Reliance Retail Ventures Limited (RRVL) has acquired 52% stake in Ritika Pvt Ltd that owns- Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, Aarké, and Ritu Kumar Home and Living, which is India’s oldest fashion house.
Month: October 2021
Even as cotton has started fetching as high as Rs 8,300 per quintal, its arrival in the mandis across the state is delayed. Experts attribute the decline to farmers’ anticipation of higher prices and pink bollworm attack
The government has set a target of $100 billion for textiles and garment exports over the next five years, the textile ministry said on Thursday.
The government said that, states having ready availability of contiguous and legal land parcel of 1000+ acres will be eligible to apply for the Prime Minister’s Mega Integrated Textile Region and Apparel (MITRA) parks.
The company also announced that its revenue has grown more than double from Rs 311 crore in Q2 FY 21 to Rs 635 crore in Q2 FY22 with an increase of 104% as per YoY comparison.
PM MITRA scheme is expected to bring fresh capital investment of $ 5.5-6.0 billion and in turn create export opportunities of around $ 4.5-5.0 billion p.a. for textile products once the scheme is fully implemented, according to a CARE Ratings report.
The garment industry has witnessed a remarkable rebound in exports since the wake of covid-19, but there are bigger challenges staring the sector in the form of supply chain constraints.