Relaxo Footwears Ltd plans to invest Rs 150 crore in the current fiscal to set up a new manufacturing facility amid growing demand for open footwears such as slippers and sandals in the backdrop of the COVID-19 pandemic.
Under a preferential trade pact, two countries significantly reduce or eliminate customs duties on certain numbers of goods to promote trade ties. The agreement, if implemented, would help in removing the tariff disadvantage faced by Indian apparels in the UK market.
Chaturvedi, currently CEO of Arvind’s other businesses including Tommy Hilfiger, Calvin Klein and Arrow, will assume charge in February when Suresh moves to an advisory role and the 64-year-old Suresh also continue to be on the board of Arvind Fashions. “Suresh is retiring on 31st January and Sailesh is taking over,” said one of the persons.
"Pop-up stores will be an ongoing exercise as it is helping us build relationships with customers even after the pop-up leaves the society. In the next 45 days, we are opening about 10 offline stores. Several shop-in-shops with regional retail partners in Tier 2 and 3 cities are planned as well."
H&M expanded sales 28% to Rs1582 crore during the year ended March 2020, according to its latest filing sourced from Altinfo, a data insights firm. In comparison, Inditex Trent, a joint venture with Tata that runs Zara stores in India, saw revenue rise 9% to 1,570 crore last fiscal.
"This collaboration with Lubrizol Advanced Materials is part of our long-term direction to bring in world class technologies to India and additionally complements our growth strategy in Chlor-Alkali and Derivatives platform,” said Mr. Kalyan Ram Madabhushi, CEO, global chemicals, Aditya Birla Group.
“This is the make or break quarter for us for us to survive the pandemic,” said Mayank Mohanlal, director of the century-old ethnicwear retailer Mohanlal Sons that banks heavily on the wedding seasons. Apart from Diwali there are many sayas or the auspicious Hindu marriage dates are in the current quarter. “The next two months will determine what will happen.”
"We are looking at inorganic opportunities to enter into the lingerie business. We have looked at some companies, but didn't get good value. We see huge opportunity in the lingerie business," Dollar Industries Chief Financial Officer Ankit Gupta told .
Icra projects the Indian apparel exporters to report a turnover decline of 20-25 per cent in FY21, compared to a steeper 30-40 per cent decline in revenues of companies focused on the domestic market, the report said.
The Chennai-headquartered company's initial UK investment unveiled this week includes up to eight members of staff at a 2,500 square feet store in Wembley, the north London hub with a large Indian diaspora population.
The company which opened its first store in India in 2015 currently has 48 outlets in 24 cities but may not open as many stores in the next five years as it also focuses on enhancing its digital presence.