Apparels

Exporters in Bangladesh will get cash incentive for shoes and bags made of a mixture of synthetic materials and fabrics under the bond and duty drawback facilities.
The government will offer 3-per cent cash assistance for goods shipped from February 1, 2024, to June 30, 2024.
A 2-per cent cash incentive will also be offered for goods shipped from July 1, 2024, to June 30, 2025.

The Indian government is considering mandatory hallmarking for gold bullion to ensure quality throughout the supply chain. This follows the successful hallmarking of over 40 crore gold jewelry items. Regulations for lab-grown diamonds are also being developed as the sector’s market size is projected to reach USD 134 billion by 2030.

Bluestone’s board has approved an IPO to raise Rs 1,000 crore, with filing expected soon. Proceeds will fund offline store expansion. Founded in 2011, it reported Rs 1,265.8 crore revenue in FY24 and aims to grow its retail footprint to 400 stores.

Aditya Birla Fashion and Retail reported a GST demand of Rs 2.45 crore, comprising tax, interest, and penalty amounts. The company stated that this demand will not affect its financials or operations and considers it maintainable. They are currently assessing potential actions to contest the order, as disclosed in an exchange filing.

Titan Company is raising the base price of its watches to ₹3,000, driven by premiumization trends and rising income levels in India. Despite a profit dip in the September quarter due to customs duty cuts on jewelry, the company’s watch and wearables division saw a 19% revenue increase.

In Jul-Oct 2024, Australia reported a 5.18 per cent increase in apparel imports, reaching $4.548 billion, while textile exports fell by 13.97 per cent from the previous year.
Concurrently, fibre imports and exports also decreased, reflecting a mixed year for the Australian textile industry.
Notably, the month of October showed slight increases in imports of apparel and related products.

Co-founders of Terractive, Raena Ambani and Rahee Ambani-Choksi said, “Our goal has always been to create innovative, high-quality apparel that blends comfort & performance, tailored to the needs of the modern India. This funding will empower us to expand our reach and continue pioneering in fabric technology for everyday movement.”

The Clothing Manufacturers Association of India (CMAI) expresses concern over the proposed GST rate hike on apparel. The CMAI warns that increasing the GST on garments priced between ₹1,500 and ₹10,000 to 18%, and to 28% for those above ₹10,000, could lead to job losses, reduced demand, and industry disruption.

Indian hosiery makers are poised for a 10-12% revenue boost this fiscal year, driven by revived rural demand, export growth, and strong modern trade sales. Increased volume will offset lower sales realizations, while softer input prices and better capacity utilization will improve operating margins by 150-200 bps.

Myntra Jabong and Abercrombie & Fitch Co. partnered to expand the US brand’s reach in India. Myntra Jabong will establish retail stores, e-commerce sites, and digital storefronts for A&F. This collaboration aims to engage new and existing customers in the dynamic Indian market, leveraging Myntra’s extensive user base and technological capabilities.