30 May 2023, Mumbai

Reliance Industries, led by India's wealthiest individual Mukesh Ambani, is leveraging its successful playbook strategy to conquer the fashion market with low-cost products.

Ajio Street, a new platform under Reliance's retail fashion arm Ajio, quietly debuted, offering a wide range of clothing and accessories starting at an attractive price point of 199 Indian rupees ($2.4). Ajio Street guarantees the "lowest price," free delivery, and hassle-free returns.

Concurrently, Reliance has partnered with Shein, a major player in the global budget fashion market, to reestablish its presence in India's lucrative fashion market.

Affordability plays a key role

Analysts highlight the importance of affordability in appealing to price-sensitive Indian consumers. Ajio Street aims to capture consumers in smaller cities and towns, employing a zero-commission model to accelerate its growth.

Reliance's strategic move positions Ajio Street in direct competition with Meesho, backed by SoftBank and Prosus, specializing in low-cost fashion and accessories.

Currently, Ajio holds over 15% of India's fashion e-commerce market, while Flipkart's Myntra dominates with a market share exceeding 60%, and Amazon retains approximately 20%.

Ajio Street targets smaller cities

Reliance's focus on affordability reflects its previous success in disrupting the Indian wireless sector through Jio's introduction, offering free voice calls and reduced data rates.

With a subscriber base exceeding 430 million, Jio now dominates the South Asian telecommunications industry.

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 02 June  2023, Mumbai

California-based lifestyle brand Dockers has joined forces with retail technology firm Ace Turtle to broaden its footprint in India.

Ace Turtle, known for its licenses to distribute renowned fashion and lifestyle brands in the country, will assist Dockers in establishing a presence both offline and online.

Dockers' long-term global growth strategy, with a specific focus on Asia and India as integral parts of their expansion plans. As a division of Levi Strauss & Co., Dockers already enjoys a global presence spanning 50 countries.

Dockers eyes the immense potential of the Indian market, envisioning it as one of their largest markets outside the United States. With a comprehensive expansion strategy in place, the brand aims to provide an enhanced omni-channel experience for consumers, catering to their preferences for both online and offline shopping.

With recent funding of $34 million, Ace Turtle has allocated a significant portion of its capital to support Dockers' expansion efforts. The brand is slated to launch in India, Bangladesh, and Sri Lanka in early 2024. Initial store openings will be in Delhi, Mumbai, and Bangalore, with plans for further expansion into additional cities in the future.

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29 May 2023, Mumbai

Page Industries Ltd, the Indian licensee for Jockey International's innerwear and loungewear brand, witnessed a significant decline in quarterly profit, with a nearly 60% fall for the fourth quarter that ended March 31.

The company's profit stood at 783.5 million rupees ($9.5 million), compared to 1.91 billion rupees in the same period last year. Weak consumer demand resulting from inflationary pressures negatively impacted the company's performance. Additionally, higher inventory levels and low capacity utilization during the quarter contributed to reduced profitability.

Despite the challenging quarter, Page Industries maintains a positive outlook on demand and considers the impact to be temporary. The Bengaluru-based company, which also holds the license for the Speedo swimwear brand in India, reported a 12.8% decline in revenue from operations.

The company experienced a 4% increase in input costs, reaching 3.08 billion rupees, while employee costs rose nearly 10% to 2.2 billion rupees.

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 30 May 2023, Mumba

Gokaldas Exports, a textile manufacturer, experienced a 22.5% decline in net profit for the fourth quarter of FY23, totaling ₹47.2 crore compared to ₹60.9 crore in the same quarter of the previous year. However, the company achieved significant full-year net profit growth, rising by 47% to ₹173 crore from ₹117.1 crore in FY22.

Net revenue decreases in the reporting period

While net revenue decreased by 9.8% during the reporting period to ₹530 crore, down from ₹588 crore in Q4 FY22, Gokaldas Exports saw a 24.8% increase in net revenue for the entire fiscal year, reaching ₹2,247.2 crore compared to ₹1,801 crore in FY22.

Gokaldas Exports emphasizes resource utilization optimization and operational excellence for future quarters

The company attributes its performance to the dedicated efforts of its team in a challenging global market. Moving forward, Gokaldas Exports aims to optimize resource utilization and drive operational excellence in the coming quarters. The company also believes that government initiatives, including budget allocation and trade agreements, will play a crucial role in advancing the industry.

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 29 May 2023, Mumbai

Micky Jagtiani, the founder and chairman of Landmark Group, a UAE-based multinational retail conglomerate, has passed away at the age of 70. According to a statement by Landmark Group, he passed away peacefully surrounded by his family. Jagtiani was a billionaire businessman who established Landmark Group in 1973 with a single store in Bahrain.

Under his leadership, the company grew into one of the largest retail and hospitality conglomerates in the Middle East, Africa, and India.

Recognizing Extraordinary Leadership

The company's statement acknowledged Jagtiani as the driving force behind Landmark Group's remarkable journey. His strategic acumen played a crucial role in establishing the conglomerate as a leading retail and hospitality

powerhouse in the region.

Known for his exceptional leadership, unwavering commitment to customers, and deep market understanding, Jagtiani's visionary spirit and strategic foresight propelled Landmark Group and its brands to household recognition.

Honoring a Profound Legacy

The statement emphasized Jagtiani's enduring impact on the senior management of the Group, the industry, and the wider community.

The Landmark Group is committed to carrying forward his spirit and ensuring the continued success of his aspirations and dreams. A public condolence gathering is scheduled to take place on Monday to honor his memory and pay tribute to his remarkable contributions.

Remembering an Inspirational Entrepreneur

Micky Jagtiani's passing marks the loss of an influential figure in the business world. His entrepreneurial vision and leadership have made a lasting impact on Landmark Group and the retail industry as a whole.

As the Landmark Group mourns his loss, his legacy will serve as an ongoing source of inspiration and guidance for the company as it moves forward.

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 30 May 2023, Mumbai

Direct-to-consumer fashion brand, The Indian Garage Co (TIGC), is on a determined path to achieve remarkable growth, targeting an impressive 100% increase in gross merchandise value (GMV) with a goal of reaching Rs 600 crore ($72.6 million) by the end of the financial year 2023-24.

The Indian Garage Co Sets Ambitious Goal

TIGC's journey has been marked by an exceptional year-on-year growth of 300%, culminating in a gross merchandise value of Rs 300 crore in the previous fiscal year.

To realize its ambitious objectives, TIGC plans to expand its presence in offline retail through the phygital distribution route and establish exclusive brand outlets.

Additionally, TIGC has successfully diversified its portfolio with the introduction of 'Free Hand,' a women's wear line, and 'Hard Soda,' a plus-sized fashion brand, adopting a house of brands format. With robust monthly sales of 5–6 lakh units across multiple platforms, TIGC is positioned for continued success as it strives to build a globally recognized value fashion brand.

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25 May 2023, Mumbai  

Brands and mall operators have stated that the slight increase in shopping over the weekend can be attributed to the ongoing wedding season and summer vacation plans, rather than the Reserve Bank of India's (RBI) decision to withdraw ₹2,000 notes from circulation. Cash transactions in some stores did show a slight spike.

Timeframe and Consumer Behavior

The extended deadline until September for depositing or exchanging ₹2,000 notes has contributed to the absence of a rush. Mall operators believe that the current momentum, driven by the wedding season, will continue as people have sufficient time to utilize their money. Consumers, seeking better discounts offered through credit cards, are also opting for non-cash transactions.

Retailers' Response

Factors Driving Shopping Activity; Leading fashion and lifestyle retailers, continue to accept ₹2,000 notes. While some retailers have observed a marginal increase in cash transactions, most have not experienced a significant impact from the withdrawal of the high-denomination notes.

The cash component of sales remains consistent, indicating that customers are not primarily visiting stores to dispose of ₹2,000 notes.

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