As per Business Standard, the company’s revenue from operations rose by 62.72 per cent to Rs 880.76 crore during the quarter as against Rs 541.28 crore in the corresponding period of the previous fiscal.

PIL's total expenses increased by 44.4 per cent to Rs 733.69 crore in Q4 FY 2020-21 from Rs 508.10 crore in the year-ago period.

However, for the fiscal year, which ended on March 31, 2021, PIL reported a marginal decline in its net profit to Rs 340.58 crore. It has a net profit of Rs 343.22 crore in the previous year.

Its revenue from operations was down to 3.82 per cent to Rs 2,832.96 crore in FY 2020-21. It was Rs 2,945.54 crore in FY 2019-20.

Bengaluru-based Page Industries is the exclusive licensee of American underwear brand Jockey International for manufacture, distribution and marketing in countries such as India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar. The company is also the exclusive licensee of Speedo International for India.

Accelerating Circularity has launched a new project in Europe. According to Karla Magruder, Founder President, the launch of this project advances the company’s goal of enabling the industry to achieve a scaled, global, circular textile system.”

The founding members of Accelerating Circularity Europe’s Steering Committee represent leaders in global retail, circular supply chain, and textile recycling. They include DuPont Biomaterials, European Outdoor Group, GIZ, Gr3n, Inditex, Lenzing, Recover™, Recyclatex Group, Reverse Resources, Texaid, and Zalando.

The Steering Committee will set the strategy and make decisions for the European project. They will convene a Brand and Retailer Working Group for the development of take back programs and circular product specifications. Select collectors, recyclers, and preprocessors will comprise a Spent Textile Working Group to address challenges in collection, sorting, and feedstock preparation. As in the U.S., The European project will unfold in phases: research and mapping, modeling and linking, then trials and evaluation. The new project will expand upon the work done to date and adapt it to the European context.

Retailer Gap has raised its sales outlook for the full year as its namesake brand in North America showed growth in e-commerce sales. As per CNBC reports, the company’s fiscal first-quarter sales surpassed pre-pandemic levels, as shoppers turned to Old Navy and Athleta to refresh their wardrobes for summer.

Eighty percent of the company’s sales are coming from outside of the traditional shopping mall: either online, in strip centers or from street-level locations.

Gap swung to a profit of $166 million, or 43 cents per share, from a loss of $932 million, or $2.51 per share, a year earlier. Excluding one-time charges associated with the sale of Janie & Jack and Intermix, Gap earned 48 cents per share during the quarter. That came in well ahead of an expected 5 cent loss.

Total revenue grew to $3.99 billion from $2.11 billion a year earlier, when the retailer’s stores were shut for a period of time due to the Covid pandemic. That topped a Refinitiv estimate of $3.45 billion.

At Old Navy, comparable sales increased by 35 per cent year over year while at Athletathey rose by 27 per cent from last year Together, these two brands drove 66 per cent of company-wide sales in the latest quarter

At Gap’s namesake brand, global comparable sales grew by 29 per cent from last year.While at Banana Republic they fell by 4 per cent, Online sales grew 82 per cent from two years prior, accounting for 40 per cent of total revenue.

The retailer is now calling for adjusted earnings to be in a range of $1.60 to $1.75 per share this year, with net sales rising in the low- to mid-twenty percent range from 2020. Previously, it was looking for mid- to high-teens percentage sales growth.

The value of China’s garment and accessory exports increased to $11.12 billion in April ’21 from $9.25 billion in March’21 indicating a 20.21 per cent monthly growth says a report by General Administration of Customs, China (GACC), compiled and analyzed by Apparel Resources.

From January-April ’21, China’s garment exports clocked $44.42 billion revenues as against $ 29.26 billion in January-April ’20 noting a 51.70 per cent yearly growth. This signalsthat the buying capacity of Chinese apparel and accessory imports has not reduced in 2021.

Along with the recovery in apparel shipment, China’s textile export too accelerated as it shipped $12.15 billion worth of textile products in April ’21 as compared to just $ 9.67 billion of shipment done in the previous month.

Cumulatively, Chinese textile exports hit $43.95 billion in January-April ’21 period, marking 18 per cent Y-o-Y growth.

As per a new report by Bain & Company, the luxury market could gain 30 per cent probability or exceed $340 billion in sales of high-end items such as apparel, handbags and jewelry in two years.

This is a revision from Bain’s prior forecast of a full recovery by 2022 or 2023, says analyst Forbes. It is being driven by China and the United States’ unexpectedly strong economic rebounds, thanks in large part to swift vaccine distribution.

French luxury giant LVMH Moet Hennessy Louis Vuitton announced in April that it had returned to growth in the first quarter, with $16.75 billion in sales across its more than 70 brands. Fashion and leather goods in particular had an excellent start to the year, generating record revenue of $6.7 billion, or 37 per cent higher than the same period in 2019.

Consumers in China have likewise shown incredible resilience. According to the National Bureau of Statistics, retail sales of consumer goods rose 17.7 per cent in April compared to the same month in 2020, 8.8 per cent compared to April 2019. As strong as this growth sounds, it’s a slight slowdown from February and March, when sales increased 33.8 per cent and 34.2 per cent, respectively, over last year.

Looking ahead, China is set to contribute an additional $6.6 trillion in global consumption between now and the end of the decade, according to Hong Kong investment bank CLSA.

According to a new market study by Global Industry Analysts Inc, the global market for denim jeans is projected to reach a revised size of $83.2 billion by 2026, growing at a CAGR of 4.7 per cent over the analysis period. Offline, one of the segments analyzed in the report, is projected to record 4.2 per cent CAGR and reach $71.8 billion by the end of the analysis period. Online segment is expected to grow at 7.4 per cent CAGR for the next 7-year period. The popularity of online sales channels will bedriven by a growing number of consumers using the Internet to browse various websites and indulge in web based shopping. In addition, ability of online stores to offer less expensive products in comparison to physical formats of these stores, along with eliminating the requirement of dealing with queues and crowds drives consumers towards online retail purchases.

China, the world`s second largest economy, is forecast to reach a projected market size of $18.4 billion by the year 2026 trailing a CAGR of 7.5 per cent over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3 per cent and 3.8 per cent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1 per cent CAGR.

. A major portion of future growth in the denim jeans market is likely to emanate from developing nations such as China, India, South Korea, Brazil, Mexico, Turkey, the UAE and Saudi Arabia, among others.

Some of the biggest US players, who opened stores recently, focused on boosting liquidity reserves by cutting operational costs. As per a Women’s Wear Daily report, many of them also managed to cut debts, while others like VF Corp were able to make new acquisitions.

Emerging business models

The crisis also led to companies adopting new business models. For instance, Ralph Lauren shifted to a licensed model last year for its brand Chaps. The retailer also sold its Club Monaco business, exited from over 200 US department stores and cut off-price business to build on its namesake brand and boost prices. As the company values its brand more than its business, last year it added 4 million new customers to direct-to-consumer network, informs Patrice Louvet, President and CEO. These new consumers will help the company boost profit margins, he adds.

Fashion retailer Macy’s is focusing on beauty and accessories category. The retailer expects a strong demand for fragrance, fine jewellery, boots and handbags in coming weeks as customers are ready to get out and spend again, adds Jeff Gennette, Chairman and CEO.

Seeking new styles

Retailers also expect shoppers to get more active with their return to normalcy. Michelle Gass, CEO, Kohl, opines, while still preferring comfortable casuals, consumers will continue to seek new fashion styles as they resume work and travel.

Though the COVID-19 halted operations for most retailers, Walmart and Target continued to sell groceries and other essential items. This helped Target achieve $1 billion sales in the first quarter of this year. The retailer used most of its stores to fulfill its online operations, says Brain Cornell, Chairman and CEO.

Store expansion and upgradation

After a year of focusing on e-commerce, retailers are once again reopening their stores. This presents an opportunity for retailer for TJX Cos, Inc, the parent company of J. Maxx and Marshalls to grow its global store base. The company plans to open more than 1,600 additional stores to grow to about 6,275 stores in the long term with its current brands and sales locations. It also plans to relocate some of its existing stores to newer destinations.

Last year was also a year of technological transformation for many fashion companies. VF Corp focused on central consumer data platform last year which enabled them, to serve consumers in a more meaningful way, says Steve Rendle, Chairman, President and CEO. The company continues to explore new technologies and processes to enhance its digital operations.

Some companies are also supporting countries suffering from fresh COVID-19 outbreaks. Walmart for example is donating oxygen concentrators, PPE and financial support in India. The company was able to expand its business during the pandemic. Its global e-commerce sales grew by 43 per cent in constant currency to represent 12 per cent of the company’s total sales, adds Dough McMillion, President and CEO.

Global industry non-profit Textile Exchange has launched its latest Material Change Insights (MCI) Report summarizing how the industry is progressing in its shift to preferred materials.

The 2020 MCI reveals that the average overall score is up 9.8 points - or 17 per cent - this year while remaining at Textile Exchange's Level 3 'maturing' performance band. However, the number of companies in the Level 4 'leading' band more than doubled from 16 to 36.

The uptake of preferred materials was up by nearly a quarter, now accounting for 44 per cent of the MCI portfolio. Preferred renewable cotton and recycled polyester accounted for most of this growth.

Circularity scores increased on average by 37 per cent with the biggest growth among outdoor/sports brands. Nine companies - C&A, H&M Group, Knickey, MUD Jeans, Nudie Jeans, Outer known, Patagonia, prAna and The North Face - achieved the 'leading' Level 4 ranking.

Greenhouse gas savings also showed some improvement, mostly linked to the use of recycled polyester. Savings there were 0.7 million tons CO2eq, a 16 per cent saving over conventional polyester.

Participation in the program was up 10 per cent. A total of 191 companies took part, compared to 173 the previous year, with the most growth within the apparel and footwear sub-sector.

Supermarket Chain Tesco has admitted receiving evidence of widespread forced labor of migrant women in cotton spinning-mills across Tamil Nadu.

The supermarket chain admitted there were several issues in relation to wages and benefits and verbal intimidation of workers in one of the mills it has links to in the region, and is working to stamp out abusive practices.

An investigation by NGOs Somo and Arisa, which interviewed 725 workers at 29 cotton-spinning mills in Tamil Nadu found evidence of multiple labour abuses including deception, intimidation and threats towards vulnerable female workers, abusive working and living conditions and excessive overtime.

The spinning mills of Tamil Naduhave long been associated with human rights abuses. A Guardian investigation in 2018 revealed that Hugo Boss had found young female workers held captive and prevented from leaving the premises in garment factories linked to its company in Tamil Nadu.

The authors of the report believe the alleged abuses they found in the 29 mills surveyed are likely to be replicated across the Tamil Nadu textile sector.

The ACT initiative has published guidance for its members on how to treat their suppliers in Myanmar.

ACT is an agreement between 20 global brands - including H&M, Inditex, Primark, Next, PVH, Tesco, Zalando, ASOS, Bestseller and C&A - and the IndustriALL global union in pursuit of living wages for workers in textile and garment supply chains.

As per Eco Textile, key elements to its advice include engaging suppliers on a case by case basis, endeavoring to maintain open and effective lines of communication and ensuring an accessible complaints mechanism is available for suppliers should they feel they have been unfairly penalized for delays.

The statement also says that ACT members have developed a framework to address any need to pause manufacturing orders, placed by global brands with local suppliers, due to the ongoing circumstances in Myanmar.

Brands including H&M, Bestseller, Primark, C&A and Benetton have temporarily halted orders from their suppliers in Myanmar following the coup, although most of these companies are now sourcing from the country again. This can increase the pressure on employers as well as placing at risk the rights of the workers they employ, the statement continues.

ACT also warns that respect for freedom of association (FOA) for workers in garment factories across Myanmar remains a major concern following the coup.

It states that the current situation poses a threat to the effectiveness and implementation of the FOA Guideline due to the breakdown of communication and a host of new challenges facing workers and employers.

It adds that the Fast-Track Dispute Resolution Mechanism (DRM), negotiated by ACT member brands, IndustriALL and the Industrial Workers Federation of Myanmar (IWFM), can also be used to address and resolve disputes on workers’ rights.