Home / Knowledge / News / Fashion / No sigh of relief for denim retail owners
No sigh of relief for denim retail owners
13
Mar '18
No sigh of relief for denim retail owners
Effects of the 2016 demonetisation continue to plague big and small retailers engaged in the denim business. This is coupled with the rolling out of the goods and services tax (GST) and an increase in cotton prices which have apparently had a detrimental effect on their businesses and resulted in losses.

Many retailers claim that their loyal customer bases have been eroded, and the rotation of money become considerably slow. Not only did demonetisation burn holes in their pockets, it also compelled them to use cashless transactions much to their discomfiture.

Bangalore-based Denim Lab India managing partner Vishal Dubey says, “The impact of demonetisation continues to linger in minds of every retailer who are now experiencing a different kind of recession altogether. No cash transactions exist within the system any longer, with wholesalers insisting that transactions be carried online. A retailer is hardly able to earn profits anymore.”

With a sluggish economy providing a backdrop, retailers do not have any other option but to slash prices of denim products. Another retailer, Ahmedabad-based Anant Apparels proprietor Suresh Agarwal says, “Retailers are looking for other means of boosting revenues—by selling large consignments.”

Similar sentiments are shared by Sanjay Soni, owner of Delhi-based Mas Enterprises: “Our turnover has had a cascading effect on other things, and business come to a standstill. It is not just retailers, manufacturers and distributors; wholesalers too are adopting different modes of cashless transactions.” (CV)

Fibre2Fashion News Desk – India


Must ReadView All

AmCham Cambodia cautions US against possible sanctions

Apparel/Garments | On 22nd Sep 2018

AmCham Cambodia cautions US against possible sanctions

In a letter to US lawmakers, the American Chamber of Commerce...

Courtesy: ycloset

Apparel/Garments | On 22nd Sep 2018

Alibaba invests in clothes sharing platform Ycloset

Chinese garment sharing platform YCloset has completed an undisclosed ...

KG cracker; courtesy: Ineos

Textiles | On 22nd Sep 2018

Ineos to invest £60 mn in the UK to expand production

Ineos has announced plans to invest £60 million to expand its...

Interviews View All

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Janak Dhamanwala & Sunil Dhamanwala, Jansun

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search