31 October 2022, Mumbai:

For the second quarter Shoppers Stop had 40 per cent more customers than it did pre-covid. The department store saw strong sales driven by footfalls as well as eyeballs online.

Categories that have seen a good surge are Indian wear, home, and men’s wear, especially suits and jackets. Gifting as a category with things like watches also saw good growth. So there was a multi-category growth across Shoppers Stop stores. Shoppers Stop’s income increased by 43 per cent for the second quarter.

The momentum from last year and the first quarter of this year continued for the department store chain. Customer sentiments were reflected in footfalls, average selling price, and average transaction value.

The continued improvement in customer experience, engagement, and improved data analytic capabilities provided the retailer the competitive edge to remain ahead of the curve. The retail chain has also forayed into distributing international beauty brands with exclusive rights in India. This will enable it to bring newer brands in the country, further enhancing its strong presence in beauty.

The first full-fledged festive season after the pandemic has been celebrated with great joy and enthusiasm. For retailers, festive sales can make all the difference and by all accounts, it seems to have been a great festive season.

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27 October 2022, Mumbai:

For the second quarter, Reliance Retail’s gross revenue rose by 42 percent. Ebitda rose by 51 percent during the quarter. Net profit for the quarter increased by 36 percent compared to the same quarter a year prior. Cash profit increased by 45 percent.

The quarter saw Reliance Retail open a total of 795 stores across India for its numerous fashion, beauty, and lifestyle brands. This brought the business store total to 16,617. The second quarter also saw Reliance Retail become the first Indian retailer with over 50 million sqft of retail space. The business delivered record performance with a strong revival in footfalls, store additions, and digital integration.

As consumers returned to stores, Reliance Retail had a 23 percent growth in footfalls across formats and geographies over the pre-Covid period. Reliance Retail has set its eyes on the beauty and personal care market in India after dominating the apparel retail segment in the country.

Reliance Industries, which runs Reliance Retail, reported double-digit growth in many areas of its operations. Telecom business Jio launched 5G services during the quarter and the business hired 1.4 lakh, new employees, during the first half of the 2023 financial year. The business's total exports increased by 57 percent year on year.

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29 October 2022, Mumbai:

Flipkart Internet’s net loss has gone up by 51 percent for the fiscal year ending March 2022 compared to a year earlier. However, standalone revenue jumped 31 percent.

Flipkart Internet is the flagship e-commerce marketplace operator of the Flipkart Group. Flipkart is owned by Walmart and the US retail giant acquired India’s largest marketplace operator in 2018.

Meanwhile, Flipkart’s online fashion platform Myntra Designs faced a 40 percent increase in its net loss for the same year compared to the fiscal year ending March 2021 even as Myntra Designs reported its revenues for the financial year 2021-22 went up 46 percent for the same period. Myntra’s total expenses fiscal stood at Rs 4,206 crores for the fiscal year ending March 2022.

During the first phase of the e-commerce festive season sale, Flipkart had a market share of 62 percent in terms of gross merchandise value (GMV) or the total value of items sold. In terms of order volumes, Flipkart group companies held a market share of 49 percent.

Mobile as a category continued to lead GMV share, contributing to 41 percent of the GMV, translating to 56,000 mobiles sold per hour. Fashion contributed to 20 percent of GMV, which grew 48 percent year on year from the last festive season.

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25 October 2022, Mumbai:

Reliance Retail’s net profit for the second quarter rose 36 percent. Revenue increased by 44 percent with the operating environment being at par with pre-Covid levels as the impact of the pandemic waned.

Reliance Retail opened 795 stores, up 20 percent quarter on quarter taking the total store count at the end of the quarter to 16,617 stores. Reliance’s retail business delivered record performance with a strong revival in footfalls, store additions, and digital integration.

As consumers returned to stores, Reliance Retail reported over 180 million footfalls across formats and geographies in the quarter, a growth of 23 percent over the pre-Covid period.

The company also posted growth in its digital commerce business with daily orders growing 53 percent year on year. During the quarter, Reliance Retail acquired a majority stake in Mayuri Kumkum, the company that owns and operates Insight Cosmetics.

Earlier, it signed a master franchise agreement with American fashion brand Gap, Tod’s, an Italian luxury lifestyle brand, and Pret A Manger, a fresh food and organic coffee chain. In addition, the company acquired Catwalk, a women’s footwear brand, and also acquired the India franchise rights for Sunglass Hut, a multi-brand premium eyewear retailer.

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 29 October 2022, Mumbai:

Ikea India sales went up by 77 percent in fiscal 2022. Total income went up by 73 percent. Total operating expenditure, excluding interest, depreciation, and amortization, was up 45 percent.

The company’s expansion plan and operations were impacted due to the global pandemic. However, the home furnishing retailer not only managed its operations in an effective way but also extended its support to society through its various partners for helping needy people and for minimizing the spread of the pandemic. The company also ensured the safety of its co-workers while managing its operations.

During the fiscal year 2022, Ikea continued to work on its plans for positioning, growth, and profitability of the omni-channel business in India. Ikea operates big format stores in Hyderabad, Navi Mumbai, and Bangalore. It also sells online in Mumbai, Pune, Hyderabad, Gujarat, and Bangalore.

Ikea sees India as an important market, has almost doubled sales in India over the last year and will continue to focus on reaching people with accessible, affordable, sustainable products and solutions that are relevant to life at home in India.

The company has continued to perform reasonably well and is optimistic about its future prospects. Ikea opened its first store in India in Hyderabad in 2018.

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21 October 2022, Mumbai:

Amazon’s Great Indian Festival (AGIF) this year is turning out to be the biggest-ever event for the e-commerce firm.

The event is on till October 23, 2022. More than 80 percent of new customers are from smaller towns. Customers have got access to crores of product selections from sellers including unique items from lakhs of small and medium businesses.

More than 35,000 sellers saw their highest-ever single-day sales; over 650 sellers became crorepatis and 23,000 sellers became lakhpatis. Over 70 percent of sellers across India came from Tier II and III towns and cities.

Categories such as smartphones, large appliances, electronics, fashion and beauty, and home products attracted the most number of new customers. Mobiles and accessories saw strong double-digit growth as compared to AGIF 2021 and five times growth when compared with business as usual.

Over 1.5 million new customers shopped from Amazon Fashion and Beauty. The orders for Amazon Fresh, which offers groceries, grew by 29 percent versus last year. Hundreds of women entrepreneurs also participated in AGIF.

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27 October 2022, Mumbai:

Zara has returned to DLF Promenade mall in New Delhi. On two storeys of the mall, the Spanish fast fashion brand’s 25,000 sqft outlet houses its clothing, cosmetics, and accessories lines.

The main entrance to the Zara new store is on the ground floor of the mall, which is where its womenswear department is situated. The first-floor section, accessible via a staircase and elevator, houses the brand’s menswear and children’s wear lines.

The architectural concept for the store was produced by a studio team. The store’s design is bright, neutral, and clean to reflect its modern, paired-down clothing. The new store also features technological additions such as a self-check-out service and RFID-enabled fitting room, among others, and sustainable innovations including energy-saving LED lighting and energy-efficient heating and cooling systems.

Zara’s cosmetics line also has a dedicated segment of the ground floor of the store. The line is designed as an inclusive collection of products to cater to all shoppers, regardless of age or gender.

The line includes eye, lip, face, and nail products. Zara is going in for a series of collaborations. Zara’s strategy is to tap partners that specialize in emerging spaces and gain a foothold in those categories.

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20 October 2022, Mumbai:

Tata Cliq CEO Vikas Purohit has quit. An alumnus of the Indian Institute of Management, Purohit joined Tata Cliq in November 2016.

Tata Cliq is being integrated with Tata's New super app, which has been made a subsidiary of Tata Digital. The integration is part of the group’s plan to consolidate its major e-commerce ventures under this entity.

At present, Tata Cliq is run by Tata UniStore which is jointly owned by Tata Industries and the group’s lifestyle retail venture Trent. Tata Cliq began operations in 2016 and while its net losses more than doubled in 2021-22, revenue jumped 137 percent. Tata Cliq had this year exited the electronics category and sold the inventory to a group company, Infiniti Retail, which owns electronics retailer Croma.

Tata Cliq operates on an omni-channel business model, in which it aggregates various brands and the seller dispatches the product. The omni-channel, brand-forward platform equips consumers with the necessary information and products to help them enhance and savor the best of their wellness lifestyle journey.

The company offers access to a curated selection of high-tech and high-performance premium fitness products from a wide assortment of brands across various specialized categories. In addition, it provides in-depth information related to equipment and routines as well as an elevated shopping experience.

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