FW
Flagship Company of the Trident Group, Trident Limited reported a consolidated revenue of Rs 1,727 crore in Q1, FY26. The group’s consolidated EBITDA increased by 18.12 per cent Q-o-Q and 29.85 per cent Y-o-Y to Rs 312 crore. Consolidated net profit increased by 4.89 per cent Q-o-Q and 89.39 per cent Y-o-Y to Rs140 crore,
Trident also strengthened its financial position, reducing its net debt to Rs 879 crore as of June 30, 2025, down from Rs 910 crore on March 31, 2025, a reduction of Rs 31 crore. The company maintained a healthy Debt-Equity Ratio of 0.35 and a Current Ratio of 1.87, demonstrating robust financial health despite global economic fluctuations.
Deepak Nanda, Managing Director of Trident Limited, states, even amidst challenging macroeconomic conditions, the company has showcased quarter-on-quarter growth in terms of profitability.
Nanda points out, the company’s focus on innovative product pipelines aligned with evolving consumer preferences, combined with positive tailwinds from recent US tariff revisions and new FTA between India and the UK, positions it favorably to capitalize on emerging opportunities. He affirms Trident's ongoing commitment to sustainable growth and operational excellence, emphasizing future focus on ‘improving their volumes, value-added products and ESG.
Headquartered in Ludhiana, Punjab, Trident Limited is the flagship company of the Trident Group, an Indian business conglomerate with a global presence. It operates as a vertically integrated manufacturer across three major segments: textiles (yarn, bath and bed linen), paper (wheat straw-based), and chemicals, with manufacturing facilities located in Punjab and Madhya Pradesh.
Trident's products, including yarn, bath and bed linen, and paper, have garnered global recognition, serving millions of customers worldwide. The company is one of India's largest players in home textiles, supplying to national, captive, and retailer-owned brands. Trident is widely acclaimed for its product quality, social responsibility, and environmental stewardship, earning awards from customers, vendors, and government entities.
The PHD Chamber of Commerce and Industry (PHDCCI), with support from the Ministry of Textiles, Government of India, under the National Technical Textiles Mission (NTTM), successfully hosted a one-day Conference on Technical Textiles in Ludhiana. Held at the CICU Complex, the event brought together industry stakeholders, policymakers, innovators, and entrepreneurs to discuss ‘Market Growth, Challenges, Opportunities & Way Forward’ for the sector.
Ajay Gupta, Joint Secretary, Ministry of Textiles, emphasized on the policy initiatives and national goals under NTTM. He highlighted the strategic importance of positioning Ludhiana as a crucial hub for technical textiles. Ashok Malhotra, Mission Director, NTTM, provided an overview of the mission's progress, noting that since its launch in FY21 with an outlay of Rs. 1,480 crore, 168 R&D projects have been sanctioned with a grant of Rs 519 crore, 31 patents applied, 20 startups approved with a grant of Rs 10.34 crore, and 500 people trained across 16 skill development courses.
Rahul Chaba, Additional CEO, Invest Punjab, showcased Punjab's strengths as a textile hub, citing its integrated value chain, skilled workforce, competitive power tariffs, and world-class infrastructure. He highlighted the state's progressive industrial policies and the ‘Fast Track Punjab’ single-window portal designed for investor-friendly clearances, reaffirming Ludhiana's role in India's textile growth story.
Presentations from industry experts delved into various aspects of technical textiles. Sunil Kumar Puri discussed the transformative potential of flat-bed knitting machines for 2D and 3D structures in medical, automotive, and protective gear, emphasizing their role in sustainable, waste-minimizing production. Debabrata Ghosh, Oerlikon Textile India. highlighted their innovations in materials and manufacturing for high-demand industries like aerospace and automotive, focusing on high-performance and nonwoven textiles.
Akhil Seth pointed to India's strong potential in Packtech, Meditech, and Geotech, advocating for regional Centers of Excellence in Ludhiana and increased industry-academia collaboration. Rajiv Sajdeh emphasized the underutilized potential of natural fibers like wool in technical textiles, citing its flame resistance and sustainability. He called for policy revisions, better certification access, and a ‘TechTex Green Compliant’ certification for recyclers to boost circularity.
The conference also featured discussions on BIS standards, SIDBI support for MSMEs, circular economy models, and green certifications, with notable participation from the Ministry of MSME and Textile Commissioner’s Office. Discussions also focused on developing a future-ready talent pipeline for the sector.
Moderated by Rakesh Kumar Sangrai, Director, PHDCCI, the event was attended by over 150 delegates including large textile companies, MSMEs, consultants, R&D institutions, and academia. The conference concluded with a strong consensus to fortify Ludhiana’s position in India’s technical textile ecosystem through innovation, sustainability, and skill development, aligning with the NTTM vision for a resilient and globally competitive industry.
Polyester, once a humble synthetic, is now at the forefront of textile innovation, driven by demands for durability, affordability, and sustainability. Asia, particularly China and India, is spearheading this transformation, dominating global production and investment.
Top Players: Asia's grip on polyester capitalization
Asian companies command the top ranks in the global polyester fiber industry by capitalization, as shown below:
Table: Top global polyester fiber companies by capitalization (2025)
Rank Company Country Capitalization ($ bn) 1 Sinopec China 22.6 2 Zhejiang Hengyi Group Co., Ltd. India* 16.7 3 Reliance Industries Limited India 14.8 4 Hengli Group China 13.4 5 Indorama Ventures Thailand 10.5 6 Tongkun Group Co., Ltd. China 9.6 7 Shenghong Holding Group China 8.8 8 SASA Polyester Sanayi Turkey 5.2 9 Xinfengming Group Co., Ltd. China 4.2 10 Nan Ya Plastics Corporation Taiwan 3.6
Note: Zhejiang Hengyi operates largely in China but has growing operations and significant market presence in India.
Asia-Pacific: The fiber nucleus
The Asia-Pacific region accounted for over 60 per cent of global polyester fiber production in 2012, and in 2025, it remains the fastest-growing market. This growth is due to booming sectors such as carpets & rugs, fiberfill, apparel, industrial textiles, nonwoven fabrics, and geotextiles.
India's Reliance Industries ($14.8 billion market cap) is a leader in recycled polyester and technical fibers, while China's Sinopec ($22.6 billion) is the world's largest player, with diverse operations spanning petroleum and synthetic fibers.
Polyester’s expanding horizons
India's polyester industry is no longer just riding the coattails of global demand—it is actively reshaping the future of synthetic textiles through innovation, strategic market shifts, and a renewed focus on sustainability. Powerful growth drivers are pushing the sector into a new era, while emerging applications are steadily expanding polyester’s utility beyond traditional boundaries.
At the heart of this expansion lies the shift towards environmentally conscious production. As sustainability becomes a non-negotiable imperative across industries, the rise in eco-friendly and recycled polyester has positioned India as both a responsible producer and a competitive exporter. Recycled PET bottles are now being transformed into high-performance fibers, aligning environmental goals with commercial scalability. Indian manufacturers are investing in closed-loop systems and green technologies, a move that not only reduces dependency on virgin petrochemicals but also enhances export credibility in eco-sensitive markets like Europe and North America.
Simultaneously, polyester is increasingly replacing natural fibers such as cotton and nylon. This substitution is due to the material’s inherent advantages—lightness, durability, and versatility. In a world facing erratic climate conditions and shrinking arable land, the reliability and affordability of synthetics provide manufacturers with a stable and cost-efficient alternative. Polyester’s ability to mimic natural textures while offering superior moisture management and wear resistance makes it a popular choice across both fashion and functional apparel.
Beyond clothing, the growth in nonwoven and technical textiles has also boosted polyester’s footprint. India is witnessing rising demand for polyester-based textiles in home furnishings—from curtains and upholstery to carpets—where the fabric’s strength and longevity make it ideal for daily use. Likewise, the automotive sector is increasingly turning to polyester for car seat fabrics, roof liners, and insulation panels, while the medical industry is tapping into its potential for sterile, durable, and hypoallergenic textile solutions.
Moreover, cost competitiveness continues to be a decisive advantage. In a price-sensitive market like India, polyester remains more affordable than many natural fibers, without compromising on performance. This positions it as a go-to material for brands and consumers alike.
As the industry evolves, new applications are pushing the boundaries of what polyester can achieve. One such frontier is in the medical field, where hollow polyester fibers are being engineered into advanced medical textiles used for filtration, wound care, and surgical applications. Protective clothing for industrial and military use is another emerging segment, leveraging polyester’s strength and adaptability for high-performance wear. Perhaps most notably, polyester geotextiles are gaining traction in large-scale infrastructure projects, offering reinforcement and stabilization in road, rail, and irrigation developments.
Together, these drivers and applications not only underscore polyester’s adaptability but also signal a shift in the textile economy—one where innovation, sustainability, and multifunctionality are knitting together a new narrative for synthetic fibers in India and beyond.
Challenges on the growth path
India’s polyester sector, while ready to take off, faces mounting challenges that threaten its long-term growth. Chief among these is the volatility of raw material prices, especially those tied to crude oil, which creates uncertainty in production costs.
Environmental regulations are also tightening, with increasing scrutiny on polyester waste, emissions, and microplastic pollution. Complying with global standards demands significant investment in cleaner, greener technologies.
The industry’s fragmented supply chain adds another layer of complexity, spurring a wave of mergers and acquisitions as companies strive for scale and efficiency. Yet, consolidation alone isn't enough.
Sustainability is now a non-negotiable priority. Adopting circular economy practices—like recycled inputs and green manufacturing—is essential not just for compliance, but for future-proofing the industry against climate risks and evolving consumer expectations.
Leaders in action
• Reliance Industries (India): Focuses on diversified integration from petrochemicals to fibers, with major investments in recycling and R&D.
• Zhejiang Hengyi (China/India): A rapidly expanding regional giant with significant government backing and expansion into Southeast Asia.
• Indorama Ventures (Thailand): Pursues global acquisitions in PET and polyester chains, emphasizing sustainability and recycled PET fibers.
The road ahead
The next decade will see Asia-Pacific continue its dominance in polyester production. Sustainability and recycling will be key differentiators, with success hinging on investments in green technologies, biodegradable synthetics, and circular product life cycles. Market consolidation is also expected to accelerate.
Polyester's rebirth, a sustainable future
Polyester's resurgence is a direct response to evolving global textile needs. As cotton becomes more costly and less sustainable, recycled, functional, and engineered polyester variants are poised to define the future of fiber innovation. The leading companies are not just manufacturing powerhouses; they are driving innovation, setting sustainability standards, and enabling the global fiber economy
UK’s premier trade show for home, gift, and fashion, Spring Fair has announced the 12 winners of its ongoing collaboration with retail magnate Theo Paphitis and his celebrated #SBS Small Business Sunday initiative. The fair is scheduled to be held from February 1 - 4, 2026, at the NEC Birmingham.
Since their partnership began in 2018, Spring & Autumn Fair, in partnership with #SBS, has provided crucial support to over 70 small businesses. This support comes in the form of invaluable exposure to thousands of retail buyers, offering a significant platform for growth.
A champion for small businesses A renowned retail entrepreneur and staunch advocate for small businesses, Theo Paphitis, says, every year, we offer our winners more and more opportunities alongwith an opportunity to win 12 free stands at Spring Fair. This allows them to garner attention for their business and find new paths to growth.
Meet the inspirational winners
The 12 new inspirational winners represent a diverse array of innovative products and services:
• Pickle: A charming, Founded by Claire, a mother of four, in 2016,UK-designed clothing brand Pickle offers stylish garments for babies, kids, and adults.
• Little Moments Melts: This company creates calming ambiance through scent, offering hand-poured wax melts and home fragrances crafted with natural ingredients and thoughtful design.
• Floral Lifestyle: Inspired by nature and sustainability, Floral Lifestyle curates eco-conscious gifts and lifestyle products designed to bring joy and mindfulness into the home.
• The Bridgefield Candle Company: Blending luxury with craftsmanship, Bridgefield Candle Co produces hand-poured candles using vegan-friendly soy wax, featuring sophisticated fragrances and stylish designs.
• GoGiftid (RYG Ltd): GoGiftid provides a unique QR code-based gifting experience, enabling users to pre-purchase thoughtful gifts that recipients can conveniently redeem later.
• Boom Sauce: An award-winning hot sauce brand, Boom Sauce brings flavor, fire, and personality to kitchens across the UK with its handcrafted sauces made from fresh, high-quality ingredients.
• The Stable Soap Company: Handcrafting artisanal soaps and skincare products using natural, sustainable ingredients, The Stable Soap Company celebrates wellbeing and the essence of the English countryside.
• Jo Couch: An illustrator and designer known for her playful, bold artwork, Jo Couch creates vibrant prints, stationery, and homeware full of color and character.
• Handmade by Tinni: Pioneers in sustainable textile jewelry, Handmade by Tinni transforms bold colors and organic cotton into wearable works of art with a joyful, maximalist twist.
• Marbec Village: Marbec Village creates metro-themed products inspired by the dynamic urban landscapes of some of the most iconic locations in the UK, each with its own distinct personality and style.
• Lucy Miller: Lucy Miller combines contemporary design and heartfelt messaging in her range of prints, homeware, and stationery, all carefully made in the UK.
• Nantwich Gin: Distilled in Cheshire, Nantwich Gin blends heritage with innovation, crafting premium gins using traditional botanicals and a spirit of local pride.
A Platform for discovery and growth
Soraya Gadelrab, Event Director, Spring Fair, adds, every year, the #SBS Village receives the most fantastic reception from buyers who love to discover the next generation of businesses and innovative products. It is an honor to announce the twelve talented winners, and we look forward to championing them at the show.
For 75 years, Spring Fair has stood as the UK's leading retail trade event, uniting home, gift, and fashion buyers and suppliers of all sizes from across the industry to foster new business opportunities. As an essential meeting place for the retail sector, Spring Fair’s expertise provides an entire community of retailers with unmatched product diversity and inspiration. Buyers will have the chance to see, touch, and experience thousands of the latest products across four key destinations – Home, Gift, Moda, and Everyday – and thirteen definitive sectors.
A significant milestone for the apparel industry, the new India-UK Bilateral Trade Agreement will usher in a new era of garment trade with the UK, opines Sudhir Sekhri, Chairman, Apparel Export Promotion Council (AEPC). The FTA will enhance market access, spur investment and job creation in the garment sector, besides creating new opportunities for businesses and consumers on both sides, he adds.
The FTA was signed between India and the United Kingdom during Prime Minister Narender Modi’s visit to the country. It aims to strengthen strategic and economic ties between the two nations, particularly in the garment sector.
The agreement will not only provide competitive market access for Indian apparel products in the UK but also increase the trust and reliability factor by streamlining customs procedures and mutual recognition of standards, thereby, reducing the compliance burdens for the Indian apparel exporters, notes Sekhri,
With duty-free access now in place for most garment products, apparel exports to the UK are anticipated to see a renewed thrust and momentum in coming years, The deal will prove to be a testimony of a shared commitment of deepening cooperation between the two countries, Sekhri emphasizes.
A global fashion hub, the United Kingdom is the world's fifth-largest garment importer, with imports valued at $ 19.7 billion in 2024. With its robust apparel sector, India has historically been a trusted partner for the UK, exporting $1.2 billion worth of garments in 2024 and ranking among the top four suppliers. While India primarily exports cotton-based garments like t-shirts, ladies' dresses, and babywear, the previous duty structure limited its competitiveness in winter wear and man-made fiber (MMF) garments. The FTA is expected to address this imbalance, opening new avenues for Indian exporters.
India-UK FTA will help eliminate the existing duty handicap, which had hindered Indian textile and apparel exporters from increasing their market share in the UK, opines Rakesh Mehra, Chairman, Confederation of Indian Textile Industry (CITI).
With the new India-UK FTA, Indian textile and apparel goods will now benefit from zero duty access to the UK market, he adds. The agreement has the potential to significantly transform the fortunes of the entire Indian textile sector and provide the kind of impetus which is necessary to help India realize its ambitious goal of achieving textile and apparel exports of $100 billion by 2030, he opines.
Highlighting the good complementarities offered by trade with the UK, especially as India emerges as a potential supplier of raw materials like MMF (man-made fiber) filament and specialized non-woven fabrics, this FTA will allow Indian exporters to enjoy a more level-playing field vis-à-vis their peers from other countries when it comes to the UK market, Mehra says.
Currently, India is the fourth-largest supplier of textile and apparel products to the United Kingdom, holding approximately a 6.6 per cent share of the UK’s total T&A imports. In 2024, the UK imported T&A products valued at around $27 billion, with apparel and made-up goods accounting for 83 per cent of this total. China was the leading supplier to the UK with about a 25 per cent share, followed by Bangladesh (15 per cent) and Türkiye (8.5 per cent). An analysis of the UK's top 20 imported textile and apparel commodities (at the HS 6-digit level) reveals Bangladesh leading with a 23 per cent share, followed by China (22.6 per cent), Türkiye (10 per cent), and India (4 per cent).
CITI is actively working with the industry and local authorities to ensure Indian companies can fully leverage the opportunities presented by the India-UK FTA. The organization aims to raise the business competitiveness of local textile and apparel units, Mehra emphasizes,
This year marks a significant milestone for the global authority in sustainable chemical and environmental management for the textile and fashion industry, bluesign as the company completes 25 years of operations. To commemorate its 25th anniversary, the company plans to host a series of events, expert panels, and global activations throughout the year. These initiatives will celebrate the achievements of its partners and educate the industry on the future of sustainable textiles.
Founded in Switzerland in 2000, bluesign has been at the forefront of the global drive to build a sustainable future by developing a science-based, input stream management system. This innovative approach aims to eliminate harmful substances at the very source of textile production. Now encompassing over 900 system partners worldwide, bluesign continues to deliver measurable reductions in environmental impact on an unprecedented scale.
The company sets the global benchmark for responsible production with stringent criteria for chemical use, environmental performance, and resource efficiency. It also serves as a comprehensive resource for navigating evolving ESG and upcoming legislation, such as CSDDD, CSR, ESPR, and DPP. This support helps partners stay ahead of global compliance standards while integrating verified sustainability into every production stage.
The bluesign System enables partners to achieve verifiable and measurable progress toward their sustainability goals. Over 28,000 chemical products and 70,000 textile materials have earned the bluesign Approved status, signifying compliance with the strictest industry criteria and the elimination of hazardous substances, including CMRs and PFAS. Since 2019, bluesign System Partner manufacturers have collectively made substantial improvements in their environmental footprint. The bluesign network now boasts over 900 system partners, including chemical suppliers, textile mills, manufacturers, and brands, ensuring worker and consumer safety through transparency and accountability.
bluesign was formed with a vision to embed sustainability into the DNA of product creation, notes Daniel Rüfenacht, CEO of bluesign technologies. The company has evolved into a beacon of trust, innovation, and responsibility, and partners with industry leaders worldwide in building a more sustainable future together, he adds.
bluesign's unique value lies in its holistic system, which tracks and verifies impact at every stage—from chemical inputs to the final product. Its independent, science-based verification process goes beyond traditional certification, ensuring ongoing compliance and continuous sustainability improvements, building trust with stakeholders, and empowering the industry to move forward responsibly.
At this year’s Kingpins New York event, Eastman Naia showcases a four-look denim capsule collection made with Naia Renew- a circular cellulosic fiber produced using 60 per cent sustainably sourced wood pulp and 40 per cent GRS-certified recycled waste.
A collaborative effort with a global leader in sustainable denim manufacturing, Advance Denim and LA-based denim designer Loren Cronk, this collection seamlessly merges fiber innovation, responsible production, and bold design, aiming to transform denim from the inside out.
The heart of this collection is Naia Renew, Eastman’s circular cellulosic fiber produced from 60 per cent sustainably sourced wood pulp and 40 per cent GRS-certified recycled waste. The fiber is created using Eastman’s carbon renewal technology (CRT), a molecular recycling process that breaks down hard-to-recycle waste into its basic building blocks, creating an acetyl stream for new cellulose acetate fibers. This results in a high-quality fiber that offers both creative versatility and strong environmental responsibility.
The capsule collection brings Naia Renew fiber blends to life, making a bold, interactive statement in denim design. It encompasses three key style expressions - authentic, fashion, and performance - presented through four complete looks. Each style is crafted using Naia Renew fiber blends to provide exceptional wearing comfort, thanks to the fiber’s key benefits: cottony softness, breathability, lightweight feel, and moisture management. This combination ensures each look delivers not only standout style but also lasting comfort throughout the day.
For an authentic feel, the collection pairs Naia with cotton, resulting in a familiar, soft handfeel. The fashion look opts for a more elevated finish by blending Naia with lyocell. Meanwhile, the performance design infuses Naia with polyester, offering enhanced durability, odor management, and comfort ideal for all-day wear.
Each piece in the collection serves as a narrative canvas, making the technical qualities of the fibers - such as breathability, softness, and performance - visible and tactile. The collection embraces an inside-out design approach, showcasing the light blue weft made with Naia Renew, which is typically hidden within the fabric. By exposing this inner structure, Cronk creates a striking visual contrast.
As demonstrated at Kingpins New York, Naia Renew fiber blends exceptionally well with natural fibers, other man-made cellulose fibers (MMCFs), synthetic fibers, and various content yarns. This versatility makes it an ideal ingredient for denim, combining denim’s sustainable and stylish look with surprising, undeniable comfort for the wearer.
Duty-free access, expanded market share, and premium imports set to redefine India’s fashion and home textile trade landscape
The landmark trade deal India-UK Free Trade Agreement (FTA), signed yesterday by Prime Ministers Narendra Modi and Keir Starmer, will reshape India’s fashion and textile narrative on the global stage. The deal is being hailed as a transformative leap for India's textile, apparel, and home furnishing industries. The FTA will eliminate tariffs on 99 per cent of Indian exports and slash duties on 90 per cent of UK goods entering India, the agreement is expected to double India’s apparel and textile exports to the UK by 2030.
What it means for Indian fashion
Under the terms of the agreement—set to take effect by mid-2026—99 per cent of Indian exports will now enter the UK duty-free. For the textile and apparel sectors, this is a major shift. Currently, India’s ready-made garments (RMG), cotton products, and home textiles face tariffs of 8-12 per cent in the UK. These will now be eliminated entirely, improving competitiveness and margins. Conversely, India will gradually reduce tariffs of 10-20 per cent on high-end UK goods, including branded apparel, designer fashion, and premium home textiles, making luxury more accessible to India’s growing affluent class.
A trade windfall in the making
India exported $1.4 billion worth of apparel and home textiles to the UK in 2024. Of this, RMG accounted for $1.1 billion. By 2030, this figure is expected to double to $2.8 billion, as Indian market share in the UK’s import basket surges from 6 per cent to 12 per cent. “This is a Himalayan achievement,” opines A Sakthivel, Chairman of the Apparel Made-Ups & Home Furnishing Sector Skill Council. “India now has the opportunity to become a reliable alternative to Bangladesh and Vietnam in the UK market.” Industry estimates from ICRA suggest an 11-13 per cent CAGR in textile exports to the UK, with annual incremental gains of $1.1–1.2 billion—thanks to the elimination of duties, improved competitiveness, and a stable trade framework.
Cluster impact from Tiruppur to Karur
Export-oriented hubs like Tiruppur, Surat, Ludhiana, Karur, and West Bengal are expected to scale operations significantly. These regions could attract fresh investments as exporters capitalize on improved margins due to tariff elimination and logistics support. Small and medium manufacturers, particularly artisan-led and women-run MSMEs in Tamil Nadu, Gujarat, and West Bengal, will also benefit from simplified trade procedures and improved access to UK buyers.
Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), expressed optimism regarding the agreement's potential. "The landmark FTA with the UK is a huge positive for India's textile and apparel domain," Mehra says. "It has the potential to transform the fortunes of the entire Indian textile sector and provide the kind of impetus which is necessary to help India realize its ambitious goal of achieving textile and apparel exports of $100 billion by 2030."
Home textiles get a boost
The home furnishings sector—including bed linen, towels, curtains, and upholstery—stands to gain substantially. Indian home textile brands like Trident and Welspun already have a presence in UK retail. The FTA will expand their scope and margins.
Retail shake-up in India
While exporters cheer, the Indian retail market braces for a wave of premium British imports. High-end British brands such as Paul Smith, Ted Baker, Burberry, and Marks & Spencer (already operating in India) will benefit from lower or zero import duties. Experts believe that affluent Indian consumers—whose numbers are expected to grow by 129 per cent by 2030 will increasingly prefer affordable luxury and quality imports.
Table: FTA impact on India-UK textile trade
|
Category |
CY 2024 Value (USD) |
Current Duty ( per cent) |
Projected by 2030 |
Comments |
|
India → UK: Apparel & Home Textile |
1.4 Billion |
8–12 per cent |
2.8 Billion |
Export share to UK doubles; CAGR 11–13 per cent |
|
India → UK: Ready-Made Garments |
1.1 Billion |
8–12 per cent |
2.2 Billion |
RMG import share grows from 6 per cent to 12 per cent |
|
UK → India: Branded Apparel/Textiles |
N/A |
10–20 per cent |
Tariffs phased to zero on 90 per cent of lines |
Surge in British premium fashion in Indian retail |
|
Additional Annual Export Gain |
N/A |
– |
1.1–1.2 Billion |
Boost driven by improved competitiveness, scale, and cost |
Exporters, stay ready; Retailers, brace for change
The India–UK FTA marks a defining moment for Indian textiles and fashion. It elevates India’s positioning in a high-value, trend-conscious market while opening the domestic arena to global competition.
To win, Indian exporters must double down on branding, innovation, and sustainable practices. For domestic retailers and designers, agility and strategic positioning will be key as the British invasion of premium fashion arrives—tariff-free.
Implications: Adapt or be disrupted
The India–UK FTA is more than a bilateral trade agreement—it's a strategic inflection point. Exporters must now double down on branding, design innovation, and sustainability to capture discerning UK buyers. Retailers and Indian designers must prepare for intense competition in the domestic market and potentially collaborate or co-create with British labels. MSMEs must leverage government incentives and global interest to scale ethically and efficiently. Ultimately, this FTA lays the foundation for India to pivot from a cost-based exporter to a value-based global fashion partner.
A defining decade ahead
As tariffs fall and opportunity rises, the India–UK FTA unlocks not just trade, but transformation. It enables Indian fashion to assert itself globally while inviting healthy competition at home. For a sector often caught between tradition and transformation, this could be the moment where India’s textile legacy meets its fashion-forward future.
From global icon to retail relic, Benetton's vibrant legacy has unraveled, caught between a rigid past and a rapidly evolving fashion future. So what went wrong for the brand that once united the world in color?
In the late 20th century, the name Benetton was synonymous with more than just clothing; it represented a bold, socially conscious ethos, a ‘United Colors of Benetton’ that transcended fashion. Its vibrant knitwear and provocative advertising campaigns, spearheaded by photographer Oliviero Toscani, made it a global phenomenon. From depicting AIDS patients to challenging racial stereotypes, Benetton's ads sparked debate and cemented its place in popular culture. By 1996, the Italian brand boasted of 7,000 sales outlets across over 100 countries, ranking 75th in Interbrand's global brand list in 2000. This was Benetton at its zenith – a brand that was both commercially successful and culturally significant.
The cracks appear
The new millennium, however, brought a shift in the retail world, one that Benetton was ill-equipped to navigate. The rise of fast fashion giants like Zara and H&M fundamentally altered consumer expectations. These new players mastered the art of rapid trend replication and swift supply chains, bringing runway styles to stores in mere weeks at affordable prices. Benetton, with its more traditional production cycles and extensive, less centralized franchise model, found itself outmaneuvered.
"The rigidity of Benetton's approach to distribution did not enable the company to rapidly match changing customer's needs, a capability that was perfectly managed by competitors such as Zara and H&M," noted a study on the brand's decline. This inability to adapt quickly to evolving trends and consumer demands for constant newness was a critical misstep.
The fading ‘colors’
Beyond operational rigidity, Benetton's once-revolutionary advertising began to lose its potency. While Toscani's campaigns were initially groundbreaking, some later efforts, such as the 2000 campaign featuring death-row inmates, proved controversial to the point of alienating consumers and retailers, leading to Toscani's departure and a dip in sales.
As the digital age dawned, Benetton struggled to find a new, compelling voice. Competitors embraced social media, influencer marketing, and direct-to-consumer models, forging new connections with younger demographics. Benetton, by contrast, fell behind. "The brand struggled to stay relevant as newer brands took over the youth market. Benetton lacked strong influencer collaborations and a strong presence on social media," highlighted a report from The NoName Company. The ‘United Colors’ messaging once so powerful, became muted in a crowded and digitally-driven marketplace.
Financial erosion & internal strife
The operational and branding missteps translated directly into severe financial losses. The company, delisted from the stock exchange in 2012 to become a fully owned subsidiary of the Benetton family's Edizione holding, has continued to bleed money.
Table: Benetton Group reported losses (approx figures)
|
Year |
Reported loss (€ million) |
Source |
|
2017 |
180 million |
Wikipedia |
|
2022 |
80 million |
The NoName Company |
|
2023 |
230 million |
The NoName Company |
|
2024 |
100 million (projected) |
Wikipedia (Luciano Benetton's accusation) |
The mounting debt, reportedly surpassing €460 million, also led to internal discord. In May 2024, co-founder Luciano Benetton publicly accused then-CEO Massimo Renon and other executives of mismanagement, citing a €100 million loss. This public spat further underscored the deep-seated issues plaguing the company's leadership and strategy. Claudio Sforza has since been appointed as the new CEO.
The franchise fumble
What was once a cornerstone of Benetton's global expansion—its extensive franchise model—paradoxically became a contributing factor to its decline. While it allowed rapid scaling, it also diluted control over brand consistency, store experience, and inventory management. In an era demanding seamless omnichannel experiences and precise stock control, Benetton's decentralized structure proved cumbersome compared to the tightly integrated operations of its rivals.
A bleak outlook?
Today, Benetton is in a desperate fight for survival. The brand has announced plans to close over 400 stores globally by the end of 2025, with 180 already shut in 2024. Restructuring plans are underway, aiming to reduce losses and achieve a break-even point by 2026. However, the challenges are immense.
From its failure to adapt to the fast-fashion paradigm and its inability to refresh its once-iconic brand identity, to its crippling financial losses and internal turmoil, Benetton serves as a cautionary tale. The vibrant ‘United Colors’ that once captivated the world have faded, leaving a brand scrambling to find its place in an industry that has relentlessly moved on. The path to recovery is steep, demanding not just a new strategy, but a complete reimagining of what Benetton stands for in the modern world.
