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Homegrown textiles and apparels major Raymond expects to reap the benefits of likely low imports from China in view of the COVID-19 pandemic, the company said in a statement on Tuesday.
According to a PTI report: It is also looking at long-term funding and alternate working capital availability to manage liquidity as business restarts with gradual easing of lockdown.
Disclosing its current status of operations post lockdown, the company said commodity prices have softened due to the pandemic. This would lower the input costs and support the overall profitability this fiscal.
”Easing of commodity prices such as of cotton and wool are likely to benefit the company going forward along with softened oil prices,” it said.
Referring to expected low imports from China in the present scenario, Raymond said it “is expected to reap benefits of low imports from China as global supply chain will witness a shift. The company expects the exports to resume soon with opening up of global economies.”
Raymond also said it has undertaken cost rationalisation and control measures related to ”manpower, sales and marketing, rentals and others to minimise the impact on business”.
On resumption of business, Raymond said gradual reopening began from lockdown 3.0 onwards, wherein the government permitted sale of certain nonessential items in specified geographies.
Currently, 1,332 stores have reopened adhering to all COVID-19 related guidelines for employees and customers, it added. Commenting on its liquidity position, Raymond said it is taking all requisite measures to manage liquidity that includes cost reduction, fund management and focus on collections.
The company is looking at all available options that include long term funding and alternate working capital availability to manage liquidity in the current situation, it added. The company is in the process of taking steps to issue non convertible debentures (NCDs) that would support the rebalancing of its debt mix favouring long-term debt, it said adding that in June quarter of 2020-21, the company has raised Rs 145 crore through NCDs at market benchmarked rates.
“In line with the prevailing market conditions and unprecedented challenges, the company has undertaken the process of cost rationalisation & various cost control measures related to manpower, sales and marketing, rentals and others to minimise the impact on business,” the company said.
On operations of manufacturing plants, Raymond said its suiting and shirting fabric manufacturing units continue to remain shut due to subdued demand. ”Production planning and reopening of plants in a phased manner is under evaluation,” it said.
The company’s garmenting facilities and tools, hardware and auto components segments have partially resumed operations, it added. On Monday, Raymond declared its quarterly and annual results ended March 31, 2020.
Raymond reported a consolidated net loss of Rs 69.10 crore for January-March 2020 impacted by COVID-19 and the lockdown.
Revenue from operations was down 29.30 per cent to Rs 1,278.65 crore during the quarter under review as against Rs 1,808.71 crore in the corresponding period of the previous fiscal.
‘Shilpi Gupta Surkhab’ is Shilpi Gupta’s poetic ode to the wondrous world of art and design, something that has always driven the creative instincts in her. The brand’s exclusive couture range is the perfect union of beauty, poise, regal grandeur and the individuality of a woman.
The company has recently secured an investment from Singapore based Venture Capital firm RB Investments, which has a strong portfolio of startups in India, including The Beer Cafe, Swiggy, Bluestone.com, Fab hotels, Faasos and PropTiger to name a few. The company has also appointed celebrated Indian cricketer Shikhar Dhawan as the brand ambassador for the company and recently debuted its maiden TVC featuring popular television personalities Lauren Gottlieb and Karan Tacker during the FIFA U-17 World Cup held in India.
The Big Brand Sale by Jabong was huge hit as it opened to a record-breaking start with a 40x revenue over baseline within the first hour. 8 million products were wishlisted, with premium international brands dominating the share, followed by sports and footwear. All the orders placed during slots with promised next day deliveries are on track for deliveries.
Adient, the global leader in automotive seating, and Arvind Limited, one of the world’s largest textile-to-retail conglomerates, has announced the formation of Adient Arvind Automotive Fabrics, a joint venture that will develop, manufacture and sell automotive fabrics in India.Adient Arvind Automotive Fabrics will be based in Ahmedabad, India, where it will manufacture high-end performance fabrics for automotive seating systems at a world-class fabric manufacturing facility
Not many players in the apparel trade are likely to forget the unorganized taxation regime as it hurtles into the dustbins of history. Manufacturers, retailers and all stokers in between knew they had to pay 4.5 percent VAT along with 2 percent excise duty. Added to this were the new way of serving consumers-via e-commerce portals. Many branded retailers were also giving heavy discounts and it added confusion to the pricing structure. Various portals and even showrooms offered schemes like ‘Buy 2 Get 2 Free’. Added to these were End of Season sales that made customers wonder at the drastically slashed prices.
The brand heritage of Tommy Hilfiger is closely linked with pop culture and sports icons. In the ‘90s, Hilfiger was one of the first designers to blend fashion and celebrity, and he became a pioneer in the industry by dressing young artists such as Aaliyah, Mark Ronson and Usher; and featuring musicians such David Bowie and Beyoncé in his advertising campaigns. In recent years, Tommy Hilfigerhas established inspiring partnerships with international tennis champion Rafael Nadal, international supermodel Gigi Hadid, and award-winning musician/producer duo The Chainsmokers, reflecting the brand’s commitment to broaden its reach and connect with the next generation of consumers. Tommy Hilfiger also has a history with Formula One, most recently announcing a multi-year strategic partnership as the Official Apparel Partner for the four-time World Champions Mercedes-AMG Petronas Motorsport.
“With H&M’s experience in online and offline fashion retail, this collaboration signifies an important milestone to Tmall’s expansion, allowing more customers to enjoy the pleasure of interactive shopping,” says Lv Jianmei, Vice President, Tmall Fashion & Luxury, Alibaba Group.
Madame, a leading women’s wear fashion brand from Jain Amar Clothing Pvt. Ltd., has launched its new store in Indore recently at C21 Mall.Spread over 1,803 square meters of selling space on one floor, the new store has a clean, modern feel and offers a curated selection of apparel, shoes, jewelry and handbags for women from Madame
The joint venture will benefit from synergies between Adient and Arvind, each bringing industry-leading technology and design capabilities in their respective fields. Working closely with its customers on long-term product road maps, the new company will provide Indian and global automakers with unrivalled product quality and innovative solutions in fabrics, enabling them to deliver new levels of comfort, aesthetic variety and design versatility to end users in India.