Welspun like a Eyptian

One of Target’s vendors, Welspun Global Brands (Welspun), was one of the producers of Egyptian Cotton 500-thread count sheets under the Fieldcrest label for Target. After an extensive investigation, we recently confirmed that Welspun substituted another type of non-Egyptian cotton when producing these sheets between August 2014 and July 2016. Neither Target nor Fieldcrest had any knowledge of this substitution. These sheets were produced by a number of vendors and only one of those vendors was substituting product. This was a clear violation of both Target’s Code of Conduct and our Standards of Vendor Engagement, and was contrary to the high ethical standards to which we hold ourselves, and our vendors.

As soon as our investigation confirmed the substitution, we pulled all remaining product from Target stores and On August 19, 2016, we began reaching out to all REDcard and guests who purchased the sheets between August 2014 and July 2016 and offered them a full refund. We are reassuring our guests that this is not an issue of safety and there is no risk in continuing to use this product. Any guests who purchased the products from Target during that timeframe may submit this web form to request a refund in the form of a gift card. 

We have informed Welspun that, due to this conduct, we are in the process of terminating our relationship with them.

We value the trust that our guests place in us. The Target team will continue to work closely with all vendors to help ensure that the products we offer to our guests meet or exceed their expectations.-from Target’s Press Release


5 Stocks where promoter’s stake has increased by more than 40%

This post is in continuation of my 5 stocks series (see here).

The table below lists 5 stocks where the promoter’s stake has increased by more than 40% between the quarters ended Sept 2012 and Dec 2012 (source:CapitalMarket)

Company Name Promoters % – 31/12/2012 Promoters % – 30/09/2012 Var(%)
Lloyd Steel Inds 58.35 36.14 61.46
Capital First 68.93 42.73 61.32
Shanthi Gears 70.13 44.13 58.92
Netwrk.18 Media 73 48.3 51.14
Welspun Investme 69.36 47.79 45.13