11 June 2022, Mumbai:

Set to open in the coming month, the Lulu Mall in Lucknow has leased out approximately 6 lakh sq ft to the Lulu Group.

The project has over 200 national and international brands in an area spanning over 20 lakh sq. ft. Over 84 per cent retail space of the mall has been leased out so far.

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The mall has leased out space to brands such as Lulu Hypermarket, Decathlon, Starbucks, Nykaa Luxe, Kalyan Jewellers, Costa coffee, and Chili’s, among others.

An 11-screen PVR super-plex will be launched later this year. The mall houses 15 fine dining restaurants and cafes, and a food court with a seating capacity of 1,600.

Lulu Lucknow is the largest mall by the group in India.

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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.

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13 June 2022, Mumbai:

In Q4FY22 , V2 Retail’s net profit declined by 177.41 per cent to Rs 9.5113 crore from Rs 12.2871 crore. The company’s total income declined by 32.52 per cent to Rs 161.9099 crore from Rs 239,9551crore. The company’s EPS declined by 177.09 per cent to 2.76 from Rs 3.58.

On a Year-on-Year basis, V2 Retail’s proifit declined by 7.36 per cent from Rs 10.2665 crore to Rs 9.5113 crore. The company’s income declined by 18.11 per cent fromRs 197.72 croreto Rs 161.90 crore.Its EPS declined by 8.31 per cent from Rs 3.01 to Rs 2.76.

V2 Retail is one of the fastest growing retail companiesand one of the most experienced one. It offers an unparalleled retail mix combined with value and variety to its shoppers. The company’s presence in 17 states of India with 96 high fashionable operational stores, make it stand out amongst the pioneers in setting up unique precincts with modern ambience retail chain.

10 June 2022, Mumbai:

India’s online fashion market will grow 35 percent to $30 billion in the next five years, as per predictions made by Flipkart’s fashion arm Myntra.

As per a *Fashion Market report, Myntra expects India’s e-commerce business to grow 30 percent during the period.

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Almost one-third of fashion in India is expected to be sold through digital platforms over this period.

By 2030, India will have one billion internet users, says Nandita Sinha, CEO. Around half its population is currently below 25 years of age and Myntra aims to capture these consumers through its increasingly interactive online shopping features such as live shopping.

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Sinha says young consumers will help fuel the growth of the company in the coming years. It looks to identify these consumers and understand their preferences and choices.

Besides fashion, Myntra also aims to capitalize on direct-to-customer brands in the beauty segment, and India-specific collections from international brands. Myntra has expanded its beauty segment with numerous new additions ahead of its largest sale event of the year to tap into the growing symbiosis of fashion and beauty.

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CREDITS: *Fashion Market Report

07 June 2022, Mumbai:

The size of the fashion e-commerce market in India will grow by 35 per cent to around $30 billion in the next five years, says NanditaSinha, CEO, Myntra.

According to Sinha, the Indian e-commerce industry is going through a "transformational" growth phase with India having 1 billion internet users by 2030 and 50 per cent of its population below 25 years. A lot of these consumers who are below the age of 25 will get digitized.

India is an under-penetrated country from the brands point of view as it has less brands per capita consumption than the Southeast Asian countries or the West, adds Sinha.

There is a proliferation of brands that is coming into the country to build their brand base, be successful across both online and offline channels and use the next seven to eight years to establish themselves very deeply in the country, she adds further.

Along with international brands, there is an increasing element of building homegrown D2C brands, Sinha adds. Brands are also taking the opportunity to create specialized capsules for India, which are rooted in Indian culture, she states.

13 June 2022, Mumbai:

Inditex Trent Retail India (ITRIPL), a JV which is engaged in the operation of Zara stores in India, reported a net loss of Rs 41 crore in 2021 while its revenue fell by 28.3 per cent to Rs 1,126 crore in the pandemic impacted year.

The Inditex group of Spain owns 51 per cent while Trent has 49 per cent in ITRIPL.

The entity for Zara currently operates 21 stores across 11 cities. There has been no increase in the number of stores in the last two years.

Inditex group of Spain has another similar association with Trent, which operates Massimo Dutti stores in India. It has also reported revenue growth of 43.9 per cent during FY22. The entity operates three stores and recorded revenues of Rs 59 crore in FY22. Its profit grew to 1.48 crore in FY22.

The business of both entities is essentially limited to the distribution of Zara and Massimo Dutti products in India.

Both entities are required to source merchandise only from the Inditex Group.

09 June 2022, Mumbai:

Melbourne based premium fashion brand, Forever New has launched its first store in Ahmedabad, Gujarat.

Spread across f 1,000 sq ft, the store houses the latest collections from the brand including the newly launched ‘Feel Fresh’ collection.

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Dhruv Bogra, Country Head, Forever New says Gujarat is a potential market for Forever New and motivates the brand to have a stronger presence in the country in the coming years.

The new store launched with the brand’s S/S’22 collection, ‘Feel Fresh’. The range includes beautiful garments such as dresses, jumpsuits, blouses, etc.

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The range also offers a wide range of accessories such as hats, sunglasses, jewelry pieces and handbags.

Founded in Melbourne, Forever New currently has 41 stores across the country. The brand is also available in Shoppers Stop, Iconic, Kapsons, and other stores.

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