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Gap has entered into an agreement with Enel Green Power. US-based Enel Green Power, is a leading owner and operator of renewable energy plants. This will allow the apparel retailer to meet its renewable energy goals by aggregating its distributed electricity load in the US and purchasing wind energy equivalent to the energy needs of over 1,500 retail stores in its global real estate portfolio. The agreement provides benefits both to the local grid by adding new clean generation, while also stabilizing operating costs for Gap in the face of fluctuating energy prices.
Gap is committed to renewable energy for 100 per cent of its stores, headquarters and distribution centers globally by 2030. Gap operates more than 3,300 stores worldwide. However, vast majority of its distributed store fleet are leased sites located in buildings and malls owned by landlords, limiting the company’s ability to implement onsite renewable energy assets.
Partnerships like these, which create immediate returns while furthering emission reduction strategies, once again reaffirm the strong bond between sustainability and value creation. By pursuing an offsite virtual power purchase agreement, Gap can address its unique real estate footprint, which lacks owned rooftop space, and achieve its carbon reduction targets while creating both business and environmental value.
Nahar Spinning Mills’ total income was Rs 537.57 crores during the period ended June 30, 2019, as compared to Rs 614.38 crores during the period ended March 31, 2019. Net profit was Rs 3.17 crores for the period ended June 30, 2019, as against Rs 4.98 crores for the period ended March 31, 2019. EPS was Rs 0.88 for the period ended June 30, 2019, as compared to Rs 1.38 for the period ended March 31, 2019.
Total income was Rs 537.57 crores during the period ended June 30, 2019, as compared to Rs 586 crores during the period ended June 30, 2018. Net profit was Rs 3.17 crores for the period ended June 30, 2019, as against Rs 13.83 crores for the period ended June 30, 2018. EPS was Rs 0.88 for the period ended June 30, 2019, as compared to Rs 3.84 for the period ended June 30, 2018.
Ludhiana-based Nahar, incorporated in 1980, is a spinning major with five lakh spindles and 1080 rotors. The company manufactures cotton hosiery garments, woolen knitwear and textiles, and cotton and synthetic yarn. The company has seven plants and 60 per cent of the products are aimed at export markets.
Tirupur Exporters’ Association (TEA) has urged the government to introduce an alternative scheme with the same benefits of the Merchandise Exports from India. MEIS, a lifeline support given to exports including readymade garments, was removed from August 1, 2019 due to increasing pressure from the WTO, further to a complaint lodged by the US with the WTO dispute settlement body. The scheme (MEIS) was introduced for offsetting the infrastructural inefficiencies faced by exports of specified goods including readymade garments to provide a level playing field.
Raja M Shanmugham, President, TEA says, removal of MEIS incentive at 4 per cent given to the RMG sector will reduce its competitiveness in the global market making it difficult for the exporting units to sustain in the challenging business environment. He believes that as TEA is moving steadily to increase its revenue from Rs 12,500 crore in FY2013 to Rs 45,000 crore in FY2019, its original target to achieve Rs 1 lakh crore business by FY2020 will be impacted due to the removal of MEIS and other glitches and they may have to revise it to FY2022.
The fourth edition of Centrestage, Asia's premier fashion event will be held from September 04 to 07 at the Hong Kong Convention and Exhibition Centre (HKCEC). Organised by the Hong Kong Trade Development Council (HKTDC), and sponsored by Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region, the show will feature around 240 brands and over 40 fashion events, offering an ideal platform for fashion brands and designers to gain international exposure, and helping to reinforce Hong Kong's position as a leading fashion hub in the region.
With "Future Tribes" as its central theme, Centerstage will feature three thematic zones: Allure- representing craftsmanship, refinement and elegance; Iconic - displaying avant-garde designs; and Metro - showcasing contemporary, minimalistic expressions of urban life. The show will feature around 80 local brands along with international labels from Mainland China, France, Italy, Japan, Korea, Taiwan, the United States and more. Thirty-six buying missions comprising about 1,600 international fashion buyers have been organised to visit the event, providing opportunities for designers to interact with the industry and get useful market insights.
Chinese garments are coming to India via Bangladesh. Cotton garments such as trousers, shorts and shirts and cotton T-shirts are among the top four imported items from Bangladesh. This surge is catching up in synthetic textile products as well, at a much faster rates. The high volume of imports from Bangladesh is one of the main factors that has caused stagnation in the textile business in India. Bangladesh holds the second largest share in readymade garments in the world, after China.
Textile companies from China provide fibers and fabrics to units in Bangladesh and get them exported as finished goods to India. Bangladesh can export over 60 products to India duty-free, including readymade garments. The value of garment imports from Bangladesh into India has risen 480 per cent in the last five years. China is seen as taking undue advantage of this trade leniency to Bangladesh.
India imposes GST on textile goods sold in the domestic market. But the same products from Bangladesh reach the domestic market without any duty. The cost difference works out to be ten per cent or 15 per cent. Even the transportation cost from Bangladesh is negligible compared to transporting from, say, West Bengal.
US apparel prices are on the rise. With rising cost of raw materials and inputs that go into fibers and fabrics to the cost of labor and logistics, are leading to price hikes for customers. Besides, there’s the threat and likelihood of a 10 per cent tariffs on apparel imports from China and the potential for higher rates down the road. If this happens, American companies will be forced to raise prices. Already, footwear and apparel are some of the most highly taxed products in the US, reaching as high as 37.5 per cent. The impact could challenge consumer spending in an already tough retail market.
Retail apparel prices increased 1.1 per cent in June, the first gain in four months. Though some cost pressures from the low raw cotton prices have eased in the supply chain, there are other areas where costs are causing prices to climb. These are labor, chemicals and transportation. The polyester business was dampened by the continuation of high levels of yarn imports, which play significant pressure on selling prices. The global fiber market remains under strong pressure due to the increasing fiber capacities in the Asian market, in particular in the standard fiber segment.
The 2020 Beltwide Cotton Conferences (BWCC), to be held from January 08-10, 2020 at the JW Marriott in Austin, Texas, will highlight latest research and technologies in the cotton industry. The BWCC, coordinated by the National Cotton Council (NCC), annually brings together university and USDA researchers, extension personnel/agents, consultants, and industry sales/support personnel. The forum helps U.S. cotton industry members tailor new products and production/processing systems to their operations for maximum efficiency.
The topics selected by the consultant community for consideration on the 2020 program are: an expert panel of entomologists to discuss timely topics ranging from Bt resistance to results of testing Bollgard 4. Among other key issues receiving a focus will be water restrictions, including the status of aquifers across the Cotton Belt; an update on precision agriculture technology; a discussion of EPA’s role in the plant protection chemicals’ review and registration processes; and a briefing on a multi-state potash study.
The 10 BWCC cotton technical conferences, which will provide updates on research and current/emerging technology, will meet concurrently beginning on January 9, 2020 and conclude on January 10, 2020. The Engineering-Systems Conference, for example, will feature presentations on sustainability and contamination prevention while the Economics Conference will cover such topics as crop insurance, disaster assistance and trade. The Ginning Conference will continue to focus on efficient processing/maintaining quality fiber along with updates regarding ongoing ginning research, ginning efficiencies, new equipment, and lint contamination prevention/research.
Vardhman Textiles’ total income was Rs 1683.08 crores during the period ended June 30, 2019, as compared to Rs 1856.37 crores during the period ended March 31, 2019. Net profit was Rs 120.99 crores for the period ended June 30, 2019, as against Rs 182.01 crores for the period ended March 31, 2019. EPS was Rs 20.36 for the period ended June 30, 2019, as compared to Rs 33.17 for the period ended March 31, 2019.
Total income was Rs 1683.08 crores during the period ended June 30, 2019, as compared to Rs 1727.24 crores during the period ended June 30, 2018. Net profit was Rs 120.99 crores for the period ended June 30, 2019, as against Rs 162.74 crores for the period ended June 30, 2018. EPS was Rs 20.36 for the period ended June 30, 2019, as compared to Rs 27.92 for the period ended June 30, 2018.
Vardhman Textiles, which began operations in 1965, is engaged in manufacturing yarn, fabric, acrylic fiber, garments, sewing threads and alloy steel. The group has over the years developed as a business conglomerate with a presence in India and in 75 countries across the globe. The company is a one-stop shop for all kinds of spun yarn offering a variety of contemporary blends and shades.
As per Deloitte’s latest Deal Monitor report, of the 265 mergers and acquisitions that took place in the luxury sector last year, many involved conglomerates who were seeking to diversify their holdings by buying companies in adjacent sectors. One of several luxury-focused companies expanding sideways is Fartech which recently announced a $675 million acquisition of New Guards Group, the Italian incubator of streetwear labels including Off-White and Palm Angels. The move will enable Farfetch to extend its proposition upstream by adding design, production and brand development to its capabilities.
LVMH recently forayed into the tourism sector with its $3.2 billion purchase of the Belmond hotel brand while Dubai-based property developer Damac acquired a controlling stake in Roberto Cavalli last month.
While fashion companies are investing in adjacent sectors, private equity investors are continuing to prioritise luxury fashion, despite the mixed success of such investments. For the third consecutive year, a Deloitte survey of 60 leading private equity firms noted that these were interested in investing in fashion even though they expect beauty, restaurants and digital luxury goods to grow twice as fast.
New rules being proposed especially by the US and the EU can enable the likes of Google, Facebook, Amazon and Microsoft to monetize data on a grand scale.
That means the role of governments in overseeing global electronic commerce can weaken. The US, for example, does not want any discriminatory restrictions on the treatment of digital products, cross-border transfer of information by electronic means, and location of computing facilities, including cloud computing, among others. The US’s position is also being shared by Japan and several other former members of the Trans-Pacific Partnership agreement.
However, the US, EU and Japan among others want to prohibit the mandatory transfer of source code by suppliers of software in other countries. Studies have shown that software with complex source code could contain certain hidden algorithms that facilitate dark data flows without the consent of the countries and help tech-companies in monetizing that dark data. Russia has challenged the need for a prohibition on source code, saying that without credible security and other guarantees, it is incumbent on the suppliers of software to provide source code.
Tech companies, while insisting their technology is too complex to be legislated, spend billions of dollars lobbying against any oversight.
