In Q2 of fiscal 2018, Dixie Group, one of the leading floorcovering companies, has recorded sales of $106,438,000 as compared to $107,187,000 in 2017, down 0.7 per cent, against same period in 2017 while the industry, as estimated, was flat. The gross profit for second quarter of 2018 was 23.6 per cent of sales, compared to a gross profit of 26.5 per cent. The US-based company also incurred a loss from continuing operations of $1,972,000 or $0.13 per diluted share as compared to a profit of $

hico's FAS has created a $200 million senior secured credit facility with Wells Fargo and other lenders to support ongoing business operations. Chico's FAS with its brands Chico's, White House Black Market and Soma, is an omni-channel specialty retailer of women's private branded, casual-to-dressy clothing, intimates, and complementary accessories. "After an in-depth evaluation, we chose Wells Fargo to lead our new asset-based credit facility, which will offer us greater borrowing flexibil

A seven-member Cotton USA executive delegation recently travelled with Cotton Council International (CCI) to Mumbai, Coimbatore, and New Delhi in India, to participate in conferences emphasising US cotton’s quality to Indian textile mill leadership and conduct meetings with key mill partners. CCI is the global marketing arm of the US cotton industry. More than 150 participants representing 37 textile mills, nine US cotton merchants, eight brands and retailers, and five apparel manufacturer

India’s Andhra Pradesh state recently held a cabinet meeting to approve several policies and took decisions on projects on employment generation and agrarian crisis. The State Mega Seed Park Policy 2018, the Textile, Apparel and Garments Policy 2018-23 and formation of a special account for management of agricultural products collection were approved. A market stabilization fund was approved and it was decided to replace Visakhapatnam Urban Development Authority (VUDA) with Visakhapatnam M

Higher supply and pressure from buyers led cotton prices to drop over seven per cent in the Brazilian market in July, according to the Center for Advanced Studies on Applied Economics (CEPEA). Between June 29 and July 31, the CEPEA/ESALQ cotton Index, with payment in 8 days, dropped 7.57 per cent, closing at 3.3303 BRL per pound on July 31. Higher supply was due to advanced harvesting of 2017-18 crop. “Some processors were trying to acquire only small amounts for prompt delivery, while others

To put a break on India’s widening trade deficit with China, the Confederation of Indian Textile Industry (CITI) has urged the Union government to push negotiations with its northern neighbour to give duty free access to Indian cotton textiles. With zero-duty access, India can double its textile exports and also reduce its trade deficit with China. In 2017-18, India’s bilateral trade with China was $89.6 billion, and trade deficit was $62.9 billion—much higher than $51.1 billion deficit in 20

The Punjab state government in India will soon unveil a new industrial policy to offer relief to industry from state goods and services tax (GST), property tax, electricity duty and stamp duty, according to state industry and commerce minister Sunder Sham Arora. He called for greater investment in the state, especially in the textile sector. The new policy will also offer a chance of one-time, lump-sum settlement for sick industrial units, a news agency report quoted the minister as saying

Power loom weavers, who started getting refund of the input tax credit (ITC) worth ₹450 crore beginning July 27 following approval by the Goods and Service Tax (GST) Council at its 28th meeting in New Delhi in July, are confident that the step will ease the payment crisis in the sector and will boost capital investment under the Technology Upgradation Fund (TUF) scheme. The power loom sector has been petitioning the GST authorities and the Indian Government for allowing the refund on

Walmart Inc and Advent International have announced the closing of Advent’s previously announced investment in an 80 per cent equity stake in Walmart Brazil. Walmart has retained a 20 per cent stake in the business. Advent is a private equity fund with a strong local presence and extensive experience in retail investment both in Brazil and internationally. Since the opening of its Sao Paulo office in 1997, Advent has invested in 30 Brazilian companies from various sectors. It has been active

Chinese and US textile and apparel groups expressed concern over the escalating trade conflict and their opposition to protectionism during a trade show in New York recently. The conflict is not going to benefit US consumers and fashion brands or Chinese manufacturers, according to Xu Yingxin, vice-president of the China National Textile and Apparel Council. Tariff increases will bring uncertainty to the stable global supply chain for top brands, an official Chinese newspaper reported quot