DIIs sustained the market, FIIs are pulling it now
Jun 28, 2025 02:44 AM IST
India's benchmark stock index BSE Sensex closed at 84058.9 points on Friday. The Sensex has crossed the 84000-mark for the first time since October 1, 2024 and it is just 2% short of its all-time high of 85836.12 on September 26 2024. The Sensex is now up 7.2% on a year-to-date. Renewed interest of FIIs has generated recent tailwinds even as DIIs sustained the market when it was faced with an FII exodus.(PTI)
FIIs turning net buyers again is what is driving the market
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The Print
39 minutes ago
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Kolhapuris get Prada makeover at Rs 1.2 lakh: Where's the credit, fume activists as label acknowledges ‘inspiration'
'I am deeply annoyed and disgusted by the way Prada has appropriated something deeply Indian and traditional — without giving any recognition to the craftspeople or the culture it comes from. This is a metaphor for how we in India often undervalue our own heritage, dismissing it as primitive or merely 'handicraft,' while the world repackages it as luxury,' designer and activist Laila Tyabji, who has worked with craftspersons for decades, told PTI. That the GI-tagged footwear, a symbol of Indian craft that goes back centuries was appropriated by the Italian luxury label which featured it in Spring/Summer 2026 show, led to a massive debate on cultural theft and giving artisans their rightful due. New Delhi, Jun 28 (PTI) The humble kolhapuri, style statement for affordable ethnic elegance and simply staple wear for many, catapulted to the rarefied runways of Milan with Prada rebranding the handcrafted chappal 'leather flat sandals' at Rs 1.2 lakh. The outrage was instant and intense. 'It's time we acknowledged that India holds extraordinary skills and knowledge systems. We must recognise, protect, and proudly present them to the world—before others steal and sell our identity back to us,' the Dastkar chairperson added. Several days later, as the debate escalated in India, Prada acknowledged the connection and said the design is 'inspired' by the Indian handcrafted footwear. It said the sandal featured in the men's 2026 fashion show is still at the design stage and none of the pieces worn by models on the ramp are confirmed to be commercialised. 'We are committed to responsible design practices, fostering cultural engagement, and opening a dialogue for a meaningful exchange with local Indian artisan communities as we have done in the past in other collections to ensure the rightful recognition of their craft,' Prada's group head for corporate social responsibility, Lorenzo Bertelli, said in reply to a letter by the Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA). The industry lobby had sought exploration collaborations and fair compensation to the artisans and also adherence to ethical fashion practices that respect traditional knowledge and cultural rights. For many though, the initial absence of credit for Kolhapuris, paraded as cutting-edge high fashion for clients who are the polar opposite of the regular Kolhapuri wearer, was the most important takeaway from the glam Milan moment. Kolhapuri chappals are typically handcrafted and manufactured in the Maharashtra town of Kolhapur, from where they take their name, and the surrounding districts of Sangli, Satara and Solapur. The craft has a legacy dating back to the 12th or 13th century. Originally patronised by the royals of the region, Kolhapuri sandals were crafted by the local cobbler community using vegetable-tanned leather and were entirely handmade — using no nails or synthetic components. They're also known for their signature T-strap shape, detailed braiding, and open-toe design — a perfect blend of practicality and fashion. In 2019, Kolhapuri chappals were granted GI tag status by the government of India, recognising them as a unique product tied to eight districts across Maharashtra and Karnataka. This legal status protects the craftsmanship and origin from imitation, and helps promote economic security for rural artisans. A PIL against Prada could well be in the works. GI expert and heritage rights advocate Ganesh Hingare is already collating documents to sue the luxury fashion brand for what he describes as 'intellectual property infringement under Section 22 of the GI Act'. 'This isn't the first time India has faced such appropriation. We've fought and won similar battles before — like in the turmeric patent case and the basmati rice case in the US. 'This is not just about a pair of chappals. This is about cultural theft, disrespect to artisans, and violation of India's GI laws. An apology is not just due to Kolhapur, but India,' Hingare, who has worked on over 100 GI-tagged products, including 59 from Maharashtra alone, told PTI. In Maharashtra, BJP Rajya Sabha MP Dhananjay Mahadik, who belongs to Kolhapur, led a delegation of traditional Kolhapuri chappal artisans to meet Chief Minister Devendra Fadnavis. Social media is also abuzz with accusations of cultural appropriation. Global footwear brand Bata called out Prada for rebranding what 'India has cherished for centuries'. 'It's a reminder that heritage always leads, and trends follow,' said Deepika Deepti, head of marketing at Bata India. 'The Kolhapuri chappal is not a 'design discovery' — it's a living tradition. At Bata India, we've proudly brought this craftsmanship to millions, long before it appeared on international runways. Real originality doesn't come with a luxury tag — it comes with legacy,' she said. The Prada projection has had an unexpected fallout. In Delhi's popular Janpath market, Ashok Grover has been selling a wide range of Kolhapuri chappals since the 1970s. Demand has been dwindling but suddenly there is a flood of inquiries. 'These luxury companies first invest, then go all out on marketing, create hype around products — which aren't even theirs — and finally slap an extravagant price on them. I saw the picture of that chappal — at best, it wouldn't cost more than Rs 2,000 to Rs 3,000. And here, I can't even sell the same article for Rs 1,000,' said the owner of Maujri Collections, one of the oldest shops in Janpath. When he started his business, the slippers were being sold for just Rs 10. So when and how did Kolhapuris really become a rage, part of the quintessential kurta, pyjama and ethnic jhola look loved by college students, aspiring politicians, and so many more. Some cite the 1979 Hindi blockbuster 'Suhaag' in which Amitabh Bachchan — who plays a cop — has a memorable exchange with a corrupt seth (businessman) : 'Yeh kya hai?' 'Chappal' 'Kaunsa?' 'Kolhapuri', as he takes off his slipper and slaps him hard with it. It's not just Kolhapuri chappals that have fallen prey to cultural appropriation. Experts also cite the humble Indian jhola, typically priced between Rs 200–300 in local markets, now being sold as a Rs 4,000 'India souvenir tote' on luxury American retail site Nordstrom. Traditional dupattas have been rebranded as 'Scandinavian scarves', while intricately embroidered lehengas are being passed off as trendy 'Y2K maxi skirts'. On the flip side, some fashion experts believe the sudden global attention on Kolhapur chappals can help fuel the revival of this traditional unisex footwear. Celebrity fashion designer Bhawna Rao believes the moment will 'spark curiosity, draw investment, and invite younger generations to engage with heritage crafts in new ways'. Shirin Mann, founder of footwear label NEEDLEDUST — known for reinventing the traditional Indian 'jutti' — said Prada has brought 'massive recall value' to the Kolhapuri chappal. 'Until now, it hadn't been considered part of the 'cool' or aspirational footwear space in India's luxury market… I truly believe in the ripple effect of what Prada has done. 'While it may not be a direct collaboration, the global visibility can be powerful, boosting awareness, reviving demand, creating jobs, and most importantly, sparking a renewed appreciation for the craftsmanship of the artisans,' said Mann, adding that global reinterpretations are inevitable, but they 'should come with context, credit, and ideally, collaboration'. PTI MG AA MIN MIN MIN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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