TIRUPPUR: Major domestic brands and manufacturers of Tiruppur have decided to increase their prices by 3 to 5% from January 1, due to increasing workers' wages, power tariff, and building rent.
Tiruppur, the knitwear capital, had exported knitwear worth Rs 44,747 crore and domestic trade worth Rs 30,000 crore, in the financial year of 2024-25. With many indigenous brands adding to Tiruppur's strength, domestic manufacturers have decided to increase prices.
R Damodharan, Secretary of the South India Hosiery Manufacturers Association (SIHMA), said, "Knitwear products from Tiruppur are going to major cities of all states in India. In this, most domestic brands set their own prices for their products which the traders and buyers from other states are buying. For example, our brand 'Season' is placing great emphasis on the production of innerwear. The price of the innerwear we are selling for Rs 80 at present will increase by 3 to 5% from January 1. This applies to the majority of domestic brands and manufacturers."
"In 2003, due to industrial slowdown, domestic manufacturers raised prices by 5%. After that, the price was not increased. But currently, all expenses including power tariff, workers' wages, and office expenses went up. The new wage hike agreement for all workers will be finalised soon. Additionally, we have decided to implement a price hike of 3 to 5% annually in January, depending on the circumstances. There are 570 manufacturers under our association. If we raise the price, other domestic manufacturers will raise it too," he added.
He added, "Domestic trade has been in good shape for the past year. Innerwear sales usually drop in December and January but that of knitwear is going well. Orders for summer will start arriving at the end of February. Summer sales are likely to be good."
MP Muthurathinam, President of Tiruppur Exporters and Manufacturers Association, "Many aspects including power tariff, building rent, and property taxes have already increased. Trade unions are demanding a hike of more than 100%. Due to such reasons, domestic brands and manufacturers have been forced to raise prices."