Union Knopf (India)

CoverStory
Dilip Kumar Jain, Founder & CEO,
Jagadguru Marketing, Pinnacle
Nightwear
“ The Demonetisation drive by our
Honorable PM Narendra Modi is yielding
desired results in terms of stopping
corruption, terrorism and fair election
process and also controlling black money
problem, however, when we look at the
other side this ban has created a negative
impact on national productivity due to
improper planning and in adequate
measures to circulate new currency notes.
This has resulted in lot of problems and
hardships for middle and lower income
group people as they have shortage of cash
and are not able to even fulfill their daily
needs. Despite all this the entire nation is
standing united and are facing the odds for
the betterment of country.”
(L-R) Charanjit Verma, Munish Sharma, Neetan Sharma from Apparel Masters World
Wide, Distributors from Patiala who had a similar view about currency ban that the
market will take up some time to come back on track
of small industries - both registered
and unregistered - which deal with
readymade garments, textiles and
winter hosiery products. They export
both locally and globally.
The industry has seen a downfall in
consumer footfall as thousands have
been left without cash in the wake of
Demonetisation and strict limits on
withdrawals from banks.
“How will people purchase
readymade garments? Our industry is
suffering a lot. As winter season is
going on, and this is the season for
hosiery garments and everything has
gone bust,” said one of the
manufacturers.
Artificial shortage of cotton was
witnessed in the market as cotton
arrivals were delayed as farmers are
holding back inventories which is
creating shortage of daily cotton arrivals.
It is not that the big players have
been spared from the negative
consequences of Demonetisation.
Textile and apparel major group
Raymond’s has witnessed its sales go
down by as much as 30% due to the
cash crunch and prevailing uncertainty
in the market Raymond CEO, Sanjay
Behl confirmed this, he said that
impact of Demonetisation had to be
severe as more than 80% of the textile
business is cash driven. Behl hoped
that the scenario would improve at the
beginning of the New Year.
Kishore Biyani-led Future Group,
which operates Big Bazaar, the largest
retail chain in the country, is
encouraging consumers to use cards.
“In our urban stores, around 40 per
cent sales happen through cards. In
smaller towns and cities, that number
is around 25 per cent. We will
introduce cheque payments and
encourage people to go digital. We are
also going to promote debit card,
digital payment and gift cards,” CEO,
Future Group, Kishore Biyani was
quoted as saying in an interview.
Munish Sharma, Fashion Masters
“ In Bhilwara denim factories are closing
down for 25-30 days and naturally even
after they restart operations it would take
time to come back to normalcy.”
16
January 2017 APPAREL&Fashion