09 May 2022, Mumbai:

The pre-tax profit of Reliance Retail increased by 2.43 percent increase to Rs 3,705 crore during the fourth quarter ended March 2022.

Revenue from operations of the organized retail segment increased 23.09 percent to Rs 50,834 crore during the March quarter from Rs 41,296 crore in the year-ago period.

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Gross revenue surged 23.27 percent to Rs 58,017 crore during the period from Rs 47,064 crore in the corresponding quarter.

Its EBITDA grew 2.4 percent Y-o-Y during the quarter to Rs 3,705 crore. EBITDA before investment income reported a bigger growth of 16.3 percent Y-o-Y to Rs 3,584 crore due to the robust performance in Fashion & Lifestyle and Grocery consumption baskets.

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Reliance Retail also added more stores during the quarter besides investing in network and infrastructure expansion.

It opened 793 new stores besides adding 3.1 million sq ft of warehousing and fulfillment space during the quarter. It currently operates on 41.6 million sq ft space.

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04 May 2022, Mumbai:

Future Group plans to sell some of its assets to repay part of the debt it owns as it faces bankruptcy proceedings on the failure of the Rs 25,000-crore Future-Reliance deal.

The group plans to sell the plus-size clothing store chain-All for around Rs 1,000 crore. It also plans to sell the Cover Story brand for Rs 250 crore.

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These proceeds will be used to partly pay FLL’s dues, which are pegged at around Rs 2,500 crore.

Of the roughly Rs 29,000 crore debt owed by the group, Rs 18,500 crore is owned by Future Retail while Future Enterprises owes Rs 5,500 crore.

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Future Enterprises is a manufacturer and supplier of fashion garments to the group’s outlets under Future Lifestyle, which houses brands such as Central and Brand Factory.

The remaining companies, Future Consumer, which owns brands such as Foodpark, CareMate, and Desi Atta and the group’s logistics arm Future Supply Chain have a combined debt of around Rs 1,700 crore.

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30 April 2022, Mumbai:

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.

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According to Pulverer, this will enable Ikea to lower prices for its customers and help it create more jobs, enhance skills and keep costs low while reducing environmental impact as well.

Pulverer said the hike in transport and raw material costs has also impacted IKEA like everyone else.

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Further, she added, IKEA India plans to make a complete conversion to electric vehicles (EV) for goods delivery by 2025.

This will enable the retailer to reduce carbon emissions.

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06 May 2022, Mumbai:

Maddy Evans is the new Director of M&S womenswear business with Jill Stanton stepping down from the position.

The retailer, whose operations reported strong recovery in recent months, is promoting Evans from within.

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She joined the brand in 2019 and has been instrumental in reshaping the womenswear business.

Evans was responsible for M&S x Ghost collaboration that made a big impact on the brand.

She also launched a new initiative like The Edit besides helping improve customer views of the firm’s offer in terms of value and style.

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As against the full spread of categories that Stanton was in charge of, Evans will be responsible solely for the brand’s womenswear business.

M&S kidswear business will now be managed by Wes Taylor, Director-Menswear while the Beauty Segment will be managed by Heidi Woodhouse, Director-Home.

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30 April 2022, Mumbai:

V-Mart 18 Ltd. is a Great Place to Work-Certified™ organization.

Great Place to Work® Certification is recognized the world over by employees and employers alike and is considered the ‘Gold Standard’ in identifying and recognizing Great Workplace Cultures.

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V-Mart 18 Ltd. has created a Great Place to Work FOR ALL their employees by excelling on the 5 dimensions of a High-Trust, High-Performance Culture™ – Credibility, Respect, Fairness, Pride and Camaraderie.

Business Description: V-Mart Retail Ltd.

Led by a unique focus on locations where urban and rural India meet and are united by the common aspiration to look good and dress fashionably, V-Mart delivers affordable fashion to the aspiring class in Tier II, III, and IV towns.

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Underlying this V-Mart value proposition is a strong ethos of diversity that is called India, aimed at bringing smiles through a diversified and exciting portfolio of the latest value fashion delivered to the aspiring consumer in small towns.

By consistently delivering on its promise, the Company has earned the trust of consumers, more than 35 million of whom visited V-Mart stores this year.

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CREDITS: greatplacetowork (The news article has not been edited by DFU Publications staff)

05 May 2022, Mumbai:

Rakesh Biyani, Managing Director, Future Retail has resigned from his position along with Virendra Samani, Company Secretary, and Compliance Officer, and Gagan Singh, independent Director.

Prior to this, Biyani was the joint Managing Director of Future Retail from 2005.

He is also on the board of multiple Future Group companies.

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Samani has worked with the company for over 14 years. Besides being the company secretary, he was also the Chief of Legal for Future Retail.

He has over 20 years of experience in legal, secretarial, and compliance areas coupled with international exposure and listing on the Singapore Stock Exchange. He was earlier associated with Damas Jewellery, JSW Group, Aditya Birla Group, and Lockheed Martin Corporation, USA.

With over 35 years of experience, Singh was reappointed as Independent Director for one year effective April 30, 2021. Besides Future Retail, she is also on the board of Timex Group and a consultant to Anuj Puri’s Anarock Property Services.

Sadashiv Nayak, the CEO, of Future Retail, has resigned from his position barely seven months after his appointment. He has been associated with the company for over 18 years ago.

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Prior to being the CEO of Future Retail, he was the CEO of Big Bazaar.

Future Retail is facing insolvency cases from the Bank of India over unpaid dues. Its lenders recently disapproved of the possible asset sale to Reliance for over Rs 24,713 crore.

This deal was also opposed by Amazon which had invested in a sister concern of Future Retail in 2019. The companies are tied in multi-legal tussles.

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29 April 2022, Mumbai:

India’s retail sales is set to grow in low double digits this fiscal year as footfalls at offline stores surge with the easing of restrictions, says Venu Nair, Managing Director, and CEO, Shoppers Stop.

The future of retail in India will be omni-channel through online will continue to remain important, he adds.

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The retailer expects portfolio footfalls into stores as well as online shopping to continue growing in the coming year.

This year, Shoppers Stop plans to open 15 department stores and 20 beauty stores. And another 15 department stores and 20 beauty stores in FY23, notes Nair.

It plans to partner with a number of international and national brands for its expansion besides adding new brands to its online portfolio.

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Shoppers Stop holds a multitude of leading international and national brands for apparel, fragrances, accessories, cosmetics, footwear, home décor, and furnishings in its portfolio.

The retailer aims to provide a memorable international shopping experience to customers. It is one of the largest chains of department stores across India.

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