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Libas raises FY24 revenues to $60 million

A direct-to-consumer brand specializing in ethnic and fusion wear, Libas increased its FY24 revenues to $60 million. However, increased spending on advertising and employee benefits led to a 64 per cent decline in the brand’s profits during the same period.

According to financial statements from the Registrar of Companies (RoC), Libas's revenue from operations increased by 38 per cent to $58.44 million in FY24, from $42.24 million in FY23.

Libas is a digital-first women’s ethnic wear brand offering kurtis, salwar suits, dresses, and bottoms in fabrics like cotton, silk, and georgette. The sale of these products was the company's only source of income in FY24.

The growth in scale came with a sharp increase in expenses across the board. The brand’s total expenses rose by 45 per cent to $57.96 million in FY24 from $40.08 million in FY23.

Libas’s material costs remained its largest expense, making up over 61 per cent of total costs, which rose by 41 per cent to $35.52 million. The brand’s advertising expenses increased by 121 per cent to $5.04 million, and employee benefits increased 56 per cent to $3.36 million, while shipping costs totaled $5.88 million.

The sharp spike in advertising and employee costs led to a 64 per cent decline in the brand’s profit, falling to $600,000 in FY24 from $1.68 million in FY23. The company reported a Return on Capital Employed (ROCE) of 26.32 per cent and an EBITDA margin of 3.06 per cent.

As of March 2024, the Delhi-based company reported current assets of $32.28 million, with inventory alone accounting for $18.48 million. Significantly, its cash and bank balance stood at just $36,000.

According to startup data intelligence platform TheKredible, Libas has raised $18 million in funding from India Advantage Fund. The company’s co-founders, Sidhant Keshwani and Sunil Keshwan, own 84 per cent of the company.

Libas has got close to $60 million in the women’s ethnicwear market. The brand has its work cut out if it wants to regain better margins. It faces tough choices ahead to ensure it doesn't fizzle out like so many fashion brands be it in terms of exports, an offline presence, or a cutback on advertising,. The good news is that contrary to some opinions, ethnic wear isn't going anywhere soon, as the strength in even saree sales indicates. Top brands have even moved to a premiumization model after building a strong reputation for quality.

Libas raises FY24 revenues to $60 million

ABFRL to revive India’s rare arts in partnership with Nicorg

Aditya Birla Fashion and Retail (ABFRL) has partnered with the national accelerator program, Network of Indian Cultural Enterprises (Niceorg) to empower India’s cultural entrepreneurs and revive rare arts.

This partnership aims to identify entrepreneurs engaged in rare diminishing crafts across the fashion and home décor sectors and train them in marketing, design, supply chain, finance and entrepreneurship.

The program celebrates India’s crafts tradition by building sustainable business models around it, says Dr Naresh Tyagi, Chief Sustainability Officer, ABFRL.  It aims to expand the scope for artisan-led products and brands and upgrade contemporary fashion by integrating timeless skills into the sector.

Kanchana KV, CEO, Niceorg adds, the merger of ABFRL’s deep-rooted industry expertise and market access with Niceorg’s support of cultural brands helps create meaningful opportunities for craft entrepreneurs to not only expand sustainably but also preserve heritage skills, and drive social impact.

ABFRL to revive India’s rare arts in partnership with Nicorg

Monte Carlo launches Air Tech Series, a modern menswear collection

Monte Carlo has launched its Air Tech Series, a modern menswear collection designed for guys who value both style and comfort. Made with advanced lightweight fabrics, this range redefines everyday fashion with essentials that are breathable, moisture-wicking, and don't wrinkle easily.  

At the center of the collection is the Air Tech Polo Shirt, made from Monte Carlo’s ultra-light engineered fabric. These polos offer a tailored fit that allows consumers to move freely, perfect for workdays or weekends. Their subtle branding and sophisticated textures—like stripes in similar shades and tiny geometric patterns—hit just the right note between casual and polished.  

Some of the features of this collection include Air Tech Fabrics that help keep consumers dry, cool and comfortable all day long; a Smart Fit that allows them move easily; Style Options ranging from classic black with contrasting collars to textured mauves and brick reds and low maintenance.

The Air Tech Denim and Trousers in this collection offer better mobility in slim to relaxed fits. Rounding out the collection is the 60s Fine Count Poplin Shirt, made from high-quality cotton for a crisp, breathable feel. Wrinkle-resistant and smooth to the touch, it easily transitions from daytime to evening.  

The Air Tech Series is available at all Monte Carlo exclusive stores and leading multi-brand retailers across India. Check out menswear designed for movement, engineered for comfort, and styled for the modern guy.  

Monte Carlo launches Air Tech Series, a modern menswear collection

Ikea launches compact-format stores for urban neighborhoods and smaller cities

Marking a significant shift in the brand’s growth journey in India, Swedish home-furnishing giant Ikea is launching compact-format stores designed for urban neighborhoods and smaller cities.

The company is currently in the second phase of its India rollout, with a significant emphasiss on agility and faster market penetration, explains Pooja Grover, Country Expansion Manager, Ikea India These smaller-footprint stores—some as compact as 10,000 sq ft—will slot into neighborhood shopping malls and prime main-street locations.

Each of these outlets will offer access to IKEA’s full catalog of around 7,000 products via in-store digital kiosks. Customers can place orders on the spot and choose home delivery, neighborhood pickup points, or third-party collection services for maximum convenience.

These small-format stores will enable IKEA to scale more rapidly, stay nimble, and establish a presence in malls and high-traffic districts, adds Grover. The company is also in talks with real-estate developers to support this new retail model, he informs.

While Ikea continues to focus on its six core markets including Hyderabad, Bengaluru, Mumbai, Delhi NCR, Chennai, and Pune, it has begun scouting opportunities in Tier II and Tier III cities.

The company is gearing up to open new outlets in Gurugram, Noida, Chennai, and Pune. Earlier this year, it also launched online operations in Delhi NCR and nine other cities, complementing its three large-format stores (each over 430,000 sq ft) and its 80,700 sq ft city store in Mumbai.

Ikea launches compact-format stores for urban neighborhoods and smaller cities

Shoppers Stop registers 91.4% decline in consolidated net profit in Q4, FY24

Indian retail chain Shoppers Stop registered a 91.4 per cent decline in consolidated net profit to Rs 1.99 crore in Q4, FY24 as against a Rs 23.18 crore net profit registered by the company in the corresponding quarter last year, as per a regulatory filing by the company.

However, the brand’s revenue from operations increased by 1.68 per cent to Rs 1,064 crore ($133 million) in the March quarter, as against Rs 1,046.34 crore ($130.8 million) a year prior.

The company's total expenses amounted to Rs 1,089.76 crore ($136.2 million), marking a 3.85 per cent increase.

Kavindra Mishra, Managing Director and CEO, Shoppers Stop, avers, despite ongoing softness in demand and a challenging macroeconomic environment, Shoppers Stop delivered a consistent performance with 4 per cent growth in revenue and 3 per cent like-for-like growth (Non-GAAP), marking its second consecutive quarter of LFL growth.

For the full FY25, Shoppers Stop's net profit declined by 86 per cent to Rs 10.89 crore ($1.4 million), compared to Rs 77.25 crore ($9.6 million) in FY24.

In FY25, Shoppers Stop's revenue from operations rose by 7.2 per cent to Rs 4,627.64 crore ($578.5 million).

In a separate filing, the Raheja family-promoted retail firm informed its board about the approval of Nirvik Singh's appointment as Chairman, following the retirement of B S Nagesh. This change will take effect on July 18, 2025.

Furthermore, the board approved an additional investment of up to Rs 50 crore ($6.25 million USD) in Global SS Beauty Brands, its wholly-owned subsidiary, through a rights subscription.

Mishra states, despite the gradual demand recovery, the company remains optimistic due to structural changes like premiumization, customer engagement campaigns, and India's rising affluence and evolving consumer aspirations. It will continue to build strong momentum in premiumization, beauty, and value fashion (Intune) and focus on experiential retail, digital personalization, and expansion to drive sustainable growth in FY26 and beyond.

Shoppers Stop registers 91.4% decline in consolidated net profit in Q4, FY24

Peter England adds The League of Legends range to the Gentlemen’s League collection

India's leading menswear brand from Aditya Birla Fashion and Retail, Peter England has launched The League of Legends range in its Gentlemen's League collection,

Originally introduced in 2023 as a tribute to cricket's timeless spirit, The Gentlemen's League returns as a cultural moment. The League of Legends capsule features a striking range of polos and crew necks, adorned with graphics inspired by the most iconic on-field moments of Kapil Dev and Sir Vivian Richards. Each piece reflects their attitude, flair, and fearlessness, designed for today's modern gentleman who values legacy while embracing the present.

Unlike traditional sports merchandise, this collection reimagines cricket-inspired fashion through a smart casual and sport-formal lens – a distinctive positioning in India's fashion landscape. With precise tailoring, breathable fabrics, and heritage-inspired details, The League of Legends offers a versatile wardrobe that moves effortlessly from the boardroom to after-hours, from match screenings to weekend outings.

The collection artfully balances tradition and contemporary style, featuring colors drawn from the world of classic cricket and refined touches like cable knit structures, signature stripes, and cricket-inspired motifs. Key pieces include cable-knit sweaters, mnemonic cricket polos, and prints inspired by the seams and textures of cricket balls – all designed to seamlessly integrate the spirit of the game into everyday style.

 Anil S Kumar, Chief Operating Officer, Peter England, says, continuing from the Gentlemen's League collection – the new League of Legends capsule is a celebration and the brand’s humble tribute to cricket's timeless appeal and the charisma of the men who shaped it. It's a bold new chapter for Peter England and for the modern Indian man who dresses with purpose, pride, and passion, he adds.

The League of Legends collection is currently available across 240+ Peter England EBOs and on the brand's online store.

Peter England adds The League of Legends range to the Gentlemen’s League collection

Go Fashion India records 54% growth in net profit in Q4, FY24

Go Fashion India recorded a 54 per cent rise in net profit to Rs 20 crore during Q4, FY24. The parent company of leading women’s bottom wear brand ‘Go Colors’ had registered net profit of Rs 13 crore in corresponding quarter a year ago.

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The company’s revenue grew by 13 per cent to Rs 205 crore during the quarter as against Rs 182 crore in the corresponding quarter of the previous fiscal year.

For full financial year, Go Fashion’s revenue increased to Rs 848 crore while net profit grew to Rs 94 crore.

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Gautam Saraogi, CEO, Go Fashion, states, the company’s performance is in line with its efforts to improve business efficiency and implement strong cost control measures.

Go Fashion India makes continuous investments in technology and product innovation that help it stay ahead of industry trends.

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With the industry set to recover in coming months, the company is well-positioned to deliver stronger performance in the next few years, he adds.

The company boosted its total store count to 776 stores by opening 62 new stores In FY 2025.

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Spykar opens first two EBOs for 2025

Marking a significant step in the brand’s expansion, India's leading denim and casualwear brand, Spykar has opened its first two exclusive brand outlets (EBOs) for 2025.

Inaugurated on April 1, 2025, at Apollo Crossroad, Chhavi Colony in Chhatarpur, Madhya Pradesh, this launch brings Spykar's signature youth-centric fashion to a new audience in the heart of Bundelkhand.

The brand opened the second store on April 23, 2025, at Plutone Mall in Rourkela, Odisha, a city renowned as the ‘Steel City of Odisha’ and a prominent industrial hub.

A part of Spykar's broader plan to add 40 new stores across India in the FY2025, these openings will span Tier II and III, meeting the growing demand for branded apparel in non-metro areas.

Sanjay Vakharia, Co-founder and CEO, Spykar, says, these new stores reflect the brand’s commitment to make quality denim and casualwear accessible to the Indian youth across diverse regions. Spykar’s expansion into these cities aligns with its vision to strengthen presence in emerging markets and cater to the evolving fashion sensibilities of its customers."

 Established in 1992, Spykar is known for its innovative designs and commitment to quality, catering primarily to the Indian youth. The brand offers a wide range of products, including denim, casualwear, and accessories, and continues to expand its footprint across the country through exclusive brand outlets and a strong presence in multi-brand outlets.

With these new store openings, Spykar aims to enhance its connection with customers in Chhatarpur and Rourkela, providing them with the latest trends in denim and casual fashion.

Spykar opens first two EBOs for 2025

TIGC expands in Kerala with second store in Thiruvananthapuram

India-based men’s clothing brand, The Indian Garage Co (TIGC) has expanded its presence in Kerala by launching its second store in the Lulu Mall, Thiruvananthapuram.

The brand first entered the Kerala market in December 2024 with its initial store in Lulu Mall, Kochi.

The new 1,800-sq-ft store offers over 1,500 styles, including streetwear, resort wear, Korean-inspired fashion, and boho essentials. It aims to provide an engaging shopping experience in Thiruvananthapuram, a significant fashion hub in Kerala.

Anant Tanted, Founder & CEO, TIGC, states, Thiruvananthapuram beautifully combines tradition with a progressive youth culture. Lulu Mall has always been a strong platform for the brand in Kochi, and it hopes the new store will see similar success.

Founded in 2012 by Anant Tanted with a small team of four, TIGC currently boasts of around 400 employees.

The brand aims to register a Gross Merchandise Value (GMV) of Rs 1,500 crore (approximately $180 million) within the next five years. In 2023, an e-commerce rollup venture owned by the Aditya Birla Group, TMRW invested Rs 155 crore (approximately $18.6 million) in The Indian Garage Co. Operating as a ‘House of Brands,’ the company includes three brands: The Indian Garage Co. (menswear), FreeHand (womenswear), and HardSoda (plus-size menswear).

TIGC's collections are also available online through its website, www.TIGC.in, and major e-commerce platforms like Myntra, Ajio, Amazon, Flipkart, Snapdeal, and Noon in the UAE. Furthermore, the brand has a significant presence in over 100 Fashion Factory stores across India.

TIGC expands in Kerala with second store in Thiruvananthapuram

Cantabil India Retail’s Spring/Summer 2025 collection launches with a new campaign

Apparel maker and retailer Cantabil India Retail has launched its Spring/Summer 2025 Collection with a new campaign titled, ‘Own the Spotlight.’ Emphasizing easy style and comfort, the collection is designed for a range of summer activities, including work, vacations, special events, and everyday wear.

The collection is organized into four style groups, featuring a mix of bright colors, soft pastels, neutral tones, and breathable fabrics. Cantabil offers clothing for the whole family—men, women, and children—with options for weddings, vacations, business casual settings, and current streetwear trends.

Deepak Bansal, Director, Cantabil Retail India, states, with its Spring/Summer '25 collection, the brand aims to move beyond fleeting trends and create a line with purpose and feeling. The 'Own the Spotlight' campaign originates from the idea that fashion is both a personal statement and a way to connect with others. From a sharp linen shirt for men to a light sundress for women, a trendy tee for teens, and playful prints for kids, each piece is made to celebrate individual style while contributing to a shared fashion sense.

The Vacation Collection captures the relaxed feel of summer holidays with bold prints, oversized tees, breathable digital linen shirts, and travel-ready pants and shorts. For women and children, lightweight fabrics, printed tunics, crop tops, and fun tees add style and comfort to sunny getaways.

The Wedding and Party Wear group brings elegance and glamour to celebratory attire. Men's tailored suits, bold patterned shirts, and refined blazers provide stylish options for formal occasions. Women's wear, including kurta-palazzo sets, Anarkali suits, and embellished dresses, offers a modern take on traditional elegance.

For professionals, the Semi-Formal and Office Wear Collection combines sophistication with practicality. Men's wrinkle-free shirts, flexible chinos, and stretch suits create versatile looks for both daytime and evening. Women's tailored separates, long tunics, and stylish layering pieces suit the fast-paced modern work environment.

The Street Wear Collection adds an urban edge with graphic tees, checked shirts, cotton cargo pants, and stylish denim. Women's oversized tops, lace-accented tees, and relaxed fits complete the line with casual confidence and expressive style.

The campaign uses vibrant brand films and visuals to showcase the collection in real-life settings - family outings, weddings, vacations, and work events - illustrating how the clothing enhances the wearer's experiences.

Cantabil India Retail’s Spring/Summer 2025 collection launches with a new campaign

Asics launches GEL-K1011 sneakers range in India

Strengthening its presence in the SportStyle market, Japanese sportswear brand Asics has launched their GEL-K1011 sneakers range in India.  This new unisex sneaker range has been launched in neutral color options including cloud gray/cream, black/carrier gray, white/pure silver, and black/pure silver.  

Consistent with ASICS' design philosophy of continuous improvement, the GEL-K1011 blends retro design elements with modern technology. The sneaker incorporates features from the late 1990s and early 2000s Gel-Kayano™ models, such as layered panels and vintage badge details, while using updated construction for improved comfort and wearability.  

The sneaker’s design is inspired by the uppers of the Gel-Kayono™ 5, Gel-Kayano™ 6, and Gel-Kayano™ 10 models, combined with a midsole adapted from the Gel-Cumulus 17. Equipped with dual GEL technology inserts, along with Flytefoam and Flytefoam Propel cushioning, the GEL-K1011 is designed to provide comfort, responsiveness, and impact absorption.  

Rajat Khurana, Managing Director, Asics India and South Asia, states, this launch represents a significant step forward in ASICS’ evolution, as the brand ventures into the SportStyle segment with a renewed focus. As consumer preferences change, more people are looking for sneakers that offer the best of both worlds: superior comfort and contemporary design. The GEL-K1011 embodies this shift, designed for the style-conscious generation that values performance and aesthetics equally.

Priced at Rs 11,999 (approximately $144 ), the GEL-K1011 is available at Asics retail stores and online platforms across India.

Asics launches GEL-K1011 sneakers range in India

VIP Clothing launches innerwear brand Frenchie X in Maharashtra and Delhi

Strengthening the label’s retail presence, VIP Clothing launched its innerwear brand Frenchie X in Maharashtra and Delhi.

 The launch makes available Frenchie X’s innerwear collections in over 100 stores across Mumbai, Pune and Delhi. A part of the brand’s growth strategy, this expansion also strengthens its physical and digital footprint across India.

According to Sunil Pathare, Chairman & Managing Director, VIP Clothing, the brand’s launch in Mumbai and Delhi gives customers an easy access to premium everyday essentials. This strategic expansion conforms to the brand’s commitment to expand its physical presence in tandem with its digital footprint.

The company’s continued growth strategy also ensures new innovations and market expansions in the future, he adds.

To boost its digital sales, VIP Clothing also forayed into the quick commerce market earlier this year in partnership with Swiggy Instamart and Zepto.

VIP Clothing launches innerwear brand Frenchie X in Maharashtra and Delhi

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