02 November 2024, Mumbai

Delivering remarkable financial results, Kitex Garments recorded a 181.37 per cent rise in net profit to Rs 37.34 crore during the quarter ended Sep ’24 as against a net profit of 13.27 crore in the corresponding quarter last year.

The company’s net sales soared by 61.16 per cent to Rs. 215.88 crore during the quarter from Rs. 133.96 crore net sales recorded in quarter ended Sep’23. This significant rise in revenue highlights the company’s strengthened market position and increased demand for its products.

In addition, Kitex Garments’ EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 126.81 per cent to Rs. 57.95 crore, up from Rs. 25.55 crore in the quarter ended Sep’23. This increase reflects a stronger core profitability and efficiency within the company’s operations.

The company’s earnings per share (EPS) also grew to Rs. 5.61 from Rs. 2.00 in September 2023. This rise in EPS is a positive sign for shareholders, indicating that the company’s profitability per share has more than doubled year-over-year.

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30 October 2024, Mumbai

Parent company of men’s casual wear brand Mufti, Credo Brands Marketing reported a 5 per cent decline in net profit to Rs 26 crore ($3 million) in Q2, FY25 as against Rs 28 crore in the corresponding quarter last year.

The company’s revenue for the quarter rose by 12 per cent to Rs 186 crore, as against Rs 166 crore in the corresponding quarter of the previous fiscal year.

Kamal Khushlani, Chairman and Managing Director, Credo Brands Marketing says, despite facing a challenging external environment, the company demonstrated a steadfast commitment to driving growth. The company’s profit margins were impacted during the quarter due to a subdued demand due to external factors, including a reduced number of wedding dates, unprecedented heavy rains in September, and generally subdued discretionary spending.

Driven by the festive season and upcoming marriage, demand is expected to revive in the coming months. The company also aims to improve its digital presence besides growing its direct-to-consumer business in Meta and Google, Khushlani adds.

In H1, FY25, Credo Brands Marketing opened 17 new stores to take its total count to 427. It plans to further expand its retail presence by adding 20-25 new stores in the second half of the year.

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29 October 2024, Mumbai

A premier brand under Aditya Birla Fashion and Retail, Allen Solly has unveiled a refurbished brand identify along with the launch of its largest store in India.

Located in Banjara Hills, Hyderabad, the store spans 5,300 sqft across three floors. It features over 10,000 styles, a dedicated wedding studio, and on-site professional tailoring services, aiming to cater to the modern Indian consumer who seeks international fashion.

Signifying a new retail identity for Alley Solly, the store is grounded in the brand’s rich Nottingham heritage, says Richa Pai, COO.

Launched in the Indian market in 1993 by Madura Fashion & Lifestyle, Allen Solly is known for its western wear collections for women. The brand has carved a distinct niche in India’s fashion landscape.

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30 October 2024, Mumbai

India's Gen Z males are rewriting the rules of engagement with traditional clothing. Gone are the days when kurtas and sherwanis were reserved for weddings and festivals. This generation is embracing ethnic wear with a fresh perspective, blending heritage with contemporary style to create a look that's uniquely their own. Gen Z men are injecting ethnic wear with their signature blend of comfort, individuality, and contemporary style. This resurgence isn't just about festivals and weddings anymore, kurtas, bandis, and even dhotis are finding their way into everyday wardrobes, albeit with a modern twist.

A new wave of fusion fashion

Gen Z says what attracts them to a kurta is its comfort that they can with chinos or even joggers for a more casual look This sentiment echoes across India, as younger men are experimenting with silhouettes, fabrics, and styling. Think short kurtas with asymmetric hems, bandis layered over T-shirts, and dhotis paired with sneakers. No wonder, Mumbaikar Akhil Sood, a popular fashion influencer on Instagram, regularly wears ethnic wear for his posts, showcasing how to style kurtas and bandis for different occasions. "I get a lot of queries from my followers about where to find certain pieces or how to create specific looks," says Akhil. "It's clear that there's a huge interest in ethnic wear among young men."

"We're seeing a lot of experimentation with prints and colors too," says fashion designer Rahul Mishra. "Younger men are more open to bold hues and unconventional motifs." In fact, popular brand Manyavar, has seen a significant increase in sales of its youth-focused line, Mohey, which offers contemporary styles at affordable prices. They have also launched campaigns featuring young influencers and celebrities to connect with the Gen Z audience.

Interestingly, while the trend of embracing ethnic wear is widespread, the approach differs across market segments. In major metros and among affluent Gen Z, there's a growing demand for designer labels and bespoke tailoring. Brands like Shantanu & Nikhil and Kunal Rawal are popular for their modern interpretations of traditional silhouettes, often incorporating unconventional fabrics and embellishments. These consumers are willing to invest in high-quality pieces that make a statement.

The scenario in Tier II and III cities is different where affordability and accessibility play a key role. Brands like Manyavar and Fabindia are catering to this segment with a wider range of options at more accessible price points. Here, the focus is on comfort and versatility, with kurtas and Nehru jackets being popular choices for everyday wear.

Smaller cities lead the trend

Interestingly, the adoption of ethnic wear among Gen Z in Tier II and III cities is arguably more pronounced. No wonder, online retailer The Indian Ethnic Co. has seen demand growth for customized kurtas and Nehru jackets from Tier II and III cities. They offer a wide range of fabrics, colors, and styles, allowing customers to personalize their outfits.

There are numerous reasons for this. First, smaller cities often have stronger ties to tradition and cultural heritage. Young men are more likely to embrace ethnic wear as a way of connecting with their roots and expressing their cultural identity. Also, social media platforms like Instagram and TikTok have played a significant role in popularizing ethnic wear, showcasing diverse styles and inspiring young men to experiment. The rise of e-commerce has made it easier for consumers in smaller cities to access a wider range of ethnic wear options, including designer labels and customized pieces.

This trend is not just a passing fad. It reflects a deeper cultural shift, with Gen Z men embracing their Indian roots while confidently expressing their individuality. As this generation continues to redefine fashion norms, one can expect to see even more innovative and exciting interpretations of ethnic wear in the years to come.

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30 October 2024, Mumbai

Driven by the rising demand for athleisure and stylish activewear in India, Japanese sports performance brand Asics is expanding its footprint with a focus on Tier II and III cities in the country.

According to Rajat Khurana, Managing Director, demonstrating a strong shift to online shopping by consumers, these regions currently constitute around 60 per cent of the brand’s total e-commerce sales.

However, despite this significant online growth, offline stores still contribute around 60 per cent to the brand’s overall business, adds Khurana. The brand recently launched its 111th store at DLF Promenade in New Delhi. The store introduces the Asics’ SkyHand sneakers with brand ambassador Shraddha Kapoor. These sneakers aim to address the rising demand of the brand’s apparel in the sport style category.

Moving forward, the brand aims to increase its store count to 120 single-brand stores by year-end from the current 111.Of this, it plans to open nine new stores over the next three months. By 2026, the brand aims to reach the 200-store mark.

In 2024, Asics grew at the rate of 25-30 per cent. The company expects to generate over 60 per cent of sales during the festive season in H2 2024. It plans to expand its presence in the running segment by acquiring sponsorships of marathons across India. This would long-standing partnerships in Mumbai and Bengaluru and new sponsorships in Delhi and other cities.

With footwear currently constituting 85 per cent of Asics’ sales, the brand aims to grow the share of its apparel segment from 15 per cent to 20 per cent in the coming years.

The company also aims to increase the share of local production in India from 30 per cent in 2024 to 35-40 per cent, adds Khurana.

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29 October 2024, Mumbai

Indicating a robust quarter, Bella Casa Fashion & Retail recorded a 78 per cent rise in net profit to Rs 5 crore in Q2, FY25as against Rs 3 crore in the corresponding quarter last year. The company’s revenue also increased by 66 per cent to Rs107 crore during the quarter from Rs 64 crore in Q2, FY24.

Saurav Gupta, Director, Bella Casa, says, going beyond expanding operations, the company focuses on laying the groundwork for sustainable, long-term growth. To quicken to response to market trends, the company continues to expand the use of sustainable and recycled materials, modernise its machinery, digitise production processes, and focus on reducing lead times and waste.

These strategic moves help the company to consolidate its position as a leading fashion and lifestyle manufacturer, and enable it to deliver robust returns on capital over the long term.

One of India’s leading manufacturers of home furnishings and designer ethnic wear, Bella Casa Fashion serves over 50 domestic brands across the country.

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30 October 2024, Mumbai

Cantabil Retail India Ltd has launched 13 new stores across India this October, pushing its total to 569 outlets nationwide. The expansion marks the brand’s significant growth and its mission to make stylish, affordable fashion accessible to more customers.

These newly opened stores span cities like Zirakpur, Dehradun, Pune, Jaipur, Jodhpur, Vadodara, and more, solidifying Cantabil’s footprint across 20 states and 272 cities. Designed with a modern aesthetic, each location offers a wide selection of clothing and accessories for men, women, and children, catering to India’s evolving fashion needs.

Cantabil offers a diverse range of styles, including casual wear, formal attire, activewear, and footwear, positioning each store as a comprehensive shopping destination. Deepak Bansal, Director of Cantabil, emphasized the brand's commitment to providing stylish, affordable fashion options for all occasions. Nearing the 570store mark, he highlighted this expansion as a reflection of Cantabil’s dedication to broadening its reach and delivering quality fashion across the country.

With plans for further expansion, Cantabil continues to strengthen its presence, striving to deliver a versatile and enjoyable shopping experience for Indian families.

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30 October 2024, Mumbai

Compared to a loss of Rs 86.42 crore in the corresponding quarter last year, V-Mart Retail’s net loss narrowed to Rs 57.99 crore during Q2, FY25. The retailer's revenue from operations registered a 20.3 per cent growth to Rs 660.97 crore from Rs 549.43 crore a year ago.

V-Mart Retail’s total expenses also rose by 13 per cent to Rs 720.73 during Q2, FY25 while its total income including additional revenue sources, increased by 20.18 per cent to Rs 662.74 crore.

V-Mart also report a 15 per cent Y-o-Y growth in its same-store sales (SSSG) during the quarter with inventory growing to a value of Rs 912 crore. The company opened 21 new stores while closing two underperforming ones in Q2 FY25, bringing its total store count across India to 467 by the quarter’s end.

V-Mart also registered a Rs 650.57 crore revenue from its core 'Retail Trade' operations while revenue from its digital marketplace increased to Rs 10.40 crore.

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29 October 2024, Mumbai

In collaboration with Puneet Bajaj, CEO, Shakti Brandz, fashion designer Narendra Kumar has introduced a new fashion brand titled, Ura Street.

Targeted toward Gen-Z and late millennials, Ura Street offers a wide range of apparel and accessories, including jeans, cargo pants, joggers, jackets, sweatshirts, t-shirts, skirts, caps, and vests. Inspired by the 'Urahara' streetwear movement that began in Tokyo’s Harajuku district in the 1980s, the brand reflects a dynamic, modern style.

Kumar, Co-founder and Creative Director of the brand, says, the launch marks the introduction of four distinct ranges that resonate with the unique identities of Gen-Z. Be it the ambitious Doer, a creative Dreamer, a rebellious spirit, or an activist fighting for change, the brand offers something to suit its customers’ personality and lifestyle.”

The brand aims to revolutionise urban life by building vibrant, inclusive spaces that merge innovation and accessibility, adds Bajaj.

Starting at Rs 1,899 (around $22), Ura Street will soon make its collections available on the brand’s website and on major marketplaces like Myntra, Ajio, and Amazon.

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30 October 2024, Mumbai

To expand its international reach, South Asian designer Arushi Roopchandani’s womenswear label, Roology has partnered with multi-brand retailer Amrika London, bringing its unique designs to a wider audience across the UK.

Launched just in time for the festive season, Roology’s distinct pieces feature daring, hand-dyed styles that celebrate individuality and skilled craftsmanship, blending innovation with comfort for those looking for bold, expressive fashion.

Roology’s signature aesthetic includes saree-inspired draping, vibrant colors, and abstract prints that merge body-con silhouettes with traditional patterns. Founded by Arushi Roopchandani, the brand collaborates with artisans to create its womenswear, addressing a gap in the market for modern yet culturally rooted designs.

Located in North London’s N12, Amrika London specialises in premium South Asian brands, showcasing apparel, accessories, and jewelry from designers such as Anand Kabra, Misho, Itrh, Sva, Ridhi Mehra, and Payal Singal, both in-store and online.

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29 October 2024, Mumbai

India's fashion and apparel retail sector is poised for change over the next three to four years. With Reliance Retail, one of the largest players, aiming to double its business, the competitive landscape is set to intensify. With a growing middle class, increasing disposable incomes, and evolving consumer preferences, the sector is ready for disruption and innovation.

As per Blue weave Consulting, the Indian fashion retail market was valued at $58.16 billion in 2023 and projected to grow at a CAGR of 12.65 per cent to reach $125.31 billion by 2030. Various studies have indicated value fashion dominates the market with a 56 per cent share. Mid-premium segment witnessed remarkable growth of 37.9 per cent in FY23. And premium segments: Also experiencing significant growth, with increased brand consciousness and aspirational buying.

Reliance's growth strategy

As the market evolves and grows, Reliance Retail, a subsidiary of Reliance Industries, has emerged as a dominant force. Their fashion and apparel segment has a diverse portfolio of brands, including Trends, Azorte, and Reliance Jewels. The company's aggressive expansion strategy, which has got a boost from their organic growth and acquisitions, is reshaping the industry. Reliance Retail's goal is to double the fashion and apparel business within next three to four years. This growth will be driven by several factors.

Aggressive expansion: Reliance is rapidly expanding its retail footprint, particularly in Tier II and III cities, where rising disposable incomes and growing fashion consciousness are boosting demand. This will bring its brands closer to a wider consumer base.

Brand acquisition and partnerships: Acquiring iconic brands like Campa Cola and forming partnerships with international labels like Gap and Armani Exchange allows Reliance to cater to diverse consumer preferences. Also, its acquiring stake from top labels and designers. Recent examples include the acquisition of a majority stake in designer label Abraham & Thakore and a partnership with Ritu Kumar.

Omnichannel approach: Integrating offline and online channels to provide a seamless shopping experience. This includes leveraging technologies like augmented reality for virtual try-on and personalized recommendations.

Value proposition: Offering a compelling value proposition through a mix of private labels, exclusive brands, and competitive pricing. With Reliance Trends and other value-focused brands its catering to the price-sensitive Indian market, offering a wide range of affordable apparel and accessories.

Taking on competition

While Reliance Retail is a formidable player, the Indian fashion and apparel market is highly competitive. Other major players include Aditya Birla Fashion and Retail, a conglomerate that owns popular brands like Pantaloons, Louis Philippe, Van Heusen, Allen Solly, and Peter England. The Tata Group with its retail arm Trent Ltd, that operates Westside and Zudio, known for their trendy and affordable offerings. Arvind Fashions that has brands like US Polo Assn., Arrow, Flying Machine, and Tommy Hilfiger. Shoppers Stop, the department store chain offering a wide range of apparel, accessories, and beauty products. Reliance Retail's aggressive expansion will undoubtedly disrupt the existing competitive landscape.

Table: Prominent players and their strategy

Company Market share (approx.) Key strategies Reliance Retail 20% Aggressive expansion, brand acquisitions, omnichannel approach Aditya Birla Fashion and Retail 12% Focus on premium brands, expanding into new categories like beauty and innerwear Shoppers Stop 5% Omnichannel strategy, private label development, loyalty programs Trent Ltd. (Westside) 4% Value-oriented private labels, strong focus on design and quality V-Mart Retail 3% Catering to value-conscious consumers in Tier II and III cities Online Players (Myntra, Flipkart, Amazon) Significant share Wide selection, competitive pricing, convenience

Trends shaping Indian retail today

Several factors are shaping the retail industry today. One major factor is increasing disposable incomes, particularly among the middle class that is driving demand for branded apparels. Growing preference for inline shopping is another catalyst as e-commerce is rapidly gaining popularity, especially among younger consumers. Then there is a resurgence of interest in traditional Indian clothing or ethnic wear, with brands offering contemporary interpretations.

However, despite growth, the apparel retail sector is facing several challenges. Since the market is highly competitive, with both domestic and international players vying for market share the going is tough for every player big or small. Also, consumer preferences are evolving rapidly, requiring retailers to be agile and responsive. And the COVID-19 pandemic has highlighted the vulnerability of global supply chains and retailers. Counterfeit products are another bane as the prevalence of dupes is a major concern for brands.

Despite these challenges, Indian fashion and apparel retail market is expected to continue its strong growth in coming years. Reliance Retail's ambitious expansion plans will further intensify competition, pushing other players to raise their game. The market will be characterized by Omnichannel integration as retailers will focus on seamlessly on both online and offline channels. Brands will leverage data and technology to offer personalized shopping experiences. Ethical and sustainable fashion will become increasingly important. And retailers will adopt technologies like AI and machine learning to improve efficiency and customer engagement.

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29 October 2024, Mumbai

Marking a significant milestone in the label’s expansion journey in India, iconic denim brand Diesel has opened its latest boutique at the Mall of Asia in Bengaluru. This new store offers unique blend of style and creativity to fashion enthusiasts in the region.

Founded in 1978 by Renzo Rosso, Diesel has consistently pushed the boundaries of denim design and fashion. The brand was launched with the vision to create the world’s most innovative denims, positioning it as an alternative to traditional casual wear giants. The brand’s name ‘Diesel’ was chosen strategically; during a global oil crisis as the term resonated as a symbol of alternative fuel, mirroring the brand’s intention to be recognised as an alternative in the fashion industry.

Known for its bold designs, high-quality materials and a unique ethos appealing to a diverse audience, Diesel has, over the years, carved a niche for itself in the fashion landscape

The brand’s new store at Mall of Asia showcases its latest collections, featuring cutting-edge denim styles, stylish apparel, and a range of accessories. The immersive retail experience it offers highlights the brand’s commitment to craftsmanship and innovation.

With the launch of this store, Diesel reaffirms its dedication to the Indian market, aiming to connect with the evolving fashion sensibilities of Indian consumers. As the brand continues to grow, it remains focused on its mission to redefine denim fashion and inspire a new generation of style enthusiasts.

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