Italy to host ITMA

ITMA will be held in Milano, Italy, June 8 to 14, 2023. This is a textile machinery trade show attracting leading textile and garment manufacturers from around the world. Held every four years, ITMA has become a platform for emerging trends and innovative solutions, new knowledge and best practices, and establishing relationships with textile industry leaders.As the world’s most established showcase of its kind, ITMA is the platform for the industry to buy and sell, and to collaborate face-to-face.

The last show took place in 2019. The industry has been very supportive of the event and strong participation is expected. More than 1,570 exhibitors from 42 countries are expected. Italy, Germany and Spain form the top three countries based on the number of exhibiting companies and the top sectors are finishing, spinning, weaving, printing, knitting, winding and nonwovens. A number of exhibitors have taken up a larger stand surface. On an average, there has been a more than ten percent increase in the space booked by exhibitors.

Start-ups are being offered a useful platform to put their innovations in front of a global audience, to find investors and collaborators, and to leverage industry connections and professional networks.

Aditya Birla Q3 profit down 92 per cent

For the third quarter Aditya Birla Fashion and Retail’s profit fell by 92 per cent.

Soaring marketing expenses hit the apparel retailer. The period saw an increase in marketing investments post a hiatus of more than two years since Covid as the company reinvigorated its focus towards brand building and strengthening consumer connect.

Total expenses rose more than 31 per cent outpacing a nearly 20 per cent rise in revenue from operations. The Birla group company has been investing heavily to build its store presence by partnering with several local and international brands such as high-end wedding wear label Sabyasachi, French luxury retailer Galeries Lafayette and emerging local names Bewakoof and BerryLush.

Meanwhile, sales at its Madura Fashion and Lifestyle unit more than doubled. Revenue from the Pantaloons business, which the group bought from Future Group, rose about 8.7 per cent. Pantaloons was hit by sluggish growth in smaller towns, transient inflationary pressures in the value segment and a slip in sales after the Hindu festival of Diwali mid-November.

Aditya Birla Fashion and Retail which has an elegant bouquet of leading fashion brands and retail formats houses brands such as Allen Solly, Pantaloons and Van Heusen. Aditya Birla remains optimistic about the overall consumption of fashion products for the rest of the year.

Raymond Q3 profit down four per cent

before interest, taxes, depreciation, and amortization (ebitda) slumped 31 per cent. The home textile business, which accounts for 94 per cent of the group’s revenue, faced a 22 per cent fall in revenue, while ebitda margins for the segment contracted to 11 per cent. Overall revenue dropped nearly 23 per cent.

30, 2022. Net profit / loss wasRs51.87 crores for the period ended December 31, 2022, as against net profit / loss of Rs 80.13 crores for the period ended September 30, 2022.EPS was Rs 11.07 for the period ended December 31, 2022, as compared to Rs 17.10 for the period ended September 30, 2022.

Total income was Rs 515.34 crores during the period ended December 31, 2022, as compared to Rs 571.84 crores during the period ended December 31, 2021. Net profit / loss was Rs51.87 crores for the period ended December 31, 2022, as against net profit / loss of Rs 68.55 crores for the period ended December 31, 2021.EPS was Rs11.07 for the period ended December 31, 2022, as compared to Rs14.64 for the period ended December 31, 2021. Total income was Rs1567 crores during the nine month period ended December 31, 2022, as compared to Rs1299.44 crores during the nine month period ended December 31, 2021. Net profit / loss was Rs162.85 crores for the nine month period ended December 31, 2022, as against net profit / loss of Rs134.06 crores for the nine month period ended December 31, 2021.EPS was Rs 34.75 for the nine month period ended December 31, 2022, as compared to Rs28.60 for the nine month period ended December 31, 2021.

For the third quarter Raymond’s net profit fell by four percent compared to the yearago period. Revenue for the quarter rose by 18 percent as against the corresponding period of the previous fiscal year. Expenses during the quarter shot up by 17 percent as compared to the year-ago period. But the company continues to leverage the buoyancy in domestic markets as the festivities added to the fervour of good consumer demand leading to delivering the highest-ever revenues in a quarter. This was the fifth straight quarter where Raymond registered strong performance and overall generated free cash flows to further deleverage the balance sheet to below Rs 1,000 crores of net debt levels.

Raymond is one of India’s leading textile and apparel business group with brands like ColourPlus, Park Avenue, KamaSutra, and Ethnix, among others. The business also offers textile and custom tailoring solutions. Raymond, a wool mill near Mumbai set up in 1925, originally supplied blankets to armed forces in the country. The brand known for its textile business has also diversified its business in consumer products ranging from shaving creams to condoms and also in technology such as auto parts. Raymond also runs a real estate business selling apartments on the outskirts of Mumbai.

Welspun Q3 profit down 68 per cent

For the third quarter Welspun’s profit fell by 68 per cent. The conglomerate’s earnings

The global environment remained challenging during the third quarter due to inflation and a slowdown across Welspun’s key markets. Textile manufacturers have been grappling with inflation as companies struggle to pass on rising input costs while consumers divert their savings to essentials such as food and fuel. Rising inflation has pushed consumers to scale back spending on discretionary items. Welspun India, a home textile manufacturer, was selected as one of the world’s leading companies for sustainability by the Dow Jones Sustainability Index. Welspun aims at being carbon and water neutral by 2030.

The company manufactures a range of home textile products ranging from towels, bathrobes, bath rugs and carpets, mats, area rugs, carpets, bedsheets, utility bedding and fashion bedding. The company is also engaged in the generation of power..

Siyaram’s YoY financials reveal stronger nine months, weaker Q3

Siyaram Silk Mills’ total income was Rs 515.34 crores during the period ended December 31, 2022, as compared to Rs 645.08 crores during the period ended September

Go Fashion reports strong earning, to stay affordable

Go Fashion India, a top fashion brand for women’s wear, has reported strong earnings for the Q4 of December, with a 24% increase in revenue and a consistent gross margin of 60%. During the quarter, the company opened 35 new exclusive brand outlets, bringing its total to 604.

CEO Gautam Saraogi stated in a CNBCTV18 interview that the company is focused on providing affordable products to its customers and plans to ave its product range at price within Rs 1000.

Go Fashion offers a wide range of affordable fashion products to its customers. With a strong presence in the Indian retail market, the company operates a large number of exclusive brand outlets across the country. The company is dedicated to providing its customers with high-quality fashion products and an exceptional shopping experience

Robust performance for Vedant Fashions on YoY financials

Vedant Fashions’ total income was Rs 451.408 crores during the period ended December 31, 2022, as compared to Rs 256.637 crores during the period ended September 30, 2022.

Net profit / loss was Rs 150.351 crores for the period ended December 31, 2022, as against net profit / loss of Rs 69.02 crores for the period ended September 30, 2022. EPS wasRs 6.19 for the period ended December 31, 2022, as compared to Rs 2.84 for the period ended September 30, 2022. Total income was Rs 451.408 crores during the period ended December 31, 2022, as compared to Rs 396.122 crores during the period ended December 31, 2021. Net profit / loss was Rs150.351 crores for the period ended December 31, 2022, as against net profit / loss of Rs127.803 crores for the period ended December 31, 2021.EPS was Rs6.19 for the period ended December 31, 2022, as compared to Rs5.23 for the period ended December 31, 2021.Total income wasRs1040.110 crores during the nine month period ended December 31, 2022, as compared to Rs783.412 crores during the ninemonth period ended December 31, 2021. Net profit / loss was Rs320.242 crores for the ninemonth period ended December 31, 2022, as against net profit / loss of Rs226.210 crores for the ninemonth period ended December 31, 2021.EPS was Rs13.19 for the nine month period ended December 31, 2022, as compared to Rs9.25 for the nine month period ended December 31, 2021.

VIP Q3 revenue down 12 per cent, profits up

percent as against the corresponding period of the previous fiscal year. During the quarter, Lux was aggressive in investing in advertisement, brand building activities, capacity expansion, and digital outreach. Its brand Onn launched a new website while another brand Lyra launched an app to connect directly to its retailers to enhance its market reach and build a robust supply chain.

VIP’s revenue for the third quarter fell by 12 per cent. Net profit was Rs 5 crores as against a net loss of Rs 2 crores in the year ago period.

VIP Clothing’s results showcase a significant improvement in financial performance in terms of profitability over previous quarters. This was majorly achieved owing to a strategic product mix rationalization by restricting sales of lower margin products and increasing the proportion of higher margin product sales, a strategy which has started to yield preliminary positive results. The company is focused on improving return on equity and return on capital employed, and this is expected to become visible in the coming quarters, beginning from this one. VIP is at the cusp of a major transformational journey and is currently in the process of implementing a strategy to strengthen its brand and expand its presence globally. VIP is one of India’s leading intimate apparel companies providing intimate wear to consumers across various segments under different brands. It has a pan-India presence with a very large distribution network. The innerwear brand will launch new products across both online and offline channels. Since the online channel is growing faster and is going to be a key focus area, some products will be launched exclusively online.

Lux Q3 profit down 82 per cent

For the third quarter Lux Industries’ net profit declined by 82 percent. The company’s revenue for the quarter was down by 31

So Lux’s revenue growth was largely muted on account of volatile raw material prices and lower volume offtake due to delayed winter in major parts of the country. Margin profiles largely remained subdued on account of lower volume offtake at the dealer and distributor level, volatility in raw material prices and previously stocked high-cost inventory.

Going forward the company’s objective will be to moderate the quantum of products lying in the distributor network, replenish the sold material with speed, generate higher inventory turns and enhance incremental margins through superior and timely service. Lux Industries operates brands like Genx, Lyra, and Onn, among many others, and is one of the largest players in the hosiery business.

West Bengal plans mega Textile Park

A 200-acre textile park is coming up in West Bengal. Also dyeing facilities and designing centers will be established to support weavers and exporters in the state. Exports of handloom will be encouraged and supported. Action will be taken for the growth of micro, small and medium enterprises.

A task force may be formed to draft a timebound action plan for better investment in the sector. Around 40,000 weavers and artisans in the state were denied access to loans due to stringent notifications and the state is working on clearing the roadblocks. The state feels that self-certification should be allowed instead of the requirement to submit Permanent Account Number for cash-strapped microentrepreneurs, whose income is far below taxable limits.

The textile and apparel sector in West Bengal provides direct employment to 20 lakh people. Combining both direct and indirect employment that comes to some 50 lakh people. Some 180 handloom clusters employ 86,000 weavers. The entire handloom sector in West Bengal employs six lakh people. Seven textile parks have been planned and in and around Kolkata. Some are already functional like the 300 acre hosiery park in Jagdishpur. West Bengal is among the top five silk producing states of India.

Hosiery imports perturb Ludhiana

The hosiery and textile industry in Ludhiana is perturbed over the imports of cloth, machinery and finished products from other countries like Bangladesh and China in the Indian market. It wants steps to be taken to control imports and confer benefits on the local industries. Hosiery manufacturers say imported products have gained dominance in the Indian market and that no steps have been taken to regulate this flow of imports of under-billed products.

The weak demand for clothes for the cold weather forced the hosiery industry to offer discounts in early December to attract customers at retail counters and clear the stock. Otherwise, big brands in the hosiery sector start offering discounts only in the last week of December or the first week of January. October, November and December are the key months for Ludhiana’s hosiery sector.

Key markets for the hosiery industry are Punjab, Haryana, Delhi, Himachal Pradesh, Uttar Pradesh, Rajasthan, Jammu and Kashmir, Bihar, and some north eastern states. The industry is famous for winter garments like jackets, sweaters, thermals, cardigans, pullovers, inner wear, shawls etc. But there has been a very low demand for garments in this season from wholesalers and retailers. They placed orders only once and have not come back for placing orders for a second or third time

HRX expects 1k cr revenue this year

Ten year old HRX is targeting a revenue total of Rs 1,000 crores in the 2023 financial year.

Hrithik Roshan’s fitness wear brand continues to expand and promote healthy living through exercise. The brand has reached a revenue total of Rs 920 crores and is confident that the growth trajectory will continue.

As far as India is concerned, the idea is to touch 1.5 billion lives across categories. HRX retails with an omnichannel model and is increasing the tech features in its offline offering. HRX is also looking beyond India and increasing its focus on expanding in the Middle East. The brand does sportswear and gear in clothing, but not for professional athletes. Since getting into a physically demanding activity is not easy and comes with a lot of baggage and demand for motivation, HRX minimises those entry barriers for customers by offering smart wearables, bicycles and accessories.

For marketing, HRX relies heavily on user generated content by building a community around fitness online. One product category which HRX plans to increase its market share in is fragrances. The brand has partnered with Baccarose to launch its HRX fragrance category, which it is currently promoting while targeting fitness enthusiasts.

Goat acquires ethnic brand Imara

Imara is a women’s ethnic apparel brand which has a presence in over 70 offline stores. Goat is strategizing concrete opportunities to make Imara available globally.

Goat Brand Labs, an aggregator of D2C brands, was founded in May 2021. Goat works collaboratively with brand founders and empowers them with the right resources to help scale their brands. It empowers brands with strong operational capabilities and supports growth by providing data-driven insights, supply chain expertise, financial planning, and deep expertise in brand building, digital marketing, product development, etc.

Goat, backed by marquee investors, has emerged as the leading aggregator in the fashion and lifestyle space. Goat has a portfolio of fast-growing fashion and lifestyle brands. The vision is to make Indian D2C brands world famous. Imara makes up part of Universal Sportsbiz’s fashion apparel portfolio.

The fashion line has been conceptualized as a contemporary interpretation of the conventional and offers a refreshing take on ethnic designs. Imara finds inspiration in India’s rich heritage and has a progressive take on ethnic wear and the classic ethnic pieces have modern silhouettes. The target audience is a woman who is modern, fierce and independent. The brand loves experimenting with classic silhouettes by adding that contemporary twist so that the woman of today can make Imara a part of her everyday wardrobe.

Homegrown startup Snitch has raised funds for branding and influencer marketing.

Founded in 2019, Snitch manufactures and sells fast fashion clothing for men. The company started as a B2B portal manufacturing daily men’swear for retailers. However, during Covid it restructured its business model and was relaunched as a D2C brand.

Snitch has witnessed tremendous growth and is projecting to close fiscal year 2023 with an annual run rate of Rs 120 crores. Earlier, the company expected to close fiscal year 2023 at Rs 90 crores revenue. In terms of categories, the fashion startup entered into the plus-size category in 2022. The company will be getting deeper into the plus-size category and is also launching a luxury collection and quirky swimwear.

Snitch is a mass premium brand. By end of 2022, Snitch had over 2,500 styles on its website. This 21st-century fashion station and destination for millennials is widely known for its experimental approach that captures world class trends and designs and produces mindful and sustainable everyday drops of the freshest styles.

Snitch’s festive collection has contemporary designs and styles. The idea behind the festive collection is to bring together prints and colors from various regions across India to show the nation’s diversity.

Crepdog Crew raises funds

Crepdog Crew has raised seed funding from marquee investors and industry veterans.

This is a sneaker and streetwear brand. The fresh capital will be used to scale its e-commerce business and community-based retail footprint. The brand which was founded in 2019 has a 6000 sqft store in New Delhi that houses the biggest sneaker wall in India, the widest collection of Indian streetwear designers, a basketball court, a craft coffee café and even a burger shop.

Plans for 2023 include opening a second experiential retail store in Mumbai. Crepdog Crew currently retails more than 40 streetwear brands on its website and 20 brands –exclusively – at its New Delhi store. The company has a focus on curating and nurturing homegrown streetwear fashion talent. The brand has already witnessed 350 per cent year on year growth since its inceptionand aims to further spread its reach by opening more stores across the country.

Its online store delivers over 500 pairs of sneakers per week to customers all across India. The sneaker sector in India, one of the fastest growing sectors in India, is currently growing at 12 per cent to 15 per cent and soon expected to catch up to the global sneaker market.

Mensa raises debt funding

Mensa Brands will raise Rs 300 crores in debt funding.

The business plans to use the funds to acquire new brands and grow its existing brands as well as develop its products, integrate its supply chain, and invest in working capital.

Mensa is pioneering the path to an industryfirst tech-led house of brands with its five breakout category leaders. With this additional capital, Mensa can get serious on growth ambitions.

Mensa Brands was launched in 2021. The business currently has a portfolio of 25 brands in sectors spanning fashion, beauty, homeware, and other fast moving consumer goods. By partnering with direct-to-customer brands, Mensa Brands aims to use its technology and experience to scale them up. Within six months of launching, Mensa Brands was declared a unicorn.

Lux aims at Rs 1000 crore business, gets Jacqueline Fernandez to endorse men’s innerwear

Lux aims at a turnover of Rs 1000 crores by fiscal year 2026. The company had clocked a turnover of Rs 550 crores in fiscal year 2022 and has been growing at a rate of ten per cent to 12 per cent over the last three years. The knitwear brand will beef up its presence in South India. Secondly, it has launched a new category for boys’ innerwear, Lux Cozi Boys.

In fiscal year 2023, the company earned a revenue of Rs 20 crores from this brand, which is only three percent of its total revenue. The target is that by fiscal year 2026, the boys’ innerwear brand should earn a revenue of Rs 100 crores which is ten per cent of its targeted turnover of Rs 1000 crores. Finally, the company sees the need to increase the growth of its men’s innerwear category which is the company’s highest revenue earner. To increase the growth of the men’s wear segment, Lux has roped in Bollywood actress Jacqueline Fernandez to endorse men’s innerwear. This is probably for the first time an actress has been roped in to endorse a men’s wear brand. Lux reduced prices in the December 2022 to January 2023 period as yarn prices have softened and has no immediate plans to increase prices.

Dollar Q3 profit falls by 80 per cent

Khadi startups get incentives

expecting revenue to grow five times by fiscal year 2024 from fiscal 2022. The company will roll out 150 more exclusive brand outlets in the next two years. There will be a focus on new emerging markets to double current exports and increase share in the premium category. Additionally Rupa also plans to launch in the global online market of UAE and increase brand presence across 1000 plus point of sales in the next two years.

Rupa is one of the largest knitwear brands in India that produces innerwear, casual wear, thermal wear, and sleepwear for men, women, and kids. The brand is looking to strengthen its focus on modern trade channels even as it looks to grow its turnover.

Modern trade outlets contribute ten per cent of the company’s total topline and have been clocking double-digit growth. Rupa’s expansion strategy continues in the quest to strengthen its retail footprint nationwide.

V2 Retail Q3 financials report increase in business, fall in profits

For the third quarter Dollar’s net profit reduced by 80 per cent compared to the same period of the last fiscal year. Revenue from operations was down by 25 per cent during the third quarter.

Due to the shift in seasonality and cyclical slowdown in discretionary demand in winter products, coupled with volatile raw material prices and high cost inventory, the company’s third quarter sales and margin were adversely affected. However things are getting stable and channel inventory has also been reduced due to low volume offtake by business partners in this quarter. High inventory cost has also been optimised. With these, the company is expecting good demand in the coming quarters due to early festival sales in the fourth quarter. Marketing spends have also been optimised and the company doesn’t have any major campaigns in the coming quarter.

The innerwear and knitted garment brand based in Kolkata now has 12 exclusive brand outlets across India. The premium product now accounts for around 42 per cent of Dollar’s total turnover and the economy range is around 58 per cent. Dollar’s flagship project Project Lakshya is doing well and has increased the share of revenue contribution in sales from seven per cent to 17 per cent. This has led the company to strengthen its sales force for smoother operations.

Khadi is fast emerging as a new and lucrative start-up avenue in India.

The worth of khadi for entrepreneurship and industry is being realized. There has been a record sale of khadi products and also a manifold increase in export of khadi. The Khadi and Village Industries Commission distributed subsidies to beneficiaries and entrepreneurs spread across the north Indian states of Punjab, Himachal Pradesh, Haryana and Rajasthan and the union territories of J&K and Ladakh. The Khadi and Village Industries Commission through its various programs is generating employment opportunities for artisans at their doorstep in remote areas at a very low cost. There has been a rise in the monthly income of artisans by around 33 per cent and by ten per cent for weavers. Khadi garments and outfits have assumed the status of designer items and elite wear. Uttar Pradesh will provide financial assistance for opening khadi outlets. The subsidy will vary depending on the number of outlets being opened. Those opening 50 khadi oulets will get a Rs 2 crore subsidy. Those opening 100 outlets will get a subsidy of up to Rs 4 crores. The subsidy will increase to Rs 8 crores for 200 or more outlets and Rs 10 crores for opening 500 outlets.

Rupa Q3 net profit down by 91 per cent

For the third quarter Rupa’s net profit fell by 91 percent. The company’s revenue for the quarter was down by 46 per cent as against the corresponding period of the previous fiscal year. Despite the poor performance in the third quarter Rupa is optimistic of posting strong numbers in the coming quarters and is

For the third quarter V2 Retail’s net profit was Rs 9 crores as against Rs 12 crores in the corresponding period of the previous fiscal year.

The company’s revenue for the quarter was Rs 239 crores as against Rs 238 crores reported in the year-ago period. During the March 2022 to December 2022 period, the company’s revenue stood at Rs 645 crores with a net profit of Rs 5 crores.

V2 Retail’s total expenses during the quarter stood at Rs 229 crores as against Rs 223 crores in the October to December quarter of 2021.During the quarter, V2 Retail opened one new store and closed five of its non-performing stores to end the calendar year 2022 with a store count of 99 with a total retail area of 10.59 lakh sq ft. Value fashion retailer V2 Retail was launched in 2001 and retails women’swear, men’swear, and children’s wear. V2 Retail is one of the leading players in the fashion and apparel market. V2 Retail was formerly known as Vishal Retail. It presently operates in Tier II and Tier III cities. V2 Retail offers an unparalleled retail mix combined with value and variety to its shoppers. This fashion avenue gives an extraordinary experience with an embracing portfolio of product offerings. V2 retail believes in offering complete value for money to shoppers through its large variety of smart, trendy, fashionable apparels across categories under one roof.