20 August 2024, Mumbai

After consolidating its presence in North India, denim brand Numero Uno plans to expand its footprint into South India by setting up new brick-and-mortar stores across the region. This expansion will help the brand boost its market share and revenue by 40 per cent over the next two years.

The brand plans to set up new large-format stores and multi-brand outlets, says Jaiwant S. Dhingra, Director - Marketing and Business Development. It will soon also launch its EBOs in states like Andhra Pradesh, Karnataka, and Telangana.

Numero Uno also aims to capitalise on growth opportunities in Tier II and II markets by establishing a stronger offline presence in more rural regions. The brand has observed significant consumer spending power in the northern state of Bihar and plans to further penetrate that market.

In addition to opening stores in new regions, Numero Uno plans to enhance brand awareness and customer engagement by collaborating with new designers, adds Dhingra.

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19 August 2024, Mumbai

The Q1, FY25 net profit of VIP Clothing declined by 62 per cent to Rs 23 lakhs ($27,392) compared to Rs 61 lakhs in the same period last year.

The company's revenue for the quarter also fell by 7 per cent to Rs 50 crore from Rs 54 crore in the corresponding quarter of the previous fiscal year.

Despite the decline, VIP Clothing is optimistic about a potential turnaround. The company noted early signs of recovery and increased consumer demand in its key markets during Q1 FY25. It onboarded eight new distributors to expand market presence. This will boost its financial performance in the coming quarters, says a company spokesperson.

VIP Clothing remains cautiously hopeful about sustained demand growth and improved financial results in future.

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 17 August 2024, Mumbai

Apparel and accessories brand Rare Rabbit has expanded its retail presence by opening its first store in Rajahmundry, Andhra Pradesh

Featuring a white interior adorned with whimsical golden rabbits, the new Rare Rabbit store creates a unique shopping experience. It offers a range of both smart and casual menswear, including shirts, graphic t-shirts, belts, chinos, and other western wear designs.

Rare Rabbit has been actively expanding its offline footprint, recently making its debut in Jammu with a store in Wave Mall. Additionally, the brand opened its second store in Vadodara at the Mona Lisa Centrum mall. Earlier this year, Rare Rabbit also launched a store in Hyderabad.

A part of the Radhamani Textiles-owned House of Rare, Rare Rabbit also retails through its direct-to-customer e-commerce platform. Besides Rare Rabbit, Radhamani Textiles also operates the brands Rareism and Articale. Each of the company’s labels is designed with a modern, relaxed style to appeal to millennial and Gen Z shoppers.

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20 August 2024, Mumbai

The National Company Law Tribunal (NCLT) has approved the merger of Aditya Birla Fashion and Retail (ABFRL) with TCNS Clothing.

The tribunal approved the Scheme of Amalgamation involving the merger by absorption of TCNS Clothing Co into Aditya Birla Fashion and Retail on Aug 2, 2024. The certified copy of the order was granted to the company on Aug 16, 2024.

A part of the Aditya Birla Group, ABFRL is a retailer of apparel, footwear, and accessories. On the other hand, a listed entity, TCNS Clothing Co is the owner of well-known women’s wear brands such as W and Aurelia.

ABFRL acquired a majority stake in TCNS Clothing Co in May 2023 in a deal valued at Rs1,650 crore. By September 2023, the company acquired 51 per cent stake in TCNS Clothing, thereby becoming its promoter.

The acquisition was approved by the Competition Commission of India (CCI) in June 2023. Following this, the merger scheme received a no-objection letter from both the BSE and the National Stock Exchange of India in March 2024.

In Q1FY25, the consolidated net loss of ABFRL widened to Rs161 crore from Rs141 crore in the same period the previous year. However, the loss narrowed compared to the Rs229 crore loss reported in the March quarter.

The company’s revenue for Q1FY25 rose 7 per cent Y-o-Y to Rs3,428 crore from Rs3,196 crore in the year-ago period.

The consolidated net profit was impacted by ongoing investments in digital-first fashion brands under TMRW and losses in premium ethnic wear brands from TCNS, according to the company.

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19 August 2024, Mumbai

Terming the current sluggish consumption as a temporary phase, Gunjan Shah, Managing Director and CEO Bata India, says, the upcoming festive season and ongoing retail expansion will help revive the company’s sales in the coming quarters. With online sales continuing to expand through its portal and channel partners, the company expects its e-commerce platform to be a key growth driver.

Bata is investing in store renovations to attract younger consumers, who currently account for about 40 per cent of its transaction. The company is also launching new, relevant products with affordable pricing to further strengthen its market presence.

In addition to expanding its product range, Bata plans to grow its apparel line to over 200 stores, up from the current 70, and increase the number of exclusive outlets for its athleisure brand ‘Power’ to 15 by the end of 2024. The company is also making significant investments in technology, particularly in automating inventory management to boost productivity.

Despite reporting a 1.4 per cent decline in consolidated revenue to Rs 944.63 crore for the June quarter, Bata hopes performance to improve in the second half of the fiscal year. The company’s ongoing efforts, investments, and strategic initiatives will help yield positive results, Shah affirms.

Looking ahead, Shah anticipates consumer spending will resurge in the upcoming festive season. Ashwani Windlass, Chairman, notes, factors like general elections and heat waves have created some softness in the lower and mid-end of the market.

In future, Bata plans to align the company’s growth drivers with its long-term strategy. It will focus on offering relevant products, expanding both online and offline retail, and investing in marketing, branding, and consumer experience, emphasises Shah. The company will also continue to focus on premiumisation by adding value to its products while ensuring that it remains accessible to its traditional value-conscious consumers.

Citing the success of the Floatz brand, which offers casual and comfortable footwear at competitive prices, Shah says, Bata also aims to enhance the value-for-money perception. India remains the company’s largest market with revenues worth Rs 3,478.41 crore in FY24.

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17 August 2024, Mumbai

One of India’s largest apparel manufacturing companies, Shahi Exports has appointed VinodRai, former Chief Human Resources Officer (CHRO), Orient Papers and Industries, as the company’s new Group Head – Human Resources.

With over two decades of experience in leading HR functions across various organisations, Raiis an expert in HR transformation, industrial relations, employee engagement, talent retention, workforce flexibility, and HR digitisation. He began his career in 1994 as an Assistant Manager at Panacea Biotech, where he served for five years. In 1999, he moved to a prominent pharmaceutical company as Manager of HR (Sales) and later progressed to the role of Senior Manager of HR (Compensation and Benefits). After this, he worked with Jubilant Life Sciences as Head-Business HR and Talent Acquisition for four years.

Rai's most notable tenure was with Maruti Suzuki India, where he spent over 12 years. Initially joining as Deputy General Manager (Head) of Talent Acquisition, he was later promoted as the General Manager (Head) - HR for Supply Chain and Plant HR. From 2017 onwards, he held the position of Head - Human Resources at Maruti Suzuki.

In his new role at Shahi Exports, Rai will focus on revamping and transforming HR policies to meet the expectations of the younger generation. He will oversee the entire HR function for the group, which includes three major businesses, and will report directly to the chairman and the board.

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19 August 2024, Mumbai

Lux Industries plans to expand its market presence by focusing more on modern trade and e-commerce to strategically broaden its reach in established markets.

The company reported an impressive 89 per cent increase in net profit to Rs 35 crore ($4.2 million) in Q1, FY25 spanning Apr-June ’24, compared to Rs 18 crore in the same period last year.

The company's revenue for the quarter rose by 3 per cent to Rs 535 crore from Rs 521 crore in the corresponding quarter of the previous fiscal year.

During this period, Lux Industries launched its new rainwear range under the brand ‘Lux Venus’ and opened an exclusive Onn brand outlet in Bengaluru. Additionally, the company’s manufacturing facility at Jagadishpur, Hosiery Park in West Bengal, became fully operational, enhancing its production capacity.

Despite facing inflationary pressures, Lux Industries' power brands performed strongly, with menswear brands showing notable volume growth. However, the company noted that consumption demand was affected by factors such as elections, inflation, and irregular weather patterns across the country.

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19 August 2024, Mumbai

A part of the House of Brand Studio Lifestyle, fashion labels Highlander and Tokyo Talkies are gearing up to expand into physical retail with the launch of exclusive brand boutiques. As part of their growth strategy, these brands will open over ninety stores by the end of FY ’25. They will initially rollout thirty stores in key locations across Gujarat, Maharashtra, Uttar Pradesh, Telangana, Andhra Pradesh, Delhi, and Karnataka. As of August 2024, ten stores were already operational in Gujarat, with one in Hyderabad and two in Bengaluru.

Brand Studio Lifestyle will set up both stand-alone stores for each of its brands, and also combined outlets for Highlander X Tokyo Talkies. Its stand-alone stores will range between 2,000 -3,000 sqft, located in malls and on high streets, while the combined outlets will span 4,000- 5,000 sqft, allowing for a diverse inventory selection.

Shyam S Prasad, CEO, Brand Studio Lifestyle, states, the company aims to create a differentiated shopping experience that resonates with the Gen Z audience, featuring weekly collection drops and a wide array of the latest styles.

Focusing on trendy details like big Cuban collars and unique textures, Highlander currently offers a range of casual shirts, cargo pants, and jeans. The brand adds approximately 300 new pieces to its catalogue each week. Meanwhile, Tokyo Talkies caters to women’s western wear, introducing around 600 new styles every month, covering a wide range of occasions from work to play, parties, casual wear, and loungewear.

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17 August 2024, Mumbai

Making its offline debut, direct-to-customer menswear brand Aristobrat plans to open three brick-and-mortar stores on high streets in major Indian metros this financial year. Known for its smart casual wear, the brand also aims to grow its revenue by 100 per cent in FY25.

The brand will open first of its stores in Bengaluru, notes Karan Singh, Founder and CEO. This will be followed bya second store in Hyderabad, acity that sees a high average order value. The third store will be opened in Mumbai, where the brand experiences significant sales volume, adds Singh

Aristobrati dentifies Mumbai, Hyderabad, Punjab, and Chandigarh as key markets with strong demand. The brand is also witnessing a rise in non-metro shoppers, reflecting a broader trend of increased consumer demand for branded apparel in Tier II cities and beyond, driven by higher disposable incomes and greater internet penetration.

Having ended FY 2024 with approximately Rs 15 crore in revenue and an EBITDA margin of about 17 per cent, Aristobrat aims to double its revenues this financial year. The brand also aims to grow its revenues to Rs 60 crore in the next three years, affirms Singh.

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 19 August 2024, Mumbai

The Retailers Association of India (RAI) has reported a modest 2 per cent growth in the retail sector for July 2024, compared to the same period last year. Despite this, the industry continues to struggle, with many businesses experiencing negative growth on a like-for-like basis.

RAI CEO Kumar Rajagopalan highlighted the ongoing challenges, emphasizing the need for strategic measures to boost consumer demand and ensure sustainable growth.

Regionally, West India led with a 3 per cent increase in sales, followed by South India at 2 per cent, while North and East India each recorded a 1 per cent rise. Among various retail segments, food and grocery saw the highest growth at 6 per cent, with apparel and jewellery both growing by 3 per cent year-on-year.

RAI is urging stakeholders to implement strategies that will revitalize consumer demand and support the long-term development of the retail sector.

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17 August 2024, Mumbai

The Q1, FY25 net profit of ethnic wear retailer Sai Silks Kalamandir contracted by 88 per cent to Rs 2 crore compared to Rs 17 crore in the same period last year.

The company’s revenue also decreased by of 12 per cent to Rs 267 crore from Rs 305 crore in the corresponding quarter of the previous fiscal year.

This poor performance by Sai Silks was attributed to an exceptionally low number of wedding dates during Q1, FY 25, which is uncommon in the past decade. The lack of weddings nationwide caused the quarter to behave like a non-wedding period, severely impacting the company’s financial results. Despite the downturn, Sai Silks successfully maintained strong gross margins, according to its investor presentation.

The company currently operates 60 stores across India, with a strong presence in the southern states of Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.

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16 August 2024, Mumbai

The fashion house behind popular brands such as Highlander, Tokyo Talkies, Vishudh, Ketch, and Locomotive, Brand Studio Lifestyle plans to expand its offline presence.

The company has already launched physical stores for Highlander and Tokyo Talkies, shares Shyam Prasad, CEO. It plans to open 100 stores by the end of this fiscal year. This includes 50 stores dedicated to Highlander, 20 for Tokyo Talkies, and 30 combined stores featuring products from both brands.

The first phase of the expansion will involve opening of 30 stores in key regions including Gujarat, Maharashtra, Uttar Pradesh, Telangana, Andhra Pradesh, Delhi, and Karnataka. By the end of this fiscal year, Brand Studio Lifestyle aims to establish its presence in 11 states with a total of 100 stores. The average store size for Highlander and Tokyo Talkies will be between 2,000 sqft - 3,000 sqft, while combined stores will span 5,000 sqft- 6,000 sq ft. The capital expenditure for this offline expansion is set at Rs 3,000 per sq ft.

The company intends to launch 70 company-owned and franchise-operated stores, 15 company-owned and company-operated stores, and 15 franchise-owned and franchise-operated stores by fiscal year-end. It also plans to take its ethnic wear brand Vishudh offline.

Currently, Brand Studio Lifestyle introduces over 300 new styles for Highlander and over 600 new styles for Tokyo Talkies every month. The company expects its offline business to contribute 40 per cent of total revenue by the end of this fiscal year, with a future goal of achieving a 50:50 revenue split between online and offline channels.

Presently, 70 per cent of the company's revenue comes from e-commerce marketplaces, 15 per cent from its D2C website, and the remaining 5 per cent from other channels. Having recorded a gross merchandise value (GMV) of Rs 1,300 crore last fiscal year, the company aims to achieve a GMV of Rs 1,600 crore by this fiscal-end.

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