07 November 2024, Mumbai

The Q2, FY25 net loss of RP-Sanjiv Goenka Group-owned, Spencer’s Retail widened to Rs 87 crore ($10.3 million) as against Rs 70 crore in the year-ago quarter.

The company’s revenue for the quarter, spanning July-Sep’24, declined to Rs 518 crore, as against Rs 574 crore in the corresponding quarter of the previous financial year. The e-commerce company also gained traction and grew by 21 per cent Y-o-Y during the quarter.

During the quarter, the company also opened one store to take store count including Natures Basket to 131 stores across 27 cities in India.

Shashwat Goenka, Chairman, Spencer’s Retail, says, the company remains focused on driving business growth in its key operating regions, emphasising improvement in key operating metrics such as margins, sales productivity, and costs, and advancing its share of the e-commerce mix. A multi-format retailer, Spencer’s Retail offers products across categories such as FMCG, fashion, general merchandise, personal care, home essentials, etc.

Latest Fashion news

07 November 2024, Mumbai

Diwali 2024 has just got over a week ago, leaving behind a trail of insights into India's vibrant retail landscape. This year's festive season was a mixed bag for the fashion and apparel sector, while some segments saw impressive growth, others faced headwinds, highlighting the diverse and dynamic nature of this market.

In fact, Nomura reported this year’s spending was less than last years which highlights a "cyclical growth slowdown" in the Indian economy, impacting overall festive consumption. Rising inflation may have influenced consumer spending, particularly in discretionary categories like fashion and apparel. Despite the festive season, consumer sentiment appears to be somewhat subdued, particularly in metros, which could impact future retail growth. CBRE's report too indicates that slower retail sales are hindering the expansion plans of established brands in India.

Trends that emerged

• E-commerce continued its dominance: Online platforms raked in nearly Rs 1 lakh crore (about $11.9 billion), growing over 23 per cent year-on-year. This was driven by increasing demand from non-metro consumers and an increase in luxury purchases.

• Premiumization on the rise: Consumers showed a clear preference for higher-priced items, with strong growth seen in premium smartphones, appliances, and fashion accessories.

• Mixed performance for luxury brands: While some luxury retailers reported double-digit growth, others experienced slower sales, indicating a potential softening in this segment.

• Value fashion thrived: Domestic value fashion retailers continued to grow, particularly in high streets across major cities.

• Overall festive consumption growth slowed: Nomura reported a 15 per cent growth in festive spending, half the rate seen in 2023, citing weak demand in metros and industrial areas.

Brick &mortar vs e-commerce

E-commerce emerged as the clear winner this Diwali raking in nearly Rs 1 lakh crore (approximately $11.9 billion), a 23 per cent jump from the previous year. Flipkart and Amazon reported record-breaking sales, with aggressive discounts, convenient shopping experiences, and a wider selection of goods. While brick-and-mortar stores still hold significant importance, particularly for touch-and-feel categories like apparel, the convenience and reach of e-commerce are undeniable. As Pushpa Bector, DLF Retail puts it, "Generally, it (sales) was not as vibrant as we thought it would be. We might have expected growth at par with levels seen in 2022-2023 but the base of growth has come down."

Overall retail vs fashion/apparel retail

While overall retail sales saw healthy growth, the fashion and apparel sector experienced a more muted performance. Nomura's report indicates that festive consumption growth halved this year to 15 per cent, with weak demand in metros and industrial areas. This could be attributed to several factors, including a shift in consumer spending towards other categories like electronics and home appliances, and a general economic slowdown impacting discretionary spending. In fact, smartphones dominated online sales, capturing nearly 65 per cent of all smartphone purchases during the festive period. Viraal Rajan, Owner and Director of Time Avenue opines, "Sales for us are 10-15 per cent higher than last year...but we are hearing the business has been weaker this Diwali for some of the other luxury categories."

Metros vs. Tier II, III cities

One of the most striking trends this Diwali was the demand growth in Tier II, III cities. Amazon reported over 85 per cent of its customers were from non-metros. This highlights the increasing purchasing power and aspirations of consumers in these regions. Nomura's report pointed to weak demand in metros and industrial areas, contributing to the slowdown in overall festive consumption growth. However, growing small town demand underlines the fact that brands now need to tailor their strategies to cater to the unique preferences and needs of consumers in smaller cities and towns. "There was increased demand from Tier II-III and beyond, across categories including smartphones, TVs, appliances and fashion," said Satish Meena, adviser at Datum Intelligence

Premium vs value retail

Both premium and value segments witnessed growth this Diwali, but with different drivers. The premium segment got a boost from aspirational consumers and a desire for better quality and brands. Value retail, on the other hand, catered to price-conscious shoppers seeking the best deals. For example, Amazon reported a 400 per cent spike in its fashion and beauty premium portfolio, while domestic value fashion retailers saw strong demand for space in high streets.

Table: E-commerce sales growth across categories

Overall Diwali 2024 was a mixed bag for India's fashion and apparel sector. While e-commerce platforms thrived and smaller cities showed strong growth, the overall pace of growth slowed down compared to previous years. Premiumization continued to be a key trend, while value retailers faced challenges. The sector needs to adapt to the evolving consumer behavior, economic conditions, and the growing dominance of online platforms to succeed in the coming years.

Latest Fashion news

05 November 2024, Mumbai

Ethnic wear brand Chikozi’s new exclusive brand outlet launched with its signature collection of handcrafted garments at the Lulu Mall in Lucknow.

Situated on the mall’s first floor, the store showcases the traditional Lucknowi Chikankari art, a craft known for its intricate embroidery. Designed with a sleek white interior, the store emphasises the vibrant colors of its apparel. It features ready-made kurtas adorned with decorative embroidery, traditional woodblock prints, and embellished accessories. The store also offers a modernised version of ethnic fashion with fusion wear including dresses, tops, and trousers.

Offering a wide range of both Indian and international brands including Reebok, Biba, Woodland, FabIndia, Crocs, Adidas, Puma, Taneira, and Gas, Lulu Mall Lucknow is part of the Lulu Group’s extensive network of shopping centers across India, with locations in Thiruvananthapuram, Kochi, Hyderabad, Palakkad, and Kozhikode.

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07 November 2024, Mumbai

Designer wear retailer Pernia’s Pop-Up Shop plans to raise Rs 250 crore in its pre-IPO funding round. The retailer plans to launch an IPO in the next 15 months and will use these funds to retire debts and expand its retail network.

The mandate to raise these funds has been granted to IIFL and Axis Global. The funds will be used to expand the retailer’s network in Mumbai and Delhi besides repaying existing debts to make Purple Style Labs debt free on a consolidated basis, says Abhishek Agarwal Founder, Purple Style Labs.

Pernia's Pop-Up Shop sells products of more than a dozen bridal and occasion wear labels such as Tarun Tahiliani, Falguni Shane Peacock and Amit Aggarwal. In 2023-24, the retailer’s revenues increased by 37 per cent Y-o-Y to Rs 508 crore.

In India, the wedding and occasion wear market has been traditionally serviced by local shops delivering made-to-order clothes, but over the past decade, brands such as Manyavar, Mohanlal, Tasva and Ethnix by Raymond have brought consistency in the celebration wear segment in terms of delivery and execution, albeit at lower price points than designer labels.

Latest Fashion news

06 November 2024, Mumbai

A renowned name in India’s textile industry, Siyaram’s launched an innovative men’s occasion wear brand, Devo to celebrate India’s vibrant cultural heritage. The brand launched with its maiden collection and flagship store in Delhi.

Devo’s debut collection includes a wide range of garments designed to highlight India’s design excellence ranging intricately hand-embroidered sherwanis to refined Indo-Western ensembles.

The collection also features Jodhpuris and kurta-pyjamas that merge heritage with current trends, luxurious tuxedos, and accessories that exude global appeal. Combining traditional Indian craftsmanship with contemporary design, each of these garment pieces reflects India’s artistry while meeting international style and comfort standards.

Ramesh Poddar, Chairman and Managing Director, Siyaram’s, embodying the values of modern Indian men, the collection blends tradition with modernity to offer garments that resonate with India’s cultural depth.

Latest Fashion news

05 November 2024, Mumbai

Sanjay Garg’s womenswear label Raw Mango will host a festive pop-up in Hong Kong from Nov 10-11, 2024. To be held at the Zhi Art Space’s Fringe Club in Central Hong Kong, the event will showcase a curated collection of Raw Mango’s festive saris and garments to an international audience.

The pop-up will showcase an array of festive garments in vibrant colors and handloom textiles, reflecting Raw Mango’s commitment to Indian heritage craftsmanship. By hosting in Hong Kong, the brand seeks to expand its global reach and connect with both non-resident Indians and local shoppers.

Launched this year, Raw Mango’s latest festive collection offers a refined version of traditional luxury with shimmering brocades and delicate, sheer shawls. Founded by Sanjay Garg in 2008, the brand reimagines Indian textiles with a modern, innovative approach. It retails through flagship stores in Bengaluru, Mumbai, and Hyderabad, as well as online and in select luxury boutiques.

Latest Fashion news

07 November 2024, Mumbai

Men's wear clothing brand, Overlays has unveiled its highly anticipated winter collection. Embodying the raw essence of fire and strength, the new collection is designed for those who seek both warmth and resilience during the winter season. It is inspired by the elements of fire, and transcends traditional fashion to become a statement of power and inner strength.

Titled, ‘Ember: Steel Winter '24,’the collection features over 35 unique jackets that seamlessly blend streetwear aesthetics with the finest Indian craftsmanship. Some of its highlights include distinctive paisley prints, a mix of hand and machine embroidery, intricate zardozi and ari work, and varied washing techniques, catering to fashion-forward individuals who embrace adventure and bold style choices.

The collection was unveiled at a runway fashion show that served as the first major event celebrating the creator economy. Showcasing 13 models, the fashion show was set against an international-level art direction that delivered a visually captivating experience. It was further enhanced by immersive sound engineering and offered an engaging atmosphere that perfectly complemented the artistry of the collection.

Shlok Srivastava, Founder and CEO, Overlays Clothing, states, the collection helps the brand ignite a movement that highlights the significant role of the creator economy in shaping high fashion. The Ember Steel collection caters to the modern consumer, balancing functionality with innovative design. Whether facing the elements or making a bold style statement, these jackets are designed to offer both performance and sophistication.

Looking forward, Overlays plans to incorporate seasonal updates aligned with current fashion trends and expand the collection with complementary accessories. The brand is committed to exploring sustainable materials and practices to appeal to environmentally conscious consumers. Overlays also aims to host community-focused events and pop-up experiences in major cities, giving fans a chance to engage with the collection up close. These events will celebrate creativity and innovation, providing a platform for aspiring designers and influencers to showcase their talents.

Latest Fashion news

06 November 2024, Mumbai

With growth fueled by the booming saree market, ethnic apparel retailer Sai Silks Kalamandir Ltd (SSKL) expects sales from South India to grow in the coming quarters.

The company’s Q2, FY24 net profit increased by 2 per cent increase in net profit to Rs 24 crore ($2.9 million) for the quarter ended Sep 30, 2024 as against Rs 23 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 6 per cent to Rs 347 crore, as against Rs 326 crore reported in the corresponding quarter of the previous fiscal year.

As South India’s leading ethnic value fashion player catering to wide audience through multiple formats, the company expects to end the financial year with strong sales in the wedding and festive apparel segments.

Currently operating through four different format stores, namely Kalamandir, Mandir, Varamahalakshmi Silks, and KLM Fashion Mall, SSKL also retails through e-commerce channels that include their online stores and multi-brand e-commerce marketplace.

Latest Fashion news

05 November 2024, Mumbai

Value-focused fashion and lifestyle retailer Easybuy has expanded its retail footprint by launching new stores in Gadag, Vijayawada, Bengaluru, Chennai, and Ahmedabad.

The retailer’s latest outlet, its 11th, opened on Arcot Road in Chennai. The store offers a wide range of affordable apparel and accessories for men, women, and children. Easybuy also opened its second store in Mogala rajapuram, Vijaywada besides launched its first brick-and-mortar store in U Mall, Gadag and adding a second outlet in Nikol district, Ahmedabad.

A Bengaluru-based retailer under Landmark Group, Easybuy has opened numerous stores across India this year, including in Maninagar, Dehradun, Hyderabad, and Mandya, with all products priced under Rs999 to ensure affordability.

Latest Fashion news

07 November 2024, Mumbai

One of India’s iconic fashion brands, Ritu Kumar aims to offer customers an immersive and modern shopping experience through its newly opened store at The Dhan Mill Compound in New Delhi.

Celebrating the brand’s hallmark tradition of blending India’s rich craft heritage with contemporary fashion, the store embodies a thoughtfully designed space that enhances the visual appeal of each of its displayed pieces through a unique color palette and lighting arrangement.

Embodying Kumar’s unique fusion of traditional artistry and modern elegance, the store blends timeless sophistication with contemporary sensibilities to cater to the new generation of fashion aficionados. It features the brand’s three distinct ranges: the classic ‘Ritu Kumar’ collection, the global and trend-forward ‘Label by Ritu Kumar,’ and ‘Ri,’ the exquisite bridal couture range. Each of these collections offers fashion choices to suit various tastes and occasions.

With over 50 stores across India and a growing global footprint, the brand Ritu Kumar continues to expand, supported by a team of over 800 employees known for their dedication to quality and customer satisfaction. The brand’s new store at The Dhan Mill Compound underscores its commitment to deliver a refined, customer-focused retail experience.

Latest Fashion news

06 November 2024, Mumbai

Strengthening its leadership team, the Fashion Entrepreneur Fund (FEF) has appointed Deepak Lamba as its new chief executive officer (CEO).

In his new role, Lamba will guide FEF entrepreneurs in expanding their presence in the fashion and lifestyle sectors. He was earlier engaged with the lifestyle and entertainment arm of the Times Group, Worldwide Media as its CEO.

Sanjay Nigam, Founder, FEF, states, Lamba appointment will help FEF spur innonvation and drive the industry’s sustainable growth. It will also enable visionary entrepreneurs turn their dreams into reality, he adds.

Powerful, meaningful experiences can shape industries and inspire individuals, opines Lamba. Joining FEF will enable him to build communities and platforms offering unparalleled value, both in terms of business and personal growth, he adds.

The investors line up in the Fashion Entrepreneur Fund includes celebrities like Akshay Kumar, Ravi Jaipuria, Karan Johar, Naveen Jindal, Vinod Dugar, etc.

Latest Fashion news

05 November 2024, Mumbai

Operational efficiencies and premiumisation helped boost the consolidated net profit of leading shoemaker Bata India by 53 per cent to Rs 51.97 crore during Q2, FY25 as against Rs 33.99 crore reported by the company in Q2, FY24, as per regulatory filings.

During the quarter, Bata India’s revenue from operations increased by 2.2 per cent to Rs 837.14 crore. Its expenses rose by 5 per cent Y-o-Y to Rs 784.55 crore while total income expanded by 2.36 per cent to Rs 854.32 crore.

Gunjan Shah, Managing Director and CEO, says, the brand witnessed certain recovery in its growth trajectory across the country despite facing continuous market headwinds and subdued consumption.

The company is currently seeing a strong validation of its premiumisation strategy across channels, with premium products showing robust growth and increased contribution to its revenue mix, adds Shah.

By the end of this quarter, Bata India also expanded its store network by launching four EBOs for Power, 136 EBOs for Hush Puppies, 14 Kiosk for Floatz. The brand’s expansion through franchise stores in Tier III-V markets, combined with its robust digital presence, helps the brand tap into new growth opportunities with strengthened omni-channel approach, adds Shah.

Latest Fashion news