Corporates

RE&UP Secures €70M To Expand Textile Recycling Capacity

Textile Insights July 25, 2024

Proparco has granted a €70 million senior loan to RE&UP Recycling Technologies, a circular-tech textile recycling venture of SANKO Group, to expand its textile recycling capabilities and reduce its environmental footprint. This funding will help RE&UP scale its next-gen recycled fiber

Financial Results

Trident Ltd Reports 19.1% Profit Drop In Q1FY25

Textile Insights July 25, 2024

Trident Ltd., reported a 19.1% decline in its consolidated profit after tax, totaling Rs. 73.89 crore for the first quarter of FY25. This is down from Rs. 91.34 crore in the same quarter last year, according to a regulatory filing. Despite the drop in profit, the company’s revenue from operations increased by 16.66% to Rs. […]

Trade & Market

Ocean Freight Container Shipping Market Peaks As Spot Rates Show Signs Of Easing

Textile Insights July 25, 2024

The dramatic surge in ocean freight container shipping rates appears to be reaching its peak, with importers increasingly resisting the skyrocketing spot rates. According to data released by Xeneta, average spot rates from the Far East to the US East Coast increased by 3.7% on July 15, reaching US$ 10,045 per FEU (40ft equivalent unit). […]

Apparel, Fashion, Retail

SHEIN Launches First Pop-Up Store In South Africa

Textile Insights July 25, 2024

SHEIN, the global online fashion and lifestyle leader, is set to unveil its first-ever pop-up store in South Africa from August 2–11, 2024, at Johannesburg’s prestigious Mall of Africa. This ten-day event aims to offer an interactive shopping experience for fashion enthusiasts and casual shoppers. Inspired by SHEIN’s commitment to self-expression and creativity, the pop-up

Financial Results

Welspun Living Sees 17% Revenue Growth In Q1FY25

Textile Insights July 25, 2024

Welspun Living Ltd., a global leader in home textiles and part of the US$ 3.6 billion Welspun Group, announced its Q1FY25 results, showcasing robust performance despite global challenges. The company reported a total income of Rs. 25,885 million for Q1FY25, a 17% year-on-year (YoY) increase. The company’s EBITDA rose by 15.2% YoY to Rs. 3,935 […]

Economy

India’s Textile Sector Gets 28% Budget Hike

Textile Insights July 25, 2024

India’s textile sector is poised for growth with a 28% increase in the Budget allocation for 2024-25, said Northern India Textiles Mills Association (NITMA) President Sanjay Garg. This significant boost in funding is expected to drive innovation, enhance productivity, and create new opportunities for the textile industry. The increased investment underscores the

Industry

Bangladesh Garment Factories Reopen After Four-Day Shutdown

Textile Insights July 24, 2024

Garment and textile factories in Bangladesh began reopening yesterday after a four-day shutdown, with expectations for full reopening today. Around 30% of garment factories, including some in Dhaka, resumed operations without incidents reported. BGMEA President SM Mannan Kochi and Mohammad Hatem, Executive President of the Bangladesh Knitwear Manufacturers and Exporters

Economy

Indian Union Budget 2024: Key Initiatives To Boost Textile, Leather And MSME Sectors

Textile Insights July 23, 2024

The Indian government has announced several strategic measures in the latest Union Budget, unveiled today by Finance Minister Nirmala Sitharaman. These initiatives aim to enhance the global competitiveness of India’s textile, leather and MSME sectors, which are vital to the country’s economy. Textile And Leather Sector Reduced BCD on MDI for Spandex Yarn: The

Financial Results

Sportking India Q1 FY25: Revenue Up 17.7%, PAT Jumps 75%

Textile Insights July 22, 2024

Sportking India Limited, a leading textile company in India, has announced strong financial results for Q1 FY25, ending 30th June 2024. The company reported a revenue of Rs. 634.0 crores, reflecting a 17.7% year-over-year (YoY) increase and a 3.7% rise quarter-over-quarter (QoQ). EBITDA surged by 48.3% YoY to Rs. 73.8 crores, with the EBITDA margin […]

Corporates

Garment Brand Libas Bags Rs 150cr Funding From ICICI Venture

Textile Insights May 31, 2024

Omni-channel retailer and ethnic wear brand Libas has successfully closed its first external funding round and bagged an investment of Rs 150 crore by IAF Series 5, a fund managed by ICICI Venture. Libas has fast-tracked its growth to become a leading force in the online fashion segment, captivating customers with its dynamic product range […]