22 July 2024, Mumbai

The acquisition of Metro Cash and Carry’s India operations has expanded the store network of Reliance Retail to over 200 stores across more than 180 cities.

The company added 30 new stores during the April-June quarter. It acquired Metro Cash and Carry India in late 2022 for Rs 2,850 crore. At the time, Metro Cash and Carry operated just 31 large-format stores in 21 cities.

The acquisition enables Reliance Retail to create an omnichannel offering for the B2B segment. The company previously executed the B2B operations of JioMart. It plans to continue investing in stores, platform enhancements, product design, and sourcing capabilities to further strengthen its value proposition. This will help the company sustain growth momentum in the near and medium term.

Latest Fashion news

22 July 2024, Mumbai

Shein is collaborating with Reliance Retail to re-enter in the Indian market. The e-commerce company will retail its products through Reliance Retail's apps and physical stores. All its data and operations will be managed by Reliance, ensuring compliance with Indian regulations, which was a key factor in getting government approval for Shein's comeback. Shein’s parent company will receive a licence fee as a share of profits generated within India.

Reliance Retail's fashion ecommerce app, Ajio will serve as the exclusive storefront for Shein, competing with platforms like Myntra, Nykaa Fashion, and Flipkart. Holding around 30 per cent market share, Ajio will provide a significant boost to Shein's visibility and sales in India. The partnership also includes sourcing goods from India for Shein’s global operations, promoting domestic industries.

Shein's previous exit from India in 2020, due to a government ban on Chinese apps and products over data security concerns, left a significant gap in the market. Despite the ban, Shein continued its global rise, becoming the world's largest online-only fashion company by 2022. Valued at $10 billion, Shein captured nearly a fifth of the global fast-fashion market, outpacing established giants like Zara and H&M.

Shein had made a substantial impact in India since its launch in 2018, dominating online searches and influencer content in the country. The ban halted this momentum, and several local brands, including Urbanic and The Souled Store, tried to fill the void but couldn't match Shein’s popularity. Reliance Retail’s partnership with Shein aims to leverage this untapped potential.

Market experts attribute Shein's success to its data-driven approach. They believe, competing with Shein will be challenging for local D2C brands, but it could also spur innovation and growth in the industry. Backed by Reliance's resources and extensive market reach, Shein's return is poised to reshape the fast fashion landscape in India, potentially setting a new standard.

Latest Fashion news

 22 July 2024, Mumbai

To chart a sustainable growth path, Mumbai-based fashion house Anita Dongre is focusing on profitability and strategic store management post-pandemic.

The operator of luxury brand Anita Dongre and other premium brands AND and Global Desi has closed some outlets to streamline operations, reducing its store count from 170 to 150. This includes 140 exclusive stores and 11 luxury couture stores. The closures occurred in cities like Lucknow and Raipur.

Since the last two years, the fashion house has been focusing on consolidation and profitability. It currently has fewer stores in some cities, and uses improved materials used in its clothing, says YashDongre, COO.

About two-thirds of the company’s Rs 500 crore revenue comes from the AND and Global Desi brands, with the rest from the luxury segment. Despite industry-wide demand challenges, the company targets similar revenue to last year, with ICRA forecasting revenue decline to Rs 500-550 crore in FY25 from Rs 606 crore in FY23 due to demand headwinds and inventory liquidation at discounts.

The fashion house also plans to expand its international operations. It currently has 11 Anita Dongre stores, including locations in New York and Dubai, and plans to open additional stores in these cities. The company aims to expand further into the Gulf Cooperation Council (GCC) region, targeting markets with a significant Indian diaspora.

In recent years, the fashion industry has made certain major investments including the stakes acquired by Aditya Birla Fashion and Retail (ABFRL) in Sabyasachi Mukherjee’s and TarunTahiliani’s fashion houses, and Reliance Brands acquiring a stake in Manish Malhotra’s MM Styles. Despite this trend, Dongreemphasises on their aim to remain majority owners in the fashion house.

The fashion industry saw rapid post-pandemic growth in 2022, followed by a sharp decline in 2023. The industry benefitted from ‘revenge buying in 2022, notes Dongre. However, demand dropped in 2023, leading to a discount-heavy FY24 due to excess stock. However, the fashion house aims to steer away from such discounts, addsDongre.

He believes, the company’s strategic focus on profitability, sustainable growth, and strategic expansion will help navigate the evolving retail landscape effectively.

Latest Fashion news

20 July 2024, Mumbai

The Fashion Design Council of India (FDCI) and media business Manifest are teaming up for the second edition of the multi-brand bridal fashion fair, ‘Manifest Wedding Weekend’. The event will be held from Aug 03-04, 2024 at the Taj Palace in New Delhi.

Catering to brides, grooms, and their families, the event features bridal couture labels labels from across India including Asal&Mard by Abu Sandeep, AmitAggarwal, Dolly J, Falguni Shane Peacock, Gaurav Gupta Couture, Jayanti Reddy, Anita Dongre, JJ Valaya, KunalRawal, Rahul Mishra, RimzimDadu, Roseroom By IshaJajodia, SuneetVarma, TarunTahiliani, AnjuModi, Rohit Gandhi + Rahul Khanna, Mynah’s ReynuTaandon, SulakshanaMonga, SiddarthaTytler, Shanti Banaras, AshaGautam, and MadhavAgasti.

Each of these brands has been meticulously selected to ensure a comprehensive and luxurious experience for the attendees, notes Avarna Jain, Chairperson, RPSG Lifestyle Media.

Sunil Sethi. Chairman, FDCI, says, through this event the council aims to elevate customers’ shopping experience by adopting comprehensive and creative promotional strategy including both print and digital media. It will tap into the booming Indian and luxury fashion market by uniting coveted couturiers, jewelers, gifting, and accessory partners with wedding professionals.

Latest Fashion news

18 July 2024, Mumbai

The just concluded wedding of Anant Ambani, son of India's richest man Mukesh Ambani, was not just about lavish celebrations and global celebrities. It turned out to be a turning point for the Indian fashion scene, putting the spotlight on the country's top designers.

A reliance on couture

The Ambani family has long relied on the expertise of designer duo Abu Jani Sandeep Khosla (AJSK) for their special occasions. For this grand wedding, AJSK outdid themselves. Their decades-long relationship with the Ambanis translated into stunning outfits, described as "reimagined classical couture." Anant's wedding sherwani, for example, was crafted with real silver dipped in gold, while Radhika's bridal lehenga was a masterpiece in ivory, red and gold zardozi, echoing traditional Gujarati bridalwear it embedded with Swarovski crystals. The designers even collaborated with artist Jayasri Burman to create a post-wedding outfit for Radhika, transforming a lehenga into wearable art. AJSK also created breathtaking designs for Nita Ambani and Isha Ambani Piramal, showcasing traditional Indian textiles and craftsmanship.

A star-studded showcase

Manish Malhotra, another big name in Indian fashion, dressed several guests and the Ambani family. Bollywood celebrities like Priyanka Chopra Jonas donned his creations, with Kim Kardashian's off-shoulder lehenga and Khloe Kardashian's bespoke aureate lehenga stealing the show. Malhotra's focus on traditional techniques like Banarasi fabrics kept the essence of Indian weddings alive. Anamika Khanna, known for her chic silhouettes, made a statement with a show-stopping floral stole for the haldi ceremony and a unique Dolce & Gabbana collaboration sari for Radhika. Tarun Tahiliani's known for his fluid drapes, designed Priyanka Chopra's vibrant yellow lehenga and outfits for other celebrities.

A new era for indian fashion

The Ambani wedding wasn't just about opulence; it was a celebration of Indian design talent. The focus on customization, high-end designer wear, and a blend of tradition and modernity reflects a growing trend in Indian weddings. This lavish event has not only boosted the fashion industry but has also served as a launchpad for future trends, inspiring designers and fashion houses alike. With Reliance Brands, owned by the Ambanis, actively collaborating with and acquiring stakes in designer labels, the future of Indian fashion seems to be intertwined with the Ambani family's vision.

Latest Fashion news

22 July 2024, Mumbai

To boost demand and sales, retailers including Shoppers Stop, Reliance Retail, Lifestyle, and V-Mart are banking on a surge in nuptial celebrations in the latter half of the fiscal year.

The second half of the fiscal year boasts approximately 47 auspicious wedding dates, compared to only 14 in the first half. Expecting a strong festive season, retailers believe they have the right merchandise to be a wedding destination, says Kavindra Mishra, Managing Director, Shoppers Stop.

In FY24, India’s retail sales growth rate continued to decline every month, indicating weak consumer sentiment across segments like apparel, footwear, and quick service restaurants (QSR). The industry grew at the rate of 4-7 per cent.

This slowdown continues to persist this year too with retail sales growth in May and June remaining modest at 3 per cent and 5 per cent, respectively, according to a survey by the Retailers Association of India (RAI) of the top 100 retailers. Retailers are seeing some recovery since June onwards with growth in Q3, FY25 expected to be stronger, adds DevarajanIyer, CEO, Lifestyle International.

Vedant Fashions, Owner, Manyavar, notes, a lower base will result in better sales numbers upon recovery. However, companies continue to remain cautious about orders. Things have slowed down again despite signs of recovery from June 20 onwards, adds Mayank Mohan, Owner, Mohanlal Sons.

Post-COVID-19, pent-up demand led to booming sales across athleisure wear, apparel, and lifestyle products. Consumers upgraded wardrobes after offices reopened, and eating out and socialising picked up, resulting in 13-24 per cent growth every month throughout FY23. However, after a surge in spending across various segments in the post-pandemic period, India's retail sales expansion has slowed.

However, with the upcoming wedding season in July likely to boost sales in this and the next quarter, the overall sentiments look positive, adds LalitAgarwal, Chairman, V-Mart.

Latest Fashion news

20 July 2024, Mumbai

For the first quarter ended June 30, 2024, Reliance Retail Ventures (RRVL) reported a 10.5 per cent Y-o-Y rise in EBITDA, reaching Rs 5,664 crore. This growth was driven by an increase in footfalls, an expanded store footprint, and streamlined operations that improved margins

The company’s revenue for the quarter increased by 8.1 per cent Y-o-Y to Rs 75,615 crore. Net profit rose by 4.63 per cent to Rs 2,549 crore during the June quarter while revenue from operations increased by 6.6 per cent to Rs 66,260 crore from Rs 62,159 crore a year ago.

Digital Commerce and New Commerce channels contributed 18 per cent of the company's total revenue during the quarter as it continued to focus on scaling these segments. Revenues from the consumer brands business grew by 150 per cent Y-o-Y, while the average bill value for Jiomart grew by 16 per cent Y-o-Y. Ajiio expanded its product catalogue by over 20 per cent and added more than 1.9 million customers.

The company expanded its store network with 331 new openings, bringing the total number of stores to 18,918 and increasing the operational area to 81.3 million sq ft. The company also added 30 new Metro stores, bringing the total to over 200 stores across more than 180 cities.

Latest Fashion news

18 July 2024, Mumbai

The Indian menswear market, valued at $26 billion, is witnessing a sharp rise in the luxury and super-premium segment. This niche market is projected to reach even greater heights, with estimates suggesting a CAGR (Compound Annual Growth Rate) that could propel it to $34 billion by 2025 (Istituto Marangoni).

Brands leading the bespoke charge

International brands giants like Armani, Canali, Versace, Zegna, and Cadini are at the forefront, offering not just exquisite apparel but also made-to-measure services. This focus on personalization caters to a growing demand for perfectly tailored garments. Domestic players are not far behind. The Raymond brand, for example, has embraced an omnichannel approach, allowing customers to customize clothing online for a perfect fit. Louis Philippe too has upped its game with made-to-measure options and omnichannel retail experiences, allowing online customization. Even bespoke ventures like Creyate by Arvind are making waves in this space.

Tailwinds for growth

Several factors are propelling this sartorial surge.

Rising disposable incomes: India's burgeoning middle class and high net-worth individuals have more money to splurge on luxury items.

Growing brand awareness: Increased exposure to international fashion trends and a growing appetite for quality are driving the demand for premium brands. Also growing appreciation for Western styles, particularly formal wear, is creating a demand for international luxury brands.

Shifting preferences: Men are becoming more fashion-conscious, prioritizing comfort and thoughtful design over purely price-driven choices alongside traditional values.

The target audience for luxury menswear in India typically comprises business leaders and professionals who require sophisticated formal wear for work and social gatherings. High Net-worth Individuals HNWIs who seek exclusive brands and experiences associated with luxury fashion. And the younger generation with affluent backgrounds, the millennials and Gen Z, influenced by global trends, are increasingly drawn to luxury menswear.

As per Istituto Marangoni luxury retail thrives on a certain level of affluence and infrastructure. Currently, Tier I cities like Delhi, Mumbai, Bengaluru, and Chennai are the primary battlegrounds for luxury menswear brands, owing to their high concentration of wealthy individuals and established shopping districts. However, with growing disposable incomes, Tier II cities like Pune and Hyderabad are showing potential for future expansion.

Can sherwanis be the next big thing?

While western styles dominate the luxury segment, there's a potential for Indian silhouettes to take center stage. The premiumization of traditional wear, particularly sherwanis, is witnessing significant growth, indicating a possible future where Indian menswear goes global in a luxurious avatar.

The Indian luxury menswear market is a well-tailored story of growth. International brands are making their mark, while domestic players are innovating with bespoke services and reinterpreting traditional wear. As consumer preferences evolve and spending power increases, this market promises to be a goldmine for brands that understand the Indian man's desire to dress for success, with a touch of tradition if desired.

Latest Fashion news

22 July 2024, Mumbai

Value clothing retail chain, V2 Retail aims to increase its full-price sales to 92 per cent of its total sales, shares AkashAgarwal, Director.

Last year, V2 Retail increased full-price sales to 88 per cent, highlights Agarwal. Selling at full price boosts the company’s average selling price (ASP). However, as it scales up its volumes, the company will benefit from economies of scale that will help maintain a stable ASP, adds Agarwal.

In FY24, V2 Retail's ASP stood at Rs 263, with the retailer operating at a gross margin of around 27-29 per cent. The company sold about 317 items per minute across 124 stores in 111 cities during the year.

In Q1FY25, the retailer’s same-store sales grew by 37 per cent compared to Q1FY24, according to a BSE filing.

While V2 Retail operates three manufacturing units that produce 10 lakh items per month, the company plans to strengthen its vendor network to support expansion plans. The company currently has around 160 vendor partners, states Agarwal.

As of June 30, 2024, V2 Retail operates 127 stores with plans to add 30-40 more stores this fiscal year. This expansion will be executed with an investment of Rs 50-60 crore and an inventory investment of around Rs 60-70 crore, adds Agarwal.

During the June quarter, V2 Retail’s standalone revenue from operations grew by 57 per cent Y-o-Y to Rs 414.17 crore.

Latest Fashion news

20 July 2024, Mumbai

Renowned luxury apparel brand, Sabyasachi has launched its 2024 bridal couture collection on Instagram. Launched exclusively for the brand’s South Asian Clientele, the new heritage bridal collection marks the brand’s 25 years in the industry.

The collection’s debut on Instagram show cases models from diverse backgrounds adorned in classic desi occasion wear set against natural backdrops. Inspired by J.G. Ballard’s ‘The Garden of Time,’ the collection honors Indian couture bridal fashion with a fresh, expansive outlook, highlighting textiles, craftsmanship, and design as integral elements of cultural significance.

In recent years, Sabyasachi has expanded its footprint in the international fashion market, opening its first international store in New York in October 2022 and hosting numerous pop-ups in the US to showcase their ‘High Jewelry’ line. The brand has also presented its jewelry in Dubai and collaborated with global brands such as Disney and MorgenthalFrederics.

This year, Sabyasachi launched an exclusive fine jewelry collection at Bergdorf Goodman, introduced a lipstick range with Estée Lauder, inaugurated a pop-up at Saks Fifth Avenue, and partnered with Nilaya on a home textiles line. These initiatives underscore their evolving global strategy and the rebranding of their campaign to reflect a universal approach to legacy fashion.

Latest Fashion news

18 July 2024, Mumbai

Eponymous brand KartikKumra launched its debut Spring 2025 collection at the Paris Fashion Week.

A blend of optimism and experience, the collection resonated powerfully on the PFW runway. Kumra employed block prints on silk and handloom cotton adorned with embroidered chintz motifs. Exclusive embellished converse sneakers added a contemporary edge

Maintaining core values of sustainability and craftsmanship, Kumra avoided electricity in production. The designer reinterpreted Indian craftsmanship, focusing on tailoring—soft shoulders and boxy silhouette.

While grounded in workwear, Kumra infused whimsy elements into the collection, staying true to Kartik Research's eccentric charm.

Amid a global pandemic and a rebrand, Kumra's eponymous label continues to flourish. In just two-and-a-half years, the brand secured a presence on global luxury e-commerce platforms besides opening a store in New Delhi. Boasting a celebrity clientele, the brand has also bagged a nomination for the LVMH prize.

Latest Fashion news