25 April 2023, Mumbai 

British brand Next marks its re-entry into the Indian market through Myntra. Next's return to the Indian market is significant, as it had previously exited the market in 2015 after operating in India for around eight years.

The brand's re-entry into India through Myntra's platform is expected to help it tap into the country's growing fashion market and cater to the demand for international brands.

The move aligns with Myntra's strategy of bringing in foreign brands to cater to the growing demand for high-quality and classic wardrobe staples. Myntra currently retails over 400 foreign brands, and the addition of Next will offer over 500 stock keeping units for men and women.

Next will also have a dedicated online brand store (OBS), making it easier for shoppers to discover the brand's offerings.

Next is a well-known British fashion and home retailer with over 500 stores worldwide, including the UK, Europe, Asia, and the Middle East. Founded in 1864, the brand has a long history of delivering quality products and innovative designs. Its product range includes clothing, footwear, accessories, and home decor.

The partnership with Myntra is expected to help Next establish a strong online presence in India and increase its reach to a wider audience.

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17 April 2023, Mumbai 

The Mumbai bench of the National Company Law Tribunal (NCLT) has granted Future Retail Ltd (FRL) a 90-day extension until July 15, 2023, to complete its insolvency resolution exercise. This move comes after the NCLT initiated insolvency resolution against FRL on July 20, 2022.

According to the Insolvency and Bankruptcy Code (IBC), the corporate insolvency resolution process (CIRP) must be completed within 180 days, with a one-time extension of 90 days granted by the NCLT. The maximum time given is 330 days, including litigation.

Future Retail stated in a regulatory filing that the NCLT had pronounced an oral order and is awaiting a written order. The deadline for sale was April 16. However, the lenders of FRL had earlier decided to invite fresh bids after dividing the company's assets into clusters, with bidders being able to bid for the entire company or specific clusters.

Earlier this week, Future Retail said that 49 entities, including Reliance Retail and the Adani group, had submitted expressions of interest (EoI) for acquiring its assets. On March 23, 2023, the resolution professional of Future Retail invited new expressions of interest, as the firm had failed to attract a resolution plan in over four months. Prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets."

Despite the legal hurdles, FRL has managed to attract interest from several potential buyers, including Reliance Retail and the Adani group.

FRL operates over 1,500 stores in more than 400 cities in India and has a market value of around $1.5 billion.

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11 April 2023, Mumbai 

Shoppers Stop has recently introduced a new plus-size fashion brand called ‘U R You’ for both men and women. The new brand will provide ethnic, casual, and formal wear options in sizes ranging from 2 XL to 7 XL.

The introduction of ‘U R You’ by Shoppers Stop reflects the growing demand for plus-size fashion in India, a trend that has been gaining momentum in recent years. According to industry reports, the plus-size fashion market in India is estimated to be worth around $900 million and is expected to continue to grow at a rapid pace.

What all you need to know

The lack of options for plus-size clothing has been a longstanding challenge in the Indian fashion industry. However, in recent times, there has been a significant shift in attitudes toward body positivity and inclusivity, leading to a rise in demand for more size-inclusive fashion.

The launch is in line with the company's strategic focus on private brands as a key driver of growth. The plus-size fashion brand aims to address this gap by offering a trendy and affordable fashion collection. The brand will be available at select Shoppers Stop stores and on its e-commerce platform.

The introduction of ‘U R You’ represents a positive step towards inclusivity and diversity in the Indian fashion industry.

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24 April 2023, Mumbai 

Trent, a subsidiary of Tata Group, has entered the ethnic wear market with the launch of its new brand, Samoh. The launch of Samoh is a strategic move for the company. Samoh's debut store in Lucknow will offer a range of modern and luxurious ethnic wear for both men and women.

The brand aims to offer a unique and differentiated shopping experience to its customers, with a focus on quality, design, and innovation. With its strong brand equity and extensive retail network, Trent is well-positioned to leverage the growing demand for ethnic wear in India.

The ethnic wear market in India is highly fragmented, with many regional and local players dominating the market. However, with the growing interest in traditional wear among younger consumers, there is a significant opportunity for organized players like Trent to enter the market.

Trent Limited, a subsidiary of the Tata Group, is a leading retail player in India. The company operates a range of retail formats across various categories, including apparel, footwear, accessories, and more. Trent's portfolio includes brands such as Westside, a popular department store chain; Landmark, a bookstore and lifestyle store; Zudio, a fast-fashion brand; and Star, a hypermarket chain.

In addition to its focus on expanding its portfolio, Trent is also committed to sustainability and ethical sourcing. The company has implemented several initiatives to reduce its carbon footprint, conserve natural resources, and promote responsible sourcing practices across its supply chain.

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08 April 2023, Mumbai 

Soch, the popular ethnic wear brand, has opened its first store in Jaipur, located on Ashok Marg. The store spans across 1,340 square feet, marking a significant milestone for the brand and its expansion plans in Rajasthan.

The opening of the Jaipur store will provide fashion-conscious women with access to the latest Spring Summer '23 collection, which boasts a vast range of styles, including salwar suits, dresses, gowns, kurti sets, sarees, kaftans, and more. The collection is available in vibrant colors and beautiful silhouettes that cater to every woman's ethnic and occasion wear needs.

Soch has 155 exclusive stores across 60 cities, the brand plans to expand into Tier II and III markets while enhancing its presence in the existing markets. The brand's traditional strongholds have been the South and West, and it aims to boost growth in the North and East of India.

Ethnic wear market in India is expected to grow at a CAGR of over 8% during 2021-2025, driven by factors such as rising disposable incomes, changing fashion trends, and increasing awareness of traditional clothing, according to a report by Technavio.

Apart from its brick-and-mortar stores, Soch has also been expanding its online presence.

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24 April 2023, Mumbai 

India's e-commerce market is rapidly expanding, with over 125 million online shoppers added in the past three years and another 80 million expected to join by 2025, according to a report by Kantar.

What all you need to know

The growth is being driven by affordable smartphones and low-cost data plans, with major retail and consumer goods makers investing more in the online space. India has over 530 million active social media users, of which 52% are millennials, and the number is projected to reach 600 million by 2025. Social media is expected to boost e-commerce sales, with 77 million shoppers purchasing from social platforms in 2021.

The country is on track to have 900 million internet users by 2025 and leads in digital ad spending at 22%, ahead of the UK, US, Australia, France, and China. The report also highlights India's D2C ecosystem as being at an "inflection point," with D2C brands generating $4 billion in FY2022 and an addressable market size predicted to exceed $100 billion by 2025.

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14 April 2023, Mumbai 

Indian retailer V-Mart is optimistic about the growth potential in tier two and tier three cities, where the majority of the country's population and consumption is located.

CMD Lalit Agarwal as quoted in TOI, noted that while there are some challenges, such as the slow return of consumer spending ability, there are positive indicators such as an increase in consumer confidence.

Raw material prices are still higher than pre-COVID levels, but V-Mart is innovating with blending and machinery to keep prices at similar levels without compromising profitability. Despite the pressure on margins, V-Mart plans to continue with its expansion plans, while keeping a cautious approach to its margins.

The expansion plan for the retail chain includes adding more than 65-70 stores in the current year.

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08 April 2023, Mumbai 

Nexus Malls, the Indian retail portfolio arm of Blackstone Group, is reportedly in talks to acquire all six malls owned by Virtuous Retail South Asia, a joint venture between Singapore’s Xander Group and Dutch investor APG.

The deal, which also includes two under-construction malls in Mumbai and Delhi, is expected to be worth about Rs 3,500-4,000crore. The rebound of the Indian retail sector following Covid-19 is driving increased demand for well-managed retail spaces in both tier I and tier II cities. The consolidation of leased assets is becoming a trend, as more international funds seek secure returns from real estate assets such as malls.

The move comes as Blackstone prepares for India’s first retail real estate investment trust (REIT), which is set to be listed by June this year with a valuation of around $3 billion, including Blackstone-Nexus and Select City malls.

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20 April 2023, Mumbai 

Retail leasing is expected to reach its highest level after the 2019 peak of 6.8 million sq ft, according to a report by CBRE. The report, titled "2023 India Market Outlook," predicts that primary leasing in newly-completed malls will continue to drive retail space demand in 2023.

What all you need to know

Supply is expected to increase as a significant amount of pent-up supply is due for completion this year and several investment-grade projects launched by reputable players in the past 1.5-2 years are expected to become operational. The report estimates that supply will touch approximately 6 million sq ft in 2023, the highest in the past five years.

Malls in general receive significant traction from fashion and apparel and homeware brands. Retail brands are scaling up measures to buy mall spaces to target new customers and expand their consumer base. The demand for commercial real estate has been doubling as customer demand continues to rise, proving to be a double-whammy situation for retailers and commercial real estate players.

In the pre-pandemic era, retail space leasing was recorded at 6.8 million sq ft in 2019. However, the pandemic caused a plateau in 2020, with figures of retail leases accounting for 20 lakh square feet. The post-pandemic scenario led to an increase in demand, with 39 lakh square feet being leased in 2021, which rose to 47 lakh square feet in 2022 across the eight major cities.

The report indicates that the National Capital Region has become a favorite expansion zone for brands due to growing connectivity corridors and infrastructural functionalities, which has brought a huge demand to the forefront.

The positive sign of growth in the commercial real estate revival is the expansion of retail brands.

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12 April 2023, Mumbai 

A total of 49 players have submitted expressions of interest (EoIs) for Future Retail Limited, including Reliance Retail, WH Smith, JC Flowers, Jindal Power, and a Gordon Brothers-led international consortium. The other players that have submitted EoIs include some scrap dealer firms and individual investors like Harsha Vardhan Reddy, according to sources.

This comes after the first round of EoIs failed to attract enough participants, prompting to invite interested parties to formally express their interest again.

Future Retail, which has a debt of around Rs 21,000 crore, is known for its popular Big Bazaar brand of large and small format stores. It also operates a subsidiary that runs close to 100 stores under the WH Smith brand, in addition to a small number of stores under the Foodhall brand.

The company was admitted for insolvency proceedings after it failed to meet its loan obligations. Reliance Industries had made an offer to acquire the company for Rs. 24,713 crore, but the deal fell through.

The increased competition in the bidding process could improve prospects for lenders to recover their dues.

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06 April 2023, Mumbai

Reliance Trends, the popular Indian lifestyle brand, has expanded its retail presence with the launch of a new outlet in Vaikom, Kottayam district, Kerala.

The 11,099 sq. ft. store is the brand's third outlet in the town and boasts a modern and trendy ambiance. The store offers a wide range of good quality and fashionable merchandise that caters to the consumers of the region, at affordable prices that provide high value for money.

What all you need to know

The launch of the new outlet in Vaikom is part of Reliance Trends' ongoing expansion strategy to tap into the growing fashion retail market in India. The brand's success can be attributed to its ability to offer affordable fashion to consumers across different regions of the country.

Reliance Trends has managed to expand its retail footprint to over 1,000 cities and towns across India in less than two decades. The brand has been successful in democratizing fashion in India, by strengthening its reach and connecting with consumers in metros, mini-metros, tier 1 and 2 towns, and beyond.

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