23 August 2024, Mumbai

The Retailers Association of India (RAI) hosted the 'Retail CFO Summit 2024' in Mumbai on August 22, bringing together finance leaders to discuss the evolving role of CFOs in the retail industry. The summit revolved around the theme, "New CFO Checklist: A Roadmap for 10x Growth."

As retail rapidly transforms, CFOs are now tasked with more than managing finances. They must lead digital innovation, ensure economic resilience, and drive sustainable growth. The summit offered a platform for industry leaders to exchange ideas and strategies to navigate these challenges.

Panel discussions covered a range of critical topics, including digital transformation, leadership, regulatory compliance, and future-ready financial strategies. Sessions such as "Green Growth and Sustainable Development," "Leveraging AI and Automation for Financial Efficiency," and "Strengthening Regulatory Compliance" stood out.

Kumar Rajagopalan, CEO of RAI, emphasized the expanding role of CFOs in driving innovation and sustainability. CFOs from leading retail brands echoed this sentiment, highlighting the need for financial leaders to integrate technology and data analytics into their strategies.

Speakers like Hrushit Shah (Westlife Food World Ltd.), KiranShinde (PMJ Jewels), and Anand Agarwal (V-Mart Retail) underscored the importance of agility, innovation, and foresight in financial leadership. They stressed that the future of retail will be shaped by those who can effectively combine financial stewardship with technological advancement.

The Retail CFO Summit 2024 reaffirmed the critical role of CFOs in steering the retail sector towards sustainable and exponential growth.

Latest Fashion news

23 August 2024, Mumbai

The first quarter results of fiscal year 2024-25 revealed while some companies clocked in good growth others faced challenges due to subdued consumer demand and macroeconomic headwinds. Value retailers reported strong growth while the big players reported a drop in revenue.

Key Highlights of Q1

Subdued demand and macroeconomic challenges: Several companies, including Aditya Birla Fashion and Indian Terrain, reported a decline in revenue and profits due to muted consumer demand, which was intensified by factors such as prolonged heat waves and a weak wedding season. The inflationary environment also impacted consumer spending on discretionary items like apparel.

Value and emerging segments on top: Value fashion segment, such as V2 Retail, and those catering to emerging consumer segments witnessed strong growth. V2 Retail reported a significant increase in revenue and net profit, driven by its expansion strategy and growing brand acceptance.

Table: Company’s financial performance

E-commerce and exports were growth drivers: Dollar Industries reported a substantial increase in revenue from e-commerce and exports, highlighting the growing importance of these channels for apparel companies.

Interestingly despite the challenges in Q1, many companies are optimistic about the second half of the fiscal year, anticipating improved demand during the festive and wedding seasons. Credo Brands and Cantabil Retail, in particular, expect a rebound in consumer spending, driven by favorable monsoon predictions and government initiatives to boost consumption.

Meanwhile, companies are focusing on strategic initiatives such as expanding their retail footprint, strengthening their online presence, and diversifying their product portfolios to drive future growth. Cantabil Retail plans to continue its omni-channel expansion, while Rupa & Company aims to add over 100 new stores in FY25.

Overall, the apparel sector is going through a challenging phase, but companies are adapting strategies to capitalize on emerging opportunities and position themselves for long-term growth. The performance in the second half of the fiscal year will be crucial in determining the overall trajectory of the sector in FY25.

Latest Fashion news

22 August 2024, Mumbai

A prominent player in the India’s hosiery and knitwear sector, Dollar Industries plans to expand its reach by opening 50 exclusive brand outlets in South India over the next two to three years.. The company’s ongoing investments in expansion and new product launches align with its Vision 2025, which aims to solidify its position as a market leader both domestically and internationally.

Founded in 1972, Dollar Industries has emerged as a prominent player in the Indian hosiery and knitwear sector. Holding an impressive 15 per cent market share, the company has become a cornerstone of textile exports, contributing significantly to the nation’s economic fabric.

With a strong presence in 28 states across India and robust sales in the Middle East, including the UAE, Oman, Jordan, and other key regions, Dollar Industries stands as a leading Indian innerwear brand with a growing international footprint.

The company has set its sights on further global expansion. Its foray into the Dubai Free Trade Zone enhances its logistics capabilities, allowing for faster shipping times and closer customer connectivity. This strategic move is part of Dollar Industries’ broader vision of becoming a dominant global player in the hosiery market.

The Indian innerwear industry has seen robust growth in recent years, expanding from Rs.15,870 crore in 2017 to a projected Rs.68,270 crore by 2024, with a consistent CAGR of 12 per cent. This sector constitutes 9 per cent of India’s fashion retail market and is divided into men’s and women’s segments, with the latter contributing 60 per cent to the overall market. The growth drivers include the rising number of working women, changing fashion trends, and increased disposable incomes. While the domestic market is flourishing, the global market presents untapped potential, with significant projected growth in both men’s and women’s segments.

The Indian athleisure industry is similarly on an upward trajectory, driven by evolving fashion preferences, rising incomes, and a growing focus on health and fitness. Currently valued at Rs.726.62 billion, the market is expected to reach Rs.997.8 billion by 2024-end, growing with a CAGR of 13.59 per cent. The industry offers vast opportunities for entrepreneurs, although challenges like sourcing sustainable fabrics persist. The focus on sustainability and innovation is expected to shape the future of this rapidly expanding market.

Latest Fashion news

23 August 2024, Mumbai

Iconic British lifestyle brand Laura Ashley plans to adopt the licensing route to foray into the Indian market next year.

The brand will make its India debut in partnership with the licensing agency, Bradford License India .It will establish partnerships through licensing across relevant product categories in the country.

To be launched in India in early 2024, the brand will focus on categories such as textiles and soft furnishings, wallpaper, furniture, and upholstery. It will also introduce a variety of products in the country through a licensing model that further develops through multiple retail channels, including exclusive brand outlets and online platforms.

Latest Fashion news

22 August 2024, Mumbai

The industry is divided in its reaction to Piyush Goyal's comments on e-commerce. Small retailers have largely supported Goyal’s statements, while industry bodies argue that e-commerce has actually benefited smaller retailers.

Goyal expressed concern over the rapid growth of e-commerce in India, warning of potential disruption to small retailers. He also criticized the pricing strategies of major e-commerce firms, questioning whether their reported losses indicated predatory pricing.

Some retailers have reported a significant drop in sales over the past few years, attributing it to the rise of online shopping. However, others argue that e-commerce has enabled small and medium enterprises to reach a nationwide and global customer base, without needing to invest in distribution channels .

The debate highlights the complexities of the e-commerce landscape in India, where small retailers and industry bodies have differing opinions on the impact of online shopping.

Latest Fashion news

22 August 2024, Mumbai

To celebrate the 90th anniversary of Donald Duck, Disney has launched a new collection in collaboration with Indian leading fashion retailer Pantaloons.

Merging Donald Duck’s iconic charm with modern fashion trends, this women’s apparel collection offers a fresh and playful interpretation of the beloved character.

Comprising 25 unique pieces, the collection was created in partnership with the Mumbai-based illustrator collective Doodle Mapuls. Including artists like YashShetty, Amal Nair, and KirthiPillai, the collective is known for its avant-garde approach. The distinctive artistic vision of these artists shines through in each item, capturing the spirited and fun-loving essence of Donald Duck.

SangeetaTanwani, CEO, Pantaloons, Style Up, and Marigold Lane, avers, this Disney-inspired collection is a significant milestone for the company as it merges Disney’s timeless appeal with Doodle Mapuls' avant-garde artistry for a vibrant narrative of Donald Duck and a unique interpretation of the fandom.

The collection includes trendy pieces such as crop tees, co-ord sets, spliced shirts, and jorts, all featuring unique Donald Duck designs by Doodle Mapuls. The range also offers complementary accessories, including a vibrant selection of bags, shoes, and hats.

With prices starting at Rs. 599, the collection will be available at 54 Pantaloons stores across India, as well as on the Pantaloons website and app.

Latest Fashion news

23 August 2024, Mumbai

Signaling a notable shift in India’s retail landscape, Reliance Retail and UK-based footwear giant Clarks have ended their two-year joint venture. The dissolving of the partnership results in closing of all Clarks stores in India, marking the brand’s strategic shift from the market.

The joint venture, Clarks Reliance Footwear, operated 32 exclusive Clarks-branded stores across major Indian cities, including New Delhi, Mumbai, Bengaluru, Lucknow, Hyderabad, and Chennai.

Post the closure of these stores, Clarks plans to re-enter the Indian market through a different business model. The company could restructure its operations as a fully-owned Indian subsidiary. India’s regulations permit 100 per cent foreign ownership in single-brand retail ventures, allowing companies to operate under one brand name. This model has been successfully utilised by global companies like Apple, H&M, Uniqlo, Decathlon, and Ikea.

The single-brand retail route offers global brands extensive opportunities, including the ability to open exclusive stores, operate e-commerce platforms, and engage in franchise operations. However, it also comes with specific conditions, such as sourcing a significant portion of products locally if foreign investment exceeds 51 per cent.

Clarks initially entered the Indian market in 2009 through a joint venture with Kishore Biyani’s Future Group, operating as Clarks Future Footwear. The partnership shifted to Reliance Brands in 2022 due to the financial difficulties faced by the Future Group.

Latest Fashion news

22 August 2024, Mumbai

From Rs 1,081 crore in 2013-14, the sales of Khadi fabrics expanded by staggering 500 per cent to reach Rs 6,496 crore in 2023-24.

In the previous fiscal year, 2022-23, the sales of Khadi fabric had amounted to Rs 5,943 crore. As per the Khadi and Village Industries Commission, (KVIC), this growth was fueled by extensive promotional initiatives that have significantly expanded Khadi's global reach, from the US and UK to Europe and Dubai.

The Indian government has launched several initiatives to establish Khadi as a global brand and boost its exports. A few of these include the registration of the Khadi trademark in five countries—Germany, the UK, Australia, Russia, and China—and efforts to prevent the misuse of the Khadi brand name internationally. Additionally, the Centre of Excellence for Khadi (CoEK) has collaborated with various Khadi institutions to develop new clothing lines featuring vibrant colors and modern silhouettes.

Employment in Khadi and village industries has also increased from 1.3 crore in FY 2013-14 to 1.87 crore in FY 2023-24 As per KVIC, sales under its supervision increased to Rs 1.5 lakh crore in the FY 2023-24, compared to ₹1.3 lakh crore the previous year. As a statutory entity under the Ministry of Micro, Small, and Medium Enterprises, the commission is tasked with promoting Khadi fabric and providing employment opportunities for rural artisans.

Latest Fashion news

22 August 2024, Mumbai

Amid positive indicators for the economy such as slowing inflation and progress of the southwest monsoon, inner wear sales are also expected to revive, affirm leading companies such as Page Industries, Aditya Birla Fashion and Retail (ABFRL) , Arvind Fashions and Rupa & Co.

Consumption of inner wear, including men's underwear has been on a revival since June 2024.The sales of Page industries rebound as demand revived and the company recorded an improved inventory health at its distribution hubs. Ganesh VS, Managing Directorsays, the rise in ecommerce operations and digital platforms have expanded the company’s market reach, enabling it to connect with the consumers more effectively.

Inner wear sales have remained stagnant for over six quarters now, along with a slowdown in overall apparel demand. However,, the inner wear category at Arvind Fashion is growing at double digits, faster than overall sales at the company. The revenues of Rupa& CO also grew by 8 per cent in the April-June period while its sales volume rose by 9 per cent.

The innerwear business of ABFRL grew at robust rate last quarter while the company’s athleisure segment continued to shrink due to the high base of the COVID period when multiple new brands had entered the segment due to a sudden surge in demand.

Apart from the men's underwear index, other macro indicators also point toward a recovery. Inflation based on the Consumer Price Index (CPI) reached its lowest in five years to 3.54 per cent though this was partly due to the base effect. As per the Reserve Bank of India (RBI), India’s economy is projected to grow by 7.2 per cent in FY25.

Latest Fashion news

23 August 2024, Mumbai

A business-to-customer fashion events company, Marriage Mantra plans to host Diwali-themed shopping exhibitions in Dubai and Mumbai in October this year. Designed to introduce Indian brands to new customer segments, these events will emphasise on the festive and wedding seasons.

Titled the ‘Parineeti’ women’s shopping fair, the first shopping fair will be held from Oct 6, 2024, at the Taj Business Bay in Dubai. This fair will showcase a wide range of products, including women’s occasion wear, ethnic and traditional clothing, jewelry, accessories, footwear, and handbags.

Featuring a diverse selection of Indian brands—some making their debut in Dubai—the event offers non-resident Indians a chance to complete their Diwali and wedding shopping while discovering new labels. The event will be organised in partnership with Its Her Way, with participating brands such as Espee Designer Jewelry.

After Dubai, Marriage Mantra will move to Mumbai on Oct 17 for the ‘Pink Almari’ shopping fair at Blue Sea in Worli. This event will highlight premium brands, offering a broad selection of festive and bridal goods.

The shopping tour will wrap up with another Parineeti fair on Oct 19 at the Novotel Mumbai Juhu Beach Hotel. Marriage Mantra has previously held successful events at this venue, including a July fair that featured brands like Rayz by Naushiinaa, Raps Creations, Kohe, SeemaPatwa, Om Creation, and Threadful Arts, etc.

Latest Fashion news

22 August 2024, Mumbai

Blackberrys, a leading Indian menswear brand, has partnered with e-commerce giant Myntra to broaden its market presence. This strategic collaboration aims to take Blackberrys' expertly crafted menswear beyond its 380+ exclusive stores and direct-to-consumer website, Blackberrys.com, to millions of online shoppers across India.

Through this alliance, all Blackberrys collections, including Suits & Blazers, Dress Line Trousers, India Fit Shirts, and its TechPro and TempTech ranges, will now be available on Myntra. The brand also offers casual wear, footwear, and accessories, catering to the evolving fashion preferences of Indian men.

Nitin Mohan, Co-Founder and Director of Blackberrys, emphasized the importance of the partnership, noting that Myntra's wide reach and advanced technology will enable the brand to connect with a larger audience and improve their shopping experience.

Blackberrys has been a pioneer in the Indian menswear industry since 1991, introducing innovations like wrinkle-free khakis and dress-line trousers. The brand's TechPro and TempTech collections emphasize style and functionality, catering to all-weather comfort and smart-dry, wrinkle-resistant fabrics.

Myntra's CBO, Sharon Pais, expressed enthusiasm about the collaboration, reinforcing Myntra's commitment to offering premium menswear collections to its discerning customers.

This partnership marks a new chapter for Blackberrys, leveraging Myntra's technological expertise to cater to the growing demand among millennials and Gen Z consumers. The Indian menswear market is expected to grow at a CAGR of 7.7 per cent from 2024 to 2032.

22 August 2024, Mumbai

Vedant Fashions has unveiled a new joint store for two of its ethnicwear brands, Manyavar and Mohey in Pune. Launched to coincide with the upcoming wedding season, the store situated in Nexus Malls’ shopping center, The Pavillion, offers a wide range of ethnic and occasion wear for both men and women.

The addition of this joint store boosts the wedding and occasion wear offerings available at the Pavillion. By expanding its selection of wedding attire ahead of the marriage season, The Pavillion aims to attract more visitors and boost sales during this peak period for retailers.

Actively expanding their joint store presence, Manyavar and Mohey also opened a large outlet in Bengaluru in July. Additionally, the brands recently launched their seventh joint store in the US, in Fremont, California.

The parent company of these two ethnic wear brands-Vedant Fashions operates a portfolio of ethnic wear brands, including Mebav, Twamev, and Manthan. The company is present in over 600 brick and mortar stores across India and internationally, including in the US, Canada, UK, and UAE.

Latest Fashion news