01 June 2022, Mumbai:

A consortium of India's Reliance Industries and private equity firm Apollo have filed a bid to buy the Boots chain from Walgreens Boots Alliance (WBA) after the other major bidder declared intentions to walk away from the deal.

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*As per a Fashion Network report, the controller of the Asda UK supermarket chain, Issa Brothers plan to exit from the deal as it is not ready to pay the £7 billion asking price. Rising interest rates and Russia’s invasion of Ukraine have made buyers nervous about raising debt to acquire businesses of this type.

The Issa brothers and TDR Capital, who own Asda together, viewed the Boots purchase as a way to improve Asda’s pharmacy services.

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However, this could lead to multiple Boots store closures with branches being integrated into Asda superstores. WBA is reportedly seeking between £6 billion and £7 billion for Boots but the Issas are only prepared to pay £5 billion. WBA reportedly aims to retain a stake in Boots.

The Reliance consortium could have the advantage of its Indian strength with plans to expand the chain into the country. That would appeal to the WBA given that it’s hanging on to a stake in the business.

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CREDITS: *A Fashion Network report.

31 May 2022, Mumbai:

The Khadi and Village Industries Board plans adopt a slew of measures including introduction of new designs and materials to raise its sales turnover to Rs150 crore during the current financial year.

P Jayarajan, Vice Chairmann, says,one of the factors that boosted the sale of Khadi products was the circular issued by the Industries department in January encouraging government employees to use Khadi products once in a week.

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Improving sales is part of efforts to give a new lease of life to the Khadi industry, which will also help Khadi product makers in units other than those run by the board.

ayarajan claimed that a situation was being created in which there could be an “artificial scarcity” of cotton in the country, which could hit the Khadi industry hard.

The import duty on cotton was lifted between April and September this year, and export too has been allowed.

He said the government should procure cotton being produced in the country and supplied to the Khadi industry considering its importance in employment generation and the indigenous tradition that it upholds.

Jayarajan also said that the Centre’s policies had been harming the Khadi industry.

The rebate offered for Khadi products has now been changed to 10 per cent marketing development assistance.

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He feared that even that support might be lifted. The State government has been offering 20 per cent rebate for Khadi products during the festival season to boost sales. The total rebate then adds up to 30 per cent, including the assistance offered by the Centre.

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27 May 2022, Mumbai:

Direct-to-consumer footwear brand Chupps has raised $1.5 million (Rs 11 crore) in pre-series A round led by Green Frontier Capital to expand operations

As per a Fashion Network report, the funding round was attended by GunavanthVaid from 4G Capital, KaushalVora from Genesis Packaging, SwanandKelkar from Breakout Capital Advisors and GauravMathrawala from Mathsons Re-insurance Brokers

The funds will be used to increase penetration, expand into new markets, and develop high-quality, fashionable, and sustainable products.

GauravAgarwal, Co-founder, Chuppssays, the new funding from GFC will open-up many additional investment avenues in future since many funds are looking to invest in sustainable ventures such as ours.”

SandiipBhammer, Managing Partner, Green Frontier Capital adds, Chupps is building a made-in-India brand with a global potential which its consumers will not only feel good about using today – because of their styling, comfort, or performance – but one which even future generations would relate to and appreciate.”

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Chupps was founded in March 2021 by GauravAgarwal and YashMukhi. The brand’s products are currently sold through its website and online channels such as Myntra and Amazon, along with kiosks in malls, and departmental stores across India.

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27 May 2022, Mumbai:

Robust sales helped Bata India’s consolidated net profit growth over two-fold to Rs 62.96 crore during the fourth quarter ended March 31, 2022.

The company had posted a net profit of Rs 29.47 crore in the January-March quarter a year ago.

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Revenues from operations grew 12.77 percent to Rs 665.24 crore during the fourth quarter as against Rs 589.90 crore in the corresponding quarter of 2020-21.

The company continued to expand its franchise & MBO operations, consumer-relevant communication, portfolio casualization, and digital footprint operations.

This helped it increase footfalls across outlets and revenues from the expansion of e-commerce and physical retail operations.

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Bata India's total expenses increased 6.29 percent to Rs 599.39 crore during Q4/FY 2021-22, as against Rs 563.90 crore in the January-March quarter of the previous fiscal.

For the fiscal ended March 2022, Bata India's consolidated net profit increased to Rs 102.99 crore from a net loss of Rs 89.31 crore in the fiscal year 2020-21.

Its revenue from operations surged by 39.75 percent to Rs 2,387.71 crore in 2021-22 from Rs 1,708.48 crore in the year-ago period.

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25 May 2022, Mumbai:

Footwear retail chain Metro Brands has launched its first FitFlop store in Chennai.

The retailer had entered into a strategic partnership with UK-based lifestyle and wellness footwear brand FitFlop early this year.

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*As per a Uni India report, the Indian footwear distributor will now exclusively retail and distribute FitFlop footwear in India across various platforms and channels.

Metro Brands will leverage its extensive retail and distribution network across India, its strong online presence, as well as its diverse brand experience to build FitFlop in India.

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The company will set up a FitFlop web shop in India besides making the FitFlop collection available on online marketplaces.

FitFlop is currently available across 130 plus multi-brand outlets, including 110 Metro and Mochi stores as well as online portals and on Myntra.

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CREDITS: *A UNI India Report.