Apparels

Rupesh Jain, previously with Candere and Kalyan Jewellers, has introduced Lucira, a lab-grown diamond jewelry brand, catering to modern consumers. Lucira emphasizes rings for engagements, weddings, and anniversaries, blending design, ethics, and digital convenience.

The CBDT has mandated a 1% TCS on luxury goods exceeding ₹10 lakh, effective immediately. This includes items like handbags, watches, and collectibles. The move aims to curb black money, enhance transparency, and improve oversight in the luxury market by tracking high-value transactions often obscured by opaque pricing and cash payments.

This follows four consecutive years of over 20% revenue growth, which has expanded the industry 2.5x since FY21, even as volumes remained subdued amid elevated prices and constrained consumer budgets. “Despite rising prices, we expect another year of strong revenue growth, supported by premium realisations, continued formalisation, and deeper penetration in Tier 2 and 3 cities,” said Himank Sharma, Director, Crisil Ratings. “However, ticket sizes are likely to remain constant, leading to lower caratage and grammage.”

Puma met its 2024 sustainability goal by making 9 out of 10 products from recycled or certified materials, including 75 per cent recycled polyester and 13 per cent recycled cotton.
The company reduced emissions by 17 per cent in its supply chain and 86 per cent in its operations.
Puma also raised workers’ pay to 66 per cent above minimum wage and trained 290,000 employees on harassment.

Titan navigates high gold prices during Akshaya Tritiya by prioritizing value-led growth over volume. The company is addressing consumer price anxieties with initiatives like region-specific wedding collections, diamond jewellery focus, and the Rivaah Aashirwad gold rate lock-in program. While investment-led purchases remain strong, Titan is also pushing lightweight and 18K jewellery to cater to price-sensitive buyers, particularly in North India.

Despite rising gold prices, Indian organized jewellery retailers anticipate a revenue surge of 13-15% in fiscal 2026, according to Crisil Ratings. While sales volume may decline by 9-11%, higher prices and strategic promotions in Tier 2 and 3 cities will drive growth. Increased costs will be offset by inventory gains, boosting operating profitability.

Ghana plans to set up three garment units, each capable of offering 3,000 jobs per shift, creating 27,000 jobs under the 24-hour Economy Policy, according to the country’s Minister of Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare.
It intends to collaborate with the private sector in the effort.
A top priority this year is to pass the Business Regulatory Reform Commission Bill, she said.

In a significant setback for Mehul Choksi, wanted in connection with the $2-billion Punjab National Bank fraud, a Belgian Court has denied his bail plea, citing concerns about him evading law enforcement. The court highlighted Choksi’s history of fleeing India and acquiring Antiguan nationality, dismissing his health concerns and rejecting the offer of a GPS tracker.

Retail prices touched ₹1,03,000 for 10 gm of gold with a 3% goods and services tax (GST), an occurrence which does not augur well for sales on Akshaya Tritiya, an annual Hindu and Jain spring festival when it is considered auspicious to buy gold. Akshaya Tritiya falls on April 30 this year.

Inditex, the parent company of Zara, disclosed that Trent, its Indian partner, has the option to sell its stakes in their Zara and Massimo Dutti joint ventures. Inditex also holds the right to purchase Trent’s shares. Zara, with 23 stores in India, faces increasing competition, with H&M surpassing it in revenue through aggressive expansion and lower prices.