18 May 2023, Mumbai

18 May 2023, Mumbai

V-Mart Retail Ltd, a leading value fashion retailer, has reported a loss of Rs 8 crore for the full fiscal year 2022-23, a significant decline from the profit of Rs 12 crore in the previous fiscal year (FY22).

This downturn in profitability reflects the challenges faced by the company in the current market conditions.

What all you need to know

In addition, for the fourth quarter that ended March 31, V-Mart Retail recorded a net loss of Rs 37 crore, compared to a loss of Rs 3 crore in the same quarter of the previous fiscal year. The widening loss can be attributed to various factors that have impacted the company's financial performance.

Despite the loss, V-Mart Retail witnessed a noteworthy growth in sales for the quarter, with a 29 percent increase.

The company's sales reached Rs 594 crore, compared to Rs 459 crore in the corresponding period of the previous fiscal year. This growth in sales can be attributed to the strategic efforts and expansion initiatives undertaken by the company.

Maintaining a positive outlook, V-Mart Retail anticipates a turnaround in the coming quarters, banking on the contributions from its recently acquired Unlimited stores and online platform, Limeroad.

The integration of Unlimited stores in south India has proven successful, leading to profitable growth. The Unlimited unit contributed Rs 438 crore in revenue for the full year.

Furthermore, the acquisition of Limeroad, an online fashion marketplace, has yielded promising results, with net sales increasing by an impressive 88 percent post-acquisition.

During the fourth quarter, V-Mart Retail expanded its presence by opening 17 new outlets. However, the company also had to close eight existing stores, bringing the total store count to 423.

Overall, V-Mart Retail remains positive about its prospects, driven by the successful integration of Unlimited stores and the acquisition of Limeroad.

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11 May 2023, Mumbai 

H&M India announces the launch of H&M HOME at its newly revamped retail store in Select Citywalk, New Delhi.

The introduction of H&M HOME enhances the shopping experience by offering a wide range of fashion and interior styles. Spanning an impressive 2730 square meters, the store at Select Citywalk showcases the latest interior trends and provides a modern, inspiring, and inviting atmosphere. Customers can explore H&M's latest collections for women, men, and kids, alongside the extensive H&M HOME assortment.

The store also showcases H&M HOME's latest summer decor collection, specifically designed for both outdoor and indoor use, exuding energy, vibrancy, and joy. In a noteworthy collaboration, H&M HOME has partnered with the social initiative SNEH to create a collection featuring handmade details for the home.

Currently, H&M India operates 51 stores across 26 cities, in addition to its online presence. The brand's commitment to providing fashion and quality at the best price in a sustainable manner remains steadfast.

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 29 April 2023, Mumbai 

Zara has opened its latest concept store in Bengaluru, India, strategically choosing a city known as one of India's major business hubs and a hub for tech-savvy consumers.

The two-story store spans 23,000 square feet at Forum Mall and features advanced customer experience features, including the integration of online and in-store shopping, self-checkout services, and the Zara app's Store Mode functionality.

Customers can enjoy a seamless shopping experience by browsing items in-store via the app, ordering for collection in-store within two hours, and locating items in the store.

Moreover, the store's eco-friendly measures are expected to attract a significant number of customers looking for sustainable shopping options.

The store offers a wide range of clothing and accessories for women, men, and kids.

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 17 May 2023, Mumbai

Trent’s annual report reveals that the venture's revenue soared to ₹2,562.5 crores during the last fiscal year, showcasing a substantial expansion.

What all you need to know

This substantial increase demonstrates the effectiveness of Inditex Trent's business model in satisfying the Indian market's appetite for trendy apparel.

Moreover, the net profit experienced an impressive surge of 77% to ₹264 crore, indicating the venture's strong financial performance in FY23.

Trent, the parent company of Inditex Trent, also highlights the impressive financial performance of the joint venture in India.

Zara, the renowned global fashion brand, has witnessed a remarkable surge of 40% in sales within the country, fueled by the growing popularity of western-style clothing among the younger generation. Despite facing fierce competition in the highly saturated apparel market, Inditex Trent has managed to achieve significant revenue growth.

In addition to the joint venture with Zara, Trent operates Trent Hypermarket, a successful collaboration with British retail giant Tesco.

The subsidiary of Trent Hypermarket, Star stores, reported a notable increase in total sales, amounting to ₹1,798 crore, reflecting a significant growth of 34%. Furthermore, the losses incurred by Star stores narrowed down to ₹96 crore, suggesting positive developments for Trent in the fiercely competitive Indian retail landscape.

Trent's diverse portfolio of brands, combined with its well-executed operational model, positions the company favorably to capitalize on the thriving Indian retail sector.

By strategically opening selective Zara stores in high-quality retail spaces, Trent aims to expand its presence and strengthen its market share further.

The financial success of Inditex Trent, coupled with the positive growth of Trent Hypermarket's subsidiary, underscores the company's ability to navigate challenging market conditions and deliver impressive results.

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07 May 2023, Mumbai   

Citykart, a value retail store chain in India, has reported a revenue of Rs 560 crore in the fiscal year 2023, driven by its customer-centric and affordable pricing strategies. Citykart is aiming for a revenue of nearly Rs 700 crore in FY24.

The retail chain operates 93 stores across tier 2, 3, and 4 cities in India, with Eastern Uttar Pradesh being its primary market. Citykart plans to increase its store count to over 250 in the next three years.

The retailer plans to invest in technology to improve efficiency and integrate apps and tools to manage its stores. The demand for mass products in India has been under pressure due to inflation, affecting apparel and footwear retailers, among others.

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 29 April 2023, Mumbai 

Trent Limited, the retail arm of Tata Group, has reported its consolidated financial results for the period ended March 31, 2023. The company's total income for the quarter was Rs. 2,268.06 crores, down 4.11% from Rs. 2,365.24 crores in the previous quarter. The company's net profit for the quarter stood at Rs. 54.16 crores, down from Rs. 167 crores in the previous quarter.

On a year-on-year basis, the company's total income for the quarter has risen by 65.19% from Rs. 1,372.97 crores in the same period last year. The net profit for the quarter has surged by 33,750.00% to Rs. 54.16 crores from Rs. 0.16 crores in the same period last year.

For the financial year ended March 31, 2023, the company's total income stood at Rs. 8,502.94 crores, up 81.95% from Rs. 4,673.23 crores in the previous year. The net profit for the financial year was Rs. 444.69 crores, up from Rs. 105.83 crores in the previous year.

Trent Limited operates a range of retail formats in India, including Westside, Zudio, and Landmark, among others. The company has been expanding its presence in the Indian retail market through a combination of store expansions and e-commerce initiatives. As of March 31, 2023, Trent Limited operated 154 Westside stores, 53 Zudio stores, and 5 Landmark stores across the country.

While Trent Limited's quarterly financial results show a decline in total income and net profit, the year-on-year comparison paints a different picture of significant growth in both areas. The company's strong performance over the financial year ended March 31, 2023, is a positive sign for the retail industry, which has been facing challenges due to the ongoing pandemic.

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13 May 2023, Mumbai 

Zara unveiled its newly refurbished store at Phoenix Palladium today, marking a significant milestone in the company's journey in India.

Spanning three floors and covering over 26,000 sq ft, the store showcases Zara's latest strategy of larger format stores equipped with cutting-edge technology to enhance the fashion experience for customers. The exterior of the store features an impressive stone facade that blends seamlessly with the mall's urban plan, while the interior exudes a clean and neutral aesthetic with hints of warmth from wooden furniture and natural textiles.

The store's layout integrates the Women's, Men's, and Kids' collections across different floors, with dedicated sections for Beauty and Zara Origins in the men's section, a unique feature exclusive to the western region of India.

The introduction of Zara Beauty marks the brand's foray into the beauty market, offering a comprehensive range of inclusive products made with high-performance ingredients and clean formulas. Furthermore, Zara Origins presents a contemporary wardrobe collection that combines modern concepts with exceptional craftsmanship and value.

In line with Zara's commitment to sustainability, the store incorporates advanced eco-efficiency systems, including energy-saving LED lighting and environmentally friendly materials. It is connected to Inditex's Inergy platform, which monitors energy consumption and helps optimize management and maintenance strategies to reduce environmental impact.

To enhance the customer experience, Zara has integrated several services into its app, such as fitting room reservations, online item search and ordering, and a self-checkout area. These features, coupled with the store's emphasis on innovation and sustainability, exemplify Zara's dedication to providing a unique and eco-conscious shopping experience.

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03 May 2023, Mumbai 

Cantabil Retail India Limited, a prominent fashion retail brand, has further expanded its reach with the opening of five new showrooms across different cities in India in April 2023. The addition of these new showrooms brings the total number of Cantabil's stores to 452.

The move is in line with the company's ongoing efforts to increase its presence and meet the growing demand for its products in the country. These new showrooms will offer customers an extensive range of stylish clothing, footwear, and accessories for men, women, and children.

Cantabil has a proven track record of success in the Indian retail market, with the company's revenue steadily increasing over the past few years. In the fiscal year 2022, Cantabil reported a revenue of Rs. 1,212.72 crores, up from Rs. 1,009.78 crores in the previous fiscal year. The company's focus on product quality, affordability, and expanding its store network has contributed to this growth.

Cantabil operates in the mid-priced segment of the fashion retail market, catering to customers across different age groups. With the addition of five new showrooms, Cantabil Retail India Limited is expected to further strengthen its position in the mid-priced fashion retail market and expand its customer base across different regions in India.

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29 April 2023, Mumbai 

Gap, the iconic American fashion brand, has opened a new store in UP at Lucknow's Lulu Mall, featuring its latest summer collections for men, women, and children.

What all you need to know

The new outlet boasts an open façade and bright interior designed in Gap's signature white and navy blue hues with pale wooden accents. It also includes dedicated sections for Gap Kids and Baby Gap lines, as well as a vast range of denim for both men and women.

Reliance Retail, one of India's leading retail companies, signed a franchise agreement with Gap Inc in July 2022 to retail the American brand in India. Since the tie-up, Reliance Retail has opened several Gap stores in different Indian cities, including Mumbai, Hyderabad, and Guwahati, along with various shop-in-shops for the brand.

With its latest store launch in Lucknow, Gap is expanding its reach and bringing its iconic fashion line to a wider audience across India.

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12 May 2023, Mumbai 

Lifestyle, a subsidiary of the Landmark Group, is poised to make a substantial expansion in India with the launch of 50 new stores over the next three to four years. To tap into the burgeoning trend of consumers in tier-2 and tier-3 cities gravitating towards organized retail, driven by growing aspirations and a preference for branded clothing, Lifestyle plans to introduce smaller format stores, which have proven successful in these areas.

This expansion strategy primarily targets smaller towns and cities that are currently underserved by organized retail chains, capitalizing on the shift in consumer behavior. By doing so, Lifestyle aims to seize the opportunity presented by the increasing demand for organized retail in these regions. The company recognizes the importance of its private labels, particularly in women's and ethnic wear categories, and has been emphasizing them in recent quarters. This approach grants the company greater control over pricing, promotions, and product offerings, enabling them to identify market gaps and introduce products that can attract customers.

The retailer's ambitious expansion plans mark a significant acceleration compared to its historical growth rate. Recently, Lifestyle achieved a milestone by opening its 100th store in India after over two decades of operations in the country. Situated in Raipur's Magneto Mall, the store showcases a wide range of clothing, footwear, handbags, beauty products, and accessories.

In the current fiscal year alone, Lifestyle aims to add approximately 18 to 20 new stores. The implementation of a small-store format has unlocked substantial geographical expansion opportunities for the company. While these smaller cities are still underserved by organized retailers, consumers in these regions are displaying a willingness to invest in branded apparel and elevate their wardrobes. Lifestyle's presence in these markets has not only relied on lower price points but has also witnessed robust growth and demand for its offerings.

Moreover, Lifestyle is considering replicating the successful small-store format in micro-catchments within larger metro areas. This strategic move would enable Lifestyle to cater to diverse consumer segments and further enhance its market presence throughout India.

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 02 May 2023, Mumbai 

Nexus Select, a real estate investment trust (REIT) that manages the retail assets of Blackstone, has filed for a ₹3,200 crore ($430 million) initial public offering (IPO) in India, making it the first retail REIT in the country.

With the largest portfolio of malls in India, the launch of the Nexus REIT comes at a time when shopping malls are bouncing back post-pandemic and contributing to the rise in consumption. Experts suggest that this move towards a retail REIT could redefine malls as an asset class and be the next big move in the sector.

The Indian retail sector has been steadily recovering post Covid, with malls reopening and footfalls increasing. As per Knight Frank Research, potential retail sales in malls in the top eight cities are estimated to grow at a compound annual growth rate (CAGR) of 29% from FY22 to FY28 and hit $39 billion by then.

The success of Embassy REIT and Mindspace REIT, both co-owned by Blackstone, has led to a surge of interest in REITs in India. The Indian REIT market could grow to $50 billion by 2025, as per industry estimates.

Nexus Malls, the retail arm of Nexus Select, has built the largest portfolio of malls in India in less than eight years, with 17 shopping centers spanning nearly 10 million sq ft across 14 cities.

The expansion of REITs in India is evident, with office space and retail on the rise, and warehouse and logistics could be the next in line for REITs in the country.

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29 April 2023, Mumbai 

Shoppers Stop, the leading department store operator, reported a quarterly profit of INR 14.26 crore for the period ended March 31, 2023, as compared to a loss of INR 15.85 crore during the same period last year.

The company attributed this to strong demand for beauty products and private-label clothing from high-income shoppers, who splurged on clothes and accessories as they resumed their pre-pandemic lifestyles during the wedding season between January and March.

Cooling inflation and softening raw material costs also helped the company achieve higher profits.

Shoppers Stop's revenue for its beauty segment, which includes brands like L'Oreal, Clarins, Earthi, and its private label Arcelia, grew by 29% to INR 1.97 billion, compared to 18% growth in the previous quarter.

The company has been focusing on private-label apparel, which includes brands such as STOP, Fratini, and Bandeya, to increase its margins. Revenue from this segment grew by 35% to INR 1.58 billion, compared to 23% growth in the previous quarter.

The company's average selling prices rose by 9%, while revenue stood at INR 9.24 billion, up nearly 30% from a year ago.

The CEO and Managing Director of Shoppers Stop, Venu Nair, stated that this is the highest sales and sales growth, with all key performance indicators consistently improving. As of March 31, 2023, the company had 142 beauty stores across the country, compared to 98 department stores.

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