Fashion
Indian industry seeks relief on polyester GST ahead of crucial meeting
Ahead of the crucial GST Council meeting, the North India Textile Mills Association (NITMA) has demanded a uniform 5 per cent GST on polyester fibre, yarn, fabric, and garments. Following Prime Minister Narendra Modi’s announcement of rationalisation and rate cuts, the Council’s meeting scheduled for September 3–4, 2025, has become especially significant. NITMA raised the demand before Indian Finance Minister Nirmala Sitharaman, who chairs the Council.
North India Textile Mills Association (NITMA) has urged the GST Council to impose a uniform 5 per cent GST on polyester fibre, yarn, fabric, and garments to address the inverted duty structure.
Currently, polyester fibre attracts 18 per cent, yarn 12 per cent, and fabrics/garments 5 per cent GST.
NITMA warned that the imbalance threatens spinning viability, risking shutdowns and job losses.
Sidharth Khanna, president of NITMA, said in a letter: “Unlike the cotton value chain—which benefits from a uniform 5 per cent GST across all stages—the MMF segment continues to suffer from disparate tax rates that distort input-output parity and undermine domestic manufacturing viability.” He pointed out that polyester staple fibre (virgin and recycled) is taxed at 18 per cent, polyester staple yarn attracts 12 per cent GST, while manmade fabrics and garments priced up to ₹1,000 are taxed at 5 per cent GST.
Khanna added that taxing yarn at 5 per cent while fibre remains at 18 per cent creates a distortion that renders spinning operations financially unsustainable. If left uncorrected, this imbalance could trigger widespread unit shutdowns and large-scale job losses across the country.
“This is a defining moment for India’s textile sector. Correcting the inverted duty structure will not only neutralise the impact of US tariffs but also unlock growth, investment, and resilience across the MMF value chain—turning challenge into opportunity. There should be a rationalised GST rate of 5 per cent across all stages of the polyester value chain,” he emphasised.
Fibre2Fashion News Desk (KUL)
UK-based womenswear fashion brand Sosandar PLC has reported a revenue rise of 15 per cent year on year to £18.7 million (~$24.7 million), with own site sales jumping 28 per cent, for the six months ended September 30, 2025 (H1 FY26). Gross margin held steady at 62.2 per cent, reflecting the company’s continued focus on strategic margin improvement.
The retailer posted a loss before tax of £1.1 million (~$1.45 million), broadly in line with expectations, due to seasonal second-half profit weighting and the impact of its own store roll-out alongside an earlier M&S cyber incident.
Sosandar ended the period with £7.7 million in net cash, slightly higher compared with £7.3 million on March 31.
The business continues to perform strongly with its third-party partners, especially Next, where it ranks as a top-selling brand. The company also launched a licensed homeware range with Next in September, which has delivered a strong initial performance in line with expectations.
Physical retail stores continue to weigh on profitability while they mature, although Chelmsford and Marlow are reported to be progressing toward breakeven in their second year, Sosandar said in a release.
Recent trading in October and November has been in line with expectations, with the website delivering continued strong growth. Trading through M&S has resumed following its cyber disruption. Gross margin improved further to 67.2 per cent in the ongoing period, driven by higher intake margins on new season ranges.
“We are really pleased with how the business has performed over the past six months. During this period, we delivered a return to revenue growth, supported by strong momentum through our own website which remains a key driver of both sales and customer engagement, alongside a resilient gross margin,” Ali Hall and Julie Lavington, co-CEOs commented.
Cash has strengthened to £9.5 million as at November 22 following the seasonal uplift, and the firm has completed a capital reduction, buying back 5,000,000 shares held in treasury.
Sosandar said full-year outlook remains on track, reiterating revenue expectations of £43.6 million and profit before tax of £0.4 million for FY26.
“The Autumn/Winter season has delivered another robust trading performance, with customers continuing to respond positively to our unique collections across both occasion and everyday dressing. Looking forward, the foundations have been laid for sustainable, profitable, cash generative growth,” the co-CEOs said.
Fibre2Fashion News Desk (HU)
By
Reuters
Published
December 4, 2025
Some workers at LVMH‘s wines and spirits division Moet Hennessy are planning a series of strikes starting on Friday to protest against a cut in annual bonuses, according to union leaflets seen by Reuters, in a sign of growing discontent at a business where profits have slumped.
The call to strike by branches of the CGT union is the first to apply across all of Moet Hennessy’s larger brands from Hennessy cognac to Veuve Clicquot champagne, posing a challenge for Alexandre Arnault, son of billionaire Bernard Arnault, who became deputy CEO of the division earlier this year. The CGT union said Moet Hennessy chose to cancel all profit-sharing bonuses and other annual benefits this year, while LVMH keeps dividends to shareholders stable.
Moet Hennessy did not respond to a request for comment on this year’s compensation policy. The union is calling for limited strike days “in all of the houses’ sites in the coming days and weeks”, one of the flyers, due to be handed out to workers on Thursday, said, with the aim of getting management to negotiate on pay.
The first walkouts are planned for Friday at champagne houses Moet & Chandon and Veuve Clicquot-Krug, the union flyers showed. Two union sources told Reuters that further strikes would follow, including at Hennessy, over the next two months.
Strikes are rare in the luxury industry, which after years of strong growth has been hit by a slowdown as sales stalled in China and price hikes deterred shoppers, while uncertainty over US President Donald Trump‘s tariffs has weighed on demand.
LVMH’s drinks business, accounting for about 7% of group sales, reported operating profit of 524 million euros ($610.98 million) in the first half of 2025, down 33% from the previous year. LVMH finance chief Jean-Jacques Guiony took over as CEO of the division earlier this year, with 33-year-old Alexandre Arnault as his deputy.
It was not clear how many workers would follow the call to strike. The CGT is one of France’s largest unions and has the largest representation among Moet Hennessy workers.
© Thomson Reuters 2025 All rights reserved.
As Bangladesh heads towards general election in February next year, the GED’s economic outlook is cautiously optimistic.
Deep structural weaknesses along with the political transition period could constrain economic momentum, Bangladesh’s Planning Commission recently said.
The economy could regain pace if the election leads to a clear political direction and reforms are carried out.
Election-related spending and possible disruptions may add further pressure on inflation and the foreign exchange market.
The update said the economy could regain pace if the election produces a clear political direction and the next government decisively undertakes long-delayed reforms, particularly in improving the business climate, stabilising the banking system and ensuring fiscal and energy security.
Without such reforms, the recovery may be short-lived, it noted.
Election-related spending and possible disruptions during the transition are expected to add further pressure on inflation and the foreign exchange market, complicating stabilisation efforts, domestic media reports cited the GED document as saying.
Overall inflation dropped to 8.17 per cent in October from 10.87 per cent a year earlier. Non-food inflation inched up to 9.13 per cent.
While bank deposits grew at nearly double-digit rates through August and September, private-sector credit growth fell to just 6.29 per cent—the lowest in at least four years and well below the central bank’s target of 7.2 per cent for fiscal 2025-26.
High lending rates, cautious bank behaviour and political uncertainty have depressed investment appetite. Meanwhile, government borrowing from commercial banks surged by 24.45 per cent in September, raising concerns about crowding out private borrowers, said the document.
Revenue collection in October this year fell short of the target by Tk 8,324 crore, achieving only 77.37 per cent of the month’s goal. All major revenue streams—import duties, domestic VAT, and income tax—underperformed.
Foreign exchange reserves improved significantly, rising from $24.35 billion in November 2024 to $32.34 billion in October 2025.
Export earnings remained volatile. Exports peaked in July at $4.77 billion, but suffered sharp declines in April and June.
Fibre2Fashion News Desk (DS)
UK-based Sosandar lifts revenue 15%, FY26 profit outlook on track
Royals gleam as German leader praises King Charles work
Strikes planned at LVMH’s drinks division starting on Friday – CGT union
-
Tech4 days agoGet Your Steps In From Your Home Office With This Walking Pad—On Sale This Week
-
Entertainment3 days agoSadie Sink talks about the future of Max in ‘Stranger Things’
-
Sports3 days agoIndia Triumphs Over South Africa in First ODI Thanks to Kohli’s Heroics – SUCH TV
-
Fashion3 days agoResults are in: US Black Friday store visits down, e-visits up, apparel shines
-
Politics3 days agoElon Musk reveals partner’s half-Indian roots, son’s middle name ‘Sekhar’
-
Tech3 days agoPrague’s City Center Sparkles, Buzzes, and Burns at the Signal Festival
-
Uncategorized1 week ago
[CinePlex360] Please moderate: “Americans would
-
Tech1 week agoWake Up—the Best Black Friday Mattress Sales Are Here