29 April 2022, Mumbai:

Tata Group firm Trent reported a consolidated net profit of Rs 34.60 crore during the financial year ended March 31, 2022.

Total income grew to Rs 4,673.23 crore during the financial year ended March 2022 as against Rs 2,794.56 crore in the previous year.

ALSO READ Westside: Super App to grow reach by 10x

In Q4 ended March 31, 2022, Trent registered a net consolidated loss of Rs 20.87 crore against a net consolidated profit of Rs 17.44 crore in the corresponding quarter of the previous fiscal.

In Q4 FY22, the company's total income stood at Rs 1,372.97 crore as against Rs 972.99 crore in a similar quarter last year.

The company’s business was impacted by the third wave of the pandemic during the fourth quarter.

Operating profit declined during the quarter and the company saw lower full price participation in the January End Of Season Sale(EOSS) which materially impacted realized margins for the quarter.

RELEVANT NEWS Reliance Retail, Westside, Max all active retailers look at expansion as 2nd wave ebbs

From March, realized margins have since recovered and are broadly consistent with the trends witnessed during Q3.

Established in 1998 as part of the Tata group, Trent operates Westside, a chain of fashion retail stores, Trent Hypermarket, which operates in the competitive food, grocery, and daily needs segment, Landmark Stores and Zudio.

Join our community on Linkedin 

28 April 2022, Mumbai:

Future Lifestyle Fashions (FLF) has denied reports of selling a few fashion brands in its portfolio to raise Rs 1,000 crore.

The company has denied *a report published by the Economic Times on April 25, after Reliance Industries (RIL) called off its deal to buy assets of the Kishore Biyani-owned retailer.

The news report had claimed that the company had already finalised its deal to sell Cover Story to FLF for Rs 220 crore and will work with banks as well as existing investors to restructure loans.

ALSO READ Future Lifestyle Fashion revival plan starts after Reliance acquisition deal fizzles

However, FLF said, in the course of its business, the company explores and evaluates various possibilities.

At present, it does not plan to initiate any such action, which if otherwise, could have been announced by the company in terms of the SEBI Regulations, 2015.

RELEVANT NEWS Future of Future Group?

Owner of department store chain Central and discount store format Brand Factory, FLF has nearly a dozen apparel labels comprising Ancestry, Urbana, Cover Story, Indigo Nation, aLL, and Scullers in its portfolio.

Join our community on Linkedin 

CREDITS: *ET report.

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.

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

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.

RELEVANT NEWS Budget wish list 2022: IKEA appels for rollout of 'National Retail Policy'

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.

Join our community on Linkedin 

29 April 2022, Mumbai:

The Indian retail industry is set to grow 10 percent and reach approximately $2 trillion by 2032, according to a BCG-RAI report.

In the first 10 years, the Indian retail industry will grow by approx.

$2 trillion as consumption recovers after a two-year COVID pause, says Abheek Singhi, Managing Director, BCC.

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

In the next decade, organized retailers will focus on expanding their retail footprint across all formats including offline and online, he adds.

Growing at approximately 12 percent pre-pandemic, India’s retail consumption declined during the pandemic but has now recovered to surpass pre-pandemic growth levels at 17 percent.

RELEVANT NEWS RAI : Retail clock decent sales growth in March

The E-commerce industry in India is expected to grow to $130 billion by 2026, as compared to $45 billion in 2021, as per the report.

An in-depth study of retail players, the report identifies challenges in the current environment and highlights emerging trends and models likely to shape the future of retail.

Join our community on Linkedin 

27 April 2022, Mumbai:

Reliance Retail’s largest and fastest-growing apparel and accessories store chain – Trends launched six new stores across Kerala.

The stores were launched at Kottiyam in Kollam; Nooranad in Alappuzha; Beypore in Kozhikode; and Kuttipuram, Ponnani, and Edavannapara in Malappuram district.

ALSO READ Reliance Retail, Trends: New Stores In Balugoan & Daspalla

The new Trends store offers an exciting range of good quality fashion merchandise for the region’s customers.

Its products are priced affordably and offer great value for money. The storehouses latest Women’s Wear, Men’s Wear, Kids' Wear, and fashion accessories collections at affordable rates.

The Trends store in Kottiyam spans 8.880 sq. ft while that in Nooranad spans 7,150 sq. ft.

RELEVANT NEWS Reliance Retail, The fashion and lifestyle division: Achieves its greatest quarterly revenue ever

The Beypore store is spread over 5,538 sq. ft while the Kuttipuram store covers 7,180 sq. ft. The size of the Ponnani store is 6,500 sq. ft while that of the Edavannapara store is 6,840 sq. ft.

The stores have launched a special inaugural offer for customers. It is offering them a Rs 199 gift on purchases of Rs.3,499 and above.

Customers will also get coupons worth Rs 3,000 absolutely free on purchases of Rs.2.999.

Join our community on Linkedin 

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.

ALSO READ VMART Retail Ltd Q3 FY22 results

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.

RELEVANT NEWS V-Mart Retail, Lalit Agarwal: Normal revenue expected despite Covid 3rd wave disruptions

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.

Join our community on Linkedin 

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

27 April 2022, Mumbai:

Future Group has started the revival process for apparel firm Future Lifestyle Fashions (FLF) after Reliance stalled a deal to buy the retailer’s assets.

As a part of this revival process, FLF plans to raise Rs 1000 crore by selling a few fashion brands in its portfolio.

ALSO READ Future of Future Group?

The company has already finalized a deal to sell the fast-fashion brand Cover Story for Rs 200 crore and will work with banks and existing investors to restructure loans.

It plans to monetize assets to continue operating smoothly.

Reliance Industries (RIL) recently stalled a deal to purchase Future Group's assets following the rejection of secured lenders to the proposal.

RELEVANT NEWS Future Group starts revival process for 'Future Lifestyle Fashion'

Announced in 2020, the Rs 24,713-crore acquisition plan resulted in a protracted legal battle between Amazon and Future Group in Supreme Court as well as an arbitration tribunal in Singapore.

With the deal falling off, Shailesh Haribhakti, Chairperson and Independent Director, Future Lifestyle Fashions, resigned on April 22. 2022.

In a letter to FLFL, Haribhakti said, the volatile, complex and unpredictable legal and financial circumstances in the company were reasons behind his quitting the company.

Join our community on Linkedin 

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.

ALSO READ Shoppers Stop to open new department stores

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.

RELEVANT NEWS Shoppers Stop posts net profit in Q3 FY22

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.

Join our community on Linkedin 

28 April 2022, Mumbai:

Departmental store chain Shoppers Stop plans to make a few acquisitions in the direct-to-consumer (D2C) segment, says Venu Nair, Managing Director, and CEO.

The store chain is also onboarding several D2C companies on its digital platform and on the soon-to-be-launched digital app under its beauty format SS Beauty adds Nair. The company will launch its SS Beauty app in August.

ALSO READ Shoppers Stop to open new department stores

Shoppers Stop also plans to launch a few more exclusive brands for its online platforms.

The departmental store’s footfalls have reached pre-COVID levels with the reopening of the economy, which has also been fuelled by events such as marriages and the opening-up of offices.

After a turbulent two years, the retail industry has finally recovered.

RELEVANT NEWS Shoppers Stop posts net profit in Q3 FY22

As per a recent report by *the Retailers' Association of India, sales in February 2022 grew by 6 percent from pre-pandemic sales levels and 10 percent compared to sales levels in the same month last year.

According to CRISIL, after the 40 percent decline last fiscal due to COVID-19, the revenue of brick-and-mortar apparel retailers will grow 20-25 percent on-year this fiscal, driven by a strong recovery in demand despite the third wave of the pandemic.

Join our community on Linkedin 

CREDITS:  *The Retailers' Association of India & crisil report.