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Bewakoof posts 27% growth in revenues in FY 20

Unlike FY19, direct to consumer (D2C) fashion brand Bewakoof registered a 27 per cent growth in revenue from operations which increased to Rs 208.33 crore in FY20 from Rs 164.22 crore it earned in FY19.

Around 97.25 per cent i.e Rs 202.6 crore were earned through sales of products on its platform and the remaining Rs 5.73 crore were collected as membership, cash on delivery fees and sale of scrap material. Bewakoof had posted an annual profit of Rs 29.5 lakhs in FY19 but the increased run rate of expenses has caused the annual results to go back in red in FY20. Bewakoof’s annual consolidated losses for FY20 stood at Rs 28.26 crore and EBITDA margins slipped from 3.56 per cent in FY19 to -9.5% in FY20.

Bewakoof operates on an asset-light model and it could be noticed from its asset turnover ratio of 2.25X. It outsources most of the garment manufacturing work to job work contractors. It spent Rs 55.05 crore on such payments during FY20, growing by 21% from Rs 45.53 crore in FY19.

Expenses on purchase of stock in trade shot up 6X to Rs 9.83 crore while the cost of raw materials consumed has gone down by 2.5% from Rs 51.7 crores in FY19 to Rs 50.4 crore in FY20.

Pink Almari holds wedding and lifestyle edition in Mumbai

Women’s fashion exhibition Pink Almari held a ‘Wedding and Lifestyle Edit’ in Mumbai on November 24. The exhibition featured 13 women’s wear brands, four jewellery brands, and six other brands for a business to customer shopping fair. It showcased footwear and bags by Adaa Mumbai, fashion jewellery by Swati Hirawat, jewellery by Daga, and home textiles by Studio P among others.

Apparels exhibited were: unstitched suits by Raps Creations, ready-to-wear by Priya’s Collection, fusion wear by Om Creation, and traditional wear by Sumangal by Manju Ramrakhyani. Other participating clothing brands included Sid N Vani, Lukhnovi Kurties & Plazo, Nonas Exclusif, Krimson Style Studio, Nita Shah, Reya Purohit, Nisaa Creation, and Bobby’s Creations.

After deferring many of its Spring fashion events due to the pandemic, Organizer Marriage Mantra held two Pink Almari shopping events in Mumbai in June, followed by a Parineeti shopping fair and additional Pink Almari event in October. The organizer plans to slowly restart its events calendar following health and safety guidelines.

Arvind Fashions expects casual wear brands to stir pandemic recovery

Shailesh Chaturvedi, the CEO-designate, Arvind Fashions, expects its portfolio of casual clothing brands will help the fashion retailer emerge stronger from the new wave of pandemic. BSE-listed Arvind Fashions currently operates brands like US Polo, Aeropostale, Flying Machine, Sephora, etc among other chains.

For the second quarter, the company reported a 56 per cent drop in revenues to Rs 463.81 crore while losses at the Bengaluru-based retailer widened to Rs 217.79 crore. In September, Arvind called off its franchisee partnership with Gap Inc. six years after the Bengaluru-based company signed a master franchisee for India and Arvind and US fashion group are currently looking for a buyer for Gap's India business. The company is also ramping up its work from home portfolio in the upcoming spring/summers collections.

Rangriti opens new stores in Uttar Pradesh

Rangriti, a value fashion brand from the promoters of Indian ethnic fashion brand BIBA, recently opened new stores in Uttar Pradesh at Ghazipur, Hardoi, Akbarpur, and y Lucknow. All these stores will reflect a flawless fusion of style and affordability, from a perfect blend of lively colors to beautiful designs.

The stores will present Rangriti's festive collection which is about an Indie chic and vibrant look. These quality-driven alluring pieces are available in all colors ranging from vibrant hues to earthy muted tones. The range is designed in a way that allows you to easily move from a traditional look to a fusion one with comfort and style.

The brand recently opened its 100th store in Ghazipur and the 20th in Uttar Pradesh. The store offers a wonderful mix of traditional and contemporary styles ranging from kurtas, dresses, a range of bottom wear, gowns, sharars, and suit sets which are a great fit for your everyday and occasion wear.

September quarter brings relief to apparel retailers as sales pick up

As per analyst Edelweiss Securities, the September quarter brought some respite for Indian retailers with sales in inner-wear, grocery, quick-service restaurants, jewellery and apparel retail picking up. Analysts’ report, revenue decline of Page Industries narrowed to 4.5 per cent year-on-year during the September quarter as against a 66 per cent decline in the June quarter. However, it lagged behind other retailers like Rupa, Lux and Dollar which registered 5-9 per cent sales growth during the second quarter.

Recovery for other apparel retailers was slow, partly due to the comparatively higher discretionary nature of the products, besides lower footfall. Even so, Trent and V-Mart Retail saw better revival compared to Shoppers Stop and Aditya Birla Fashion and Retail. In the footwear category, revenues of Relaxo Footwears declined by 7 per cent year-on-year as against those of Bata India whose revenues declined by 49 per cent year-on-year. According to IIFL, this is on account of stronger demand for open footwear brands over closed footwear.

BIS to set new standards for e-commerce companies

The Bureau of Indian Standards (BIS), which lays down norms on quality and safety of goods sold in the country, has been negotiating with various stakeholders to set new standards for several issues ranging from standardization of invoices and websites.

The Bureau aims to set standards for services provided by ecommerce companies and aggregators like Flipkart, Ola, AirBnB, etc. These standards will touch upon areas which are outside the scope of the ecommerce policy in order to avoid any overlap.

It also plans to introduce certification for secure websites in order to curb the menace of fly-by-night operators in the digital commerce industry. The certification will help consumers to identify the reliable operators. The bureau has set up various committees to decide these standards. All major companies including Snapdeal, Flipkart and JioMart are a part of these committees.

Myntra signs licensing agreement with Elle

Myntrahas signed a licensing agreement with the Elle brand, owned by the French Conglomerate Lagardère Group to produce, distribute and promote the Elle jewellery collection in India.

The Elle jewellery collection will be pre-launched on the Myntra platform with over 150 styles across earrings, necklaces, bracelets, and sets at a price range of Rs 600 ($8) to Rs 2500.

Myntra offers the perfect platform for Elle to launch its fashionable Parisian lifestyle-inspired jewellery in India. The strength of its brand portfolio allows Elle to broaden its cross-category representation. With the launch, Myntra aims to further strengthen itsjewellery portfolio.”

The Elle brand is owned by the Lagardère Group based in France, and Lagardère Active Enterprises is the dedicated business unit of the Lagardère Group, running the non-media brand extension worldwide.

Myntra eyes Rs 500 crore turnover from Puma next year

Flipkart-owned online fashion retailer Myntra expects to achieve a Rs 500 crore turnover from sportswear retailer Puma over the next one year. Both plan to deepen their engagement by launching Puma’s global sneaker collections and expanding its kids wear and women’s wear collections.

Puma is the top-selling international sportswear brand on Myntra. The brand’s market share soared on the platform within the sportswear and athleisure category since unlocking started. The brand’s work from home trend will continue to expand into the next year and benefit from increased demand. It retails through over 370 doors in India but draws a significant share of sales from online channels as it was an early adopter of e-commerce in India.

The increased collaboration between Puma and Myntra comes at a time when India's top online retailers are stitching exclusive tie-ups with offline retailers and expanding their range in view of more permanent shift in shopping habits owing to COVID-19. More shoppers from India’s smaller cities are expected to come online now. Amazon, Walmart-backed Flipkart and Reliance Retail’s Ajio are actively eyeing a share of India’s massive retail market across grocery, electronics and fashion. Already, Flipkart Group has bought a minority stake in Aditya Birla Fashion and Retail (ABFRL) for Rs1,500 crore.

Fabindia launches new service for online shoppers

Ethnic wear retailer Fabindia has launched a ‘White Glove Service’ to ameliorate its online shopping experience for customers as well as other home-shopping initiatives.

Through this service, shoppers can scan a code displayed in the store’s window display which then allows them to browse customized catalogues and look books at their leisure from their own home, FabIndia shared on Facebook. Users of the service are also able to try products out at home before committing to a purchase.

Other online-offline initiatives FabIndia has recently launched include enabling shoppers to arrange to have new collections showcased at their society premises and a personal shopping service. Customers can use messaging app WhatsApp to speak with a personal shopper who will send photos of recommended items and help shoppers choose items which, upon purchase, are them delivered to their houses following safety guidelines.

FabIndia also recently launched wedding themed collection ‘Rajwada’, inspired by India’s royal traditions, the brand announced on Facebook. The brand has also launched a line of Ayurvedic supplements and wellness products to respond to the increased popularity of health-centred goods and natural remedies, a trend spurred on by COVID-19.

KH Radharaman launches new womenswear label

Designer KH Radharaman has launched a new womenswear label ‘Alamelu’ featuring woven textiles and a global aesthetic.

The label’s maiden collection, titled ‘Architexture’, takes its inspiration from both architecture and textiles and mixes structural silhouettes with rich, handloom fabrics.

Oversized tunics, metallic tailored trousers, double-breasted suits, and overcoats are fabricated from Ikatweaves.Radharaman’s global perspective shines through in his rendering of Houndstooth check, Uzbeki motifs, and polka-dots inspired by Japanese artist Yayoi Kusama in silk threads. The season-less collection is designed to be dressed up or down and worn by women across the world, according to Radharaman.

The brand recently launched with multi-brand luxury Indian fashion retailers Ogaan and Ensemble in their respective boutiques. Its next steps will include international expansion through e-commerce and retail presence in strategic global locations.

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