15 July 2024, Mumbai

A multi-brand fashion, beauty, and lifestyle department store, Shoppers Stop plans to foray into India's rapidly growing luxury retail market. The company plans to open large-format outlets that will also feature Aditya Birla Group’s premium offering, The Collective, in this fiscal year.

Shoppers Stop plans to launch two luxury fashion and lifestyle stores in FY 2025. These stores will retail international luxury labels and house The Collective, which offers brands like Kenzo, Versace, and Polo Ralph Lauren, among others.

More than just selling luxury products, premiumisation for Shoppers Stop also includes customers who have shifted their shopping behavior from the roadside stores to malls, says Kavindra Mishra, Managing Director, Shoppers Stop.

Focusing on premium brands to drive revenue growth, Shoppers Stop aims to increase the contribution of these brands’ to 55 per cent of the company’s revenue during FY25 from 47 per cent in FY24.

The retailer also plans to renovate its existing stores to align with a new premium brand identity. So far, Shoppers Stop has renovated 13 stores, with 71 per cent of its outlets now featuring the new identity. Additionally, the company opened 55 new stores in the FY2024.

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13 July 2024, Mumbai

Contrasting sharply with the overall apparel category's sluggish 6 per cent growth, India's fast fashion segment grew by 30-40 per cent in FY24. The country’s vibrant $10 billion fast fashion market is projected to soar to $50 billion within seven years, according to a new report by Redseer Strategy Consultants.

KushalBhatnagar, Associate Partner, notes, fast fashion is currently driving growth in the fashion industry. Apart from global brands like Zara and H&M, India’s fast fashion sector has been significantly boosted by homegrown brands like Zudio from the Tata group and online-first brands such as Newme, Urbanic, and Snitch.

SumitJasoria, Co-founder, Newme, adds, the success of fast fashion in India is being driven by global brands like Shein and Fashion Nova. Sheinepitomises ultra-fast fashion, accomplishing in seven days what others take two months to do, he adds.

The rapid growth of fast fashion is also being fueled by young consumers' desire to experiment with new trends and brands. Gen Z shoppers are particularly inclined to buy more clothes for social outings and to post on social media. With 362 million Instagram users in India, the majority being young, there is a strong drive towards fast fashion influenced by global trends and social media reels, notes Jasoria.

Last month, UK’s popular fashion e-tailerUrbanic launched a new brand, Savana, targeting Gen Z in India with limitless collections and styles. Rahul Dayama, Founding Partner, explains,the brand leverages Artificial Intelligence for predictive analysis, end-to-end logistics, and reducing dead stock. This helps minimise wastage.

Urbanic focuses on Tier I and II cities but sells across India online. Dayamaemphasiseson the brand’s psychographic approach, noting diverse customer bases including older individuals with youthful fashion preferences and Tier III city residents living a Tier I lifestyle.

However, the fast fashion industry also faces certain challenges, particularly in maintaining an agile supply chain to quickly transform emerging trends into market-ready clothing. Newme introduces 500 designs online weekly. Vedang Patel, Co-founder, The Souled Store, highlights the issue of market saturation, where identical designs become ubiquitous, leading to potential inventory problems when trends fade. A 10-year-old brand, The Souled Store thrives on timeless pop culture casual wear, growing at 60 per cent annually without relying on fast fashion.

Patel believes that as consumers' wardrobes fill up, they will make more discerning fashion choices. Conversely, Dayama is confident that fast fashion will continue to thrive, driven by the growth of social media platforms like Instagram and a competitive market. The Indian market is set to grow, and there’s room for many players, he concludes.

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12 July 2024, Mumbai

Increasing the company’s stake in Goodview Fashion (GFPL) from the earlier 33.5 per cent to 51 per cent, Aditya Birla Fashion and Retail (ABFRL) acquired an additional 17.5 per cent share for a cash consideration of Rs 127.42 crore.

A manufacturer and retailer of branded apparels in India, Aditya Birla Fashion and Retail (ABFRL) reported a net loss of Rs 229.57 crore on a consolidated basis in Q4 FY24 as against a net loss of Rs 186.94 crore recorded in Q4 FY23.

The company’s revenue from operations increased by 18.3 per cent Y-o-Y to Rs 3,406.65 crore in the March 2024 quarter.

A manufacturer and retailer of ethnic couture fashion under the brand TarunTahiliani, GFPL recorded revenues of Rs 148 crore in FY24.

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15 July 2024, Mumbai

Footwear retailer Metro Brands (MBL) plans to open theinaugural Foot Locker store in an upscale mall in Delhi in October this year.

MBL has signed a multi-decade licensing agreement with the US-based athletic shoes and apparel retailer Foot Locker to open two to six stores in two to three cities within the current fiscal year.

The brand’s stores in India will typically range from 3,000 sqft to 5,000 sq ft. The first store will be based on the 'store of the future,' concept introduced in April this year.

Based on customer insights, this concept focuses on a bold storefront, a distinct in-store environment, expanded footwear and accessory selections, sustainability, dynamic digital fixtures, and other technological advancements. Additionally, the concept also equips Foot Locker’s sneaker ambassadors, known as Stripers with high-tech tools to enhance customer service.

MBL has also partnered with Nykaa Fashion to sell online in India. This exclusive partnership provides MBL with an access to various premium international brands, which it plans to selectively introduce in the Indian market, considering factors like climate conditions and regional preferences.

AnkurBisen, Senior Partner & Head – Consumer, Food & Retail at Technopak Advisors, notes, MBL’spartnership with Foot Locker enables the company gain a larger share of the casual footwear market.

Projected to expand by 7.85 per cent from 2024-29, the sneakers market is India is expected to reach a volume of $48.77 million by 2029, according to Statista. MBL's deep knowledge of the Indian market willhelp Foot Locker navigate the complexities of a diverse market, adds Bisen.

From Rs 68.74 crore during the corresponding quarter of the previous fiscal year, MBL’s profit roseby 126.3 per cent to Rs 155.57 crore inQ4, FY24.

During the quarter, MBL also extended its agreement with Crocs India to exclusively operate and own Crocs stores across western and southern states in India, as well as continue, renew, and operate existing stores in northern and eastern India.

As of March 31, 2024, MBL operated 836 stores in 193 cities across 31 Indian states and Union territories.

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12 July 2024, Mumbai

IKEA, the Swedish furniture giant, is shifting gears in India. After establishing a foothold with large format stores in major metros, the company is now setting its sights on a wider audience through a focus on smaller retail formats and an omnichannel approach.

IKEA's current footprint IKEA entered the Indian market in 2018 and as of July 2024, IKEA boasts of five physical stores across metros like Hyderabad, Mumbai, and Bengaluru. These are large format stores, spread over several acres, following the company's global model. While IKEA hasn't publicly released its revenue figures for India, it did witness over 180 million visits across its stores in the past five years. However, profitability for the Indian arm is still awaited, with the Hyderabad store expected to be the first to achieve it in 2024.

Shifting Gears: Smaller stores, wider reach

Despite the initial success, IKEA acknowledges the need to cater to a broader customer base in a country as diverse as India. Juergen Pulrerer, IKEA India's Country Retail Manager, highlights the company's intention to explore omnichannel expansion, "diverse retail formats to come closer to the many people in India". This translates to a focus on smaller stores alongside their existing flagship locations. Its omnichannel approach involves, leveraging online sales alongside physical stores. This is evident in their plans to launch online operations in Delhi NCR by the end of 2024, followed by a physical store opening in Gurugram in 2025.

While metros like Delhi NCR remain a priority, IKEA is also looking to expand into Tier II and Tier III cities. Pune and Chennai are potential targets, indicating a strategic move to capture the growing middle class in these regions

Evolving business model

The reason for the shift is multifold. Firstly, real estate costs in prime locations, especially in Tier I cities, can be prohibitive for large stores. Secondly, consumer habits in India are changing. Online shopping is booming, and customers might prefer a curated in-store experience with easier access to products they can then purchase online for delivery. This would be a significant change from IKEA's traditional model that heavily relies on in-store purchases after navigating a large showroom.

IKEA's shift towards smaller stores and an omnichannel approach signifies its commitment to the Indian market. Whether this strategy proves successful in reaching new customers and achieving profitability remains to be seen. However, it's a clear acknowledgement of the evolving retail landscape in India, where convenience and online access are key drivers.

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12 July 2024, Mumbai

India's oldest department store chain, Shoppers Stop, plans to venture into luxury retailing with large-format standalone stores featuring brands such as Gucci and Louis Vuitton. The company aims to launch two luxury outlets this fiscal year, with potential locations in Kolkata and Mumbai.

Shoppers Stop has traditionally focused on the masstige or bridge-to-luxury segment since its inception over three decades ago. However, the shift towards luxury retailing aligns with the growing number of wealthy individuals in India. For the retailer, more than just selling luxury products, premiumisation includes elevating the buyer’s shopping experience, says Kavindra Mishra, Managing Director and CEO.

The luxury retail market in India is currently dominated by Reliance and the Aditya Birla Group who have partnered with over 50 luxury brands. These luxury brands struggle to finda suitable retail space to create an exclusive shopping environment without compromising customer experience, notes Shriram PM Monga, Co-founder, SRED, a of retail consultancy firm With limited luxury-dedicated malls in India, the demand for luxury retail spaces remains high.

According to a Bain & Co report, India's overall luxury market is expected to reach $85-90 billion by 2030. This growth is driven by a rising number of ultrahigh-net-worth individuals, growing entrepreneurship, a strong middle class, greater e-commerce penetration, and demand from Tier-II and III cities. The premium and bridge-to-luxury fashion market in India is currently valued at $7.86 billion, and global luxury brands are eager to expand in this promising market.

Shoppers Stop aims to increase the contribution of premium brands to 55 per cent in the current fiscal year from 47 per cent in FY24. The retailer’s revenue grew by 34 per cent in the last fiscal year, primarily driven by non-apparel segments such as beauty and home categories, alongside store expansion. The company's strategic focus on premiumisation and store network expansion is reflected in its investment of Rs 246 crore for opening 55 new stores and renovating 13 existing ones in 2023-24.

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15 July 2024, Mumbai

The demerged entity of the Rs 9,286-crore Raymond conglomerate, Raymond Lifestyle (RLL) has appointed prominent executives from India Inc as independent directors in preparation for a possible listing next month.

These newly appointed independent directors include VineetNayar, former CEO, HCL Technologies; GC Chaturvedi, former chairman, ICICI; AnishaMotwani, Board Member, Abbott; and Dinesh Lal, Board Member, Raymond. These appointments were made earlier this month.

GautamSinghania, Chairman, Raymond will assume the role of managing director of Raymond Lifestyle. Sunil Kataria, Current CEO, Raymond Lifestyle, will also join the newly formed board.

The diverse expertise and insights of these new board members will contribute to the company’s strategic vision and operational excellence, states Singhania. Their leadership will play a critical role in driving the company's long-term success and delivering value to our stakeholders, he adds.

The National Company Law Tribunal (NCLT) approved Raymond's restructuring plan, which included the demerger of its lifestyle business and the amalgamation of its consumer trading arm, in June 2024. Following the demerger, the Raymond Group will consist of three listed entities: Raymond Lifestyle, Raymond Realty, and Raymond.

Raymond Lifestyle will leverage its new governance structure to drive strategic vision and operational excellence, ensuring long-term success and value creation for stakeholders.

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12 July 2024, Mumbai

Scheduled to be held from July 24-31 at the Taj Palace in New Delhi, 17th edition of India Couture Week (ICW) will feature 14 Indian designers, including Abu JaniSandeepKhosla, AmitAggarwal, Dolly J, Falguni Shane Peacock, Gaurav Gupta Couture, Jayanti Reddy, JJ Valaya, KunalRawal, Rahul Mishra, RimzimDadu, Roseroom by IshaJajodia, SiddarthaTytler, SuneetVarma, and TarunTahiliani, each presenting their most exquisite collections on a star-studded runway.

The event will be organised by FDCI in partnership with Hyundai Motors India, informs Sunil Sethi, Chairman. Hyundai will showcase a specially wrapped collection titled, Hyundai IONIQ 5 in collaboration with Falguni Shane Peacock.

TarunGarg, COO, Hyundai Motor India adds, the unveiling of the IONIQ 5 for ICW 2024 underscores the company’s commitment to support artisans and India’s cultural heritage.

Falguni Shane Peacock states, drawing inspiration from India’s opulent heritage and mythology, the collection celebrates the grandeur of India’s cultural legacy with luxurious silks and intricate motifs. Collaborating with Swadesh, it incorporates exquisite handcrafted fabrics into its designs, blending traditional inspiration with a modern twist.

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12 July 2024, Mumbai

Lingerie and loungewear brand Clovia has partnered with beloved cartoon character Garfield to launch a new sleepwear collection.

Featuring 100 per cent cotton t-shirts and pyjama pants adorned with playful graphics of Garfield and his cartoon friend, the dog Odie, the collection boasts of a youthful aesthetic. It features oversized, comfort-driven designs. The campaign accompanying the collection showcases a model enjoying relaxing activities like drinking tea and eating pizza, reflecting Garfield’s whimsical nature.

Clovia is also expanding its brick-and-mortar presence across India. In May this year, the brand opened new stores at Chandigarh’s Cosmo Mall at Zirakpur, Gulbarga’s Orchid Mall, Hubli’s Marvel Artiza, and Ranchi’s Homah Tower.

Founded by husband and wife entrepreneurs Neha Kant and PankajVermani in 2012, Clovia is operated by its parent company Purple Panda Fashion. Around 89 per cent of the company’s stake has been acquired by Reliance Retail in a Rs 950-crore-deal.

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13 July 2024, Mumbai

Royal Fables, a heritage-inspired promotional platform, has teamed up with Hyatt's luxury hotel Andaz Delhi to host a premium bridal and wedding wear event on July 18-19. This Business-to-Customer (B2C) event, named The Wedding Edit, will feature heirloom textiles, vintage jewels, traditional art, and handcrafted fashion and home goods from over 50 businesses.

Andaz Delhi's General Manager, HardipMarwah, expressed excitement about the collaboration, highlighting the hotel's unique spaces adorned with artefacts celebrating culture, art, and heritage. He noted that this association allows them to create a truly immersive experience for guests and Royals by blending their signature hospitality with the timeless elegance that Royal Fables epitomizes.

Curated by Royal Fables’ founder Anshu Khanna and culture expert Charu Singh, the event aims to offer more than just a shopping experience. It will highlight the delicate nuances involved in royal wedding traditions and rituals. The Wedding Edit will also feature memorabilia exhibits around famed weddings of the past, adding a touch of nostalgia and cultural depth to the event.

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12 July 2024, Mumbai

At least 75 per cent of Indians expect their spending on clothing and footwear to increase over the next six months, as per the ‘Voice of Consumer Survey 2024 by PwC India. This is significantly higher than the global figure of 50 per cent.

As per the report, majority of Indian consumers still prefer shopping in physical stores, with 56 per cent stating they frequently’ visit offline shops. In contrast, 47 per cent reported ‘frequently’ shopping online via mobile phones. Despite the widespread use of social media for shopping, where 58 per cent of consumers purchase products directly through these platforms, there remains a significant concern about privacy, with 76 per cent worried about data sharing.

Social media plays a crucial role in brand discovery and decision-making, with 77 per cent of consumers finding new brands through these platforms and 81 per cent using them to read reviews before purchasing. However, 82 per cent of Indian consumers view the protection of personal data as the most crucial factor in building trust.

The three main drivers of building trust in online shopping include how well brands simplify life for their consumers, how effectively they connect with them, and how inclusive they are, states Ravi Kapoor, Partner and Leader – Retail and Consumer sector, PwC India. These trust-building blocks are influenced by six imperatives: creating value-driven purchase journeys, helping consumers manage health and wellness needs, maintaining authenticity on social media, securing personal data, developing sustainable business models, and responsibly using generative AI tools, he adds.

Around 82 per cent of respondents identify protecting consumer data as the most important factor in building trust, Kapoor adds.

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12 July 2024, Mumbai

Renowned clothing and accessories brand, Michael Kors unveiled its latest spring/summer 2024 collection at the brand’s largest Indian store in Ahmedabad. Situated inside the Palladium Mall, the store spans 2,106 sqft and features a fully glass façade with a modern, white interior.

Focusing on Michael Kors’ accessories line, the store showcases a wide range of women’s handbags on its feature walls and central islands. The collection includes both evening and day wear options, along with smaller leather goods.

The store opening was a star-studded event hosted at the Palladium Mall. It included a preview of the new collection and a celebration of the store’s 10-year anniversary, as per reports by Reliance Brands.

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