Month: February 2018

United Colors of Benetton kicks off 25TH anniversary celebrations with spring-summer’18 preview

United Colors of Benetton celebrated an evening full of fashion, glamour and merriment to mark a quarter century of it’s heritage & values in India. The high-on-fashion evening was held at Benetton’s iconic Linking Road Store, which was graced by Sonam Kapoor’s presence. Several prominent names from the fashion fraternity attended the fun filled celebration. The avidity in the air was palpable as guests arrived to witness a celebration of the history of craftmanship; a signature of Benetton, reflected in the Spring Summer’18 collection. Commenting on Benetton India’s completion of 25 years, Sundeep Chugh, CEO & MD, Benetton India...

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Sri Lanka’s textiles, garments exports exceed $5bn in 2017

Sri Lanka’s textiles and garments exports exceeded $5 bn in 2017, up 3.0 per cent from 2016 with earnings in the month of December alone up 19 per cent after the resumption of duty free shipments to the European Union earlier that year. Textiles and garments exports rose 19.4 per cent to $470 mn in December 2017 from a year ago, according to Central Bank Data. “Recording the highest value for the year, earnings from textiles and garment exports continued to increase significantly in December 2017 with increased exports to the European Union (EU) following the restoration of the...

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Raymond Group to invest Rs. 425 cr in Maharashtra

The Raymond Group, under JK Investors (Bombay) Ltd, recently signed pacts worth Rs. 425 cr with the Government of Maharashtra. This would be to set up residential complex, commercial amenities, school project and sport complex in Nandgaon Peth, Amravati, the group said in a statement. As per the MoU, signed during the Magnetic Maharashtra investor’s summit, the State Government will facilitate JK Investors (Bombay) to obtain necessary permissions, registrations, approvals, clearances, fiscal incentives. The project would commence in FY 2018-19, it added. The first MoU is for a proposed investment of Rs. 50 cr to set up a School...

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Bangladesh to frame policy for apparel buying houses

Bangladesh Government, in a bid to infuse accountability among buying houses in the export-oriented apparel industry, is set to frame a policy for their functioning. Last month, the Commerce Ministry prepared a draft and sent it to all stakeholders for approval. The draft asks buying houses to register with the Export Promotion Bureau and warns without registration, no buying house will be able to handover letters of credit on behalf of buyers to manufacturers. Md. Abdur Rahim Khan, Deputy Chief at the Commerce Ministry’s textile cell says this was a first draft and is aimed at expanding the export...

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Lower cotton prices to support textile sector profitability

Lower cotton prices and demand recovery are expected to support textile sector profitability, a report said. “We have maintained a stable outlook for cotton textiles and synthetics for FY19. This is in view of expected margin expansion due to softening in cotton prices, improved consumer spending outlook in key user countries and the low base effect of FY18,” according to India Ratings and Research (Ind-Ra). The report noted that the slowdown in domestic demand for textiles due to demonetisation and the goods and services tax (GST) implementation seems to have bottomed out in the second half of the fiscal....

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