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‘Saree’ out of excise duty ambit; brings cheers to textile traders

The Indian saree, whether it is made of six metres of fabric or undergone a designer makeover with embellishments and embroidery, will not face excise duty now as the Government of India has declared that the saree won’t be classified as a ‘Ready-made Garment’, which would have attracted tax. It may be mentioned here that branded ready-made garments and textile products with a retail price of over Rs. 1,000 attract excise duty at rates of […]

March 20, 2017

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KSIC to get second silk weaving factory

Karnataka Silk Industries Corporation (KSIC) is all set to get second composite silk weaving factory in its premises in Mysuru. The factory to be set up at cost of Rs. 24 crore will house common facilities for silk-twisting, fabric dyeing, and common effluent plant for the benefit of weavers. The factory is expected to come up on 10 acres of land at Belavadi on the outskirts of Mysuru. A fund of Rs. 5 crore has […]

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India’s TEA hails TN Govt. for tax-free budget

Tirupur Exporters Association (TEA) of India has expressed happiness over Tamil Nadu Government’s move to present a tax-free budget. D Jayakumar, Finance Minister of Tamil Nadu presented the 2017-18 budget in the Assembly today. Welcoming the move, TEA President Raja M Shanmugham said that the people will get benefit after implementation of the schemes announced in the budget. “The allocation of Rs. 2,000 Crore for the Tamil Nadu Infrastructure Development Fund (TNIDF) would be helpful […]

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Textile workers in Ghana to stage protest on March 9

Upset over the recently announced Budget for the fiscal 2017, Textile and Garment Workers Union of Ghana Trades Union Congress (TUC) has decided to stage protest on March 9. The TUC has termed the Budget – not a textile and garment industry-friendly one. “Nothing has been announced for manufacturing in the Budget; they are just making fun of everybody,” General Secretary of Textile and Garment Workers Union, Abraham Koomson was quoted as saying. Finance Minister, […]

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Textile industry welcomes Union Budget 2017-18

Union Finance Minister of India, Arun Jaitely, has presented the much-awaited Union Budget today in the Parliament. Textile and apparel industry was hoping for some good announcements as this sector is claimed to be the worst-hit ones of the economy due to demonetization and the Budget has not disappointed them. MSMEs having turn over below Rs. 50 Crore are likely to get benefits with cut in Corporate Income Tax by 5%. Previously, the tax rate […]

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Rwanda Budget ’16-17: Focus on Textile, Garment & Leather Industry

Presenting the RWF 1,949.4 billion Budget in the Parliament last week, Rwanda’s Minister for Finance and Economic Planning, Claver Gatete, announced that 27 per cent of the total money will be allocated to economic transformation with key focus on sectors textiles, garments and leather industry, agriculture export crops, trade and investment facilitation, etc. Also Read – Bangladesh Budget ’16-17: FM proposes VAT & customs exemptions for handloom sector While used shoes and clothes suffered a […]

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Gap Inc. issues October and Q3 sales results

As per Gap Inc.’s quarterly report states that net sales for the four-week period ended October 31, 2015 were US $ 1.20 billion compared with net sales of US $ 1.26 billion for the four-week period ended November 1, 2014. As per Gap Inc.’s quarterly sales report, its net sales plunged by 3 per cent to Gap Inc.’s quarterly earnings of US $ 3.86 billion compared with US $ 3.97 billion for the third quarter […]

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Quest opts for Centric 8 PLM suite

Columbia-based apparel retailer Quest has selected Centric 8 PLM suite, to back its product development, sourcing, materials management, quality management and merchandise planning. This will enable the retailer to get better control over raw material costs and budget management. Olga España, Director-Projects & Processes, Quest, said, “Centric 8 will also improve visibility, enable better decision making, assure product quality, and allow Quest to make “go/no-go” decisions earlier in order to mitigate losses. Improving our quality […]

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$2.80 daily minimum wage from September 1

After two years of often acrimonious debate From September 1, Myanmar has set a minimum wage of 3,600 kyat (US $2.80) for an eight-hour work day. The current daily minimum wage is 3,000 kyats (US $2.59). The step is expected to boost investment in the fast-growing country’s garment industry as well as motivation for workers. It did not mention overtime compensation. Buyers like H&M, Gap have pushed for creation of a minimum wage. Now Myanmar’s […]

August 31, 2015

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A group of Thai garment and textile businesspersons to visit Vietnam

Over 400 Thai garment, textile and footwear businessmen will soon be visiting Vietnam to understand Vietnamese consumption demands and explore market potential. Malinee Harnboonsong, Director, Thai Trade Centre said, “Thai trade and investment agencies have funded their participation in fairs and exhibitions, and encouraged exchanges between enterprises in both countries. The businesses have already spoken to hundreds of local firms in HCM City.” Vietnam and Thailand are aiming to increase bilateral trade value to US […]

August 28, 2015

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4.1 per cent growth in sales for second quarter of 2015 reported by JCPenney

JCPenney Company, Inc. reported net sales of US $ 2.88 billion, an increase of 4.1 per cent from the same period previous year, when it reported sales worth US $ 2.80 billion. The company’s top performing merchandise divisions for the quarter were Menswear, Home, Sephora, and Fine Jewellery. Although the central and western regions of USA performed best and contributed the most to sales, all other regions too experienced better sales compared to same period […]

August 26, 2015

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Adidas Group’s sales increase 9 percent in Q1

In the first quarter of 2015, Adidas Group sales increase 9 per cent on a currency-neutral basis while revenues in euro terms grow 17 per cent to a first quarter record of € 4.1 billion while gross margin stable at 49.2 per cent. Enthusiastically there is double-digit growth in Western Europe, Greater China and MEAA.  Group revenues grew 17 per cent to € 4.083 billion in the first quarter of 2015 from € 3.480 billion […]

May 6, 2015

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American Apparel Inc. is laying off about 180 employees

As American Apparel Inc. tries to engineer a comeback in the midst of worker discontent with new management, it is laying off about 180 employees, most of the job losses are coming from its manufacturing operations in Southern California. “It’s a tough day; we’re in a turnaround. This is a company that hasn’t made money in years,” said Paula Schneider, who took over as chief executive in January. American Apparel has racked up about US […]

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Aditya Birla Chemicals and Grasim merge

The merger proposal of the Aditya Birla Chemicals (India) Limited (ABCIL) for the swap ratio of 1 share of Rs. 10 each of Grasim for every 16 shares of Rs. 10 each of ABCIL has been approved by Grasim’s BoD. Grasim will issue Rs. 14.62 lakh new shares, which will increase its share capital to Rs. 93.31 crore, a press release from Grasim informed. With an installed capacity of around 452,500 tonnes per annum, Grasim is […]

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Abaca fibre may see 5.7 per cent growth in global demand in next 5 years

Philippines abaca fibre may witness growth of 5.7 per cent in global demand, as per the TechSci – global market research and consulting company. From January to August last year, Philippine abaca exports expanded by 57.4 per cent to US $ 79.3 million, from US $ 50.6 million recorded in the same period in 2013 on the back of sustained demand for the crop in the country’s major markets, the Fibre Industry Development Authority – […]

February 3, 2015

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