24 May 2023, Mumbai  

Gross Sales and Profit Targets: High Street Essentials, the parent company of brands like Faballey and Indya, achieved gross sales of Rs 240 crore in the previous financial year and aims to reach Rs 330 crore for FY24. The company has achieved breakeven at the EBITDA level this quarter and is targeting a 3-4% profit at the PAT level for FY24.

Growth Projection and IPO Plans: The company witnessed a 60% growth in business for FY23 and aims to achieve another 60% growth for FY24. Additionally, High Street Essentials plans to go public through an IPO in the next 3-4 years and has started preparing internally in terms of revenue metrics, EBITDA, profitability, and working capital.

Brand Revenue Distribution: Currently, Indya contributes 65% of the company's revenue, while Faballey contributes the remaining 35%. For Indya, 55% of revenue comes from online channels and 45% from offline, whereas for Faballey, 60% of revenue comes from offline channels and 40% from online.

Expansion Plans: High Street Essentials plans to open 10 large-format stores of Indya Luxe, spanning 2,000 sq ft each, in metro cities like Bengaluru, Delhi, and Hyderabad. The company also aims to increase the number of exclusive brand outlets (EBOs) for Indya from 26 to 36 in the current financial year. For Faballey, the focus is on expanding the brand via direct-to-consumer (D2C) channels and marketplaces.

Designer Collaborations and International Expansion: Indya plans to collaborate with renowned designers such as Varun Bahl, Ashish Soni, and Samant Chauhan to introduce their pret line, offering products priced between Rs 4,000 and Rs 8,000. High Street Essentials aims to have 12-15 EBOs in international markets and targets 35% of its revenue from international business in FY24. The company already has a presence in the US, UK, Canada, Nepal, Malaysia, and plans to open stores in the UAE and London.

Franchise Route for International EBOs: High Street Essentials plans to establish EBOs in international markets through the franchise route, with an average store size of around 1,000 sq ft. The company aims to expand its international footprint and strengthen its D2C presence in key markets.

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 17 May 2023, Mumbai

Cantabil Retail India demonstrated impressive financial results during FY23, reporting a significant 43.96 percent year-on-year increase in revenue from operations, amounting to Rs 551.72 crore. This remarkable growth was primarily attributed to the steady rise in revenues from existing stores and the successful addition of new outlets.

Throughout the financial year, Cantabil continued its expansion strategy by opening 69 new stores across 14 states. As a result, the total number of exclusive brand outlets (EBOs) reached an impressive 447 outlets, spread across more than 220 cities and towns in India.

In the fiscal fourth quarter, Cantabil delivered a robust performance, experiencing substantial growth in both profit and revenue compared to the same period the previous year. The company's profit for the quarter reached Rs 16.88 crore, reflecting an outstanding 107.9 percent increase from Rs 8.12 crore in the fourth quarter of the preceding year. This surge in profit can be attributed to several factors, including larger average transaction amounts, increased customer footfall, and the successful establishment of new stores.

Additionally, Cantabil's revenue for the fourth quarter of FY22 amounted to Rs 172.84 crore, showing noteworthy growth of 29.9 percent compared to Rs 133.03 crore in the corresponding quarter of the previous year. The company credited this revenue growth to improved per unit prices and more favorable procurement costs, as stated in its regulatory filing. The strong performance in the fourth quarter significantly contributed to Cantabil's positive overall results for the full fiscal year.

With its consistent revenue growth, expansion efforts, and solid financial performance, Cantabil Retail India is poised for continued success in the Indian retail market.

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23 May 2023, Mumbai  

Indian Terrain Fashions Ltd reports Q4 net loss of Rs 6.10 Crore; Full-Year Net Profit Stands at Rs 7.09 Crore

Indian Terrain Fashions Ltd, a prominent manufacturer and retailer of men's apparel brands, disclosed a net loss of Rs 6.10 crore for the fourth quarter ending on March 31, 2023.

Net loss in Q4, notable recovery in full-year profit

This represents a significant decline compared to the net profit of Rs 6.46 crore recorded during the same quarter in the previous year, primarily due to an exceptional item amounting to Rs 5.90 crore.

During the fourth quarter, the company's total income increased to Rs 127.45 crore, up from Rs 109.81 crore in the corresponding period of the previous year.

However, the company rebounded strongly for the full fiscal year, reporting a net profit of Rs 7.09 crore, showcasing a remarkable recovery from the net loss of Rs 2.20 crore in the preceding year.

Similarly, the total income surged to Rs 506.31 crore for the full fiscal year, demonstrating robust growth compared to Rs 343.64 crore in the previous year.

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16 May 2023, Mumbai 

Euro Fashion Inners, a leading innerwear brand owned by Rupa and Company Limited, has joined forces with renowned actor Kartik Aryan, who will serve as the brand ambassador for the 2023-24 season.

By enlisting Kartik Aryan as their brand ambassador, Euro Fashion Inners aims to capitalize on the actor's immense popularity and connect with a broader customer base, specifically targeting the Gen-Z and millennial demographics. Recognizing the influence of these younger consumer segments, the brand intends to expand its market reach and establish a stronger foothold in the premium innerwear segment.

Euro Fashion Inners has experienced rapid growth in recent years, positioning itself as one of the fastest-growing innerwear brands within the premium segment. With a focus on innovation and customer-centricity, the brand has consistently introduced new products and expanded its distribution network to strengthen its presence in the global consumer market.

Euro Fashion Inners, owned by Rupa and Company Limited, is a leading innerwear brand in India. With its headquarters in Kolkata, the company has been a key player in the innerwear industry since its establishment in 1960. Offering a wide range of products for men, women, and children, Euro Fashion Inners distributes its merchandise through a network of distributors and retailers across India.

The brand's commitment to quality and innovation has been reflected in its remarkable growth. In 2022, Euro Fashion Inners reported a turnover of ₹1,000 crore (US$125 million).

The innerwear market in India, estimated to be worth ₹10,000 crore, is experiencing a steady growth rate of 10% annually.

The men's innerwear segment is the largest, followed by the women's innerwear segment, with the premium innerwear segment showing a faster pace of growth compared to the mass innerwear segment.

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24 May 2023, Mumbai  

Gross Sales and Profit Targets: High Street Essentials, the parent company of brands like Faballey and Indya, achieved gross sales of Rs 240 crore in the previous financial year and aims to reach Rs 330 crore for FY24.

The company has achieved breakeven at the EBITDA level this quarter and is targeting a 3-4% profit at the PAT level for FY24.

Growth Projection and IPO Plans:

The company witnessed a 60% growth in business for FY23 and aims to achieve another 60% growth for FY24. Additionally, High Street Essentials plans to go public through an IPO in the next 3-4 years and has started preparing internally in terms of revenue metrics, EBITDA, profitability, and working capital.

Brand Revenue Distribution:

Currently, Indya contributes 65% of the company's revenue, while Faballey contributes the remaining 35%. For Indya, 55% of revenue comes from online channels and 45% from offline, whereas for Faballey, 60% of revenue comes from offline channels and 40% from online.

Expansion Plans:

High Street Essentials plans to open 10 large-format stores of Indya Luxe, spanning 2,000 sq ft each, in metro cities like Bengaluru, Delhi, and Hyderabad. The company also aims to increase the number of exclusive brand outlets (EBOs) for Indya from 26 to 36 in the current financial year.

For Faballey, the focus is on expanding the brand via direct-to-consumer (D2C) channels and marketplaces.

Designer Collaborations and International Expansion:

Indya plans to collaborate with renowned designers such as Varun Bahl, Ashish Soni, and Samant Chauhan to introduce their Pret line, offering products priced between Rs 4,000 and Rs 8,000.

High Street Essentials aims to have 12-15 EBOs in international markets and targets 35% of its revenue from international business in FY24.

The company already has a presence in the US, UK, Canada, Nepal, and Malaysia, and plans to open stores in the UAE and London.

Franchise Route for International EBOs:

High Street Essentials plans to establish EBOs in international markets through the franchise route, with an average store size of around 1,000 sq ft. The company aims to expand its international footprint and strengthen its D2C presence in key markets.

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Biba, the renowned ethnic wear and lifestyle brand, has recently opened a new store in Kolkata to strengthen its retail presence.

Showcasing Latest Summer Designs

The store offers a dedicated section for accessories, including handbags, pouches, and sleepwear. It also features a perfume section, 'Biba Girls' children's wear, and a 'ready to stitch' corner for kurtas. In addition to occasion wear and everyday ethnic attire, the store houses workwear options.

Biba has expanded its physical retail footprint this year with store openings in Gurgaon, Raipur, Dehradun, Agra, and Noida, alongside its e-commerce platform.

The brand is preparing for an upcoming IPO, with plans for equity shares and has established a global presence with stores in Singapore and Nepal.

20 May 2023, Mumbai  

Chinese fast fashion brand Shein is making a significant comeback in the Indian market through a strategic partnership with Reliance Retail, one of India's leading retailers.

Despite being banned in 2020 due to geopolitical tensions, Shein has now obtained approval from the Indian government for its re-entry.

Expanding Reach and Strengthening Supply Chain

This collaboration grants Shein access to Reliance Retail's extensive network of offline stores and the popular online platform Ajio, enabling the brand to reach a wide customer base across the country. Additionally, Shein aims to diversify and strengthen its supply chain by sourcing goods from India, which will benefit its global operations in markets such as the Middle East.

This re-entry into the Indian market presents promising growth opportunities for Shein, leveraging its reputation for trendy and affordable women's wear. Simultaneously, the partnership with Shein allows Reliance Retail to expand its portfolio of fashion brands and cater to the ever-evolving preferences of Indian consumers.

The alliance between these two industry giants signifies their shared commitment to tap into India's vibrant and burgeoning fashion market.

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 15 May 2023, Mumbai 

Apparel company Provogue is set to be acquired by Rajkot-based investment firm Plutus Investments and Holding Private Limited, as per a recent order from the national company law tribunal (NCLT). The acquisition comes after a prolonged legal battle that resulted in the company's liquidation being ordered back in October 2019.

During the pre-liquidation stage, Provogue received resolution proposals from Donear and a consortium involving its former promoters, Nikhil Chaturvedi and Salil Chaturvedi. However, the company's creditors rejected both plans, leading to the decision for liquidation.

The financial creditors of Provogue include Andhra Bank, Bank of India, Central Bank of India, Indusind Bank, and Punjab National Bank. In 2018, Provogue entered insolvency with a debt burden exceeding Rs 300 crore, which it was unable to repay.

Plutus Investments and Holding Private Limited's parent company, Plutus Wealth, is based in London.

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