us spoke a single language. "We were forced to live in refugee camps," Guram said in the statement.

"Going to fashion school was not an option for me; my parents would never have consented, because my brother was already deemed a lost cause, and I was the family's sole hope for survival." But I want to emphasize to everyone who reads this that none of it should be used to define or restrict your potential. It's crucial to surround yourself with people who believe in you, but that means nothing if you don't believe in yourself. Your past does not define who you are. "Where you came from is your beginning point [sic], not your end destination," Guram continued.

Demna has been primarily gone from Vetements for the past two years, although not officially leaving his position as creative director. Castor and Pollux, the Dioscuri, were benefactors of travelers and sailors who were implored to seek good winds, and Sukhumi is widely claimed as their birthplace.

Prior to designing his first collection for Vetements, Guram served as the firm's CEO, relocating the company from Paris to Zurich reportedly for tax reasons. In a statement released today, he stated that he had spent the last two years "studying and understanding the technical aspects - from pattern making and construction to the theoretical component of design."

Guram's choice to take over the design reins at Vetements frees up his renowned brother to focus on his main job as creative director of Balenciaga, a significant brand inside the massive French luxury conglomerate Kering, which also owns Gucci and Saint Laurent.

Surprisingly, Guram concluded his comments with a jab at big business. "I want to make sure that all of the young people out there understand that you don't need rich parents, an investor, or to sell your soul to giant wicked businesses to succeed — you can do it on your own." With your own ingenuity and desire, you can alter your life," he said.

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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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15 December 2021, Mumbai:

Walmart plans to export $10 billion worth of goods out of India a year by 2027. This is expected to create a network of small and medium enterprises selling to the company’s global buyers and help in the Make-in-India program and accelerate India’s progress as a manufacturing destination that can export to the world.

In India, Walmart employs about 1,40,000 staff, mainly in its Flipkart unit. With the Flipkart acquisition, Walmart also inherited the digital payment company PhonePe, which currently does about 20 billion UPI transactions a year. PhonePe has digitized 25 million small merchants and Kirana stores in India.

Offline merchant transactions on its platform have shown 200 percent growth since last year. PhonePe is probably India’s largest digital payments platform and leads the industry on all key metrics which include value and volume of transactions, registered users as well as merchant coverage.

The Bangalore -based firm now has a merchant network across 15,700 towns and villages, constituting 99 percent of pin codes in the country. PhonePe now has over 335 million registered users.

It is also accepted at over 22 million merchant outlets across India. Using PhonePe, users can send and receive money, recharge mobiles, DTH, pay at stores, make utility payments and also buy and invest in gold and silver.

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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17 December 2021, Mumbai:

India has been traditionally focusing on Cotton textiles whereas the global mill fibre consumption is moving towards Manmade fibre (MMF).

Recognizing the potential for growth and employment in MMF sector, the Production Linked Incentive (PLI) Scheme for Textiles has been formulated with an approved outlay of Rs 10683 crore over a five year period, to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles in the country.

The objective is to enable the Textile sector to achieve size and scale and to become competitive. Increased availability of MMF and MMF yarn will contribute to the overall Growth in the textile industry using mixed fibre/yarn.

The scheme guidelines are under formulation. Proposals shall be invited once the scheme guidelines are notified.

Investment by the Government in the handloom sector is through funding to the eligible handloom agencies/weavers etc. in the form of grants-in-aid for implementation of following handloom schemes (Central Sector Schemes) for development, promotion and modernization of weaving and to increase production in the handloom sector and welfare of handloom weavers across the country: -

• National Handloom Development Programme (NHDP);
• Raw Material Supply Scheme(RMSS)

Under the above schemes, financial assistance is provided for raw materials, Common infrastructure development, marketing of handloom products in domestic/overseas markets, loans at concessional rates, etc.

To promote marketing of handloom products, Handloom Export Promotion Council (HEPC) has been organizing International Fairs in virtual mode. During the year 2020-21, 12 handloom fairs were organized in virtual mode. Besides, domestic marketing events were also organized in different parts of the country for the weavers to market and sell their products.

This information was given by the Minister of State for Textiles Smt. DarshanaJardoshin a written reply in the Rajya Sabha today.

PIB (The news article has not been edited by DFU Publications staff)

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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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16 December 2021, Mumbai:

Clothing and footwear have got expensive for Indian consumers. Due to raw material cost pressures, industry players have had to increase prices by about five per cent to ten per cent across various categories and with the hike, in GST the overall price impact on the footwear sector could range between 10 to 15 per cent this fiscal year.

The GST hike is on items that are priced below Rs1000 and hence the impact will be felt entirely by price-conscious consumers or consumers from poor socio-economic backgrounds.

This is expected to impact consumption and push smaller players to the unorganised segment. The hike in GST rates will adversely impact 85 per cent of the textile and apparel value chain but the challenge of the inverted duty structure is faced only by 15 per cent of the industry value chain.

Industry associations such as the Clothing Manufacturers Association of India (CMAI), Retailers Association of India (RAI), and Confederation of All India Traders have sent various representations to the Centre to reconsider this decision. The textile industry associations also met the Finance Minister recently.

Clothing and footwear is one of the six groups in the consumer price index and has a combined weight of 7.36 percent. It has been on the rise since May this year and in November it reached the highest level after August 2014 when it had touched 8.04 per cent.

Inflation is expected to flare up when the uniform GST rate for the textile and footwear sector comes into effect from January 2022.

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

15 December 2021, Mumbai:

E-commerce in India witnessed an uptick of 77 per cent between 2020 and 2021, says conversation media platform Bobble AI. While Tier I cities dominate the fashion festival figures, transactions in Tier II cities like Jaipur, Guwahati, Lucknow, Kochi, Mysore, and Bhubaneswar are up 82 per cent over the previous year.

Beauty e-commerce apps use grew by 64 per cent whereas fashion e-commerce grew by 368 per cent over the past year. Fashion giant Myntra faced tough competition from its competitive counterparts Meesho, Ajio, and TataCliq.

While almost 46 per cent of all transactions belonged to Myntra during the 2020 festive period, Ajio bagged around 69 per cent of all transactions in 2021.

Despite the fact that Flipkart is dominating in terms of engagement metrics like search frequency and active sessions, Amazon is winning in terms of transactions, significantly less average session times. In the beauty e-commerce segment, Purplle had a 70 per cent growth in active users in the 2021 shopping festival compared to a 50 per cent increase for Nykaa.

There is healthy and fast-evolving competition in the e-commerce market, which bodes well for customers who are looking for high-quality products at affordable prices. Brands are poised to capture growth opportunities.

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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17 December 2021, Mumbai:

The consumer sentiment index in November is far below the pre-pandemic levels though better than November last year, suggesting the economic recovery is excruciatingly slow and uninspiring, the Centre for Monitoring Indian Economy said.

According to CMIE, the index of consumer sentiments in November 2021 was substantially lower at 43% compared to pre-pandemic month of November 2019 though 16.1% higher than it in November 2020. “No other indicator has been as sluggish in recovery,” it saId.

CMIE is of the view that no other economic indicator is as important as the consumer sentiments index because it reflects the well-being of households, their perceived growth in income, their expectation of future income streams and their propensity to spend beyond just essentials.

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

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

15 December 2021, Mumbai:

Bangladesh will achieve an important milestone – 50 years of independence. Little did we know that our country once labelled a ‘basket case’ would within a short 50 years prepare to enter the ranks of middle income.

Stable 6% economic growth rates for over a decade; a dramatic decline in fertility rates from 7 to 2.03; steep declines in infant and child mortality; gender parity in access to education; and a global leader in disaster risk management.

TOI (The news article has not been edited by DFU Publications staff)

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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16 December 2021, Mumbai:

Lagnam Spintex Limited, situated in Bhilwara, has filed a MAT (Minimum Alternate Tax) of Rs. 4.45 crore for the current financial year 2021-22, up 468 percent from the previous year.

The business started in a statement that it had deposited Rs. 3 crore as MAT in its most recent payment and Rs. 1.45 crore in the preceding tranche. In 2020-21, the corporation has deposited Rs. 95 lakhs as MAT.

Lagnam Spintex was founded in 2010 and specializes in the production of high-quality open-end yarn for both domestic and international markets. These yarns may be found in a wide range of clothes, home furnishings, and industrial materials.

Its production complex is 48,000 square meters and has 25,536 spindles and 1,920 rotors for cotton yarn, with a capacity of 35 tonnes per day of high-quality yarn. "It is indeed a great time for us," said Anand Mangal, the company's Promoter and MD. We're doing well because of our devotion to high-quality items."

It's worth noting that the firm was transferred from the NSE Emerge platform to the mainboard of the National Stock Exchange (NSE) in September 2021. The migration took effect on September 30, 2021.

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

15 December 2021, Mumbai:

WIPO's Global Awards program recognizes exceptional enterprises and individuals using intellectual property (IP) to make a positive impact - both at home and beyond their own borders.

The Global Awards program is rooted in WIPO’s mission to ensure a world where innovation and creativity from anywhere is supported by intellectual property for the good of everyone. The awards recognize and support those whose skills contribute to the progress and improve other people’s lives.

Each year, a diverse, independent seven-person international jury with expertise in IP, innovation, and business will evaluate a group of self-nominated candidates from WIPO's the Member States.

About the Inaugural WIPO Global Awards: SMEs

IP in its different forms, ranging from patents and trademarks to industrial designs and copyright, is of immense significance for the economic, social and cultural development of society.

SMEs make up a large share of economies, whether in developed or less developed countries, and are a critical source of innovation and creativity across all sectors, markets and aspects of life.

The WIPO Global Awards Program recognizes the central role of innovative and creative activities of SMEs and recognizes those that have used IP rights to develop solutions that have made a positive contribution to society, economically, socially, or culturally.

https://www.wipo.int/global-awards/en/index.html (The news article has not been edited by DFU Publications staff)

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