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Retail 23-04-2022

FRL stares at bankruptcy proceedings

23 April 2022, Mumbai:
The Mumbai- based Future Retail (FRL) may be staring at bankruptcy proceedings after Friday's developments.

ALSO READ Reliance Retail takes over Future Group stores
A senior banker said that they had no choice but to reject the proposal as the Reliance group had not made any commitments and Biyani, once hailed as the king of retail, did not appear to have any backing for the scheme he had put up.

Reli ance moved in the last week of February to take control of 800-900 stores of FRL over non-payment of rentals.

FRL which was deeply impacted during the pandemic and defaulted several times over its loan payments.

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Retail 23-04-2022

Ikea India appoints Adosh Sharma as Country Expansion Manager

22 April 2022, Mumbai:

Swedish home furnishings retailer Ikea has appointed Adosh Sharma new Country Expansion Manager. Sharma will lead Ikea India’s expansion and growth plans.

He will take over the responsibilities from Per Hornell and report to Susanne Pulverer, CEO, Ikea India.

ALSO READ IKEA looks forward to National Retail Policy (NRP) rollout

A seasoned professional with over 20 years of experience in retail, Sharma has worked across India, the Middle East, and North Africa markets.

His last assignment was with Al Futtaim where he worked with brands such as John Lewis, Marks and Spencer, and Eggo as General Manager.

He says Ikea has been able to build a strong foundation in India through its omnichannel presence and looks forward to providing customers with accessible, affordable, and sustainable home furnishing solutions.

IKEA India has been operating in India for 30 years as a part of the INGKA Group, sourcing many different products for IKEA stores worldwide.

It sources products for approximately € 315 million every year, with the aim of doubling it in the next few years.

The company works with 48 suppliers in India, engaging over 45,000 direct co-workers and approximately 400,000 coworkers in its extended supply chain.

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Retail 22-04-2022

Ikea India appoints Adosh Sharma as Country Expansion Manager

Retailers optimistic as apparel sales clock growth in March

21 April 2022, Mumbai:

The resurgence of retail sales to 12 percent in March 2022, compared to the pre-pandemic level of March 2019, has made Arvind Fashions and Metro Brands more confident about growth prospects.

Retail sales in India grew 28 percent over the same month last year, as the government lifted pandemic-related restrictions.

ALSO READ January retail sales restricted to 91 per cent of pre-pandemic levels: RAI

Kulin Lalbhai, Executive Director, Arvind Fashions adds, that marriages in the quarter along with the return to normalcy drove retail sales growth in March.

Nissan Joseph, the CEO, of Metro Brands, adds that the apparel category, which experienced a 10 percent price rise is expected to experience another hike later this year.

There could be another price hike during the autumn-winter season, adds Lalbhai.

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CREDITS: Retailers Association of India (RAI) report.

Retail 21-04-2022

Retailers optimistic as apparel sales clock growth in March

FRL lenders keenly await RIL's 'Debt Distribution Plan'

18 April 2022, Mumbai:

If Reliance proposes to take over a large chunk of Biyani co's dues, lenders may be keen to vote in scheme's favour.

In a huddle: Shareholders & Creditors.

ALSO READ Reliance Retail takes over Future Group stores

But RIL hasn't yet spelled out the quantum of Future debt it will take over.

Lenders want RIL to absorb a large portion of this debt.

Estimated dues of Future Group are at over Rs 25k crores.

Voting on the scheme is scheduled this week, but creditors of Future Retail Ltd have not received a plan yet spelling out the distribution of the proceeds from the proposed slump sale of the group's assets to Reliance-linked entities, said three people aware of the matter.

Expect timely payment of their dues since Reliance has an 'AAA' rating.

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CREDITS: ET Dt 18-04-2022 (The news article has not been edited by DFU Publications staff)

Retail 18-04-2022

FRL lenders keenly await RIL's 'Debt Distribution Plan'

Reliance Retail: Set To Launch Store Format 'Swadesh'

22 April 2022, Mumbai:

Reliance Retail To Launch New Store Format 'Swadesh' Led By Artisans.

Reliance Retail said on Thursday it will launch a new store format - Swadesh - that will sell handmade textiles, handicrafts, Agri items, and other products sourced directly from artisans.

ALSO READ Reliance Retail: Consolidates Inner-wear Portfolio

The first Swadesh store will be rolled out in the second half of the current fiscal year, Reliance Retail said in a press release on Thursday.

The company said Swadesh is part of its 'Handmade in India' programme that is aimed at showcasing authentic hand-crafted products and promoting the rich Indian art forms in markets around the world.

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CREDITS: ET Dt 22-04-2022 (The news article has not been edited by DFU Publications staff).

Retail 22-04-2022

Reliance Retail: Set To Launch Store Format 'Swadesh'

FRL holds shareholders' meet

21 April 2022, Mumbai:

FRL holds a meeting of shareholders for a deal with Reliance Retail.

Big Bazaar parent Future Retail (FRL) on Wednesday held its shareholder's meeting for the approval of its proposed sale of retail assets to Reliance Retail.

ALSO READ RIL to buy Future Group’s retail assets at original price

The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing.

RELATED NEWS FRL Proposes To Transfer Debt To RIL
Haribbakti has been appointed by the NCLT to chair the meeting.

The result of the voting will be announced in due course, it added. TNN

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CREDITS: TOI Dt 21-04-2022

Retail 21-04-2022

FRL: Shareholders, creditors meet legitimate

16 April 2022, Mumbai:

Big Bazaar parent Future Retail (FRL) on Friday said the meetings of its shareholders and creditors that are scheduled to be held on April 20 and 21 for the approval of its proposed deal with Reliance Retail are "legal" and conform to the directions issued by NCLT.

ALSO READ Future Group refuses to implement Amazon’s investment in Future Coupons

The regulatory filing by the Kishore Biyani-led entity comes in the wake of a warning by Amazon, which wants to block the deal.

Earlier this week, a US retailer shot off a letter to FRL's promoters, alleging that the meetings are "illegal" due to injunctions granted by a Singapore-based emergency arbitrator.

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CREDITS: TOI Dt 16-04-2022 (The news article has not been edited by DFU Publications staff).

Retail 16-04-2022

FRL: Shareholders, creditors meet legitimate

Future-RIL Deal

22 April 2022, Mumbai:

Most Banks may have voted against the FRL-Reliance deal.

A majority of domestic banks may have voted against Future Group's sale of assets to Reliance-owned firms, while overseas bondholders and some non-bank lenders have voted in favour.

The vote was held.

ALSO READ Reliance Retail takes over Future Group stores

The deal could fall through if the future fails to get a majority vote from creditors and shareholders.

Decision Making
The outcome of Wednesday's shareholders' voting is expected on Friday.

Future Group needs the approval of at least 75% of shareholders' and creditors' votes in each of the 6 listed companies in order for the scheme to go through.

The outcome of Thursday's voting by lenders and unsecured creditors is expected to come by the weekend.

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CREDITS: ET Dt 22-04-2022 (The news article has not been edited by DFU Publications staff)

Retail 22-04-2022

Shivani Goel joins Forever New as VP-Marketing

20 April 2022, Mumbai:

Shivani Goel, Head-Marketing Communications and International Expansion, Colorbar, has been appointed the new Vice President-Marketing by Melbourne-based premium fashion brand, Forever New effective from April 2022.

Goel will lead the brands’ communications across all channels, strategy, retail marketing, and public relations.

ALSO READ Forever New launches new Autumn/ Winter range

She will focus on achieving excellence in CRM, e-commerce operations, influencer management, digital marketing, and brand ambassador program.

With over 18 years of experience in brand management, communication, and PR, Goel has led many brand campaigns.

She has also designed, and implemented curated concepts for brand launches, led the influencer marketing program, and partnered for brand expansion in international markets.

She also led marketing activities for Major Brands India-group brands such as Mango, Aldo, La Senza, Nine West, Koovs.com, etc.

Along with Forever New, she aims to set a new benchmark in the fashion industry.

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Retail 20-04-2022

Shivani Goel joins Forever New as VP-Marketing

H&M launches new linen collection

15 April 2022, Mumbai:

Leading apparel brand H&M has launched a new collection of linen long sleeve shirts, linen tees, relaxed-fit resort shirts, along with pull-on trousers and shorts both in relaxed fits.

The silhouettes and colors give the collection a fresh and light feel through neutral shades along with playful prints.

ALSO READ Despite persistent retail limitations, H&M returns to pre-pandemic sales level

Its garments are designed in soothing neutral and pastel tones making the collection a perfect addition to a summer wardrobe.

The collection features classic menswear pieces, relaxed tailoring, and more sustainable materials that combine to create a modern range of everyday wear, says Amit Kothari, Regional Marketing & Communications Manager – South Asia.

The collection launched with a campaign, starring musician and artist Armaan Malik, embodying the message of freedom to be your own self.

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Retail 15-04-2022

Bhumika Group to launch ‘Lifestyle’ store in Udaipur

21 April 2022, Mumbai:

Real estate developer Bhumika Group plans to launch a new store in collaboration with fashion retailer Lifestyle spanning 22.000 sq. ft. in Udaipur inside the ‘Urban Square Mall.

ALSO READ As retail limitations reappear, retailers are resuming rent negotiations with malls

A part of the Dubai-based retail and hospitality conglomerate, the Landmark Group, Lifestyle is a one-stop shopping destination for Indian men, women, and children for apparel, footwear, handbags, fashion accessories, and beauty products.

The store offers shoppers an enhanced shopping experience through its assortment of national and international brands.

Launched in a joint venture with Trehan Developers, Alwar, the Urban Square Galleria Mall by the Bhumika Group is spread over 1 lakh sq ft.

It comprises retail shops, a food court, restaurants, multiplex, and an entertainment zone.

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Retail 21-04-2022

Bhumika Group to launch ‘Lifestyle’ store in Udaipur

Reliance Brands buys majority stake in 'Abu Jani Sandeep Khosla'

19 April 2022, Mumbai:

The strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe.

Reliance Brands Limited (RBL), a subsidiary of Reliance Retail Ventures Ltd, on April 19 signed a definitive agreement to invest either by itself and/or through its affiliates in India’s foremost couturiers Abu Jani Sandeep Khosla (AJSK) for a 51 percent majority stake.

ALSO READ Reliance Brands: Shopping Spree Continues As It Forms JV with Designer Rahul Mishra

Based in Mumbai, Abu Jani and Sandeep Khosla are India's premier couturiers. An AJSK ensemble is considered a wise investment due to its repeat value, the company added in a statement.

Deal with AJSK is RIL's 8th such tie-up with an Indian design label. It plans to shore up its ethnic labels portfolio and take them global.

Darshan Mehta, managing director of RBL, demurs from considering the partnership as a trophy acquisition.

He muses, “If I were to sit where they are sitting, having nurtured their brand from 1986, it is not easy to have someone else come and sit at the table.

Reliance Brands said the investment will happen either directly through itself or through an affiliate and is aimed at accelerating the growth within India and in the global markets of the 35-year-old couture founded by the designer duo.

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CREDITS: Money Control Business Today Vogue ET (The news article has not been edited by DFU Publications staff)

Retail 19-04-2022

Reliance Brands buys majority stake in 'Abu Jani Sandeep Khosla'

Flipkart’s Singapore arm invests in Myntra

14 April 2022, Mumbai:

The Singapore arm of e-commerce company Flipkart has invested $116 million in fashion retailer Myntra.

This increases Flipkart’s investment in its various businesses in March to over $800 million.

In March, Flipkart invested $553 million in its marketplace business and another $143 million in the new healthcare business. The e-commerce company also launched a separate app for healthcare businesses, called Flipkart Health+.