29 January 2025, Mumbai

Owner of the women’s apparel brand, Go Colors, Go Fashion (India) plans to add 80–90 new stores by the end of FY25 and targets 120–150 store additions annually in the coming years. The company added 61 new EBOs on a net basis during the nine-month period ending December 2024, bringing its total store count to 775 as of December 31, 2024.

Q3, FY25 net profit of the company increased by 4 per cent Y-o-Y to Rs 24.32 crore as against Rs 23.40 crore net profit in Q3 FY24. Its revenue from operations grew by 6 per cent Y-o-Y to Rs 214.73 crore, compared to Rs 202.11 crore in the corresponding quarter last year.

Total income of the company rose to Rs 220.57 crore from Rs 206.31 crore in Q3 FY24. It registered a 5.1 per cent in total expenses to Rs 183.13 crore during the year as against expenses of Rs 174.02 crore in Q3, FY24.

The company consumed materials worth Rs 48.71 crore in Q3 FY25, compared to Rs 38.41 crore in the same period last year. Its profit before tax for the quarter stood at Rs 32.26 crore, marginally lower than Rs 32.29 crore in Q3 FY24. The company reported basic and diluted earnings per share (EPS) of Rs 4.50 during Q3 FY25, compared to ₹4.33 in the same quarter last year.

This moderate growth in revenue and profitability reflects steady demand for Go Colors apparel. However, the company needs to control costs, particularly materials and employee expenses in the coming quarters.

For the nine months ending December 2024, Go Fashion’s (India) average selling price (ASP) stood at Rs 769, reflecting a strategic shift towards premium offerings. With 71.9 per cent, EBOs dominated the company’s sales followed by large format stores at 23.5 per cent and online channels at 2.9 per cent.

Gautam Saraogi, CEO, Go Fashion, says, with inventory control and working capital efficiency as key focus areas, the company aims to convert more than 50 per cent of its EBITDA into operating cash flows. The company is on track to achieving its FY25 goals and expanding its store network further, he adds.

With consistent growth in revenue and profitability, a strategic focus on premiumization, and expansion into new markets, Go Fashion is well-positioned to strengthen its foothold in the bottom-wear market. The company’s robust operational and financial performance underscores its potential for sustained growth in the coming quarters.

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28 January 2025, Mumbai

India's apparel retail market is projected to grow, albeit with some challenges, predicts a new report by India Ratings and Research (Ind-Ra).

While e-commerce takes the lead with around 17 per cent year-on-year growth in FY25, the brick-and-mortar segment is showing resilience with a projected 7 per cent growth. This landscape presents both challenges and opportunities for retailers.

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E-commerce leads, physical retail still relevant

The Ind-Ra report highlights the growing dominance of e-commerce, predicting a 15 per cent compound annual growth rate (CAGR) until FY30, effectively doubling FY25 sales within five years. This rise is due to increased smartphone and internet penetration, coupled with the convenience offered by online platforms.

However, physical retail is far from obsolete. "Physical retail is expected to continue to be relevant, given the desire for in-person experience and necessity to touch and feel products, especially expensive ones, and customers wanting to have in-store experience with multiple product availability," the report states.

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Table: Retail segment growth

Ind-Ra identifies specific segments that are expected to outperform the broader market.

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Fast fashion: With social media influence and Gen Z preferences, fast fashion has seen a huge boost in its popularity. One major retailer even plans to double its fast fashion store count in FY25.

Luxury: Rising consumer aspirations and affluence are driving growth in the luxury apparel segment.

Ethnic wear: A shift towards organized retail in the value segment and Tier-II and beyond markets is boosting the ethnic wear sector.

Low same-store sales growth

Despite these positive trends, the industry faces headwinds. "The tepid consumption demand and high base effect have impacted the growth of the apparel retail industry over the past few quarters," says Adarsh Gutha, Associate Director, Corporate Ratings, Ind-Ra. The report anticipates a marginal negative same-store sales growth (SSSG) in FY25.

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To face these challenges, Ind-Ra suggests retailers focus on cost optimization, which involves improving efficiency and maintaining healthy EBITDA margins (expected to remain stable at 16.5 percent in FY25 despite challenges).

Another method to adopt is controlled expansion, which means a measured approach to store expansion, with a focus on fast fashion and ethnic formats, particularly in Tier-II and beyond markets. Integrating online and offline channels to cater to diverse consumer preferences is also very important to boost growth.

While FY25 presents some challenges, Ind-Ra anticipates a recovery in H2 FY25 and FY26, driven by improving consumer sentiment, a higher number of wedding days, and favorable monsoons.

By adapting to evolving consumer needs and embracing innovative strategies, Indian apparel retailers can unlock significant growth opportunities in this dynamic market.

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28 January 2025, Mumbai

The Apparel Export Promotion Council (AEPC) convened a roundtable discussion with top global apparel brands on January 23, 2025, at The Oberoi, New Delhi. The meeting, chaired by Rohit Kansal, Additional Secretary, Ministry of Textiles, focused on strategies to achieve $40 billion in RMG exports by 2030. Sudhir Sekhri, AEPC Chairman, presided over the session.

Prominent industry leaders, including Premal Udani, Chairman EP, Mithileshwar Thakur, SG AEPC, and representatives from Shahi Exports, Richa Global, and Jyoti Apparels, shared insights alongside brands like Tendam, Superdry, JCPenney, and Liverpool India.

Kansal emphasized India’s favorable investment climate, bolstered by state incentives and initiatives like PM MITRA Parks. He urged global brands to actively participate in Bharat Tex 2025, highlighting its role in boosting India’s textile exports.

Chairman Sekhri stressed the need for industry reforms, including labor law amendments, skilling programs, and flexible fabric import policies, to handle growing export demands.

Brand leaders identified India’s design expertise and raw material base as key strengths, advocating for increased focus on value-added products, automation, and faster logistics. They highlighted sweaters as a rising export category, with 11.45 million units exported in FY 2024-25 (April-November).

Industry gaps such as skilled labor shortages and insufficient processing units were underscored. Brands called for incentives to build capacity and enhance India’s manufacturing ecosystem.

AEPC Secretary General Thakur noted consistent double-digit growth, crediting FTAs, improved global compliances, and initiatives like Bharat Tex for enhancing India’s brand image.

The meeting concluded with optimism about India’s export potential, as brands acknowledged the country’s readiness to seize global opportunities.

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29 January 2025, Mumbai

Lingerie brand, Triumph is expanding its India operations through new franchise stores, increased D2C website investment, and a stronger marketplace presence. Emphasizing on this expand, Bhavin Devpuria, Marketing Head, says, the brand focuses on traditional retail expansion while maintaining partnerships with department stores like Lifestyle and Pantaloons.

Triumph's growth strategy involves evolving communication, channel expansion, and strengthening its omnichannel approach. Currently, the brand operates over 1,300 doors in India, including over 900 traditional stores, 300 department store locations, and 19 franchises, alongside their D2C website and partnerships with Myntra and Amazon.

Recognizing the growing demand for premium products in Tier II and III cities due to urbanization and rising disposable incomes, Triumph is focusing on these regions. As per latest e-commerce data, these areas contribute roughly 28 per cent of the brand’s 2024 sales. Their omnichannel model allows customers in smaller towns to explore products online and receive localized deliveries from nearby physical stores. Triumph also plans to engage local micro-influencers as brand ambassadors.

Triumph plans to open 10-15 franchises annually, targeting 30-35 by 2025, focusing on cities like Ahmedabad, Baroda, Surat, Rajkot, and Kolkata, with Kolkata being a high-revenue priority. The brand's recent launch of a standalone store in Mumbai, featuring a premium aesthetic and campaign screens, has received a positive response. It plans to launch more such stores in Kochi, Delhi, and Kolkata.

Embracing new technologies in retail operations, Triumph has launched a loyalty program with tiered benefits across online and offline channels. The program help create a seamless customer experience, ensuring consistent membership benefits regardless of shopping location, emphasizes Devpuria. The brand’s 14-day product launch cycle ensures simultaneous online and offline availability. Triumph has also created a ‘brand store’ experience on marketplaces like Myntra.

Driven by online sales, franchise expansions, and traditional retail, Triumph anticipants a significant growth in 2025.

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28 January 2025, Mumbai

Emerging fashion designer Harsh Vardhan Jalan has partnered with Liva Fabrics, the premium brand from Birla Cellulose, to present a sustainable couture collection that blends tradition, innovation, and environmental consciousness. Named ‘Prana,’ inspired by the ancient Indian concept of vital life force, the collection explores the interconnectedness of nature and humanity.

The designs incorporate innovative materials like repurposed fish scales and showcase traditional techniques such as crochet, embroidery, and distressed yarn weaving. These methods create bold, surreal silhouettes that honor cultural heritage while embracing modern aesthetics. The collection emphasizes resilience, adaptability, and the enduring spirit of nature.

Sree Charan, Vice President Marketing and Global Head of Brands at Birla Cellulose, commented, “At Liva, sustainability drives creativity. Our collaboration with Harsh Vardhan Jalan showcases how nature, fashion, and artistry can unite in perfect synergy, delivering unparalleled design excellence.”

The color palette of the collection reflects the cycle of life, death, and renewal, drawing inspiration from trees and their timeless journey. Harsh Vardhan Jalan added, “Prana is personal to me, it symbolizes the flow of life connecting every being. This collection blends sustainable materials with modern aesthetics, representing our shared commitment to the planet.”

Fusing luxury fashion with sustainability, the collection exemplifies eco-friendly innovation and craftsmanship. It redefines conscious luxury, offering a meaningful change in the world of fashion.

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28 January 2025, Mumbai

Groyyo, Asia’s fastest-growing manufacturing tech and consulting company, has become EBITDA positive, marking a key step toward sustainable profitability. This milestone reflects the company’s strategic focus on design-led exports, operational excellence, and innovative supply chain solutions.

Exporting over 90 per cent of its output to global clients like Next, Mango, Inditex, Ross, and Bestseller Group, Groyyo leverages its in-house Design Studio to deliver tailored, high-quality designs, establishing a competitive edge in international markets.

Groyyo Consulting has upgraded partner factories into ‘Groyyo Standard’ facilities by implementing advanced technology and compliance frameworks. Some of these factories are solar-powered, aligning with global efficiency and sustainability standards.

The company is on track to achieve an annual run rate of Rs 450-500 crore by FY25, driven by its robust growth and 20 per cent gross profit margins.

SubinMitra, CEO and Co-founder, stated, “Becoming EBITDA positive validates our business model and fuels our vision to be a trusted partner in the global supply chain ecosystem.”

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29 January 2025, Mumbai

Expanding its shoppers’ base in Gujarat, women's contemporary western wear brand AND has launched an exclusive brand outlet in Dwarka. Situated inside Vegas Mall in Sector 14, the store strengthens the brand’s position as a leading lifestyle and shopping hub in the city.

Ravinder Choudhary, Vice President, Vegas Mall, says, the brand enables women to express themselves with contemporary and versatile fashion. Its new store helps connect with customers and introduce them to the latest style trends, he adds.

Having an open façade, the store boasts of a large digital screen on its right to showcase its latest collections and campaigns. The store also has rails displaying smart casual attire and evening wear with botanical prints and jewel toned hues. Wall in the stores are filled with banners displaying snippets of its philosophy through phrases such as ‘Designed for women by women’ and ‘Born in India.’

Catering to modern professional women, AND blends global trends with local sensibilities. Established in 1999, the brand was co-founded by designer Anita Dongre.

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28 January 2025, Mumbai

Expanding its franchise brick-and-mortar footprint across India, footwear brand VKC Group plans to reach a store count of 2,000 outlets by FY2028. The Kerala-based brand also plans to expand its product offering beyond footwear to include select garments and accessories.

VKC Group aims to be the premiere brand having a large number of retail outlets across the country, says VKC Razak, Managing Director. The group also plans to expand its product range to include accessories such as belts, socks and wallets. It will source these products from external manufacturers. The brand also aims diversify its offerings by launching a sustainable product range online, and catering to rising demand for sustainable products from consumers.

The group will focus on catering to the demands of customers prioritizing recyclability and eco-friendliness, says Razak. This will be done by introducing such products on e-commerce platforms. However, the company may not make these products accessible to the mass market due to the higher cost of raw materials and the associated production costs.

Along with its India operations, VKC Group also exports its footwear to around 18 countries globally.

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29 January 2025, Mumbai

Blenders Pride Fashion Tour will organize the 2025 edition of its tour titled, ‘The One and Only,’ in partnership with the Fashion Design Council of India (FDCI). This year's tour will introduce new collection by luxury designers in five Indian cities including Gurugram, Mumbai, Vizag, Chandigarh, and Guwahati. The event will blend fashion, music, and entertainment.

A tribute to the late designer Rohit Bal, the Gurugram show will feature a visual showcase of his work and participation from over 70 fashion, entertainment, and business figures.

Emphasizing on the tour’s collaboration with FDCI and its expansion into newer cities, Kartik Mohindra, Chief Marketing Officer, Pernod Ricard India, says, this year’s edition marks yet another step in its vision to become ‘The One and Only’ getaway into its iconic and en vogue world.’

The collaboration between two fashion powerhouses will amplify FDCI’s commitment to shape its future, adds Sunil Sethi, Chairman. This year, the tour will showcase the latest collections by designers Tarun Tahiliani and Kanika Goyal in Mumbai, fashion and art collection with Jacqueline Fernandez in Chandigarh, the Jaywalking collection by Tiger Shroff in Guwahati and the Bloni collection by Akshit Bansal with Tamanaah Bhatia in Vizag.

Every concept of the tour will present a distinct interpretation of fashion, glamour and creativity, crafting an immersive ecosystem that invites customers into the extraordinary world of Blenders Pride, notes Ashish Soni, Event Curator.

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28 January 2025, Mumbai

Known for his unique and thought-provoking collections, designer Rahul Mishra is set to showcase his latest work, ‘The Pale Blue Dot,’ at Paris Haute Couture Week.

This marks his eleventh season since his 2019 debut, an event he approaches with the same excitement each time. The collection is inspired by Carl Sagan's book Pale Blue Dot, which stemmed from Voyager 1's iconic image of Earth as a tiny speck of light, captured in 1990 as the spacecraft departed our solar system.

Creating this collection was particularly challenging for the designer, as he recently experienced the loss of his father. He credits his team and his wife, Divya, with providing the support he needed to complete the project during a period of profound grief.

Deeply resonated by Sagan’s words, Mishra shapes his vision of a world after humanity's departure. Exploring this theme, the collection incorporates influences from concrete structures and scavengers.

Offering a preview of his collection, Mishra highlights his concern for the planet's future. He expresses deep concerns about environmental issues like glacier melt and global warming, stating his belief that we are living in a ‘gas chamber.’ His collection serves as a visual representation of how cities might appear in the near future, depicting nature reclaiming abandoned spaces.

The collection will feature approximately 50 looks, each a testament to intricate craftsmanship. One design showcases detailed embroidery of the Tree of Life merging with a uterus, symbolizing the connection between nature and new life.

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28 January 2025, Mumbai

Fuelled by a rise in disposable incomes, increased number of wedding days and favorable monsoon seasons boosting demand, particularly in smaller cities, India's fashion and apparel industry is expected to rebound in FY26, as per a report by India Ratings and Research (Ind-Ra).

As per the report, the retail landscape in India will witness significant shifts. Driven by the growing influence of Gen Z on consumption patterns, organized retail will continue to gain market share with fast fashion, ethnic wear, and luxury outperforming other categories.

Social media's impact and Gen-Z's desire for trendy, fast-turnaround clothing are driving explosive growth in fast fashion. Major retailers are expanding their store counts in this category, with similar growth expected in FY26. The return of players like Shein and increased investments in India's manufacturing capabilities are positioning India as a key hub for both domestic and international fashion, says Ankit Jaipuria, Co-founder, Zyod.

Ethnic wear and luxury categories are also gaining popularity, driven by rising affluence and aspirations among middle- and upper-class consumers. Fueled by increasing internet penetration, e-commerce is projected to grow faster than brick-and-mortar stores, although physical retail remains important for its experiential value, especially for premium purchases.

Retailers are adopting a cautious expansion strategy, focusing on store productivity and cost optimization. EBITDA margins are expected to remain stable in FY25, with improvements anticipated in FY26 as companies become more efficient. Adaptability, balancing efficiency with flexibility, sustainability with scalability, and speed with quality, will be crucial for success.

Driven by fast fashion and premium segments, revenues are projected to grow by 10.5 per cent in FY26, positioning the Indian fashion industry for a transformative phase, balancing innovation, scalability, and consumer desires.

Ind-Ra forecasts neutral credit metrics for FY25, supported by steady profitability and controlled capital expenditure, with improvements expected in FY26. Elevated inventory levels, however, pose a risk of obsolescence, requiring retailers to maintain efficient inventory management. Advertising and promotional spending is projected to remain in the 2.5-3.0 per cent range. Some retailers are investing heavily in brand elevation and consumer engagement, while others are scaling back.

Favorable IPO and QIP fundraising prospects are expected to strengthen equity bases, providing financial resilience. The FY26 recovery is predicted to be driven by improved consumer financial health, increased wedding-related demand, and expansion in organized retail formats like fast fashion, luxury, and ethnic wear.

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