17 May 2022, Mumbai:

Inditex’s joint venture with Tata, Inditex Trent Retail India’s revenues touched Rs 1,815 crore.

A year ago, it had reported a net loss of Rs 41 crore on net sales of Rs 1,126 crore.

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Trent also has a separate joint venture with the Inditex group to operate Massimo Dutti stores in India, and its revenues increased to Rs 59 crore during FY22 compared to Rs 34 crore in FY21.

Trent also runs Trent Hypermarket, as a part of an equal joint venture between Tata and British retailer Tesco, to run 61 Star hyper and supermarkets.

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The retailer’s sales increased 11 percent to Rs 1,338 crore in FY22 although losses widened to Rs 135 crore.

Inditex Trent Retail India is a part of the apparel, piece goods, and notions merchant wholesalers industry. The group has 4,033 companies and 1,030 employees across all of its locations.

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17 May 2022, Mumbai:

RP-Sanjiv Goenka Group firm Spencer’s Retail registered Rs 42.47 crore consolidated net loss in Q4 FY’22 as against the Rs 34.53 crore net loss posted during the corresponding quarter last year.

The group’s revenue from operations declined to Rs 541.84 crore during the quarter under review from Rs 592.36 crore in the year-ago period.

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Total expense was also lowered to Rs 607.25 crore as against Rs 650.73 crore in the corresponding quarter last year.

Currently, the group operates 154 stores with a total trading area of 13.57 lakh square feet as of March 31, 2022. The company’s newly acquired business Nature’s Basket clocked in a standalone turnover of Rs 66 crore during the year.

On a Y-o-Y basis, Spencer's Retail narrowed its consolidated net loss to Rs 121.46 crore from Rs 163.85 crore in 2020-21.

RELEVANT NEWS  Spencer's Retail Q1FY22 results posted

The company’s revenue from operations declined 5.28 percent to Rs 2,299.68 crore in 2021-22 from Rs 2,428.07 crore in the previous year.

Spencer’s Retail continues to focus on sales growth, cost savings initiatives, and network expansion. It aims to grow the omnichannel business by gaining better consumer insights and sharpening its communications, says Shashwat Goenka, Sector Head.

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13 May 2022, Mumbai:

Ritesh Mishra, Head-Operations and Property, Marks & Spencer Reliance India has been promoted to new Managing Director of the company. He takes over from James Munson who will now assume the role of Retail Director, M&S International, UK.

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Mishra will be responsible for leading and accelerating the growth of the company’s India operations. He will operate from the India support office in Gurgaon, Haryana, and report to Munson.

Mishra's appointment signifies the company's encouragement to build skills and expertise within the business and promote internal talent. It also signifies the retailers’ commitment to growing its business in the Indian market.

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Marks & Spencer entered a JV with Reliance Retail in April 2008 with a 51 percent share, and Reliance Retail with the remaining 49 percent share.

The JV operates all Marks & Spencer stores in India. It plans to continue focusing on its omni-channel business to grow its customer base in India.

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19 May 2022, Mumbai:

Ethnic wear and lifestyle brand FabIndia has expanded its retail footprint with a new brick-and-mortar store in Chennai.

The store spread across two floors, houses the brand’s wide range of clothes for men, women, and children, and accessories.

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It also houses bed linens, home décor, and the brand’s newly launched beauty and personal care range.

It features FabIndia’s signature bright white and natural wood store designs with central islands for its various clothing collections.

The store launched with the brand’s latest ethnic collection ‘Kachha Aam’, designed for summer 2022.

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Inspired by nostalgic summer memories of landscapes of bright mangoes, the collection mixes mango yellow with fresh whites and leaf greens for loose kurtas and sets for both men and women.

FabIndia recently launched a kidswear range named ‘FabKids’. The range offers homeware designed especially for children up to age nine, from bed linens in whimsical prints to camping play tents, cushions, dolls, and rugs.

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17 May 2022, Mumbai:

Reliance Retail-owned apparel and accessories specialty chain Trends has opened a new store in Alappuzha district, Kerala. *

As per a Retail4Growth report, the store will help strengthen the retailer’s reach and connection with consumers in India.

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Boasting modern looks and ambiance, the store offers an exciting range of good quality fashion merchandise at affordable prices for consumers in the region.

The 5,692 sq ft store is the first in Bharanikkavu town.

RELEVANT NEWS Reliance Retail posts Q4 FY’22 results

Trends has already opened six new stores across different districts in Kerala including Kottiyam in Kollam; Nooranad in Alappuzha; Beypore in Kozhikode and Kuttipuram, Ponnani, and Edavannapara in Malappuram district.

The retail store chain has over 777 retail stores all across the nation. It offers fashionable, high-quality clothes for both men and women through an extensive portfolio of Reliance Trends home brands, Indian brands, and international brands.

Reliance Trends has also got a strong presence online with the help of the Reliance Trends online store on Paytm Mall.

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CREDITS: *Retail4Growth report.

12 May 2022, Mumbai:

The Delhi High Court has ruled Future Retail has not breached SIAC’s ruling as it did not surrender 900 outlets to Reliance Industries in February rather they were taken over by the latter.

Similarly, the signing of agreements by landlords with RIL is also not restricted by the Singapore award, the court observed.

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Amazon had protested against the February takeover of 835 FRL stores by Reliance as a sham transaction. Lawyers of the e-commerce company have been arguing that an arbitral tribunal had restricted FRL from alienating its retail assets till the final verdict in the Amazon-Future Group dispute is given.

In October 2020, the proposed sell-off of Future Group retail assets to Reliance Retail was stayed by an emergency arbitrator of the Singapore International Arbitration Centre (SIAC).

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Amazon has been raising the issue of Reliance's February takeover of more than 800 of FRL stores in the Delhi High Court.

Reliance had taken over these outlets for allegedly non-payment rents by Future Group for months to the original lease holder Reliance Projects & Property Management.

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18 May 2022, Mumbai:

Amazon.com NV Investment Holdings has sought dismissal of the insolvency resolution plea filed by Bank of India against Future Retail from the National Company Law Tribunal.

ALSO READ Future of Future Group?

However, the bank has urged the tribunal to admit its application immediately to initiate insolvency proceedings against Future Retail to prevent further delays from jeopardizing the recovery of public money several Indian banks had lent to the struggling retailer.

Amazon had filed an intervention application terming the petition filed by the Bank as an act of malice and collusion' with the company and its promoters Kishore Biyani.

RELEVANT NEWS Reliance Retail takes over Future Group stores

Amazon also urged the tribunal to investigate fraudulent and malicious intentions of both the banks and FRL and impose a penalty on both.

Appearing for the Bank of India, Senior Advocate Ravi Kadam, argued that Amazon is neither a lender nor a borrower. Hence, it has no locus standi to file any such application at this stage. He said, as several officers of Future Retail have resigned, Reliance Industries needs to take control of the company.

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10 May 2022, Mumbai:

Leading premier fashion and beauty retailer, Shoppers Stop has chosen actress Sanya Malhotra as the new brand ambassador for a few private brands.

The move will help Shoppers Stop focus more on private brands as an important strategic pillar.

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The strategy resonates with the retail chain’s vision to improve engagement with women shoppers and simultaneously build its private-label portfolio.

Venu Nair, Customer Care Associate, Managing Director, and CEO, Shoppers Stop opines, that having Malhotra for the retailers’ private brands will help it improve resonance with consumers.

RELEVANT NEWS Shoppers Stop posts net profit in Q3 FY22

Her playful and cheerful personality coupled with her style quotient will help Shoppers Stop connect better across various geographies via its private labels.

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