27 July 2022, Mumbai:

Shoppers Stop Q1 net profit at Rs 22.83 cr, sales up to Rs 948.44 cr.

Shoppers Stop is home to a multitude of leading international and national brands for apparel, fragrances, accessories, cosmetics, footwear, home décor, and furnishings catering to the needs of the entire family.

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Retail chain Shoppers Stop Ltd on Tuesday reported a consolidated net profit of Rs 22.83 crore for the first quarter that ended on June 30, 2022.

The company had posted a net loss of Rs 104.89 crore in the April-June quarter a year ago, said Shoppers Stop in a regulatory filing.

Its revenue from operations during the period under review was at Rs 948.44 crore, up over four-fold in comparison to a lower base of the pandemic-impacted corresponding quarter. It was Rs 205.23 crore in Q1/FY 2021-22.

(Business Standard Report)

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14 July 2022, Mumbai:

Amazon launches the "Updated Smart Dash Cart" -A shopping cart designed to support users scan and pay for their buying thus helping skip the checkout line.

It dates back to September 2020, when Amazon's physical retail team presented the Amazon Dash Cart for the first time.

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Amazon Prime is a subscription membership for offering premium services to its customers. Prime offers shopping and entertainment to more than 200 million paid members around the world. Prime members will have the opportunity to discover deals on unique products across categories under various programs, said the company.

These include Local Shops on Amazon, Launchpad, Saheli, and Karigar. For the first time ever, Prime members can avail of up to a 50 percent discount when purchasing most add-on subscriptions amongst the 12 popular video streaming services available on Prime Video Channels.

CREDITS: ET

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12 July 2022, Mumbai:

Lulu Group continues to consolidate its retail presence by expanding its footprints Pan-India, with the construction of its hypermarket in Lucknow, UP this week.

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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: Fashion Network

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13 July 2022, Mumbai:

Athleisure brand Cava will feature its products on the online platform Meolaa. Cava’s products include joggers, sweatshirts, crop tops, hoodies, sports bras, and more.

Cava follows sustainable practices at all stages of the business from sourcing materials and fabrics to ethical labor regulations and spreading the message of mindful consumption and elongated product lifecycles.

Cava’s trendy apparel is made with premium, sustainable fabrics integrated with international design trends and comfortable silhouettes.

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Founded in 2022, Meolaa aims to be one of the most inclusive shopping platforms in India and currently houses over 15,000 products across six verticals such as apparel for men and women, home décor, baby products, and beauty essentials, among others.

The integration of Cava brand into this purpose-led, curated platform is expected to add value by supporting the fitness and lifestyle goals of Meolaa’s new-age buyers.

The partnership will help deliver a unique e-commerce experience for consumers by providing alternatives to fast fashion brands that evoke a sense of mindfulness towards conscious consumption.
The rising level of health-consciousness is encouraging consumers to indulge in purchasing apparel for gym sessions and personal training, adventure activities, and more. This has further created a need for brands like Cava to offer these category products to the health-focused audience.

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19 July 2022, Mumbai:

The sales performance guarantee clause, where a retailer must meet a certain sales target failing which the mall has the right to seek the vacation of the space, is back as malls have started terminating contracts of brands that are unable to perform.

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The government's liberalization initiatives have aided in the expansion of organized retail forms in India. As malls are being built throughout the country, it is clear that the retail scene is changing.

India has seen a significant increase in commerce recently.

While organised malls used to have this in the contract before the pandemic, new malls are also making it part of the contract as most retailers are asking for revenue share. To make matters worse, a rent dispute between mall owners and tenants during the lockout has caused several malls to reassess their decisions deciding which brands to be allowed & maintain a presence in malls.

CREDITS: ET

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13 July 2022, Mumbai:

Retail, the retail arm of Reliance Industries, is in talks with London-based luxury gourmet, gifting, and hospitality retail chain Fortnum & Mason for an exclusive partnership for India, two executives directly aware of the development said.

The British luxury department store chain is known for curated premium foods, wine, spirits, gifting, and restaurants, and has a close association with the British royal family.

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Exclusive franchise deal move could help Indian company foray into luxury gourmet business.

if formalized it will pave the way for Reliance Retail's entry into to set up premium luxury stores in India.

The group is exploring multiple options for India, which could include physical stores as well as an online presence in India.

CREDITS: ET

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09 July 2022, Mumbai:

Indian e-commerce market is expected to reach $120 billion by 2026 from as low of $38 billion in 2021, says a report by FICCI and property consultancy. This exponential rise will fuel the economic growth of the warehousing and logistics sector in the country, adds the report.

As per the report, the market size of retail segment is estimated to grow to more than $1. 8 trillion by 2030 from $705 billion in 2020.

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Additionally, COVID-19 has accelerated the growth of e-commerce across India. Online shopping has increased significantly in Tier-II and Tier-III cities as well due to the easy availability of the internet on cheaper tariffs and restrictions on physical movement during the time of the pandemic.

This improved trend has provided an impetus to the warehousing and logistics sector beyond tier-I cities. The constant push and ambitions for infrastructure development and policy support provided by the government is expected to ride the next wave of growth for the industrial, warehousing, and logistics sectors in India, it added.

Several companies are now looking to shift their base away from China, or are keen to open a new manufacturing facility in other countries, and India too is a top contender.

The FICCI-Anarock report said that demand for office spaces in the key office hubs will be fortified with companies planning a steady return of employees to offices despite the pandemic coupled with positive hiring intentions during the second quarter of 2022.

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18 July 2022, Mumbai:

The event is back with the Retail Technology Conclave, popularly known as ReTechCon. This year the industry’s most sought-after platform will be hosted in physical form after a gap of two long years.

ReTechCon will be at its best with all the elements that have made it the country’s largest congregation of CIOs/CTOs, technology service providers, and experts in the retail technology domain. It is designed to help retailers understand the rapid changes in technology and adapt to them, for the benefit of their businesses as well as consumers.

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Why Participate 100%

Networking with Leading Retailers.

Round Tables

Workshops.

Proposed areas of discussion at ReTechCon 2022*

Contactless

Retail Next in Unified Commerce Supply Chain & Logistics reengineering

Digital Solutions for Business transformation

New Fundamentals of Retail Design.

ReTechCon 2022 promises to be every bit as informative and insightful as the editions so far. It provides the right opportunity to showcase your solutions/services/products to the right audience in retail after a gap.

Technology is the way forward for retail in the new normal. And ReTechCon, the industry’s favourite platform.

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12 July 2022, Mumbai:

Nykaa has expanded into the men’s innerwear and athleisure category with Gloot. With the new brand, Nykaa Fashion aims to redefine an ignored space when it comes to men’s requirements by combining comfort and technology in a way that is kind to the planet.

With Gloot, Nykaa has infused technology into innerwear and casual wear which results in ultimate comfort for men. Gloot is a highly intelligent tech creation and a premium brand where comfort and technology come together ensuring that men are able to make a seamless transition from home to work to the gym.
Nykaa Fashion is the multi-brand e-commerce fashion offering from Nykaa with SKUs across women, men, kids, luxe, and home categories. Shares of FSN E-Commerce Ventures, the parent company of Nykaa, fell nearly 37 percent since its listing in November last year, amid the broader market mayhem.
FSN E-Commerce reported a decline of about 57 percent in its consolidated profit for the fourth quarter ended March 2022 mainly on account of new investments. Revenue from operations of Nykaa increased 31 percent during the reported quarter.

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09 July 2022, Mumbai:

IKEA India has announced the appointment of Murali Iyer as its new chief financial officer, Iyer takes over from Preet Dhupar.

Ikea’s most recent store opening was in Bengaluru on June 22.

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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: ET Retail

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