New York: JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain. The money is going toward remodeling JCPenney stores, upgrading its online shopping site and app, and making its supply network more efficient so that…
Lululemon Athletica said on Thursday its third quarter was “off to a solid start” as the North American business improves, and the yogawear maker lifted its annual profit and revenue forecasts for a second time. Shares in the company rose 1.6% in extended trading on the positive commentary. They had fallen some 4% in choppy…
Representative Image Mumbai: Readymade garment manufacturer and exporter Gokaldas Exports Ltd (GEL) on Tuesday said it has entered into an agreement through its wholly-owned subsidiaries to acquire Atraco Group for USD 55 million. Headquartered in Dubai, apparel manufacturer Atraco operates with a network of four manufacturing units in Kenya and one in Ethiopia producing about…
The government on Thursday extended by two months till October 31, the date of inviting fresh applications under the performance-linked incentive (PLI) scheme of textiles for manmade fiber apparel, fabrics, and products of technical textiles. The textile ministry had in July reopened the PLI scheme portal till August 31 “in view of the requests from…
Gap Inc.’s latest turnaround plan looks awfully familiar so far. To shake itself from a funk that has lasted 20 years, the retailer has routinely pinned its hopes on chief executive officers who promised fresh ideas. There was someone from Disney and then a drugstore retailer. One had a consulting background and another knew supply…
Sudhanshu Agarwal, Founder and CEO, Citykart New Delhi: Value retail store chain Citykart has reported a double-digit growth in Q1 sales this fiscal from its 93 stores across 7 states including UP, Bihar, Assam, Odisha, Tripura, MP, and Chattisgarh, as stated in a press release on Wednesday. Incorporating non-apparel categories such as footwear, luggage, cosmetics,…
Representative Image The Indian hosiery industry will stitch up revenue of Rs 36,000 crore this fiscal, 18-20% higher on-year, riding on a revival in rural demand. Operating margin will expand 300-400 basis points (bps) on softer input prices and improved capacity utilisations. A CRISIL Ratings analysis of 28 hosiery makers, accounting for a third of…
Cotton textile and garment exporters expect an 8-10% rise in outbound shipments in the next few months with the holiday season in the developed markets expected to bring relief even as apparel export slump continues with order deferments and requests for price cuts. Inflation and economic slowdown in advanced economies, coupled with piled up inventory…
Representative Image With Indian consumers continuing to go slow on discretionary spending amid sticky inflation, companies across segments in the country are reporting tepid numbers. Lukewarm demand trends have become the norm for businesses ranging from fashion retailers to quick service restaurant (QSR), ToI reported on August 17. The demand situation is posing a challenge,…
Japanese apparel retailer Uniqlo now plans to enter the southern market to open its stores as part of the next phase of offline expansion in India. Uniqlo India on Wednesday announced to launch its second store in Mumbai as part of the strategic expansion of its retail network in the country. The retailer, which forayed…
