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Reimbursement of incentives under the Gujarat Textile Policy 2012, will be limited to sales within the state, and will not cover those made outside, according to the state Industries and Mines Department. A July 7 General Resolution (GR) of the Department states units will not include Integrated Goods and Services Tax (IGST), i.e. GST on inter-state sales. It will be only qualified to avail of reimbursement only for State Goods and Services Tax (SGST).
Textile is the first industry for which the incentive has been announced, while amendment of other policies for replacing VAT incentives with SGST is under process. With the introduction of GST from July 1, 2017, the state government had formed a committee to suggest modalities for SGST incentives. After considering its recommendations, the government has decided to extend SGST incentives in the form of reimbursement under the policy.
The GR also states that the unit shall not be entitled to reimbursement of IGST on inter-state supply, reimbursement of SGST input tax credit utilized for payment of IGST, and reimbursement of IGST input tax credit utilized for SGST payment. Under GST, the tax goes to the state where goods or services are consumed. The tax collected is divided equally between the state and centre.
A large textile process houses would not get any benefit of the policy because of the provision about SGST paid through cash ledger, says GST expert Monish Bhalla. ITC reimbursement is only in case of intra-state supply, which again goes against the ground reality as majority of the large units are either exporting or supplying pan-India. Meena Kaviya, board member of Association of Apparel Manufacturers and Exporters of Gujarat, welcomed the incentives and stated that sops should also be given for sales outside the state.
After many protests textile products were put in the tax bracket of 12 and 18 per cent originally, but majority of the items were moved to GST rate of 5 per cent.
The group makes the complete range of spinning preparation machines for the Indian market and serves customers out of three service centers. In initial years, from 1981 to 1992, the company was mainly concentrated on supplying blow room machines. In 1992, cards were added to the production program and in 2002 draw frames. It was in 2009 that a transition began with supply of the company series of machines to the Indian market under the brand name of Truetzschler. These cutting-edge machines ensure that products and services are of global standards.
For Truetzschler, 2017 was one of the most successful years across the globe. In the spinning sector major markets like India and China invested in spinning whereas new investments also came to Uzbekistan, Vietnam, Pakistan and Bangladesh. The non-woven business also expanded in China and Europe. Spinning and card clothing witnessed significant growth whereas the non-wovens and manmade division was steady.
China continues to be the most dominant market across all business units for Truetzschler worldwide. Currently Truetzschler commands a market share of over 50 per cent in India for blow room machines and cards. Truetzschler is planning to unveil its next round of innovations in products and technology.
For the Q2 Levi Strauss revenues rose 17 per cent. The San Francisco-based company delivered its third consecutive quarter of double-digit revenue growth, driven by the disciplined execution of its strategies and a more diversified portfolio. The iconic brand also quadrupled its net income for the three month period. Net revenues grew 17 per cent, driven by broad-based brand growth across Levi's brands in all regions and channels. The Americas witnessed 11 per cent growth but clocked a five per cent net income decline in the domestic market, on increased retail expansion and advertising costs.
Internationally, Levi’s soared, particularly in the continent, as both Europe and Asia reported gains of 19 per cent and nine per cent. By category, Levi’s direct-to-consumer revenues grew 19 per cent on a solid sales performance and the expansion of its retail network, as well as e-commerce growth. Total wholesale revenues grew 14 per cent reflecting higher revenues in all regions.
Adjusted EBIT grew 15 per cent reflecting the revenue growth and higher gross margins, while operating income increased 22 per cent. The Levi’s brand collectively operated 53 more own stores at the end of the second quarter than it did a year prior.
Kraig Biocraft has opened a new facility in Vietnam. This facility will have capacity, utility and security to support the planned growth in Vietnam through the first phase of operations and will be the launch pad for future expansion on a pre-designated 50 hectare parcel of land located nearby.
The company selected this facility due to its proximity to mulberry production, building layout, condition, utilities, and its proximity to shipping ports and the company’s planned 50 hectare future campus.
Kraig Biocraft Laboratories, based in the US, is a biotechnology company, and a leading developer of genetically engineered spider silk based fiber technologies. The company has achieved a series of scientific breakthroughs in spider silk technology with implications for global textile industry.
Vietnam has been the focus of company’s efforts to launch a commercial scale production of recombinant spider silk, due to the country’s existing silk production infrastructure. Kraig estimates it can produce its recombinant spider silk at prices similar to ordinary silk, given the company a tremendous competitive advantage.
The company has produced the first recombinant spider silk cocoons from the new line of hybrid transgenic silkworms recently created at its production and research facility.
Hyosung has adopted the holding company system. It will serve as the holding company and four affiliates – Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries and Hyosung Chemical – will handle manufacturing and operations. Hyosung will reinforce global competitiveness of the four affiliates by having them as independent entities under the supervision of professional executives. The conversion to the holding company system is slated for completion by the year end.
Hyosung TNC will utilize its unique and highly competitive brand of spandex to tap a variety of overseas markets. Its trading division will raise its international competitiveness based on the company’s cutting-edge marketing infrastructure and knowhow.
Hyosung Advanced Materials seeks to grow into a leading provider of automotive materials focusing on tire reinforcements, including polyester tire cord, car mats, and yarns for automotive seat belts and airbags. The plan is to foster new materials such as aramid and carbon fiber as Hyosung’s next growth engines.
Hyosung Heavy Industries will fully utilize its extensive knowhow and peerless technology in power systems and industrial machinery to reinforce its global competitiveness.
Hyosung Chemical’s vision is to emerge as a chemical substance specialist and develop new growth engines. Hyosung will also hire experts from various fields to significantly reinforce objectivity and transparency.
The Change Fashion Forum and Workshop was held in the US, June 27. This is an event that brings together leaders from the fashion industry, academia, and non-profit organizations to begin the development of a prioritized sustainable fashion research agenda and roadmaps for the priority areas identified in the agenda.
Change Fashion Forum focuses on creating innovation to pioneer the future of fashion and create a new sustainable ecosystem in the fashion industry. This means innovation throughout the entire product lifecycle, toward a circular and regenerative model — changing the way garments are designed, produced, shipped, bought, used, and recycled by introducing disruptive science and technology, and new business models.
The event comprised five working group sessions covering the stages in the circular ecosystem of the fashion industry: materials, production/manufacturing, retail and consumer, supply chain, and closing the loop. The event was sponsored by the Chapman Perelman Foundation and the New York Academy of Sciences.
New York Academy of Sciences hosts leading researchers from institutes and universities representing expertise from the fields of chemical engineering, toxicology, design, and material sciences. Beyond business model innovation, scientific and technological advancement offers the greatest hope to drive the evolution of the fashion industry towards a more sustainable model.
Carlo Benetton, the youngest siblings behind the famed United Colors of Benetton brand has died aged 74. Benetton, a father of four, died in his home in the northern Italian city of Treviso.
With his brothers Luciano and Gilberto and his sister Giuliana, Carlo Benetton founded United Colors of Benetton in 1965 in Ponzano Veneto, a village in Italy's northeast. Their signature soft wool jumpers made in a variety of colours quickly seduced the masses. The company went from strength to strength especially between 1982 and 2000 its fame fuelled by daring ad campaigns by Italian photographer Oliviero Toscani such as a 1989 poster which featured a black woman breastfeeding a white baby. But for over a decade the brand has been hit by dwindling sales.
Since 2010, business has been struggling that 83-year-old Luciano Benetton stepped back in as the company's chairman last autumn, having left the position in 2012. In 2017, following heavy losses, the 83-year-old Luciano Benetton announced he was coming out of retirement to retake the reins of the company.
Global automation in the textile industry is expected to grow at a CAGR of six per cent during 2018-25. The automation market in the textile industry is fragmented and has the presence of numerous players who offer various products and services.
Availability of favorable government policies will be one of the major factors that will have a positive impact on the growth of global automation market. Countries like India are key revenue generators for the global textile industry. Owing to favorable government policies, there are several investments and developments in this sector, which will have a positive impact on the automation market. These policies are beneficial for the growth of the industry and drive the automation of processes, in turn, increasing the demand for field, control, and communication devices.
India is already allowing 100 per cent FDI in the textile industry under the automatic route. Industries listed under the automatic route need no approval from the Reserve Bank of India or the Government of India for any investments. Such favorable policies will attract investments in this sector and create a demand for automation products and services in the textile industry. In terms of geographic regions, Asia will be the major revenue contributor to the automation market in the textile industry throughout the forecast period.
SV Pittie is setting up a yarn-making facility in Oman. This is the group’s first manufacturing outside India. Oman has low power cost, excellent physical infrastructure and close proximity to the port.
This is probably the first yarn making project in the world coming up in a location where there is no natural supply of cotton. Besides this, the project is being set up where there are no textile making units, which consume yarns. It is expected to generate around 300 million dollars in revenues every year. It is an export oriented project, which effectively means that it would be a net addition to the country’s foreign exchange and economy. This project would have the potential to generate over 2,000 direct jobs.
With the yarn manufacturing facility, lots of ancillary units are likely to come up. SV Pittie is also setting up a training centre. The main idea behind setting up a training centre is to impart skills to local Omani youth. Once yarn manufacturing starts, the company will need skilled manpower.
The company will import cotton from Australia and the US. That is why it was looking at locations close to a port as this would help keep logistics costs low.
Leading provider of innovative textile solutions, Polartec has introduced upgraded version of Power Fill insulation now made of 100 per cent post-consumer recycled (PCR) materials. Polartec Power Fill products are currently available from customers Bight Gear and Triple Aught Design, with product also planned from Blackyak, Crazy Idea, Giro, Goldwin, Millet, P1G-Tac, Reusch and Samas.
Markedly, the company started using 80 per cent recycled materials in its innovative technology to lead the charge in the textile industry just one year ago, and today, it has already reached the 100 per cent mark quicker than the expectations. Gary Smith, Polartec CEO states finding sustainable solutions is a core objective of the science of fabric.
The process of Polartec power is stable layer, removing the need for disposable scrims, stabilising agents, or carriers used by some competing insulations. Unnecessary scrims add weight and may not be made from recycled content, possibly skewing warmth-to-weight ratios and recycled content measurements. By eliminating the need for a wasteful scrim, Polartec Power Fill is said to be warmer for its weight, reduces cold spots and aesthetic changes from migrating fibres, and opens up countless design possibilities.
Reportedly, the company advertises that its Power Fill technology is not heavy and its warm insulation system can help in drying the water and compressing the fabric at the same time. This technology is already being used by brands like Triple Aught Design, Millet, and Bight Gear, as the technology is better suited for the cold weather apparel.
