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Trade 24-09-28

Ace Turtle to double revenues to Rs 1,000 crore by FY28

Bengaluru-based tech and integrated manufacturing retail company Ace Turtle, which operates well-known brands like Lee, Wrangler, Toys ‘R’ Us, Babies ‘R’ Us, and Dockers in India, plans to double its revenue to Rs 1,000 crore by FY 2027-28. Nitin Chhabra, CEO, informs, the company aims to grow each of its brands to Rs 500 crore by FY 2035.

Founded in 2014, Ace Turtle has witnessed rapid growth, with revenue more than doubling in FY23 compared to the previous year. The company’s tech-driven approach, which eliminates middlemen and ensures price parity across channels, has contributed to the profitability of brands like Lee and Wrangler by FY24. Initially launched as a software-as-a-service (SaaS) platform, Ace Turtle has since evolved into a licensing and franchise model, becoming the India franchisee for several global brands.

Despite challenges in the fashion apparel market, Ace Turtle managed to grow its top line by 30 per cent in FY23, defying market trends. The company has shifted its focus to enhancing supply chain efficiency and developing algorithms that can predict sales with up to 88 per cent accuracy. Improving supply chain operations remains a priority, as Chhabra believes, retail margins will increasingly depend on operational efficiency.

In addition to supply chain innovations, Ace Turtle leverages advanced AI systems to track customer behavior and product performance in its stores. The company has also developed an in-house app, Connect, to streamline operations such as employee attendance and training. Although Ace Turtle has no plans to return to the SaaS business, it remains focused on improving its tech development speed and solving internal challenges.

Chhabra also highlights the evolving retail landscape in India, with offline sales gaining momentum after an initial surge in online sales post-pandemic. Ace Turtle is committed to data governance, ensuring strict compliance with customer consent protocols and transitioning to a hybrid cloud model to enhance data security. The company is making its tech stack cloud-agnostic, currently using both Amazon Web Services (AWS) and Google Cloud.

Looking ahead, Ace Turtle plans to introduce a new international brand in January 2025, with intentions to launch one new global brand each year. The company aims to expand its portfolio beyond fashion and into other sectors, positioning itself as a leader in the rapidly evolving Indian retail market. Emphasising on the importance of technology in building a future-proof business model, Chhabra highlights the need for experimentation and quick adaptation to consumer behavior.

Trade 24-09-28

Ace Turtle to double revenues to Rs 1,000 crore by FY28

FS Life promotes Adarsh Sharma as Co-founder

Owner of brands like FableStreet, Pink Fort and March, FS Life has promoted Adarsh Sharma to the ranks of co-founder.

In his new role, Sharma will be responsible for driving the brand’s both online and offline expansion besides assuming additional responsibilities as the co-founder. Having joined FS Life in 2020 as chief revenue officer, Sharma has played a critical role in driving the company’s 15x revenue growth.

Ayushi Gudwani, Founder CEO, FS Life says, Sharma’s drive and commitment to take FS Life to new heights every day has been a force multiplier for the brand.

With over 13 years of experience in roles across business operations and marketing, Sharma was previously engaged with companies like Zomato, Rebel Foods, and Junglee Games.

Trade 24-09-27

FS Life promotes Adarsh Sharma as Co-founder

Indian luxury poised for global takeover, says Business Standard Manthan Summit

The Indian luxury market is on the cusp of a major transformation, with experts at the Business Standard Manthan 2024 summit predicting the rise of an Indian luxury brand to rival giants like Chanel within the next five years.

Alexis de Ducla, director of Mathieu Lustrerie, a renowned lighting company, believes India has all the ingredients for success: a rich heritage of craftsmanship, a growing economy with rising aspirations, and increasing investment in homegrown brands.

This optimism is backed by data. India is currently one of the fastest-growing luxury markets globally, projected to reach a staggering $200 billion by 2030 according to Bain & Company.

Shifting consumer preferences and corporate backing fuel growth

Consumers are also playing a crucial role. Pushpa Bector, a senior executive at DLF Retail, highlights a growing self-confidence among Indian customers who now value quality and design over mere brand names.

This shift has attracted significant investment from corporate houses like Reliance and Aditya Birla, who have taken stakes in established Indian luxury designers like Sabyasachi and Manish Malhotra. These investments have fueled global expansion, with several designers opening stores overseas.

India's Competitive Advantage: Skilled craftsmanship

Abheek Singhi, from Boston Consulting Group, emphasizes India's abundant skilled labor as a key advantage. He believes India's rich heritage of craftsmanship, coupled with readily available capital and land, positions the country perfectly to become a leader in global luxury.

Collaboration, not replication, is key for global brands

While Indian brands are rising, global luxury houses are not sitting idle. Ducla emphasizes the importance of collaboration, urging international brands to showcase Indian artisanship in their collections. This sentiment is echoed by Dior's recent decision to showcase its Fall 2023 collection in Mumbai, featuring Indian craftspeople.

Making Luxury Accessible: The road to global recognition

Nikhil Sethi, a partner at KPMG India, highlights the need for Indian luxury brands to become more accessible to everyday consumers, similar to established brands in developed nations. This, along with strategic pricing, will be crucial for achieving global recognition.

India's hospitality sector, already renowned for its luxurious offerings, serves as an inspiration for the future. Kapil Chopra, founder of Postcard Hotels, points out that Indian hotels have consistently ranked among the world's best, demonstrating the country's long-standing potential in the luxury space.

The Business Standard Manthan Summit paints a bright future for Indian luxury, with homegrown brands poised to take center stage on the global stage. With continued investment, collaboration, and strategic planning, the "Next Chanel" might just be Indian, and it could arrive sooner than we think.

Trade 24-03-30

Bhumi Pednekar teams up with Saritoria to champion sustainable fashion

Bollywood actress and sustainability champion Bhumi Pednekar has teamed up with pre-loved clothing platform Saritoria to sell a curated selection of her personal wardrobe pieces on the platform, promoting sustainable fashion and giving fans a chance to own a piece of her style.
More than just a celebrity closet sale, this collaboration endorses conscious consumption. Shehlina Soomro, Founder, Saritoria emphasises its mission to make pre-loved clothing the first choice for everyone, and Pednekar's involvement as a powerful endorsement. Her wardrobe, featuring brands like Jacquemus and House of CB, caters to the modern millennial and Gen Z audience.
Proceeds from the sale will go to charity, further aligning the initiative with Pednekar's values.
With its over 10,000 users, Saritoria capitalises on the growing demand for pre-loved luxury and premium fashion in India. The platform plans to expand its user base and seller network, as well as open hubs across the country in the next five years.

Trade 24-01-27

Future Group’s Vivek Biyani returns with Broadway

Vivek Biyani, former director at Future Group, is re-entering the retail sector with the launch of Broadway, a modern departmental store focused on digital-first brands. Inspired by his uncle Kishore Biyani, a pioneer in Indian retail, Vivek aims to cater to the 45 per cent of Indians born in this century with unique retail experiences.

Broadway will feature brands that prioritize digital-first strategies and offer distinctive propositions, such as skincare, sneaker culture, and gut health. Unlike traditional retailers, Broadway will not stock inventory or require long-term commitments from brands. Instead, brands can rent space for flexible periods, paying a fixed fee. Drawing parallels with WeWork’s impact on co-working spaces, Vivek envisions Broadway as a "co-retail" environment.

The 25,000-30,000 square feet stores will host around 100 digital-first brands across various categories, including Wellbeing Nutrition, Suta, Mokobara, Derma Co, Aqualogica, and trueBrown. Broadway aims to create a vibrant retail experience with 10-15 daily events and a content studio to amplify experiences digitally.

The first Broadway store will open in Ambience Mall, Delhi, in August, followed by locations in Hyderabad and Mumbai. The venture is supported by actor Rana Daggubati, investor Apurva Salarpuria, and property consulting firm Anarock.

This launch marks the return of Kishore Biyani’s next generation to the retail scene, with Vivek's cousins Avni and Ashni Biyani having recently opened Foodstories, a gourmet store in Delhi.

Trade 24-07-19

Future Group’s Vivek Biyani returns with Broadway

Lenskart to add first international brand to portolio with Le Petit Lunetier

Eyewear major Lenskart plans to add first international brand to its portfolio by launching French brand ‘Le Petit Lunetier’ in the Indian market.

Lenskart’s current portfolio comprises mostly company-owned and domestic brands. Last year, the company-back eyewear firm Neso Brands acquired a significant stake in in Le Petit Lunetier for Rs 33 crore.

Peyush Bansal, CEO & Co-founder, Lenskart, says, the company will benefit from the synergy between Le Petit Lunetier's up-and-coming brand status and design expertise and Lenskart's extensive distribution network and deep understanding of the Indian consumer that will together enable it to cater to a fashion-forward audience seeking globally inspired eyewear.

Jérémie Encaoua, Co-founder, Le Petit Lunetier adds, this launch will help the brand achieve its global to expand globally beyond its core markets. Founded in 2015 by Jérémie Encaoua and Elie Attias, Le Petit Lunetier will be available across 50 Lenskart stores in India as well as online via the Lenskart website.

Trade 24-03-30

India anticipates next major consumption surge in the New Year

30 December 2023, Mumbai

WHY India

India, with its booming population of 1.4 billion, is defying global economic uncertainties as consumer optimism soars. Deloitte's Financial Well-Being Index (FWBI) reveals India's impressive score of 109.1 in October 2023, surpassing the global average of 91.9.

Rise in aspirational spending
This positive outlook is fueling a surge in consumption, particularly of discretionary and aspirational products. Deloitte's ongoing initiative, Consumer Signals, reports that 77% of Indian consumers are unwilling to delay significant purchases, with 70% having indulged in the past two months.

Premium brand appeal
Notably, over 50% of consumers express interest in investing in premium consumer durables, and 57% are ready to splurge on premium food and grocery items. The Indian economy's growth is pushing consumers toward luxury spending, with the overall luxury market projected to reach $30 billion by 2030.

Expanding luxury landscape
Global luxury brands are capitalizing on this trend, expanding their presence in India. This not only attracts new buyers but also retains consumption within the country, previously fulfilled through overseas travel.

Diverse consumer preferences
Increasing affluence has made consumers more discerning. They seek differentiated, localized offerings beyond popular brands, driving the growth of specialized direct-to-consumer (D2C) players and private-label businesses.

The new commerce landscape
The rise of new commerce, including D2C, social commerce, quick commerce, and live commerce, is transforming the consumer shopping experience. Predicted to be 40% of the e-commerce market by 2030, it offers diverse choices, pushing brands to prioritize customer experience as a key growth driver.

Technology integration
Brands are leveraging technology, with generative AI emerging as the future for enhanced consumer experiences. Its growing usage enables better conversations, effective communication, and personalized fulfillment processes, propelling brands to reinvent and scale efficiently.

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Trade 23-12-30

Bata India to revitalise brand image and regain market share

Footwear brand Bata India is embarking on a strategic mission under the leadership of CEO Gunjan Shah to revitalise its brand image and regain market share in the highly competitive footwear industry.

The brand aims to achieve 20 per cent of its sales online within the next three years by focusing on digital transformation and brand rejuvenation. It also plans to revamp 30-40 stores quarterly. Moreover, Bata has forged a partnership with Nine West, a premium women's footwear brand, aiming to replicate the success of Hush Puppies over the next five to 10 years.

Despite facing challenges such as stagnant sales growth and underwhelming valuations, Bata is committed to enhancing its premium portfolio while ensuring competitiveness in the mass market segment. The brand is adapting its offerings to cater to younger generations. It is also increasings ad spends and focusing on enhancing brand visibility through various channels.

While Bata captures 10 per cent share in the Indian footwear market, its outdated store network and lack of design variety have led to a loss of mindshare among consumers. To address these issues, Bata is investing in marquee properties, improving visual merchandising, and expanding its omnichannel initiatives
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Analysts remain cautiously optimistic about Bata's future prospects, highlighting the potential for growth in both value and premium segments once inflation softens. With a renewed focus on sneakers and athleisure apparel, Bata aims to bridge the gap between consumer perception and market share.

Bata's strategic initiatives, combined with a stronger focus on customer experience and product innovation, could pave the way for a turnaround in the coming years, believe analysts.

Trade 24-04-05

New SS’24 collection by Jaypore blends Indian craftsmanship with modern aesthetics

Seamlessly blending age-old Indian craftsmanship with contemporary flair, Jaypore has unveiled its Spring Summer '24 (SS’24) collection. Embracing the essence of the warm season, the collection offers a wide range of breathable cotton garments, featuring floral dresses, kurtis, and trousers, meticulously designed to marry comfort with style.

The SS'24 lineup offers an exquisite collection of Indian crafts, including block prints, ajrakh, hand embroidery, and ikat, etc. A highlight of this collection is the 'Lagom' range. Inspired by the Bauhaus aesthetics, this range seamlessly blends modern design with traditional Ajrakh prints for a captivating fusion of artistry and sophistication.

The Kaashni range features line-drawn floral motifs and vibrant block prints that epitomise the essence of spring. Meanwhile, dedicated to Goddess Parvati, the Gauri range comprises classic ethnic silhouettes and khadi block prints that radiate purity and brilliance.

The Chippa and Aadir menswear collections present modern interpretations of traditional craft techniques, such as hand-pressed block prints and striped patterns, catering to contemporary tastes with finesse.

Besides apparel, Jaypore's SS'24 collection boasts artisanal accessories like tribal silver earrings, filigree necklaces, and temple jewelry. Priced at Rs 3,000 and above, the collection beckons fashion enthusiasts to delve into India's rich legacy of craftsmanship.

Available both in Jaypore stores nationwide and online, the SS'24 collection celebrates the timeless allure of Indian craftsmanship intertwined with modern aesthetics.

Renowned as one of India's premier artisanal brands, Jaypore offers a diverse spectrum of apparel, jewelry, home decor, and accessories. While catering to modern sensibilities, the brand continues to celebrates India’s rich heritage with its showcase of authentic Indian products.

Sooraj Bhat, CEO - Ethnic Business, Aditya Birla Fashion and Retail, says, the SS’24 collection is a testament to Jaypore's unwavering dedication to harmonise traditional craftsmanship with contemporary aesthetics. It embodies the qualities of timeless elegance, comfort and craftsmanship, that are requisite for the season.

Trade 24-03-14

New SS’24 collection by Jaypore blends Indian craftsmanship with modern aesthetics

RDPL invests Rs. 10 cr in six mega stores for Punjab expansion

Re-commerce platform Rockingdeals Pvt. Ltd. (RDPL) is set to expand its footprint with the opening of six mega stores in Punjab, investing a total of Rs. 10 crores.

This strategic move aims to strengthen RDPL's offline market presence, eliminating third-party involvement and directly connecting with customers.

The company, already successful in Haryana, Uttarakhand, Delhi, and Bihar, sees tremendous potential in Punjab's markets.

The new stores in Barnala, Moga, Morinda, Panipat, Abohar, and Bannur will unfold over the next 12 months, marking a significant milestone for RDPL's nationwide expansion.

Trade 23-12-28

RDPL invests Rs. 10 cr in six mega stores for Punjab expansion

Jisora targets Rs 60 crore revenues in FY’24

In financial year 2024, women’s wear brand Jisora aims to achieve revenues of Rs 60 crore.

Founded by four scions of the Sethi family including brothers Kavya, Mehul and Tushar, and sister Khushboo, the brand aims to expand its offline retail presence through franchise stores across the country while strengthening its online presence.

Anticipating saturation in the loungewear market, the brand plans to focus more on western wear and resort wear. Additionally, it plans to include kids' wear and menswear, leveraging their existing resources and market knowledge.

Leveraging its family's expertise in manufacture and wholesale of traditional clothing like saris, kurtis, and lehengas, Jisora has carved a niche in the fashion world. The brand’s transition into loungewear, western wear, and resort wear capitalises on the growing demand for fashionable daily wear that prioritises comfort.

One of Jisora's key strategies has been to launch an average of 40-50 new designs each month. Coupled with reasonable pricing, this commitment to innovation has helped the brand disrupt the market and attract a loyal customer base.

Trade 24-04-01

Lux Industries reports for Q3FY24

Indian hosiery giant Lux Industries reported a 12 per cent increase in net profit to Rs 20 crore ($2.5 million) during the third quarter ended December 31, 2023, compared to Rs 18 crore in the same period last year. This positive profit growth came despite a 3 per cent decline in total income, from Rs 463 crore to Rs 450 crore year-on-year.

Lux's womenswear brand Lyra saw impressive volume growth of 53 per cent Y-o-Y indicating strong demand in this segment. Its core men’s innerwear brand Lux Cozi maintained a stable growth of 2 per cent. The company experienced a sluggish export demand coupled with a delayed winter season and general economic slowdown during the quarter.

To drive future growth, Lux Industries plans to expand its product portfolio with a focus on athleisure clothing and the womenswear segment to drive future growth. The company aims to strengthen its online presence and generate Rs 100 crore in revenue from e-commerce sales within the next three years.

Lux Industries operates several popular brands like Genx, Onn, and the eponymous Lux, making it a major player in the Indian hosiery market. The company’s strategic focus on womenswear and athleisure, coupled with its e-commerce expansion plans, could position it for continued success in the future.

Trade 24-02-15

Purple Style Labs’ revenues surge to Rs 372 crore in FY’23

Purple Style Labs, a prominent omnichannel luxury fashion platform based in Mumbai, clocked in remarkable financial growth, with revenues soaring from Rs 44 crore in FY21 to an impressive Rs 372 crore in FY23. The company also demonstrated a substantial reduction in losses for the fiscal year ending March 2023.

As per annual financial statements submitted to the Registrar of Companies, Purple Style Labs achieved a noteworthy 2.1X growth in operational revenues, reaching Rs 372 crore in FY23 compared to Rs 175 crore in FY22. The company's overseas operations contributed significantly to this success, with a remarkable 40.2 per cent increase in revenues during the same period.

However, this period of growth was accompanied by increased expenditures, rising from Rs 97 crore in FY22 to Rs 214 crore in FY23. Notably, 51per cent of this capital was allocated to the procurement of materials for designer wear and fashion products. Furthermore, expenditure on advertising and marketing witnessed a substantial surge, jumping by 78.6 per cent in the last fiscal year. Overall, the company's expenditures experienced a notable 85.9 per cent increase, reaching Rs 422 crore.

Purple Style Labs attributed this rise in expenditure to various factors, including enhanced employee benefits, an increase in rent, and professional fees. Despite these increased costs, the company's strategic investments in these areas likely contributed to its overall growth and strengthened its position as a major player in the omnichannel luxury fashion domain.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs continues to make significant strides in the competitive world of luxury fashion, emphasizing its commitment to quality, innovation, and a comprehensive omnichannel experience.

Trade 23-12-15