We’re used to outsourced labor from the U.S. to India, but later this year, Indian textilers Alok Industries will reverse the course. The Mumbai-based textile manufacturer, which counts Wal-Mart and Macy’s among its clients, has announced plans to open a mill in the U.S., citing energy savings. Arun Agarwaal, Alok’s CEO, told the press that the U.S.’s high cotton production was part of … [Read more...]
India’s Raymond Ltd Reports 82% Drop in Profits
May 7, 2013 by
Raymond Ltd, one of India’s leading textile and apparel producers, an proprietors of the 3,000-store Raymond Shop retail chain, has reported an 82% drop in profits for the fiscal year ending March 2013. The company blames high inflation and interest rates, poor market conditions, and internal consolidation. Gautam Hari Singhania, Raymond’s chairman and managing director, told just-style … [Read more...]
H&M Targets India As Next Market Venture
May 3, 2013 by
If India's Foreign Investment Board approves Sweden's H & M's plan to open 50 stores in the populous country, then the world's second biggest apparel retailer will grow larger --and if all goes well, even more profitable. A major incentive for approval is the $130 million H & M intends to spend in India to open their planned 50 wholly-owned stores. "We view foreign investments as a … [Read more...]
Price Soars for India’s Cotton Yarn; Spinners Suffer As Orders Decline
April 28, 2013 by
Recent upturns in the price of cotton yarns from India could squelch exports from that country and take a bite out of its GDP. Fears of the economic damage caused by higher cotton yarn prices swept through the offices of yarn spinners, apparel exporters, and the Indian government, as they all looked for a solution to the problem. "We are losing our competitive edge in the fabric market due … [Read more...]
Indian Business Leaders Will Hire More, Raise Wages in 2013
April 22, 2013 by
The majority of Indian businesses--73%--plan to increase hiring and add new employees in the next twelve months, according to the latest reports from the Grant Thornton International Business Report, which surveys over 3,000 businesses in 44 countries, four times a year. Their most recent survey found that only 36% of employers, globally speaking, planned to grow their rosters. India’s … [Read more...]
Indian Leader Calls for Yarn Price Controls
April 16, 2013 by
Ramagopalan, the leader of the Indian religious and cultural organization Hindu Munnani, has reached out to the Indian central government to encourage them to create a high-level committee charged with fixing the price of yarn. The committee would be tasked with implementing protectionist measures to protect the textile clusters in Tirupur. According to Ramagoplan, recent price moves have made … [Read more...]
Tirupur, India: Exports Up; But Problems Remain
April 8, 2013 by
Textile exports from Tirupur, India – the nation's biggest knitwear center – were up significantly in the first quarter of this year, ending a no-growth previous year and a two-year decline. Driving the increase were sales to old customers and penetrations into new markets over the past year or so. But problems persist in Tirupur, including labor scarcity and reduced energy … [Read more...]
US and Europe Drag Down India’s Garment Exports
April 2, 2013 by
Thanks to a major slowdown in demand from the US and Europe, India's government now expects a decline of over 10.5% in apparel exports by the end of the fiscal year. Garment exports during 2011-2012 fiscal year stood at about $14 billion, but the government in now targeting $12.5 billion for 2012-2013. "The US market is picking up now,” an official from the Apparel Export Promotion Council … [Read more...]
Sourcing The World’s Next Best Cotton Fiber- From Vidarbha, India
March 18, 2013 by
Looking for the top quality cotton fiber? Vidarbha, India, could become the next go-to source. With the biggest plantings and the most abundant yields in the Yavatmal district, Vidarbha will soon provide more bales of "white gold" for India's export trade, and could also become a regional center of textile and garment manufacturing. Venture capital and investments from textile units are … [Read more...]
Textiles Merchants Demand Withdrawal of VAT
March 16, 2013 by
Members of the Textiles Merchants Welfare Association, Vijayawada on Saturday appealed to the government to cancel one per cent Value Added Tax (VAT) on textiles and textile goods. Several political parties from the Opposition have shown their solidarity with the demand of the cloth merchants by visiting the agitation venue on Sunday at Vastralatha in Vijayawada. “One per cent tax would … [Read more...]
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