Indian textile and apparel giants set to benefit from India-UK free trade deal
As Britain and India gear up to formally sign a free trade agreement on Thursday, numerous Indian textile, apparel, and footwear giants such as Raymond and Welspun are expected to benefit from favourable rates. Bata India is one of the businesses expected to benefit from the India-UK trade deal - Bata- Facebook
Indian exports such as textiles, footwear, gems and jewellery, furniture, and sports goods among other items likely to have zero duties, down from current levels of 4% to 16% in the UK. The trade pact is expected to increase the UK's GDP by 4.8 billion pounds annually in the long term, according to British government estimates, with consumers getting access to cheaper garments and footwear items from India.
Indian textile and apparel manufacturers such as Welspun India, Arvind Ltd, Raymond, Vardhman are likely to benefit from duty-free access for exports to the UK. Footwear manufacturers such as Bata India and Relaxo could also benefit, according to industry analysts.
According to the Indian commerce ministry, the UK will also provide assured access for temporary stay to Indian business visitors and contractual service providers. UK businesses will in turn receive access to India's public procurement market.Britain and India are set to formally sign a free trade agreement on Thursday during Prime Minister Narendra Modi's UK visit, following three years of negotiations. The deal then needs approvals from the British parliament and India's federal cabinet, likely to come to fruition within a year. The UK will offer duty-free access to 99% of Indian items, according to the Indian commerce ministry, covering nearly 100% of trade value.
FashionNetwork.com with Reuters
© Thomson Reuters 2025 All rights reserved. Tags : Fashion Ready-to-wear Footwear Textile Industry
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
5 hours ago
- Fashion Network
Christian Dior UK results show tough year, but womenswear and watches/jewellery shine
Dior UK has filed its accounts for 2024 and they show both turnover and profits falling at the British arm of the major French fashion house. See catwalk Turnover dropped 16% to just over £280 million and profit before tax was down 41% at £27.6 million. That figure had been £46.6 million in the previous year and £60 million in 2022. The gross profit percentage dipped 1% to 56% and final profit for the financial year fell 39% to £21.88 million. The company didn't give many details about current trading but said that it expects 2025 to be in line with 2024 in terms of profits. Looking back at 2024, it called the performance "solid" despite the unfavourable global economic environment and highlighted how gross profit remained strong while its operating profit percentage fell by only 4pts 'thanks to vigilant cost management'. The number of people the company employed on average in the UK also dropped by more than 40. It said it navigated the uncertain environment with 'resilience, showcasing the strength of its strategy and the quality of its products', particularly in its women's ready-to-wear division. That was up 2% while the watches/jewellery division rose an even better 5%. It didn't specify the categories in which it saw weakness. Of course, these UK accounts don't paint a full picture of the business given that the company is global and its HQ, including all-important functions such as design and marketing, is based in Paris. But nonetheless the figures do underline just how the tough the market has been in the UK, which was hit last year by a number of issues. They included the overall luxury downturn, the wider cost-of-living crisis and the absence of the tax-free shopping perk that had made luxury shopping in Britain a lot more attractive before Brexit.
Fashion Network
9 hours ago
- Fashion Network
West End's strong 'seven-days-a-week trading' gives Shaftesbury Capital reasons to be happy in H1
With the pandemic now long disappeared from the rearview mirror, the UK's commercial property sector continues to prosper year-on-year. And reflecting that performance is Shaftesbury Capital, reporting Tuesday (29 July) that half-year results to 30 June saw an ongoing 'strong performance', according to CEO Ian Hawksworth, who talked of 'growth in rents, earnings, dividends, valuation and [net tangible assets]'. And of course, having London's West End (worth £5.2 billion across 2.7 million sq ft of lettable space and attracting around 200 million visitors annually) as your key asset, he said the area's portfolio 'continues to be busy and vibrant with high footfall and seven days a week trading'. Those positives meant H1 gross profit grew 11% to £89.2 million, while growth in underlying earnings lifted 16% to £40.6 million across a portfolio. Valuation increased by 3.1% to £5.2 billion 'driven by [estimated retail value] growth and stable yields'. Net tangible assets were up 3.3% at £3.8 billion. West End leasing demand remains 'strong' with 193 transactions (representing £19.2 million of contracted rent) completed 9% ahead of December 2024's estimated ERV, it noted. Investment activity is mainly focused on Covent Garden and Carnaby/Soho. During the period, £71 million was invested in its portfolio, comprising £15.8 million in capital expenditure and £55 million in targeted acquisitions (before costs), 'presenting asset management opportunities with excellent rental growth prospects'. In recent months, Soho and Carnaby Street welcomed a number of openings, 'reinforcing the area's position as one of London's most vibrant shopping districts'. On Carnaby Street, Tala opened its first UK store delivering a range of activewear, Farm Rio opened its first dedicated store in the West End, and UK-Korean beauty retailer Pureseoul launched its largest flagship to date. US shoe brand Autry debuted its first UK store on Beak Street, Charlotte Tilbury will open a new flagship later this year in a gateway unit to Carnaby Street at one of its key entrance points, and MAC Cosmetics launched a new experience-led concept as part of a relocation on Carnaby Street. Looking to the current H2, Shaftesbury Capital said it's begun with 'positive momentum' and is well positioned to grow the business and take advantage of market opportunities in London's West End'.
Fashion Network
9 hours ago
- Fashion Network
West End's strong 'seven-days-a-week trading' gives Shaftesbury Capital reasons to be happy in H1
With the pandemic now long disappeared from the rearview mirror, the UK's commercial property sector continues to prosper year-on-year. And reflecting that performance is Shaftesbury Capital, reporting Tuesday (29 July) that half-year results to 30 June saw an ongoing 'strong performance', according to CEO Ian Hawksworth, who talked of 'growth in rents, earnings, dividends, valuation and [net tangible assets]'. And of course, having London's West End (worth £5.2 billion across 2.7 million sq ft of lettable space and attracting around 200 million visitors annually) as your key asset, he said the area's portfolio 'continues to be busy and vibrant with high footfall and seven days a week trading'. Those positives meant H1 gross profit grew 11% to £89.2 million, while growth in underlying earnings lifted 16% to £40.6 million across a portfolio. Valuation increased by 3.1% to £5.2 billion 'driven by [estimated retail value] growth and stable yields'. Net tangible assets were up 3.3% at £3.8 billion. West End leasing demand remains 'strong' with 193 transactions (representing £19.2 million of contracted rent) completed 9% ahead of December 2024's estimated ERV, it noted. Investment activity is mainly focused on Covent Garden and Carnaby/Soho. During the period, £71 million was invested in its portfolio, comprising £15.8 million in capital expenditure and £55 million in targeted acquisitions (before costs), 'presenting asset management opportunities with excellent rental growth prospects'. In recent months, Soho and Carnaby Street welcomed a number of openings, 'reinforcing the area's position as one of London's most vibrant shopping districts'. On Carnaby Street, Tala opened its first UK store delivering a range of activewear, Farm Rio opened its first dedicated store in the West End, and UK-Korean beauty retailer Pureseoul launched its largest flagship to date. US shoe brand Autry debuted its first UK store on Beak Street, Charlotte Tilbury will open a new flagship later this year in a gateway unit to Carnaby Street at one of its key entrance points, and MAC Cosmetics launched a new experience-led concept as part of a relocation on Carnaby Street. Looking to the current H2, Shaftesbury Capital said it's begun with 'positive momentum' and is well positioned to grow the business and take advantage of market opportunities in London's West End'.
