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Ikea: Plans to open 2nd store in Mumbai

30 June 2022, Mumbai:

*IKEA India will expand its retail footprint by opening a new store in its 2nd store in Mumbai in Ghatkopar @ R City Mall. Noteworthy is it is going to be Ikea’s first store located inside a mall in India.

The four other IKEA stores are located in Hyderabad, Navi Mumbai, Bengaluru, and Worli City Store, respectively.

Ikea India plans to increase local sourcing of products to make them more affordable and also help the company create more jobs and enhance skills.

The company plans to increase local sourcing through new partnerships to make a positive impact on the economy and society, says SussanePulverer, Chief Sustainability Officer, Ikea India.

CREDITS: *Fashion Network

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Ikea:  Plans to open 2nd store in Mumbai

LuLu Group: Plans To Open In More Cities

25 June 2022, Mumbai:

*Global retail conglomerate LuLu Group recently announced its expansion in three more Indian cities namely Chennai, Hyderabad, and Ahmedabad.

Lulu Lucknow is the largest mall by the group in India.

Lulu Group’s other malls are located in Kochi, Thrissur, Trivandrum, and Bangalore. Headquartered in Abu Dhabi, UAE, Lulu Group currently has 234 hypermarkets and 24 shopping malls in the Middle East, Egypt, India, Malaysia, and Indonesia with a global workforce of over 57,000 employees.

The group has an extensive expansion plan in India, with many more projects in the pipeline.

CREDITS: *Indian Retailer

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LuLu Group: Plans To Open In More Cities

H & M Hennes & Mauritz AB: 6 month report

29 June 2022, Mumbai:

First half-year (1 December 2021 – 31 May 2022)

  • The H&M group’s net sales in SEK increased by 20 percent in the first half-year to SEK 103,670 m (86,569). In local currencies, the increase was 15 percent.
  • Well-received collections led to a higher share of full-price sales and lower costs for markdowns.
  • Gross profit increased to SEK 54,106 m (44,106). This corresponds to a gross margin of 52.2 percent (50.9).
  • Operating profit increased to SEK 5,446 m (2,724), corresponding to an operating margin of 5.3 percent (3.1). For rolling 12 months the operating margin was 8.3 percent (4.9).
  • The group’s profit after tax increased to SEK 3,899 m (1,697), corresponding to SEK 2.36 (1.03) per share.
  • Cash flow from operating activities amounted to SEK 12,591 m (20,219).
  • Financial net cash increased to SEK 16,313 m (12,799). Cash and cash equivalents plus undrawn credit facilities amounted to SEK 44,483 m (43,517).

Second quarter (1 March 2022 – 31 May 2022)

  • Net sales increased by 17 percent to SEK 54,504 m (46,509). In local currencies, the increase was 12 percent. Excluding Russia, Belarus and Ukraine sales increased by 17 percent in local currencies.
  • Gross profit increased to SEK 29,846 m (25,049). This corresponds to a gross margin of 54.8 percent (53.9).
  • The well-received collections led to costs for markdowns decreasing by around 1 percentage point in relation to sales.
  • Operating profit increased to SEK 4,988 m (3,852), corresponding to an operating margin of 9.2 percent (8.3).
  • Profit after financial items increased by 33 percent to SEK 4,782 m (3,593).
  • The group’s profit after tax increased to SEK 3,682 m (2,767), corresponding to SEK 2.22 (1.67) per share.
     
  • The board of directors has decided to buy back its own B shares for SEK 3 billion starting from 29 June 2022.   Comments by Helena Helmersson, CEO
     
    “Well-received collections have led to strong development, with a further increase in full-price sales and decrease in markdowns.

 

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H & M Hennes & Mauritz AB: 6 month report

Shoppers Stop: Opens new store in Delhi

27 June 2022, Mumbai:

Shoppers Stop has recently launched a new store in Delhi & this store is located at Soul City Mallin Delhi, Dwarka, Delhi.

India’s retail sales are set to grow in low double digits this fiscal year as footfalls at offline stores surge with the easing of restrictions, says Venu Nair, Managing Director, and CEO, Shoppers Stop.

This year, Shoppers Stop plans to open 15 department stores and 20 beauty stores. And another 15 department stores and 20 beauty stores in FY23, notes Nair.

It plans to partner with a number of international and national brands for its expansion besides adding new brands to its online portfolio.

CREDITS: Retail4Growth

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Shoppers Stop: Opens new store in Delhi
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