Apparels

Extradition proceedings against Mehul Choksi, wanted in the Punjab National Bank fraud case, are set to begin in a Belgian court next Monday. Choksi, who has been residing in Belgium since 2023, faces charges of criminal conspiracy, cheating, and falsification of accounts. India has provided assurances regarding prison conditions to facilitate his extradition.

Several prominent saree retailers from South India, including RSB Retail, Marri Retail, Pothys, and Nalli Silk Sarees, are preparing to launch IPOs in the next 6-8 months, aiming to raise approximately ₹20,000 crore.

Designer Brands Inc has reported net sales of $739.8 million in Q2 FY25, down 4.2 per cent YoY, with comparable sales declining 5 per cent.
Net income was $10.8 million, while adjusted EPS stood at $0.34.
US sales fell 4.8 per cent, Canada rose 0.4 per cent, and brand portfolio plunged 23.8 per cent.
Operating 668 stores, the company withheld its FY25 guidance.

ASOS has signed a legally-binding human rights due diligence (HRDD) agreement with the International Transport Workers’ Federation (ITF) to protect transport workers and strengthen supply chain sustainability.
The pact includes monitoring, remediation, gender equality, and climate action, extending ASOS’ human rights focus into logistics while setting new benchmarks for GNFR supply chain standards.

Associated British Foods anticipates a slight dip in Primark’s underlying sales for the second half, around 2%, due to weakened consumer demand in continental Europe offsetting gains in the UK, Ireland, and the US. The group’s shares fell as they cautioned about continued uncertainty in the consumer environment.

US President Trump confirmed ongoing trade negotiations with India, saying that they will be completed soon. Prime Minister Modi echoed optimism and said talks could unlock the full potential of the India-US partnership, boosting investor sentiment on the D-Street.

Following the US imposition of 50% tariffs, India is targeting 40 countries with a combined textile import market of $600 billion to boost its exports. The government is also leveraging free trade agreements with 15 nations. Despite challenges, India aims to compete globally, striving to increase its current 4% share of the $800 billion global textile market.

Blissclub, the activewear brand, strengthens its leadership. Kshitij Torka is appointed as Chief Business Officer. Sushma R. Rao joins as Head of Marketing. Torka will spearhead business strategy and revenue growth. Rao will manage marketing and consumer insights. These appointments aim to accelerate Blissclub’s mission. The company wants to inspire more Indian women to embrace movement.

If US tariffs continue, ICRA expects the revenues of Indian apparel exporters to drop by 6-9 per cent in FY26 in spite of the implementation of the FTA with the UK and diversion of supplies elsewhere.
ICRA recently revised the outlook on India’s apparel exports industry to negative from stable.
Lower exports and pressure on pricing is expected to contract industry operating margins by 200-300 bps in FY26.

The Indian handmade carpet industry is a significant contributor to the economy, providing employment, directly or indirectly, to over 20 lakh workers and artisans, especially women in rural areas.