<ul><li><keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> there are multiple false narratives being created in the allegations made by <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research.</li><li>Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group said.</li><li>The company claimed that it is in compliance with all applicable laws and regulations.</li></ul>The Adani Group, referring to allegations made by Hindenburg Research, on Sunday said that there are multiple false narratives being created in relation to certain allegations concerning diamond exports, which matters have all been closed by the Appellate Tribunal (CESTAT) in their favour. This decision has been further confirmed by the Supreme Court itself twice over, a fact which has been deliberately ignored and concealed in the Hindenburg report (which contemptuously raises questions on the competence of the Appellate Tribunal with baseless claims that it has ignored evidence). An example of where the report exposes its motives is the question around "convoluted structures" and multiplicity of subsidiaries, while failing to comprehend that in the infrastructure business, especially in a sprawling geography like India, most large corporates operate in a similar fashion because projects are housed in separate SPVs and these need to be ring fenced from a lender perspective for limited recourse project finance and in many cases on account of specific regulatory requirements, Adani Group said. As an example, transmission projects in India are awarded under tariff-based competitive bidding, in such bidding, the successful bidder has to acquire the SPV which is undertaking the project. Hence, it is a regulatory requirement as part of the Electricity Act, 2003 and the regulations of the Central Electricity Regulatory Commission to execute projects in different SPVs. Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us, Adani Group said. For instance, they have raised several questions around the offer for sale undertaken by Adani Green Energy Ltd in 2019, while maliciously ignoring the fact that in India the process for OFS is a regulated process, implemented through an automated order book matching process on the platform of the stock exchange. This is not a process which is controlled by any entity and the purchasers are not visible to anyone of the platform. Adani Group said on Sunday that it is in compliance with all applicable laws and regulations. "We are committed to the highest levels of governance to protect the interests of all our stakeholders," a statement said. The Adani Portfolio also has very strong internal controls and audit controls. All the listed companies of Adani Portfolio have a robust governance framework. The Audit Committee of each of the listed companies is composed of 100 per cent of Independent Directors and chaired by an Independent Director. The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors. Adani Portfolio companies follow a stated policy of having global big 6 or regional leaders as Statutory Auditors. The focus of the Adani portfolio and the Adani verticals is to contribute to nation building and take India to the world. "We will exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities and we reserve our rights to respond further to any of the allegations or contents of the Hindenburg report or to supplement this statement," Adani Group said. Adani Group, in a statement, said it is shocked and deeply disturbed to read the report published by the "Madoffs of Manhattan" - Hindenburg Research on January 24, 2023 "which is nothing but a lie". "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," Adani Group said. This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors. "It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors. The mala fide intention underlying the report is apparent given its timing when Adani Enterprises Ltd is undertaking what would be the largest ever further public offering of equity shares in India. This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani Group said. There are three key themes from the Hindenburg Report: (i) Selective and manipulative presentation of matters already in the public domain to create a false narrative (ii) Complete ignorance or deliberate disregard of the applicable legal and accounting standards as well as industry practice, (iii) Contempt for the Indian institutions including the regulators and the judiciary, Adani Group said. The report has been put out with the admitted intent of Hindenburg (holding short positions in various listed companies of the Adani portfolio through US traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities) to profiteer at the cost of our shareholders and public investors. Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws, it said. "The truth of the matter is that Hindenburg is an unethical short seller. A short seller in the securities market books gain from the subsequent reduction in prices of shares. Hindenburg took 'short positions' and then, to effect a downward spiral of share price and make a wrongful gain, Hindenburg published a document to manipulate and depress the price of stock, and create a false market. The allegations and insinuations, which were presented as fact, spread like fire, wiping off a large amount of investor wealth and netting a profit for Hindenburg. The net result is that public investors lose and Hindenburg makes a windfall gain. "Thus, the report is neither 'independent' nor 'objective' nor 'well-researched'. The report claims to have undertaken a '2-year investigation' and 'uncover evidence', but comprises of nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years if not decades, attempts to highlight allegations which have since been judicially determined to be false, narrates as fact what is attributed to hearsay, rumours and gossip spread by unnamed sources such as 'a former trader' or 'touts' of a 'close relationship', questions the independence of the judicial processes and regulators in the nation, and selectively extracts statements devoid of their context and with no understanding of Indian law or industry practice," Adani Group said. It is telling that not one of the allegations is a result of any independent or journalistic fact finding. The allegations and innuendoes made in the Hindenburg report are knowingly false. Hindenburg's conduct is nothing short of a calculated securities fraud under applicable law, Adani Group said. Ironically for an organization that seeks transparency and openness, nothing much is known about either Hindenburg or its employees or its investors. Its website alleges that the organisation has an experience that 'spans decades' and yet appears to have been set up only in 2017. Despite all its talks of 'transparency', Hindenburg has actively concealed the details of its short positions, the source of its own funding, who is behind them, the illegality underlying the synthetic structures by which they hold such positions, or the profit it has made by holding such positions in our securities, Adani Group said. Not one of these 88 questions is based on independent or journalistic fact finding. They are simply selective regurgitations of public disclosures or rhetorical innuendos colouring rumours as fact. The report seeks answers to '88 questions' - 65 of these relate to matters that have been duly disclosed by Adani Portfolio companies in their annual reports available on their websites, offering memorandums, financial statements and stock exchange disclosures from time to time. Of the balance 23 questions, 18 relate to public shareholders and third parties (and not the Adani portfolio companies), while the balance 5 are baseless allegations based on imaginary fact patterns. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/stock-market/news/asias-richest-person-doubles-down-on-defence-against-fraud-allegations-ahead-of-a-massive-share-sale/articleshow/97373382.cms">Asia's richest person doubles down on defence against fraud allegations ahead of a massive share sale</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a>

Hindenburg ignores Indian legal processes: Adani Group on the firm's allegations

Dust and dirt are real nemesis for hygiene. And especially when it comes to the kitchen, they are a big no. Cleaning the cabinet shelves again and again and wiping the refrigerator agitatedly don’t seem like the ideal solutions at any rate. But stress not. 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Keeping it clean with kitchen mat liners

Mumbai, Jan 13 () The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in <keyword id="6357502" type="UNKNOWN" weightage="20" keywordseo="Import-Duty">import duty</keyword> on polished precious and semi-precious gemstones, in the upcoming Union <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told , "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business." He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds. Pethe also said the facility of equated-montly instalment (EMI) should be extended to the gems and jewellery industry and to increase the cash purchase limit to Rs 1 lakh from the current Rs 10,000. Gems and Jewellery Export Promotion Council (<keyword id="110243" type="PERSON" weightage="20" keywordseo="GJEPC">GJEPC</keyword>) Chairman Colin Shah urged the government to reduce import duty on cut and polished precious and semi-precious gemstones to 2.5 per cent, from the current 7.5 per cent. In its Budget recommendations, GJEPC has also proposed a hike in import duty on synthetic cut and polished stones to 25 per cent from 5 per cent. Shah said GJEPC has also proposed amendment in taxation provisions to allow sale of rough diamonds in special notified zone in Mumbai. Malabar Group Chairman MP Ahammed has urged the government that tax rate, including import duty on gold and GST, should be reduced to 7 per cent. Ahammed has also said the government should create an enabling environment for the jewellery retail trade to introduce MRP pricing in jewellery without any pricing break-up in terms of GST or other taxes. Currently, gold attracts 12.5 per cent import duty and 3 per cent GST and total duty and GST implication works out at 15.5 per cent. "Such high taxes have led to large-scale smuggling and tax evasion. Therefore, reducing import duty-GST implication to 7 per cent is an effective measure to prevent those industry malpractices," he added. Although the tax and duty implication is 15.5 per cent on gold, the actual implication comes to around 20 per cent after adding the mining royalties. The gold and diamond trade together accounts for 7.5 per cent of the country's GDP and 14 per cent of the country's total exports. About 60 lakh people are employed in this sector. Therefore, Ahammed noted that the government should take steps to facilitate comprehensive development of the grade trade sector so that it can continue to play a pivotal role in the growth of the economy. PNG Jewellers Chairman and Managing Director Saurabh Gadgil opined that 2020-21 has had a negative impact on the industry over all. "While jewellers are on track to recover from the impact of the pandemic and a muted wedding season, we are hopeful that the Budget 2021-22 will look at the jewellery industry favourably and roll out many SOPs and important policy changes that can help revive the industry in the next one year," he said. It is critical that the government also look at policies that encourage banks to kick-start lending once again to the jewellery sector, which will help businesses across the board to maintain liquidity and ensure survival and success, he pointed out. From the consumer perspective, he said gold should be deemed as an asset class like the mutual funds, allowing an increase in consumer investment confidence as well as the availability of facilities like EMI schemes to invest in gold products. "Setting up of a spot exchange, announced in the 2018 Budget on an immediate basis, will ensure consistency in pricing of gold across the country. This will boost consumer confidence and help people sell their gold at daily transparent prices," he added. SM HRS

Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%

Mumbai, Feb 1 () The gems &amp; jewellery industry has welcomed the budget proposals that offer lots of sops to boost farmers' income which in turn will boost gold demand.
But the industry is a bit disappointed with the status quo on customs duty on the yellow metal. It has lobbied hard for getting customs duty halved from the present 12.5 per cent.
"We welcome the move to boost agriculture that will increase farmers income and bring in liquidity and purchasing power to the retail industry, including the gems &amp; jewellery sector," All-India Gem &amp; Jewellery Domestic Council chairman Anantha Padmanaban told .
Disappointed with no changes on the duty front, he said, "we have been pursuing the government to reduce customs duty on gold to 6 per cent from the current 12.5 per cent to kill the gray market and boost the organized trade".
On the proposed bullion exchange, he said, the industry welcomes the move, but needs to study the details.
Commenting on the budget, the World Gold Council India managing director Somasundaram PR said measures to boost farmers income and reduce taxes for the middle class will boost purchasing power and consumer confidence, which will benefit the jewellery industry.
"Focus on the next wave of digital revolution will add impetus to digital gold products. The unmistakable thrust towards transparency sets long-term direction for the trade which will see many policy and market-led changes," he added.
Further, the plan to establish an international bullion exchange in Gift City is a positive step towards making gold a mainstream asset class.
"With its unique locational, infrastructural and regulatory advantages, the IFSC is well placed to build a fair, efficient and transparent bullion trading ecosystem. An organised bullion trading system will benefit the entire supply chain particularly, small players and exporters," he opined.
PNG Jewellers chairman Saurabh Gadgil said the announcement of the bullion exchange is interesting.
"The budget seems to be a very strategic and long term but no cognisance has been taken of problems on the ground. The only silver lining is the sops announced for the farming sector," he added.
Overall, the industry's request for reduction of import duty and other sops to increase consumption have gone unheard and that is disappointing, he said.
Manufacturers and exporters, however, are disappointed with the budget as there is increase in basic customs duty on diamonds, coloured gems, stones and semi-precious stones.
According to Gem Jewellery Export Promotion Council vice-chairman Colin Shah, these measures will increase the cost and ease of doing business and impact exports by minimum 5 per cent.
Basic customs duty on rubies, emeralds and sapphires, unset and imported uncut increased from nil to 0.5 per cent, duty on rough coloured gemstones increased from nil to 0.5 per cent.
Customs duty on pre-forms of precious and semi- precious stones and on rough synthetic gemstones increased from nil to 0.5 per cent as well. However, customs duty on platinum and palladium is reduced from 12.5 per cent to 7.5 per cent. SM BEN BAL

Industry expects focus on farmers to spur gold demand

Unless you’re living <a href="http://www.businessinsider.in/searchresult.cms?query=Hugh+Glass">Hugh Glass</a>’s life, you know what happened yesterday. <a href="http://www.businessinsider.in/searchresult.cms?query=Leonardo+DiCaprio+">Leonardo DiCaprio </a>finally took home his <a href="http://www.businessinsider.in/searchresult.cms?query=Oscar">Oscar</a> in the ‘Best Actor’ category after 22 years and and 6 nominations. 
 
Basically, this is what happened. 
 
<a href="http://pictoline.com/" target="_blank">Image Source</a> 
In case you live under a rock, here’s what he said in his historic acceptance speech. 
 
 
You heard him speak about <a href="http://www.businessinsider.in/searchresult.cms?query=climate+change">climate change</a>? This may come off as a surprise, but <a href="http://www.businessinsider.in/searchresult.cms?query=Leonardo+DiCaprio+">DiCaprio</a> has been an environmentalist, philanthropist and <keyword id="6368449" type="COMPANY" weightage="80" keywordseo="investor">investor</keyword> for quite a while, with a strong interest in startups that try to make the world greener. 
 
Here are some of his most interesting bets: 
 
Lab-made Diamonds 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Leonardo+DiCaprio+">DiCaprio</a>’s invested in <a href="https://www.diamondfoundry.com/">Diamond Foundry</a> back in 2008, which claims it can ‘manufacture’ diamonds in labs, weighing up to nine carats each. 
 
The gems are ‘grown’ in chemical reactors that can reach a scorching 8,000 degrees Celsius - hotter than the surface of the Sun. These are not murky, synthetic diamonds, but awesome white gems that are atomically identical to mined ones. This could rid the $100 billion diamond industry of cartels, human right violations, and child labor. 
 
Diamond Foundry has secured angel funding from Mark and Alison Pincus and Ev Williams, and former <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook">Facebook</a> COO <a href="http://www.businessinsider.in/searchresult.cms?query=Owen+Van+Natta">Owen Van Natta</a>. 
 
Read more <a href="http://www.businessinsider.in/Leonardo-DiCaprio-just-invested-in-a-startup-that-claims-it-can-grow-real-diamonds-in-weeks-heres-the-science-behind-it/articleshow/49752918.cms">here</a>. 
 
Uber for trash 
 
<a href="http://techcrunch.com/2015/07/02/rubicon-global-hires-first-cto/">Image Source</a> 
<a href="http://www.businessinsider.in/searchresult.cms?query=Leonardo+DiCaprio+">DiCaprio</a> invested in an Atlanta-based garbage startup,. <a href="https://www.rubiconglobal.com/">Rubicon Global</a>,<a href="https://www.rubiconglobal.com/"> which</a> offers waste and recycling management services. 
 
The company uses software to manage a network of independent waste haulers that bid on picking up trash from business customers, with a focus on keeping trash out of landfills. Customers get lower bills, and help the environment as well. 
 
Basically, it’s Uber for thrash. 
 
An eco-friendly super car 
 
<a href="http://www.autoevolution.com/news/fisker-karma-hybrid-could-be-resurrected-as-the-2016-elux-karma-92610.html">Image Source</a> 
A superstar has to ride in style, but why harm the earth meanwhile? <a href="http://www.businessinsider.in/searchresult.cms?query=Leonardo+DiCaprio+">Leonardo</a> invested in <a href="http://www.karmaautomotive.com/">Fisker Technologies</a>, a green American sports car company that produced an eco-friendly car. 
 
It launched the <a href="http://www.businessinsider.in/searchresult.cms?query=Fisker+Karma">Fisker Karma</a>, one of the world’s first production plug-in hybrid luxury sports sedans. It turned heads at the 2008 Detroit Auto Show, and started deliveries from 2011. For a ‘mere’ $95,900 you could get the base model with a solar panel roof that recharges the car’s Lithium-Ion battery and runs the climate control system. How cool is that?! 
 
The company was bought by China’s Wanxiang Group in February 2014. 
 
Image credit: Indiatimes

Leonardo DiCaprio is also a big investor — here are 3 schemes he’s backed

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Our Story BridalThe showroom of Our Story Bridal, a bridal resale store in New York City.</div></div></div><ul class="summary-list"><li>Budget-savvy <a href="https://www.businessinsider.com/category/millennials">millennial</a> brides are increasingly seeking gowns from a growing number of companies selling secondhand wedding dresses and accessories at bargain prices. </li><li>The rise of companies like Our Story Bridal, Stillwhite, and Wedding Recycle points to a potentially lucrative sweet spot between the $72 billion bridal industry and the resale market, which is expected to reach $51 billion in the next five years. </li><li>Resale wedding dresses are resonating with millennials who are more than twice as likely as baby boomers to seek out sustainable products, according to a <a href="https://www.nielsen.com/us/en/insights/article/2018/was-2018-the-year-of-the-influential-sustainable-consumer/">Nielsen study</a>. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://www.businessinsider.com/how-millennials-are-changing-marriage-divorce-weddings-prenups-2019-5">Millennials may be delaying marriage</a> and tying the knot in fewer numbers, but when they do opt for matrimony, they're finding ways to do so on the cheap, starting with the wedding dress. According to <a href="https://evenfinancial.com/blog/millennial-weddings-everything-need-know/">The Knot</a>, the average wedding dress costs more than $1,300, an exorbitant price tag for cash-strapped millennials hoping to offset the cost of a gown they'll likely only wear once. To help shoppers navigate the nascent world of secondhand bridal, companies like Our Story Bridal - a resale bridal boutique in New York City - and e-commerce websites like Stillwhite and Wedding Recycle are appearing with growing frequency to offer up alternative options. The emerging bridal resale market marks a sweet spot among two concurrently booming industries - the bridal industry, which is now worth an <a href="https://www.fastcompany.com/90212949/zolas-plan-to-take-on-the-72-billion-wedding-industry">estimated $72 billion</a>, and the the resale market, which is <a href="https://www.thredup.com/resale?clickid=3bNyFMU3nxyJT%3ArwUx0Mo382UklWZ334wx2wSM0&amp;irgwc=1&amp;utm_source=ImpactRadius&amp;utm_medium=7454&amp;utm_campaign=418040&amp;referral_code=impactradius_10078">expected to reach $51 billion</a> in the next five years thanks to the rising popularity of brands like <a href="https://www.businessinsider.com/category/thredup">ThredUp</a> and <a href="https://www.businessinsider.com/category/poshmark">Poshmark</a>. In June, luxury consignment retailer <a href="https://www.businessinsider.com/the-realreal-ipo-here-is-what-you-need-to-know-2019-6">The RealReal became the first resale company to go public</a>, which it did at a valuation of $1.5 billion. Read more: <a href="https://www.businessinsider.com/the-realreal-ipo-first-luxury-reseller-store-going-public-photos-2019-6">We visited The RealReal in advance of its IPO and saw why it's leading the luxury resale market </a>"The modern-day bride is a lot more savvy with money, and savvy about the environment and sustainability," said Jess Walker, head of marketing at Stillwhite. "Brides have started to think, 'Okay, I'm only wearing this dress for five hours. Why would I spend $4,000 on a dress and then keep it for the rest of my life when I can recoup that cost?'"<div class="KonaFilter image-container display-table"><div><div class="image on-image">Coni Tarallo for Our Story BridalDresses for sale at Our Story Bridal.</div></div></div>According to the <a href="https://www.census.gov/newsroom/press-releases/2014/cb14-219.html">US Census Bureau</a>, three in 10 young adults age 18 to 34 have ever been married, compared to six in 10 in 1980. Analysts say the dip can be attributed to a confluence of factors such as lingering economic insecurity from the recession and the impact of the estimated $1.5 trillion student loan crisis.<h2>Touting lower costs and sustainability to woo millennials </h2>Still, for young couples who are choosing to say "I do," they are increasingly doing so in ways that buck tradition, by finding methods that both cut costs and support a circular economy, like <a href="https://www.vogue.com/article/how-engagement-ring-buying-is-changing">purchasing synthetic diamond rings</a> and selecting sustainable vendors for their weddings. According to a <a href="https://www.nielsen.com/us/en/insights/article/2018/was-2018-the-year-of-the-influential-sustainable-consumer/">2018 Nielsen study</a>, millennials are more than twice as likely as baby boomers to purchase sustainable products, at a rate of 75% versus 34%.Stillwhite - founded in 2010 by Australian couple Bruno &amp; Ingrid Szajer - was designed to cater to these young, eco-conscious couples, Walker said. The brand functions as a platform for users to sell their dresses online, after first paying a $20 entrance fee and creating a Stillwhite profile. Similar to sites like Poshmark, interested buyers can browse by designer and style to find an option they like before messaging sellers to ask questions and request additional photos. Buyers and sellers can also set up a time to meet to try on the dress if geography permits, or they can purchase securely from the site. Today, Stillwhite is one of the largest wedding dress resale sites in the world, with nearly 50,000 active listings and $30 million in sales. A quick scroll through the home page shows a wide variety in price point, style, and size, including a $179 Galina dress, a $430 Reformation gown, and a $5,000 Pnina Tornai frock.<div class="KonaFilter image-container display-table"><div><div class="image on-image">StillwhiteA dress on Stillwhite.</div></div></div>"Back when Stillwhite started, it wasn't really a thing to sell your dress online," Walker said. "But that's where [the founders] saw an opportunity, because there were so many brides they knew that just left their dress in their wardrobe or under the bed."Much like online consignment brands like The RealReal starting to wade into brick-and-mortar <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword>, Our Story Bridal wanted to provide a tangible, hands-on experience for bridal resale. As stores like <a href="https://www.businessinsider.com/what-kleinfeld-say-yes-to-the-dress-is-like-photos-2019-6">Kleinfeld of "Say Yes To The Dress" fame</a> continue to draw brides en masse to browse garments with price tags as high as $80,000, Our Story Bridal is attempting to replicate the experience with previously worn gowns."We differentiate ourselves with brick-and-mortar and curating our inventory, unlike a website where everybody is pulled in and you have some dresses where you have no idea what they look like or what condition they're in," said Ana Maes, cofounder of Our Story. "We offer a very high-end experience. We like to compare ourselves to the top bridal designer boutiques where you have the full service."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Coni Tarallo for Our StoryA dressing room at Our Story Bridal.</div></div></div>Like Kleinfeld, Our Story is also located in New York City and takes visitors by appointment to try on gowns that are discounted by up to 65%. According to Maes, most of the gowns are sourced locally, and an estimated 30-40% are previously worn dresses. The remaining dresses in the collection are samples that come directly from designers. Moving forward, both Our Story and Stillwhite said they anticipate that more and more consumers will opt into bridal resale. "It's just such a big market and we're focusing more on sustainability and how we can help brides understand that they're genuinely helping the planet through resale," Walker said. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/starbucks-mcdonalds-dunkin-animated-map-shows-where-coffee-comes-from-2019-7">This animated map shows where your favorite coffee comes from</a></h3> <div> </div> </div>

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