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Retail 02-01-2024

Easybuy’s new Dharmapuri store retails the brand’s Spring 2024 collection

Easybuy’s newly opened store at Dharmapuri in Tamil Nadu retails its latest Spring 2024 collection featuring casual layers, youthful separates and bright colors.

Offering a wide range of trendy styles priced below Rs 999, the store launches new collection every fortnight to offer customers latest styles. This is the 32nd store of the Landmark Group-owned brand and sells latest fashion apparels for women, men and kids.

Easybuy currently has 140 stores across India and offers both ethnic and western style clothing. The brand has opened stores across metros and Tier II and III cities including Bengaluru, Mangaluru, Mysore and Chitradurga, etc. It also sells its products online from its D2C ecommerce store.

Retail 02-01-2024

Snapdeal narrows consolidated loss to Rs 282.2 crore in FY’23

Snapdeal’s consolidated loss after tax narrowed to Rs 282.2 crore in FY23 from Rs 510 crore in the previous year, according to a statutory filing.

The e-commerce company’s adjusted EBITDA loss reduced to Rs 144 crore in FY2022-23 from Rs 419 crore in FY20210-22 as it focused on profitability and long-term sustainability of the business..

The company’s revenues also decreased to Rs 388 crore in FY2022-23 from Rs 564 crore in FY2021-22.

In the past fiscal year, Snapdeal focused on the value segment besides remaining committed to achieve profits.It also enhanced its operations by improving selection and delivery experiences, and optimising cost and minimising returns.

Retail 01-01-2024

Snapdeal narrows consolidated loss to Rs 282.2 crore in FY’23

BlissClub to expand with 20 new stores

Activewear brand BlissClub plans to open 20 brick-and-mortar stores in FY’24. The brand opened several new stores across Mumbai and Bengaluru in FY’23, boosting its revenue by over fourfold to Rs 68 crore. However, the brand’s D2C business’ losses also rose by a similar amount to Rs 36 crore.

BlissClub’s offline expansion will enable it to connect with shoppers in person to receive feedback and build connections. The brand will focus on opening company owned and operated stores to enable it to have full control over the stores.

Along with retail expansion, BlissClub also expanded its product categories to add a wide range of plus size garments to its portfolio.. The brand has also launched campaigns to promote an active lifestyle and body positivity.

Retail 29-12-2023

Mall operators’ income to grow by 8% in 2025: ICRA

29 December 2023, Mumbai

Mall operators’ rental income is expected to grow by 9 percent in 2024 and by 8 percent in 2025, as per an analysis by ICRA.

Having grown by 24 percent in Q1 FY’23, leasing activities will continue growing in 2024, says Abhishek Bansal, Executive Director, Pacific Malls.

Demand for increased space among existing stores will grow along with a preference for larger areas by new tenants, he adds.

In the current year, malls registered an increased demand for premium products, value experiences, and more store space.

Quotes

This demand persisted across Tier II and III markets too, adds Rajneesh Mahajan, CEO, Inorbit Mall. In the coming year, stores selling jewelry, entertainment products, and athleisure goods are expected to increase their sizes by 40 percent, Mahajan adds.

India is expected to become the world’s third-largest consumer market by 2030, with the introduction of newer categories and international brands foraying into the Indian market.

Evolving scope

Omnichannel retail is expected to evolve during this period, with brands providing a seamless experience across all channels, including offline, online, mobile, and social commerce.

The F&B category will continue to grow with the evolution of mall’s crowd-pulling strategies. In line with these changing retail trends, the brand mix in malls is focusing more on these categories. adds Mahajan.

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Retail 28-12-2023

Apparel tightrope: Inflation, value hunt, and changing wants in 2023 India

30 December 2023, Mumbai

In the dynamic landscape of Indian apparel retail, 2023 unfolded as a tale of contrasts, with both challenges and opportunities shaping the industry. Rising consumer confidence and the resilience of certain segments offered a glimmer of hope, while inflation and evolving consumer priorities demanded adaptability from brands.

This comprehensive overview dissects the intricate canvas of the year, analyzing the performance of premium, mid-segment, and economy segments amidst economic headwinds and shifting consumer behavior.
Inflation Pinches Margins: The year saw a pervasive impact of inflation on apparel retailers as global disruptions and domestic pressures led to soaring raw material costs, expensive transportation, and increased operational expenses. Despite an estimated revenue increase of 8-10% for organized retailers, profit margins remained under pressure, challenging the financial resilience of the industry.
Shifting Sands: Consumer Priorities Reshuffled: Post-pandemic shifts in consumer priorities became evident in 2023, with wellness, experiences, and financial security taking precedence over discretionary purchases like apparel. This reshuffling of priorities, especially prominent among younger generations, forced brands to rethink their strategies and reimagine the value they provide to consumers.
E-commerce Plateau: The Online Buzz Subdues: The meteoric rise of online shopping plateaued in 2023 as consumers, yearning for personalized experiences and physical touchpoints, increasingly favored brick-and-mortar stores.

This shift prompted the need for omnichannel strategies that seamlessly blended online convenience with offline engagement, highlighting the importance of a holistic retail approach.
Threads of Hope: Bright Spots Emerge: Amidst the challenges, certain sectors found fertile ground for growth. The athleisure trend gained prominence, with brands like Decathlon and Nykaa Fashion's activewear line witnessing a surge in demand, reflecting a shift towards comfort and functionality.

Direct-to-consumer (D2C) disruption continued to thrive, as brands like Myntra's private labels carved a niche through personalized experiences, competitive pricing, and trendy collections.
Sustainability also emerged as a key differentiator, with brands like Fabindia and Anita Dongre resonating with conscious consumers by embracing eco-friendly materials, upcycled clothing, and ethical production practices.
Premium Podium: A Tale of Continued Elegance: In the luxury and premium segment, resilience was the hallmark of success and few brands focusing on exclusivity and exquisite craftsmanship, experienced sustained growth.

Data from Edelweiss Securities indicated a 12-15% growth in this segment, fueled by strong demand for bridal wear and personalized experiences.
Mid-Segment Squeeze: Finding Foothold in Fluid Ground: The mid-segment, the backbone of the Indian apparel market, grappled with the double whammy of inflation and changing priorities. Brands faced significant margin pressure due to rising costs, and consumers shifted spending towards essential goods and experiences.

Adapting to inflationary pressures, optimizing supply chains, and offering value-driven propositions became crucial for brands navigating this challenging segment.
Economy Echo: Resilience in the Face of Headwinds: The economy segment, catering to budget-conscious consumers, demonstrated remarkable resilience.

Aggressive discounts and promotions helped clear excess inventory, and data from Technopak suggested a flat to marginal growth in 2023. To thrive in this space, focusing on affordability, local sourcing, and embracing digital platforms became key strategies for brands.
Looking Ahead: Stitching a Resilient Future: As the Indian apparel retail sector stands at a crossroads, adapting to evolving consumer preferences, navigating economic uncertainties, and leveraging technology will be paramount for success.

Sustainability, omnichannel integration, and a focus on Tier-2 and Tier-3 cities hold immense potential for growth. By stitching together these threads with agility and innovation, the Indian apparel retail sector can navigate the challenging landscape and weave a vibrant future in the years to come.

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Retail 30-12-2023

Reliance Brands expands offline retail for Ak-Ok in Kolkata

Reliance Brands, the fashion retail arm of Reliance Industries, has expanded its offline facilities by opening new offices for premium apparel brand Ak-Ok in Kolkata. The modern style of these offices facilities elevate the brand’s operations and facilitate future expansion.

Blending natural beauty sharp lines and edges, the office’s design reflects Ak-Ok’s youthful fusion wear garments. Art pieces on wall decorate the space’s walls while the books on Chanel and William Morris offer diverse inspiration.

Ak-Ok was launched by designer Anamika Khanna as a subsidiary to create more experimental designs and connect with a younger audience. Led by her sons Viraj and Vishesh Khanna, the brand has retail stores in Kolkata, Delhi, and Mumbai in addition to its direct to customer e-commerce store.

Ak-Ok also opened the Lakme Fashion Week in autumn 2022. Launched in partnership with the Fashion Design Council in India, the brand unveiled its menswear offering at the event.

Retail 29-12-2023

Reliance Brands expands offline retail for Ak-Ok in Kolkata

Adidas enters Udaipur market with new store opening

German apparel brand Adidas has forayed into the Udaipur market with a new store at the Urban Square Mall.

Spread across 1,278 sq ft, the store is designed in a stadium format. It showcases a curated collection of premium category sports shoes, sportswear, activewear, and accessories.

Established in 1949, Adidas entered into the Indian market in 1989 through a licensing agreement with the footwear brand Bata. It re-entered India in 1996 through a joint venture with Magnum International Trading Company Ltd.

After launching its flagship store in India in 2021 at Connaught Place, Delhi, Adidas opened its largest Indian store in November 2022. Spanning 6,800 sq ft,the store is located in Select CityWalk Mall, New Delhi.

Retail 27-12-2023

Adidas enters Udaipur market with new store opening

Retail sector will witness 10-13 % growth this year: Deloitte India

30 December 2023, Mumbai

WHY India

With retailers adopting new technologies to cater to the industry’s evolving demands, the Indian retail sector is set to grow at a rate of 10–13 percent next year.

Growth in the sector is likely to be driven by the expansion of the retailers’ network, a growing demand for luxury brands, increasing traction for value brands in smaller cities, and general elections, says Rajat Wahi, Consulting Partner, Deloitte India. .
The rapidly expanding e-commerce sector, with its hyperlocal delivery services and impulse purchases, will also boost growth, Wahi adds.

However, the sector will remain troubled by concerns including rising inflation, supply chain disruption and geopolitical uncertainties. There is likely to be an erosion of customers’ incomes with potential job losses and rising food and fuel inflation. This would have an adverse impact on the retail sector, as per the experts.

Meanwhile, the online sales channel will grow next year as numerous brands and retailers will benefit from the government-promoted Open Network for Digital Commerce (ONDC).and the customisation services offered by the D2C brands.
Anghsuman Bhattarcharya, Consumer Products & Retail Leader, EY India says, the retail sector in India will continue to remain one of the fastest-growing across global markets.

To ease inflationary pressures, retailers will have to innovate their product basket and try to promote luxury products wherever possible, adds Puneet Mansukhani, Part-Retail, PMG India. They would need to adopt regional localisation and fulfilment centres besides introducing festive season to ensure the desired growth in their toplines

Retailers would also need to use data-driven insights to seize performance improvement opportunities, beat rising costs, and identify new markets, products, or services, he notes.

The sector underwent a transformative journey in 2023, notes Kumar Rajagopalan, CEO, Retailers' Association of India.

With the upcoming elections injecting more money into the hands of the poor, sales of valuable items are expected to rise. There will be substantial growth in the business of some D2C brands as they leverage the growing offline market and potential funding.
Moreover, a significant number of retailers are expected to integrate AI (Artificial Intelligence) to enhance business efficiencies and achieve excellence in customer service, adds Rajagopalan.

Wahi opines that, the retail sector would witness an increase in the adoption of technologies like AI, VR (Virtual Reality) and AR (Augmented Reality), enhancing customer experience and operational efficiency.

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Retail 30-12-2023

Lenskart to expand UAE business with a store in Saudi Arabia

Gurugram-based eyewear retail chain Lenskart plans to expand its operations in the UAE market by opening its first flagship store in Riyadh, Kingdom of Saudi Arabia.
Foraying into the Middle East market in 2021 with its first store opening in Dubai, UAE, Lenskart plan to invest around $50 million towards its expansion in the UAE market.
In 2021, Lenskart raised $220 million in a funding round led by Temasek & Falcon Edge Capital to expand its presence in India as well as to scale its operations in Southeast Asia and the Middle East.
Founded in the year 2010 by Peyush Bansal along with his two co-founders Amit Chaudhary and Sumeet Kapahi, Lenskart has over 1,100 stores across cities like Delhi, Bengaluru, Mumbai, Ahmedabad, Chennai, and other 1,100 cities across India.
Offering over 5,000 eyewear styles across its stores and online website, Lenskart is among the first companies in India to use robotic techniques in the eyewear sector.

Retail 29-12-2023

Lenskart to expand UAE business with a store in Saudi Arabia

Taniera launches seventh manufacturing facility in Jharkhand

Women’s ethnic wear brand Taneira has expanded its network by launching its seventh ‘Weavershala’ in Godda, Jharkhand.

Having artisans equipped with machine reeling facilities, the Weavershala is dedicated to the manufacturing Tussar sarees.

Located in the picturesque Hira Khutari, Bhagaiya, Godda, this Weavershala serves as a hub for skilled weavers and women reelers. It reflects Taneira's commitment to preserve and boost the art of weaving Tussar sarees by providing weavers with modern and efficient handlooms.

Built to be well-lit and clean, Taneira’s Weavershala institutes are equipped with new age frame looms to enable precision and create a close-knit community of artisans at each location.

Launched in 2022, the Weavershala initiative aims to preserve the art of hand-weaving across India, according to the brand’s website. Designed to strengthen artisans’ skills and help them earn a living wage while working towards preserving heritage Indian crafts and creating work for Taneira products.

Retail 27-12-2023

Taniera launches seventh manufacturing facility in Jharkhand

National retail trade policy nearing finalization by the government

29 December 2023, Mumbai

Trend spotting

Revitalizing Indian Retail: New National Trade Policy Unveiled

Boosting Efficiency: Streamlined licensing, reduced compliance woes, and a national portal simplify retail operations.

Empowering Women: Removing barriers and encouraging full-time participation through flexible and part-time options.

Modernizing Retail: Focus on infrastructure upgrades, skill development, and boosting labor productivity.

Supporting Traders: Providing accident insurance, pension plans, and establishing a national welfare board.

Impact:

Unified Framework: One strategy replaces diverse state regulations, fostering consistent growth.
Global Competitiveness: Creates a sustainable environment for Indian retail to thrive.
Inclusive Growth: Supports both the organized and informal sectors, building a robust retail ecosystem.

The policy, in its final stages, holds immense potential to revitalize the Indian retail landscape.

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Retail 29-12-2023

Flipkart Internet’s operating revenues surge by 42% in FY’23: Tofler

Operating revenues of Flipkart Internet, the marketplace arm of e-commerce major Flipkart surged by 42 per cent to Rs 14,845 crore in FY’23 while its total loss declined by 9 per cent to Rs 4,026 crore.

As per filings sourced from Tofler, Flipkart Internet’s earnings from logistical services grew by 50 per cent to Rs 5,789 crore in FY23. Its earnings from marketing services grew by 32 per cent to Rs 3,713 crore while advertising revenue grew to Rs 3,324 crore in FY23, up from Rs 2,083 crore a year earlier.

The company’s total expenses grew by 26 per cent Y-o-Y to Rs 19,043 crore in FY23.Its expenses towards employee benefits surged to Rs 4,482 crore up from Rs 3,735 crore a year earlier.

Flipkart Internet’s logistic expenses grew by 30 per cent Y-o-Y to Rs 6,571 crore while advertising and promotional expenses rose to Rs 2,407 crore from Rs 1,945 crore.

As per a report by the Economic Times, Flipkart is plans to raise $1 billion, with parent Walmart committing to inject $600 million. This would be the online retailer’s first fundraise for India. It will increase Flipkart’s value to 5-10 per cent to its valuation of $33 billion.

Retail 28-12-2023

Flipkart Internet’s operating revenues surge by 42% in FY’23: Tofler

Value Zone Hyper Market forays into the Hyderabad market

Retail chain Value Zone Hyper Mart has forayed into the Hyderabad market with its first outlet mall at Patancheru. Spread across 1 lakh sq. ft. of carpet area, this is the biggest outlet mall in the city

The hypermart will offer over 2 lakh products including fashion products, groceries, footwear, luggage, furnishing, stationary, mobile accessories among others. These products will be offered with a 70 per cent discount. The outlet will meet the customers’ emerging need for newer shopping formats and value-for-money products, says Suresh Seema, Director, Value Zone Hyper Mart.

Blending style with value and convenience, the outlet mall is spacious with well-thought-out interiors. Offering virtually every product one can imagine, it is a shopper’s paradise, adds Keshav Gupta, Director, Value Zone Hyper Mart.

Retail 25-12-2023