Apparels

India’s luxury market is experiencing rapid growth, attracting global brands seeking new opportunities beyond China. Rising wealth, increased disposable incomes, and a growing appetite for premium goods are fueling this expansion. Brands are adopting online strategies and tailoring offerings to Indian preferences, anticipating India to become a major player in the global luxury landscape.

Vince Holding Corp has reported net sales of $80.2 million in Q3 FY24, down 4.7 per cent YoY, with gross profit improving to 50.0 per cent of net sales.
SG&A expenses were $34.3 million, and income from operations rose to $5.8 million.
Nine-month sales were $213.5 million, with net income of $9.3 million.
FY24 sales are expected to decline slightly.

Isak Andic, the founder of Spanish clothing retailer Mango, one of Europe’s largest fashion groups, with nearly 2,800 stores worldwide, died Saturday in an accident, the company said. “It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango,” the Barcelona-based company’s CEO, Toni Ruiz, said in a statement.

The Netherlands-based G-Star partnered Genesis Luxury to enter India a decade ago and came into Reliance’s fold after it bought Genesis in 2017. Reliance Brands also bagged exclusive distribution rights for Replay, owned by Fashion Box, in 2018, adding to its extensive denim portfolio, which includes brands such as Gas, Diesel, Armani and Superdry.

Cambodia’s garment, footwear, and travel (GFT) goods exports surged 25.23 per cent year-on-year in January-November 2024 to $12.51 billion, comprising 52.3 per cent of total export earnings, as per GDCE data.
Key categories like knitted and non-knitted apparel, footwear, and travel goods saw robust growth.
Employing nearly one million people, the GFT sector remains vital to Cambodia’s economy.

India and Norway are expanding their economic ties, with recent discussions on cross-sector growth at a ministerial meeting in Mumbai.
Although India remains a key textile supplier, its share in Norway’s imports has diminished slightly compared to last year.
The country stands as the fifth-largest supplier of apparel and the second-largest in home textiles to Norway.

Cambodia is on track to graduate from its status as a LDC by 2027, which will alter its economic landscape significantly, especially in the textile trade.
The transition is likely to have a grave impact on Cambodian garment trade as it may result in losing preferential tariff rates and facing stricter Rules of Origin for Cambodia, impacting key export markets such as the EU, Japan, and Canada.

The SFIO dropped charges against 60 individuals and entities, including Nirav Modi’s family and Punjab National Bank, in the Gitanjali Gems fraud case. Proceedings continue against Mehul Choksi and Nirav Modi. The NCLT lifted restrictions on the discharged parties’ assets. Gitanjali Gems is under liquidation with liabilities exceeding ₹12,558 crore.

Cambodia’s apparel exports soared by 25.85 per cent to $8.94 billion in the first eleven months of this year, accounting for over a third of the nation’s total foreign income.
Growth in both knitted and non-knitted garment exports reflects strong global demand, showcasing the sector’s resilience in the face of international economic pressures.

Bluestone, a jewellery retailer, has filed for an IPO, aiming for a valuation of ₹12,000-13,000 crore. The IPO will comprise ₹1,000 crore in new shares and ₹2,000-2,100 crore from existing investors. This represents a significant jump from its ₹8,100 crore valuation in August. Strong investor interest in the jewellery retail sector fuels this increase.