October 28, 2021

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Yarn shortage in domestic market pushes up prices of hosiery, knitwear items, Retail News, ET Retail

The lack of yarn in the domestic current market has resulted in the climbing of rates in the hosiery and knitwear industry. On Monday (March 15), all the associations of Tirupur garment industry are observing a voluntary closure for a day, in which all the outlets and output will stay closed.

This is to demonstrate solidarity and give ethical aid for saving the industry in opposition to the abnormal rate hike of the yarn.

“We have been dealing with this rate hike challenge due to the fact past 12 months which resulted in an increase in our merchandise rates ranging from one-one.five% to 4%. We have written to the Finance Minister and Union Textile Minister to glimpse into the steep rise in cotton yarn rates which is impacting most of the MSMEs,” mentioned Vinod Kumar Gupta, handling director, Dollar Industries Confined.

Gupta extra “Numerous players are dealing with challenges owing to raw substance lack and could be pressured to halt their operations if this proceeds. This Voluntary Closure is an exertion to unanimously raise our voices in aid of the total industry on the abnormal rate hike of the yarn which is putting tension on not only organizations but also on the consumers”, mentioned Gupta.