29 May 2023, Mumbai

Indian cricket icon Virat Kohli has announced the launch of WROGN ZERO, a clothing line created in collaboration with Flipkart. With a focus on comfort and affordability, WROGN ZERO aims to redefine athleisure fashion and empower Indian youth to embrace their unique style.

What all you need to know

The collection, featuring over 100 fashion-forward apparel and footwear styles, will be available on Flipkart from May 27, coinciding with Flipkart's 'End of Season shopping festival.'

As per a NASSCOM report, Gen Z and Millennials, comprising over 52% of India's population, are reshaping the fashion industry with their preference for comfort and casual wear. Flipkart has witnessed significant growth in the casual wear segment, and the launch of WROGN ZERO is expected to accelerate this trend further.

Virat Kohli expressed his enthusiasm for the collaboration, highlighting the ultra-lightweight and stylish nature of WROGN ZERO. Flipkart's extensive reach across India will make the collection accessible to customers even in remote regions.

Flipkart's Senior Director of Fashion, Abhishek Maloo, emphasized the platform's commitment to democratizing fashion and providing trendy yet affordable clothing options. The launch of WROGN ZERO, led by Virat Kohli's style influence, aligns with Flipkart's mission to offer the best fashion choices to customers across the country.

Vikramaditya Reddy, COO & Co-Founder of WROGN, noted that the capsule collection encourages customers to become trendsetters by upgrading their wardrobes with lightweight and functional fashion. Launching on Flipkart will allow WROGN ZERO to reach its target audience while inspiring today's youth to make stylish and comfortable choices at affordable prices.

Fashion has become a significant category on Flipkart, attracting approximately 40% of new customers. The 25-35 age group, particularly interested in t-shirts, shirts, jeans, and shoes, contributes the highest demand in the fashion segment.

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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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 27 May 2023, Mumbai

Rupa & Co Ltd, a prominent knitwear brand in India, reported a significant decline in net profit for the fourth quarter, reaching Rs 18 crore ($2.2 million). This represents a 61% drop compared to the previous year's figure of Rs 49 crore.

The company's total income during the quarter also decreased by 10%, amounting to Rs 411 crore, in contrast to Rs 460 crore in the corresponding period of the previous fiscal year.

Challenging Market Conditions Impact Performance

Rupa & Co attributed the challenging year to volatile raw material prices, which initially surged and then sharply declined.

This market phenomenon resulted in destocking at the distributor level throughout the year. Despite these challenges, the company remains dedicated to enhancing operational efficiency, expanding its market reach, and seizing emerging opportunities for sustainable growth and long-term value creation.

Continued Focus on Market Leadership

Rupa & Company Limited specializes in producing innerwear, casual wear, thermal wear, and sleepwear for men, women, and children.

With a net profit of Rs 53 crore and a total income of Rs 1,159 crore for the full financial year, the company aims to maintain its market leadership position by prioritizing operational improvements and capitalizing on market prospects.

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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.

 26 May 2023, Mumbai  

Japanese premium lingerie brand Wacoal has named Hirokuni Nagamori as the CEO of Wacoal India, with a focus on expanding the brand and accelerating channels such as e-commerce and multi-brand outlets (MBO).

Nagamori has been with Wacoal since 2006, initially joining Wacoal Japan and gaining valuable experience in various roles in Thailand and Indonesia, including production control and merchandising. With his expertise in merchandising and supply chain management in Japan, Nagamori plans to strengthen Wacoal India's product range and introduce best-selling products tailored to the needs of Indian women, utilizing the brand's technology and innovation.

In the short term, Nagamori aims to establish Wacoal India as a prominent brand by expanding channels and diversifying the product portfolio. The focus will be on helping women across the country express their beauty.

Wacoal India is poised for growth and aims to expand its brand awareness in the Indian market under Nagamori's leadership, offering women a range of innovative and comfortable lingerie options.

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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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 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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