Apparels

The Union Budget introduced a separate HS code for platinum alloys to address illegal gold imports under the CEPA with UAE. This measure aims to prevent the import of gold disguised as platinum alloy, ensuring fair play in the industry and eliminating loopholes exploiting lower import duties.

Canada has announced a 25 per cent tariff on US apparel imports, effective February 4, 2025, as part of a $155 billion retaliatory package against US trade measures.
The move targets $30 billion in goods, including clothing, footwear, and beverages, with $125 billion more under review.
Ministers LeBlanc and Joly vowed to protect Canada’s economy while warning of US supply chain disruptions.

Cambodia has strengthened its position in the Spanish garment market, becoming the fifth-largest supplier with a 7.42 per cent share in January–October 2024.
Imports from Cambodia rose 38.73 per cent to $1.298 billion.
Spain’s total apparel imports fluctuated from $19.4 billion in 2019 to $16.256 billion in 2020, then rebounded to $22.006 billion in 2022.

H&M CEO Daniel Erver emphasizes the need to enhance quality and trendiness of their clothing to stay competitive in the fast-fashion market. The retailer is investing in marketing strategies, including partnerships with pop stars and social media influencers, to attract younger, fashion-conscious consumers and improve market share against competitors like Zara and Shein.

India and Oman are strengthening bilateral ties through the Comprehensive Economic Partnership Agreement (CEPA), now in advanced negotiations.
Despite efforts, textile trade remains minimal.
India’s apparel exports to Oman declined post-2019, reaching $52.253 million in 2024.
Fabric and home textile exports also fluctuated.
Ministers aim to expedite CEPA for enhanced trade and investment.

India’s textile sector faces challenges like limited FDI, reliance on imported machinery, and a preference for cotton over manmade fibre, affecting competitiveness. The industry’s fragmented nature, dominated by MSMEs, increases logistical costs. The Economic Survey 2024-25 highlights the need for technological advancement and skills to turn India into a global textile powerhouse.

Kalyan Jewellers reported a significant 21.23 per cent increase in consolidated net profit to Rs 218.68 crore in Q3 of FY 2024-25, driven by robust sales. Total income rose by 40 per cent to Rs 7,318.19 crore, and the company plans to launch 45 new showrooms in India this quarter.

As the seventh most climate-vulnerable country, Bangladesh needs urgent steps to mitigate risks of job losses, reduced competitiveness and heightened vulnerability to climate shocks, a report commissioned by Laudes Foundation and H&M Foundation said.
A holistic approach is needed to decarbonise, build resilience and secure the long-term competitiveness of the textile and apparel sectors, it noted.

Retail Budget 2025: Despite some positive developments, consumer demand remains subdued in volume terms, and jewellery retailers are calling for further interventions in the upcoming budget.

VF Corporation has reported $2.83 billion revenue in Q3 FY25, a 2 per cent YoY increase.
Net income reached $167.8 million, reversing a $42.5 million loss last fiscal.
The North Face grew 5 per cent, while Vans fell 9 per cent.
Wholesale rose 8 per cent, but DTC declined 3 per cent.
9M revenue fell 4 per cent. For Q4 FY25, revenue is expected to drop 4-6 per cent.