04 July 2022, Mumbai:

Business-to-business product development and production management platform for fashion brands and manufacturers Fashinza has expanded its team by appointing Sumit Saxena, President-Revenue and Strategy. As per a Fashion Network report, Saxena will lead Fashinza’s expansion in international markets with special focus on Europe and the UK.

Pawan Gupta, Co-Founder and CEO, Fashinza says, Saxena will help the company grow and expand business and streamline and execute its strategy. Saxena adds, a trillion-dollar industry with huge scope for technology, fashion aims to automate the way brands work today. Technology will enable brands and manufacturers to be more efficient leading to better management and visibility. Fashinza aims to revolutionize the way brands source.

Fashinza has over 250 manufacturers in India, Bangladesh, China, and Vietnam that serves over 200 brands across six countries, including the US, Canada, UAE, and India.

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29 June 2022, Mumbai:

Some of India’s biggest retailers including Aditya Birla Fashion & Retail, Avenue Supermarts and the Tata-owned Trent plan to expand their retail spread by adding new stores in the next financial year.

As per a recent report by ICICI Securities, between FY21 and FY24, eight prominent retailers in India will add upto 16.7 million sq ft as compared to 8 million sq ft added in the preceding four years of FY18-21.

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These companies include: Titan, Bata, V-Mart, TCNS and Shoppers Stop. These retailers are expanding to consolidate their market presence, says Devangshu Dutt, CEO, Third Eyesight, a consulting firm.

Aditya Birla Fashion plans to invest Rs 600-800 crore for expansion in the next couple of years. It will add upto 3.1 million sq ft, as per the ICICI report. Avenue Supermarekts would add upto 7.5 million sq ft during FY21-24 for the DMart stores as compared to 3.9 million sq ft added in FY18-21 while, Trent would add 2.7 million sq ft. Shoppers Stop would add 0.8 million sq ft and Bata would add 0.7 million sq ft.

India's largest retailer, Reliance Retail also plans to expand its retail network by exploring new geographies, says Gaurav Jain, Head-Strategy and Business Development.

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02 July 2022, Mumbai:

Swedish furniture, homeware, and home textile business Ikea plans to its first store inside a mall at the R City Mall in Ghatkopar, Mumbai.

The store is scheduled to open its doors to the public in the next few months.

Along with boosting Ikea’s brick-and-mortar presence in Mumbai, the store will also enable Ikea to increase its omnichannel capabilities in Maharashtra.

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The business plans to focus on Bangalore, Hyderabad, Mumbai, and Delhi-NCR in the first phase of its store roll out in India.

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

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05 July 2022, Mumbai:

V-Mart Retail has expanded retail presence by opening 11 new stores in the April - June quarter of FY 2022-23. The company has opened four stores for its brand Unlimited in South India.

These include one store each in Telangana and Andhra Pradesh and two stores in Tamil Nadu.

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Additionally, the company has opened seven stores across rest of India, one each in Bihar, Madhya Pradesh and two each in Rajasthan and Uttar Pradesh. With this, the company’s total number of stores now stands at 391.

Founded in 2002, V-Mart is a complete family retail store chain offering apparel, footwear and accessories for men, women and kids. The company has 17 years of experience in providing high-quality affordable fashion. Its retail network spans over 200 stores across 171 towns in 17 states.

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30 June 2022, Mumbai:

Rating agency ICRA has revised the long-term rating for V-Mart Retail at [ICRA]AA- and short-term rating at [ICRA]A1+ for the captioned line of credit.

The Outlook on the long-term rating has been revised as Positive from Stable.

The rating agency has reviewed total bank facilities worth Rs195 crore. This includes Long-term facilities worth Rs132.43 crore, short-term facilities worth Rs16.57 crore, and unallocated facilities worth Rs46 crore.

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The revision in the outlook on V-Mart Retail long-term rating takes into account ICRA's expectation of healthy growth in turnover and sustained improvement in profitability, driven by continued network expansion, recovery in sales per square foot from the pandemic impact, and profitable ramp-up in operations of the 'Unlimited' stores acquired in FY22.

This, along with calibrated expansions and low reliance on debt, is expected to keep the company's financial risk profile strong, with a conservative capital structure, strong liquidity profile, and robust debt coverage metrics.

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28 June 2022, Mumbai:

The online channel is expected to account for 50 per cent of Japanese sportswear brand Asics’ total sales in India in the next two-three years. The company’s local arm Asics India is also expanding its retail network by setting up retail stores across the country.

Currently, digital sales account for 35 per cent of its total sales in India, as per Rajat Khurana, Managing Director. This may increase to 50 per cent in the next two-three years, he adds.

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Asics India clocked wholesales of around Rs 200 crore last year. The company is witnessing a growth in the 'performance' segment, with the category accounting for around 60 per cent of total sales. It aims to be a leading sports brand in future.

This year, Asics India expects to grow around 30 per cent over last year. In the last two and half years, it has opened over 25 stores and this year, it plans to open 10 to 12 new stores, Khurana says. The target is to increase its store count to 85 by the end of this year, he adds.

Asics is also adopting new materials and technologies to improve the sustainability of stores while also providing a holistic shopping experience and service to its consumers.

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27 June 2022, Mumbai:

India’s largest fashion retailer, known for its on-trend, freshest styles and high-on fashion, Trends is all set to launch the hottest fashion sale–Trends Shopping Festival.

The shopping festival will offer discounts up to 50 per cent on 10,000 styles of men’s wear, kids wear and women’s wear. It will introduce interesting offers, reduce prices, assured gifts, rewards and points to customers across the country.

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Trends in India houses over 100 national and international apparel and accessory brands along with 20 own brands across men, women and children categories to fulfill every customer needs.

Reliance Trends owns brands: Avaasa offering Indian wear for women; Rio: a brand offering a vibrant range of snazzy trends for young women; FIG offering fashion wear for discerning, independent & working women; Fusion, a brand with range of fusion wear for women where east meets west & style meets comfort; Network offering formal office wear collection for men and women.

Netplay showcasing casual collection for the evolving workplace; DNMX offering exclusively crafted fashion garments like denims, Tshirts etc for the youth and acivewear barnd Performax to support performance in sporting activity.

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