The world is witnessing an unprecedented situation, which has brought every country to a standstill. To fight the deadly coronavirus everyone around the globe is doing their best.
In these trying times of COVID-19, each citizen is doing its bit to combat the situation that has jeopardized the world economy. Even the fashion industry well understands the responsibility it has on its shoulder during this corona pandemic and does not hesitate to come forward. From big names like Burberry to e-commerce companies like Myntra; everyone is contributing to the best of their capabilities.
Recently, Myntra has taken a step forward with the Bengaluru based clothing company- Wildcraft to produce face masks, which has become an essential item to prevent people from the corona outbreak. The face masks will be priced at Rs.200 which will come under the Wildcraft’s Hypersheild range and mark its foray into the Personal Protective Gear segment.
In times where most of the businesses have been asked to halt their operations, eCommerce sites like Myntra are still on their feet to make sure that no house gets deprived of the daily necessities while adhering to the basic sanitation and hygiene measures.
This struggling time has created fear amongst the people, a result of which the country is facing a scarcity of the face masks, a vital element to protecting itself from the deadly virus. This shortage has simulated the collaboration between Myntra and Wildcraft. The range will also see the production of other protective equipment like sleeping bags and safety kits.
Apart from that, Flipkart owned Myntra has been encouraging its customers to stay at home. It introduced various engaging activities like online games and fashion shows to keep the audience engrossed and entertain them while disseminating the message of “Stay Home Stay Safe”.
Both, Myntra and Wildcraft is taking all the preventive measures and is devoted to helping the nation with all its capabilities. The former also understands its duty towards its employees and is supporting them by providing pay benefits to the employees who have developed the disease or are quarantined.
Textile industry might get stable by 2022 financial year, states ICRA
Textile industry, January: 2022 will be seeing a stabilised Indian textile sector along with the cotton spinning and apparel exports segment faring ‘especially well’, this was Consumer Ratings Business ICRA‘s confidence. The confidence came to light when it said that the cotton spinning and apparel exports could be increased by 15% to 20% in the financial year of 2022.
Further, fabrics could go up by between 30% to 35% and domestic apparel segments could grow by 35% to 40%. At the same time, these segments are expected to face steep declines in the 2021 financial year.
With the rolling out of the vaccinations in the country leading to a rise in the positive consumer behaviour, ICRA is confident the industry will see a silver lining in the coming time. Economies are opening and a surge can be witnessed in the domestic and export demand. With this, the textile sector can expect the positive sentiment of the third quarter of the 2021 financial year to continue in the upcoming quarters.
Talking about the findings, Jayanta Roy serving as ICRA’s senior vice president and group head for the Corporate Sector Ratings was quoted as saying to Press Trust of India, “As demand continues to normalise in domestic as well as export markets, we expect the textile sector performance to recover to pre-Covid levels in FY2022 at a broader level. Accordingly, ICRA’s textiles sector outlook for FY2022 is stable.”
V-Mart Retail share rises over 4% after brand opens 4 new stores
January: After the retail brand opened up 4 new stores in Jharkhand and Uttar Pradesh, the share of V-Mart Retail gained over 4% in early trade on the 1st of January. The stock was gained after 2 days of consecutive fall.
Previously on BSE, the share closed at Rs. 2,464 which, the other day got increased by a percentage of 4.21% touching an intraday high of Rs. 2,574.35. The market cap of the first surprisingly rose to Rs.4,611 crore and in a month, the share gained 15.2%. 3 stores were set-up in Uttar Pradesh against 1 in Jharkhand. However, the company has shut down a store in Odisha.
The company said, “This is to inform you that the company has opened four new stores, three in the state of Uttar Pradesh, one in the state of Jharkhand. Further to inform that the Company has also closed one store in the state of Odisha. With this, the total number of stores increases to 274 stores.”
As per the information by leading daily, Business Today, the share has gained 53.68% in a year and since the beginning of this year. As per reports, V-Mart Retail share is trading higher than 5 day, 20 day, 50 day, 100 day and 200-day moving averages.
FMCG players consider price hike, amid inflationary pressure on raw material inputs
January: FMCG companies are considering a marginal price hike of their products in order to normalise the inflationary pressure they have been facing on their raw material inputs. Marico, an FMCG company has already gone for a price hike, but simultaneously companies like Dabur, Patanjali and Parle and monitoring the situation closely.
Mayank Shah serving as Parle Products Senior Category Head, told PTI, “We have seen a significant rise in input cost and especially edible oil in the last three to four months and that is putting pressures on our margins and costs. As of now, we have not taken any price hike but we are closely monitoring it and if it goes like this then probably, we may go for a price hike. It will be across products as edible oil is being used in all products. It would be at least 4 to 5 per cent.”
However, it is a wait and watch situation for Haridwar-based Patanjali Ayurveda. A Patanjali spokesperson, S K Tijarawala quoted, “We always try to absorb the market oscillation but if compelled by the market factors, we would take a final decision on that.”
Talking about the inflation inching up for some key commodities in the recent months, Dabur India CFO Lalit Malik said, “Going forward too, we expect some inflationary pressure in key commodities. Our efforts will be to absorb the raw material price increase through our synergies and cost efficiencies, and undertake only selective and judicious price hikes, which will also depend on the competitive scenario in the market.”
However, FMCG companies are trying to absorb the raw material inputs price increase such as coconut oil, edible oil and palm oil. Holding the prices of their commodities for a long time would impact the gross margins of the companies.
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