25 May 2022, Mumbai:

Lulu Group plans to set up malls in Karnataka and has signed a Memorandum of Understanding with the government for the same.

Lulu Group will set up four shopping malls, hypermarkets, and food processing units for agricultural exports.

ALSO READ Lulu Group to invest to set up food park in Kerala

To begin from FY2023, the investment will add 10,000 jobs to the state.

The MoU was signed during the World Economic Forum in Davos in Switzerland which runs until May 26. EV Ramana Reddy, Additional Chief Secretary - Industries, Karnataka signed the MoU with MA Yusuf Ali, Chairman, Lulu Group, Headquartered in UAE, Lulu Group is operated by MA Yusuff Ali who hails from Thrissur, Kerala, and launched the business in the year 2000.

RELEVANT NEWS  LuLu Group, UAE J&K government & signed a Memorandum of Understanding (MOU)

The multinational conglomerate operates across Asia and also has a retail estate and hospitality businesses.

Join our community on Linkedin 

20 May 2022, Mumbai:

In its fourth quarter ended March 31, 2022 net profit of Cantabil Retail India declined 66.74 per cent to Rs 8.1236 crore compared to a profit of Rs 23.7106 crore posted in the third quarter ended December 31, 2021.

ALSO READ 'Cantabil Retail India' to expand store network

*As per an Equity Bulls report, the company’s total income grew 1.22 percent to Rs. 135.4679 crores during the quarter compared to Rs 133.8306 crores during the quarter ended December 31, 2021.

RELATED NEWS Cantabil offers intermediate solution to changing demand with new collection

On a Y-o-Y basis, Cantabil Retail India’s net profit was up 11.55 percent to Rs 8.1236 crore for the fourth quarter ended March 31, 2022, as against a net profit of Rs 7.2826 crore posted during the fourth quarter ending March 31, 2021.

The company’s total income increased 42.63 percent to Rs 135.4679 crores during the quarter ended March 31, 2022, compared to Rs.94.9777 crore during the quarter ended March 31, 2021.

Join our community on Linkedin 

CREDITS: *An Equity Bulls report.

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.

Join our community on Linkedin 

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.

ALSO READ Zara continues its metaverse journey

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.

RELEVANT NEWS Trent Ltd plans 425 fashion stores by March 2022

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.

Join our community on Linkedin 

24 May 2022, Mumbai:

American casual wear retailer American Eagle plans to add another 50 stores in India over the next three years.

Present in India through Aditya Birla Fashion and Retail Ltd., (ABFRL), the parent company of the brand entered into a multi-store deal with ABFRL in August 2017.

ALSO READ American Eagle, India soars Hi with 1st Franchisee Store

The company opened the brand’s first high street store in Jaipur. It plans to expand its retail footprint across India, says AshishMukul, Brand Head, American Eagle India.

An iconic global jeans brand, American Eaglehas stores across NCR, Hyderabad, Pune, Chandigarh, Chennai, Mumbai, Bengaluru, and Kolkata. The global specialty retailer offers clothing, accessories, and personal care products under its American Eagle Outfitters and Aerie brands.

RELEVANT NEWS  'American Eagle Outifitters' launches first brand store in Kolkata

The company operates over 1,000 stores in the US, Canada, Mexico, China, and Hong Kong, and ships to 82 countries worldwide. American Eagle Outfitters and Aerie merchandise are also available at more than 190 international locations operated by licensees in 24 countries.

ABFRL, on the other hand, operates brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England in India. It has long-term exclusive partnerships with brands such as Ralph Lauren, Hackett London, Simon Carter, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok.

The company has a network of 3,468 stores and approximately 28,585 multi-brand outlets.

Join our community on Linkedin 

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.

ALSO READ Spencer's Retail reports Q2 results

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.

Join our community on Linkedin 

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.

ALSO READ Fabindia to build new product portfolio for new international markets

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.

RELEVANT NEWS FabIndia IPO Focuses @ ESG Investors

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.

Join our community on Linkedin 

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.

ALSO READ Reliance Retail Looks @ Foraying Into Beauty & Cosmetics Biz

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.

Join our community on Linkedin 

CREDITS: *Retail4Growth report.