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FirstCry achieves milestone with Rs 5,632 crore revenue in FY23

Leading omnichannel retailer FirstCry has witnessed a remarkable financial surge, crossing the Rs 5,000 crore revenue threshold in FY23, marking a 2.4 times increase from the previous fiscal year, as per Entrackr's analysis of the company's recent financial statements.

Notably, the revenue spiked from Rs 2,401 crore in FY22 to Rs 5,632 crore in FY23, emphasizing the company's robust growth. However, this achievement was accompanied by a sixfold rise in losses, reaching Rs 6,316 crore, compared to Rs 2,568 crore in FY22.

Despite its profitability in FY21, FirstCry faces a challenging profitability landscape in FY23. In the midst of these financial dynamics, FirstCry is set to file its IPO papers, targeting a substantial USD 500-600 million fundraise at a valuation of USD 4 billion.

The IPO move coincides with notable transactions involving SoftBank Vision Funds selling additional shares, and influential entities like Sachin Tendulkar's family offices, Ravi Modi, Kris Gopalakrishnan, and TVS group family reportedly acquiring stakes through secondary transactions.

FirstCry achieves milestone with Rs 5,632 crore revenue in FY23

RoSCTL scheme: A lifeline for garment exporters amid global turmoil, says AEPC President

28 December 2023, Mumbai

According to AEPC President Narendra Goenka, the RoSCTL scheme, which gives garment exporters a tax rebate on exports until March 2024, is vital in the midst of global economic instability.

He stresses that the industry should innovate, speed up approvals, expand its market and product range, follow a cluster-based approach, seek investments, and boost its brand image to reach its goal of exporting $40 billion worth of goods by 2030.

Geo-political risk

He also encourages the industry to explore the opportunities of e-commerce and FTAs, adopt sustainable and ethical business practices, and cope with the challenges posed by global conflicts such as Russia-Ukraine and Israel-Hamas, as well as supply chain disruptions caused by attacks on vessels in the Red Sea.

The RoSCTL scheme, which was sanctioned in 2021, covers segments such as garments and made-ups, as well as home textile products.

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Neeta Lulla launches new bridal collection

Fashion designer Neeta Lulla has launched a new bridal collection offering lehengas with two dupatta drapes, saris with trench coats, shararas with corset, pre-stitched saris with belts and phones, and anarkali jackets with ankle length pants.

One of the highlights of this collection is a new amber-yellow raw silk and tulle lehenga called Amulya with a long-sleeved blouse. Adorned with intricate kasa and ek taar resham work, the blouse is embellished with pearl beads, zari, stone, sequin and crystals.

The dupatta of the garment depicts women worshipping the tree, symbolising nature, fertility and the interdependence of all aspects of life, through intricate embroidery.

Another beautiful piece in the collection is a vintage-inspired pearl peach lehenga with sequin florets and dainty crystal embroidery. Known as Moana, the lehenga comes with a sheer basque adorned with katdana and crystal work, finished with butier cutwork at the edges, along with a matching dupatta and a tulle trail.

Embellished with self-color sequin, katdana and beadwork, the Moana lehenga has floral applique work at the bottom. It's blouse has been replaced with a full-sleeve sequin bralette for a cosmopolitan look.

Starting her career in 1986, Lulla initially operated out of a modest studio in Mahim, Mumbai. From designing simpler costumes to being a coveted couturier, Lulla has earned a name as a favorite among brides.

Neeta Lulla launches new bridal collection

Trouble in Fashion Paradise: Vietnam's T&A Exports Slashed

19 December 2023, Mumbai

Vietnam's Textile and Apparel (T&A) exports are set to plummet by over 9% this year, reaching $40 billion, largely due to the lingering impact of the COVID-19 pandemic and a glut of unsold clothing.

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Despite this contraction, Vietnam managed to reach 104 international markets with its T&A products.

  • U.S. remains the top buyer: The United States remains the dominant buyer, spending over $11 billion on Vietnamese T&A by September.
  • Diversification beyond China: Notably, Vietnam diversified its exports, with Japan ($3 billion), the EU ($2.9 billion), South Korea ($2.43 billion), Canada ($850 million), and even China ($830 million) all becoming significant destinations.
  • Jackets top the charts: Jackets were the most lucrative export, generating over $4.38 billion, followed by trousers ($3.85 billion) and shirts ($1.87 billion).

CREDITS: Vietnam Textile and Apparel Association (VITAS)

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Pernia’s Pop-Up shop launches new womenswear collection in Mumbai

Luxury Indian fashion retailer Pernia’s Pop-Up Shop has launched a multi-brand ‘Bling and Beyond’ womenswear collection at its store in Mumbai. 

 To run until December 28, Pernia’s Pop-Up shop focuses on occasion and wedding wear from desPernia’s Pop-Up shop launches new womenswear collection in Mumbai
igners including Zwaan, House of Eda, and Namrata Joshipura among others. It organises various events across metros to boost its offline footfalls.  

A few of the events organised by the Pop-Up shop include designer meet and greets and themed shopping fairs. Pernia’s Pop-Up Shop stores recently hosted meet and greets with designers Kalista, Jayanti Reddy, Punit Balana, and Prisho.

Launched by designer and entrepreneur Pernia Qureshi, Pernia’s Pop-Up Shop showcases some of the noted luxury Indian fashion brands. Owned by Purple Style Labs, the business is run by entrepreneur Abhishek Agarwal.  

Pernia’s Pop-Up shop launches new womenswear collection in Mumbai

Lacoste to open 50 standalone stores in 5 years

French casualwear giant Lacoste plans to open 50 standalone stores in India in the next five years.

The brand recently launched its first store Kerala at Kochi. Located at Prestige Group’s Forum Mall, Maradu, the store retails apparel and accessories, leather goods, watches, sunglasses, perfumes, footwear and underwear.

Founded in 1933 by French Tennis player Rene Lacoste and co-founder Andre Gillier, Lacoste, a French clothing brand, is the first brand in the world to feature its logo on its clothing items.

Foraying into the Indian market in 1993, Lacoste currently has approximately 40 stores across 17 cities in the country. Across the world, it has over 1,000 stores and 15,000 points of sales in 98 countries. The brand’s products are also available across 32 online stores. 

Lacoste to open 50 standalone stores in 5 years

Meher Apparels launches new men’s denim line

A prominent name in the fashion industry, Mehar Apparels has introduced its latest denims collection for men. Encompassing a diverse range of jeans for varying tastes, this collection redefines men’s fashion by blending style and comfort. Each of the denims in this collection is meticulously crafted to provide customers with the perfect fit.

Boasting vibrant colors including dual-tone brown, bluish-green, ice blue, mulberry, greenish gray, plum wide, etc, the collection offers a variety of styles such as cargo-style pockets jeans, patchwork jeans, and spray-painted jeans, exclusively appealing to the fashionable youth. Made with cotton, each of the denims uses less water, thus also being sustainable. The denims are a perfect blend of warmth and style, thus reflecting the inner persona of men.

Om Prakash Singh, HOD-Digital and E-Commerce, says the collection is proof of Meher Apparels’ dedication to creating clothes that combine fashion and functionality. An expression of the consumers’ individuality, the collection is being retailed through the brand’s e-commerce website.

Meher Apparels launches new men’s denim line

Men on the Move: Indian Menswear Trends in 2023

27 December 2023, Mumbai

As 2023 unwinds, the Indian menswear scene paints a picture of a dynamic shift. Gone are the days of kurtas and suits dominating the landscape.

The modern Indian man is breaking free from sartorial shackles, embracing a new wave of comfort, expression, and conscious consumerism. Let's unravel the threads that wove this fascinating narrative:

The Athleisure Invasion

Comfort reigned supreme in 2023, and nowhere was it more evident than in the rise of athleisure. From high-intensity workouts to casual weekend outings, joggers, sweatshirts, and performance fabrics became menswear staples. Sportswear and activewear brands saw a meteoric rise, catering to the demand for stylish yet functional activewear.

Beyond Basics: Experimentation Takes Flight

Men shed their inhibitions and embraced experimentation. Floral prints, bold colors, and unconventional silhouettes found their way into everyday wardrobes. Designer wear and premium brands took the lead, offering a fusion of traditional motifs with contemporary twists. The growing acceptance of gender-fluid fashion also played a role, blurring the lines between "masculine" and "feminine" aesthetics.

Conscious Choices, Sharp Threads

Sustainability and ethical practices resonated with the modern Indian man. Brands like Fabindia and others witnessed a surge in popularity due to their commitment to organic materials, fair labor practices, and handcrafted techniques. Eco-conscious consumers were no longer willing to compromise style for sustainability.

The Rise of Digital Tailoring

Technology has made its mark in the form of personalized online tailoring platforms. Brands like Blackberrys Menswear and others leveraged AI and 3D body scanning to provide custom-made suits and shirts, offering a perfect fit and catering to diverse body types. This convenience factor resonated with a tech-savvy clientele.

The Regional Renaissance

Just as with women's wear, men's wear embraced the rich tapestry of regional Indian traditions. Bandhani kurtas from Kutch, silk shirts from Benaras, and handloom jackets from Andhra Pradesh found their way into contemporary wardrobes. Brands like Manyavar and  Jaypore played a crucial role in reinterpreting these age-old textiles for the modern man.

Challenges and the Road Ahead

Despite the positive trends, the industry grappled with headwinds. Inflation and supply chain disruptions impacted both manufacturers and retailers.

The ever-evolving online landscape, with its fierce competition and demanding customer base, kept brands on their toes.

Moving ahead

But as we step into 2024, the Indian menswear scene is brimming with potential. Brands that can weave together comfort, experimentation, and conscious choices into their narrative will be the ones writing the next chapter of menswear success.

They must cater to the evolving aspirations of the Indian man, who is no longer a silent observer but an active participant in shaping his own style story.

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Apparel Group India opens two new Victoria's Secret stores in South India

Apparel Group India has opened two Victoria’s Secret stores in South India. The first of these stores has been opened at the ‘Phoenix Mall of Asia’ in Bengaluru and the second at the Inorbit Mall in Hyderabad.

Both these stores offer specially curated products from the brand to cater to the distinctive tastes and cultural preferences of its South India customers. They introduce specific cuts, colors, and groundbreaking designs on some of the most trendy and iconic clothing styles. Both the stores have been designed to ensure a personalised and culturally attuned shopping experience to consumers.

The Bengaluru store offers a curated collection of Victoria's Secret's iconic bras, panties, and sleepwear across various collections, including the latest Dream Angels and Victoria's Secret PINK Wear Everywhere Bra lines. Victoria's Secret beauty products and accessories, featuring the newly launched Bare Rose collection, along with limited-edition holiday offerings like Bombshell Magic, are available at both the stores. .

Apparel Group’s expansion into South India signifies its commitment to offer a diverse range of global brands to consumers across the nation. Through such store openings, the company aims to enrich the shopping experience of its customers across the nation.

Apparel Group India opens two new Victoria's Secret stores in South India

Shivanii launches new gender neutral collection

Apparel brand Shivanii has launched a new gender–neutral collection.
The ready-to-wear collection offers androgynous styles, neutral color palettes, inclusive sizes and diverse campaign. It promotes a more and accepting approach to personal style.
The changing reaction of retailers, media houses and e-tailors to evolving consumer attitudes towards gender –fluid fashion will fuel the growth of this segment in India, says Shivani Parkih, Founder, Shivanii.
The brand recently also launched its winter festive collection, Designed in a bold color palette of black and red, the collection mixes tailored pieces with sheer mesh and more fluid drapes. It offers sporty and formal garments for a modern, conceptual visual  
A graduate form Istituto Marangoni, Milano, Parikh launched Shivanii with an aim to redefine the industry's norms regarding gender and aesthetics. The brand sells through its direct to customer e-commerce store with garments priced in the mid- to premium segment of the market.

Shivanii launches new gender neutral collection

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