“We are into seasonal business of selling winter wears. The first fifteen days of November are crucial. The scrapping of old notes of Rs 500 and Rs 1,000 has affected us tremendously. Last year, the sales of winter clothes were not good, we were hopeful of good sales this year. With the prevailing situation, chances are high that we will miss the sales this year as well,” Sudershan Jain, president of Knitwear and Apparel Manufacturers Association of Ludhiana, told Fibre2Fashion.
Expressing concern over the sudden dip in sales of garments, Chainroop Banthia, president of Mumbai based The Fabric Suppliers’ Association, said, “The situation is critical and I do not know how to do business in such a situation. We hope that the condition improves in the coming weeks.”
The textile trade representatives are hopeful that the sales will pace up once the money circulation begins in the market.
“The demonetisation of Rs 500 and Rs 1000 has affected the retail industry like all other industries. The government’s initiative is great for the long run, but our sales both traditional and online have taken a hit due to this. Our COD system stands affected by the sudden change in policy. However, we are hopeful that the situation will normalise in due course of time,” said Vivek Mehta, CEO, MAS Brands India and amanté.
“This a temporary phase. Most of the people in the urban areas do shopping through online or via credit/debit cards. A number of shops in the market are doing business on credit. Hence, it is unlikely that the sales would have affected adversely. Though, door-to-door sales may face a problem,” said Atul Mishra, economist with Confederation of Indian Textile Industry.
“The market will do brisk business once the inflow of money begins. For time being, there is stagnancy in the market. The recovery will take months,” said Jitendra P Vakaharia, president of South Gujarat Textile Processors Association. (RR)
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