Textile manufacturers in TN plan hunger strike on Jan 21; CM Stalin urges Centre to curb cotton price, Retail News, ET Retail

Chennai: Tamil Nadu Chief Minister M K Stalin on Wednesday urged the Centre to avert a crisis gripping the powerlooms, apparel and home textile units in Tamil Nadu owing to the 11 per cent import duty on cotton and asked the government to control the rising price of cotton and yarn, and save the industry. These units may soon become unviable resulting in closure and consequent large-scale unemployment and industrial unrest in the State, he said. “I request you to urgently intervene in this matter to resolve this precarious situation that has widespread ramifications,” the Chief Minister said in a letter to Union Textile Minister Piyush Goyal a copy of which was shared with the media here.

“The apparel and garment manufacturers in Tamil Nadu have been representing the grim situation of cotton and yarn price volatility and its adverse impact on the price of fabrics and garments,” the Chief

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Aditya Birla Fashion to acquire 51% stake in brand Masaba, aims Rs 500 cr revenue in next 5 years, Retail News, ET Retail

Aditya Birla Manner and Retail Ltd (ABFRL) on Friday mentioned it will obtain a fifty one for each cent greater part shareholding in common and up to date brand ‘Masaba’ promoted by the foremost designer Masaba Gupta for a money thing to consider of Rs ninety crore.

The Aditya Birla Team has entered into a ‘binding phrase sheet’ arrangement to obtain a fifty one for each cent stake in ‘House of Masaba Lifestyle Pvt Ltd’, a transfer which will strengthen its perform into trend for youthful and digitally indigenous shoppers.

This will also assistance ABFRL to foray into branded elegance and individual treatment section, which presents tremendous opportunities to build distinct, scalable residence-grown manufacturers.

ABFRL has options to scale Manufacturer Masaba via direct-to-customer (D2C) channels in the section, which is rapidly escalating driven by an boost in ladies consumers, a increase in disposable incomes and acceleration in digital influence.

“Manufacturer

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Aditya Birla Fashion and Retail faces data breach on its portal, Retail News, ET Retail

Aditya Birla Style and Retail Ltd (ABFRL) is experiencing a info breach on its portal, and the enterprise is investing the incident.

In the meantime, the enterprise has certain that it will have no operational or business affect on its operations.

The enterprise has engaged forensic protection specialists to examine the info breach incident the place about 5.four million e mail addresses had been introduced on the internet from the portal of the Aditya Birla Group-owned enterprise.

“ABFRL is investigating an information protection incident that entailed unauthorised obtain to its e-commerce database,” explained an ABFRL spokesperson even though confirming the incident.

On the other hand, he also included that there has been no operational or business affect.

“As a professional-lively evaluate, the enterprise has reset passwords of all shoppers and enabled OTP primarily based authentication and taken even more ways to protected obtain to customer and staff information,” he explained.

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Fast Retailing reports record first-quarter performance, Retail News, ET Retail

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Tokyo: Uniqlo operator Quick Retailing posted a history to start with-quarter earnings on Thursday and held its annually forecast unchanged, even as business in the vital current market of mainland China was hit by virus limits.

The Japanese casualwear behemoth mentioned far better-than-expected gross sales and earnings in the a few months to December could largely be discussed by the “increasing diversification” of its business.

While it does not anticipate the distribute of the remarkably contagious Omicron coronavirus variant to dent in general effectiveness in 2021-22, the company sounded a take note of warning above the unpredictable effect of the pandemic.

“We anticipate to reach our first estimates, nevertheless we have complications concerned in making an attempt to predict the future predicament thanks to the world wide distribute of Covid-19,” it mentioned in a statement.

Net earnings for the to start with quarter jumped 33 per cent on-yr

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Garment and leather goods exporters face shortage of workers due to rising covid cases, Retail News, ET Retail

Garment exporters from Noida and leather merchandise exporters from Mumbai, Delhi and Kolkata, are dealing with a lack of workers thanks to soaring covid conditions. In the Noida clothing export cluster, the return of migrant workers has fully stopped with three,000 garment export models dealing with a lack of close to three lakh tailors.

With orders in hand from the US and Europe, exporters are worried how to fulfill their obligations. In the same way, leather merchandise exporters are flooded with orders from world wide marketplaces but soaring covid conditions between workers is building a lack in manpower at the models.

“Earlier, we have been operating at 70 for each cent ability. But now, abruptly, the movement of orders from the US and Europe has increased. The migrant workers have been slowly but surely coming in. But the soaring covid conditions has halted the system and we are in the

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Sanathan Textiles plans Rs 1,300 crore public issue, Retail News, ET Retail

Sanathan Textiles Confined is setting up to elevate Rs 1,200-1300 crore via an initial main give for which it is likely to file a draft crimson herring prospectus (DRHP) with industry regulator, Sebi this week.

The challenge would be a combine of new issuance and give for sale (OFS) for current shareholders, two resources shut to the improvement claimed.

“Edelweiss Financial Services Confined and JM Money Confined have been appointed as book-working direct managers to the challenge,” claimed one of the persons cited over.

Sanathan Textiles did not reply to queries from ET till push time.

According to India Rankings and Exploration (Ind-Ra) report printed in December, Sanathan Textiles’ margin expanded to 17.8% in the first 50 % of FY 2022 owing to larger realisations, reduce raw content costs and the management’s price-reduction initiatives.

The enterprise recorded working earnings (Ebitda) of Rs 260.four crore in 1HFY22 and the company expects

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