Apparel Online India Magazine August 2nd Issue 2018 | Page 42

LIVE NEWS HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  Positivity back in the market! I rrespective of apparel export data which is showing India’s downfall and some of the big companies passing through a difficult phase, it seems that positivity is coming back to the textile and apparel industry and that too from export as well as domestic market perspective. Team Apparel Online recently met many companies of textile and apparel trade from different product segments and scale of operations across the country. Many of them shared their expansion plans and accepted that there is a positivity in the sentiments. Among them are fabric producers, apparel manufacturers, trims, ink and chemical suppliers etc. Some of the companies that are not currently enhancing their capacities are diversifying into the overseas markets, entering from export to domestic or vice versa, adding new buyers in their existing markets… To mention a few names from Gujarat, which have already done expansions or are in the process, are Chiripal Group (Vishal Fabrics Limited with a capacity of 80 million metres per annum) and Splenora Textures, which are now coming with huge denim Few public limited companies have performed well like Page Industries which reported a better-than- expected 46 per cent year-on-year growth in net profit at Rs. 1,244 million in Q1, FY’19. Industry is exploring new technologies and is geared up for investment fabric manufacturing facilities. In Bangalore, leading kidswear manufacturers such as First Steps Babywear and liaison office such as Stars Design are geared up for growth. Even in Ludhiana, garment manufacturers like Million Exports, KG Exports, Bawa Knit Fab have announced investment plans. In Delhi-NCR, Noida Apparel Export Cluster is enthusiastic about its upcoming apparel park and claims that it will increase and ease garment manufacturing and export in Noida. Among the leading chemicals manufacturing companies, Zydex Industries that has strong presence in the textile industry is coming up with patented technique ‘Epricon’. It is also expanding its focus on Bangladesh and Vietnam. Similarly, Lakshmi Bio Chem, one of the leading ink suppliers, associated with the Global Inc (leading textile printing ink producer), is now focusing more on Bangladesh. In the medium level, trims manufacturing companies like MS Labels and Dynamic Dost (both from Tirupur) are on the growth track. Having good buyers’ nomination and producing large variety of labels, MS Labels will start manufacturing of buttons, zippers and hangers. Dynamic Dost offers variety of accessories and last year, it started a zipper factory and is now expanding capacity in the same. There are many more such small, medium- level companies that have invested in automation, and are enhancing their variety of existing product categories. With loss of Rs. 154 crore, NCLT admits insolvency petition against Provogue I nsolvency petition against apparel brand Provogue which posted a loss of Rs. 154 crore in 2017-18, has been admitted by the Mumbai bench of the National Company Law Tribunal. Media reports claims that after Reid & Taylor India Ltd, Mandhana Industries and Alok Industries Ltd (already in various stages of insolvency resolution), it is the fourth such company from the textile segment to attempt loan resolution in bankruptcy courts. With own garment manufacturing facilities in Daman and in Baddi, 42 Apparel Online India | AUGUST 16-31, 2018 | www.apparelresources.com launched in 1998, Provogue was primarily a menswear fashion brand and once it had 350 stores in 73 cities. Later it expanded into womenswear and in accessories too. Andhra Bank filed the insolvency petition against Provogue as it has claimed dues of Rs. 90 crore while its total debt to all lenders adds up to Rs. 228 crore. Nikhil and Akhil Chaturvedi, promoters of the brand, lost control of the company in 2016 after a group of lenders led by Andhra Bank acquired 51 per cent in the company, exchanging debt for equity.