Shailesh Goenka, director, Texport Industries, has been elected as the vice chairman of the Group for the same period.

CITI’s Young Entrepreneurs Group has elected Gautam Ganeriwal, executive director of Sitaram Spinners, as chairman and Shailesh Goenka, director of Texport Industries, as vice chairman for 2025–27.
The elections were held at the YEG AGM in Mumbai on December 18, 2025, with appreciation expressed for outgoing chairman Rajjnish Aroraa’s leadership and contributions.

The elections were held during the Annual General Meeting (AGM) of CITI YEG, which took place in TEXPROCIL, Mumbai on December 18, 2025, with active participation from young entrepreneurs representing various segments of the textile industry.

CITI YEG also placed on record its sincere appreciation and thanks to Rajjnish Aroraa of Dicitex Furnishings for his exemplary leadership and valuable contribution during his tenure as outgoing chairman. Under his guidance, the Group strengthened its engagement, initiatives, and impact across the textile industry, CITI said in a release.

Ganeriwal brings rich industry experience and a progressive outlook to his new role. As chairman, he will lead the Group’s efforts in promoting innovation, entrepreneurship, sustainability, and leadership development among the next generation of textile industry leaders.

Shailesh Goenka, as vice chairman, will support the Group’s initiatives and contribute towards strengthening member engagement and industry collaboration.

CITI Young Entrepreneurs Group serves as an important platform for nurturing future leaders of the Indian textile industry through networking, knowledge sharing, and policy engagement.

Gautam Ganeriwal is the executive director of Sitaram Spinners, a well-established textile manufacturing company. With hands-on experience across operations, strategy, and sustainability initiatives, he represents the new generation of textile leadership focused on innovation, efficiency, and responsible growth. He has been actively involved in industry forums and initiatives aimed at strengthening the competitiveness of India’s textile sector.

Shailesh Goenka is director at Texport Industries, a leading integrated textile and apparel manufacturing company. He brings strong expertise in exports, supply chain management, and business development. Actively engaged with industry bodies, Goenka has been a strong advocate for modernisation, global market expansion, and collaboration among young entrepreneurs.

Fibre2Fashion News Desk (HU)

The wholesale revenues rose 8 per cent to $7.5 billion, driven largely by strength in North America. In contrast, Nike direct revenues declined 8 per cent to $4.6 billion on a reported basis and fell 9 per cent on a currency-neutral basis, reflecting weaker digital and owned-store sales.

Nike, Inc has reported mixed Q2 FY26 results, with revenues rising 1 per cent to $12.4 billion.
Wholesale sales grew 8 per cent, driven by North America, while Nike direct declined amid weaker digital demand.
Gross margin fell 300 bps to 40.6 per cent due to higher tariffs.
Net income and diluted EPS dropped 32 per cent, highlighting continued margin pressure.

The gross margin fell sharply by 300 basis points (bps) year on year (YoY) to 40.6 per cent, primarily due to higher tariffs in North America. Net income declined 32 per cent to $0.8 billion, while diluted earnings per share dropped 32 per cent to $0.53, Nike said in a press release.

By segment, Nike Brand revenues increased 1 per cent to $12.1 billion, supported by growth in North America, partially offset by declines in Greater China and Asia Pacific and Latin America (APLA). Nike direct revenues were impacted by a 14 per cent decline in Nike Brand Digital sales and a 3 per cent drop in Nike-owned stores. Converse revenues fell sharply by 30 per cent to $300 million, reflecting declines across all regions.

Selling and administrative expenses rose 1 per cent to $4.0 billion. Demand creation expenses increased 13 per cent to $1.3 billion, driven by higher brand and sports marketing spend, while operating overhead costs declined 4 per cent to $2.8 billion due to lower wage-related and administrative expenses. The effective tax rate rose to 20.7 per cent from 17.9 per cent a year earlier.

On the balance sheet, inventories stood at $7.7 billion, down 3 per cent YoY, reflecting lower unit levels partially offset by higher product costs linked to tariffs. Cash, cash equivalents and short-term investments declined by about $1.4 billion to $8.3 billion, as operating cash flow was offset by dividends, bond repayments, share buybacks and capital expenditure, added the release.

“Nike is in the middle innings of our comeback. We are making progress in the areas we prioritised first and remain confident in the actions we’re taking to drive the long-term growth and profitability of our brands,” said Elliott Hill, president and chief executive officer (CEO) of Nike.

“FY26 continues to be a year of taking action through Win Now, including realigning our teams, strengthening partner relationships, rebalancing our portfolio, and winning on the ground. We’re finding our rhythm in our new sport offence and setting ourselves up for the next phase of athlete-centered innovation in an elevated and integrated marketplace,” added Hill.

“In the second quarter, we demonstrated the resilience of our portfolio, delivering modest top-line reported growth while managing headwinds from repositioning our business in a dynamic operating environment,” he said. “We are making the shifts required to position our portfolio for a full recovery and driving real-time decisions in service of the long-term health of our brands,” said Matthew Friend, executive vice president and chief financial officer (CFO) of Nike.

For the first six months of FY26, Nike reported revenues of $24.1 billion, up 1 per cent YoY, while net income fell 31 per cent to $1.5 billion, underscoring the continued impact of margin pressures despite stable top-line performance.

Fibre2Fashion News Desk (SG)