Apparel March 2020 Apparel March 2020 issue | Page 20
MARKET WATCH
Sudhanshu Agarwal, Founder and Director,
Citykart: The announcements made by the
government are a promising move to boost
the income and purchasing power of people.
Simplification of GST norms will inspire consumer
demand and consumption.
Ramesh Kaushik, VP - Brand Experience,
Blackberrys: The government remains committed
to accelerating consumption in Budget 2020.
Government measures of reducing corporate
tax and initiatives to boost MSME sector will
help accelerate industrial and corporate growth.
Simplifying GST and income tax relief will give a
push to consumer consumption and demand,
thus accelerating growth across industries.
Arjun Ranga, Managing Director, Cycle Pure
Agarbathis: “The policy reforms will boost our
economy and enhance the purchasing power of
the common man. Steps taken towards financial
inclusion, digitisation, employment generation,
and tax deductions in Budget 2020 will help us
grow exponentially.
Mukesh Kumar, CEO, Infiniti Mall: The reduced
income tax slabs announced in Budget 2020 will
provide relief to the common citizen. It will help
put more disposable income in their hands and
enable them to improve their standard of living.
We believe this inflow of cash in retail will boost
the sector significantly.”
Nidhi Yadav, Creative Head and Founder, AKS
Clothings: The most commendable effort towards
boosting local manufacturing and start-ups has
been contained in the proposed 2020 budget.
The new initiatives such as the plan for NBFCs
to increase invoicing to MSMEs and the plan
to increase the interest subvention scheme to
MSMEs by a year will increase productivity in both
local manufacturing and service industries.
Excerpts from retail4growth.com
18
I APPAREL I
March 2020
Retail Brands React to
Union Budget 2020
Reliance to Bring Spain’s
Balenciaga to India
Reliance Brands, a subsidiary of Reliance
Industries, which sells luxury labels like
Ermenegildo Zegna, Brooks Brothers, and Bally
in India, is sprucing up its luxury portfolio. After
bringing iconic American jewellery brand Tiffany
and Co to India, Reliance has signed up with
luxury fashion house Balenciaga to bring the
brand to the country, people familiar with the
matter said. Spanish brand Balenciaga, now
owned by luxury giant Kering, has not been
present in India so far. Reliance plans to launch
the brand at its upcoming Jio World Centre mall
in Mumbai, sources said.
Excerpts from ETRetail.com
Uniqlo Set to Open a Third
Store in India
Japanese fashion retailer Uniqlo will open its
third store in India at the DLF Avenue mall in
Delhi on February 29. Uniqlo that counts itself
among the world’s top fashion retailers opened
its maiden store in the country in Delhi in October
at Ambience Mall, Vasant Kunj, followed by its
second store in Gurugram's DLF CyberHub
which draws a large office going crowd. The
retailer’s third store in Delhi's Saket area will be
spread over 21,500 square feet of retail space
over two floors, it said in a media statement.
“We are delighted with the positive feedback our
products have garnered in the winter season
and are now looking forward to opening our third
store, UNIQLO DLF Avenue Saket, at the onset of
the new Spring Summer season," Tomohiko Sei,
CEO, Uniqlo India said in the statement.
Excerpts from Live Mint