Textile Sector

Van Heusen aims to achieve turnover of Rs 400 crore by 2011-12

Van HeusenVan Heusen, the premium formal-wear brand from Madura Garments, is targeting a turnover of Rs 400 crore by 2011-12 as against Rs 250 crore now on the back of new stores.

According to reports, it has been revealed that the company intends to open 75 exclusive stores over the next three years focusing on Tier II and III cities.

The firm is eyeing 25-30 per cent of the business from Tier II and III cities by 2011-12.

House of Pearl Fashion inks ‘Multi-Year License Pact’ with Geoffrey Beene

House of Pearl Fashion inks ‘Multi-Year License Pact’ with Geoffrey BeeneHouse of Pearl Fashions (HOPFL), a multinational ready to wear apparel manufacturing conglomerate, has signed a multi-year license agreement with Geoffrey Beene, LLC for men's casual slacks, casual shorts and dress slacks under the Geoffrey Beene Label.

The company signed deal through its US-based subsidiary christened House of Pearl Fashions (US) Ltd.

It should be noted that Geoffrey Beene, Inc. was incorporated in 1963 and is currently operated by its president and CEO, Tom Hutton.

Voltas signs ‘Partnership Deal’ with Germany-based firm

Voltas signs ‘Partnership Deal’ with Germany-based firmVoltas, part of the Tata group, has informed that its textile machinery division has entered into a partnership deal with Germany's Thies to sell and service Thies products in India.

Under the arrangement, Thies will supply products such as fabric dyeing machines, jiggers and bleaching plants in India.

According to an official statement, the partnership will use the market potential of processing segments, which offer unique opportunities for India to augment its share in the international textiles trade.

Alok Industries increases size of right issues to Rs 450 crore; stock slips 4%

Alok Industries increases size of right issues to Rs 450 crore; stock slips 4%Textile major Alok Industries has decided to raise Rs 450 crore through rights issue.

In a filing, the company informed that the board of directors have approved to increase in the size of the proposed rights issue to Rs 450 crore from Rs 300 crore earlier.

Last year in October, the board had approved a rights issue of equity shares or convertible instruments, up to Rs 300 crore.

Reduction in cotton MSP not possible: Textile minister

Union Textile Minister Shankarsinh VaghelaToday, Union Textile Minister Shankarsinh Vaghela, denied reducing Minimum Support Price (MSP) of cotton, in a direct reply to the agitating ginners across the country. With the aim to pitch for rationalization of cotton MSP, nearly 4,000 ginners in India have launched a two-day strike.

At a press conference held in Ahmedabad, Vaghela said, “Ginners reaped the rich benefits of higher cotton prices last year. Now let the farmers earn higher returns this year.”

Textile exporters may get financial package

Textile exporters may get financial packageThe Union Government may announce financial package for the textile exporters of the country. Textile sector is facing low demand due to global slow down and have suffered huge losses. Export declined by 12.32 per cent in October this year and stood at $12.8 billion as compared to $14.6 billion in the corresponding period last year.

Union Commerce Secretary, G. K. Pillai said that textile sector suffered from low demand in international market and the industry is likely to cut five-lakh jobs in the next five months leading to large scale unemployment.