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Retail 25-04-2022

Forever New unveils new sustainability campaign

25 April 2022, Mumbai:

On the occasion of Earth Day, Forever New unveiled a new campaign showcasing its progress on its sustainability goals.

The retailer unveiled its sustainability vision last year, driven by five key pillars: Responsible Fibres, Environment, Ethical Supply, Community, and Diversity and Inclusion.

ALSO READ EARTHDAY.ORG has launched a fashion for the planet campaign with the goal of changing the fashion industry's direction

As per the vision, by 2022-end, Forever New plans to make 80 percent of its garments with responsible fibers in a sustainable manner.

The company also plans to ban the use of faur leather in its collection.

RELEVANT NEWS Shivani Goel joins Forever New as VP-Marketing

It plans to make 50 percent of its polyester garments from recycled materials and cotton garments from 100 percent sustainable fibers.

Forever New MD Carolyn Mackenzie said the business is excited to make positive changes.

The brand is committed to becoming a champion of change in the industry, inspiring conscious shopping choices, he adds.

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Retail 25-04-2022

Forever New unveils new sustainability campaign

American Eagle to open multiple stores across India

25 April 2022, Mumbai:

American Eagle plans to open 50 stores across India over the next two years with its franchisee partners.

The brand recently launched its first franchise store in Jaipur in partnership with Arihant Agencies.

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

Spread across 1,700 sq ft. the store has two floors and houses the latest collections from the brand. AshishMukul, Brand Head, American Eagle India says, with stores across NCR, Hyderabad, Pune, Chandigarh, Chennai, Mumbai, Bangalore, Kolkata, and now Jaipur, the brand has covered most of the top cities in the country.

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

Tarun Sharma, Owner, of Arihant Agencies adds, Being America’s favorite jeans brand, American Eagle has immense scope for growing and taking the brand across new cities in India.

American Eagle retails in India through Aditya Birla Fashion and Retail Limited, which owns the rights for the brand in the Indian market.

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Retail 25-04-2022

American Eagle to open multiple stores across India

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

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 Retail eyes at Future assets under IBC

25 April 2022, Mumbai:

With the Reliance-Future deal off, Reliance Retail is open to participating in the bidding process for Future Group's assets under the insolvency resolution process.

Reliance Plans to Bid for Future Assets Under IBC.

ALSO READ FRL lenders to pursue group insolvency

May lower bid amount to adjust for receivables, delay in the process.

Still in the fray:
Reliance-Future deal pegged at Rs 24,713 crore.
Reliance wants to adjust Rs 6k-cr outstanding from Future.
Reliance could adjust the bid amount for receivables.
Reliance to factor in likely érosion of the value of Future Group's intangible assets.

RELEVANT NEWS Future of Future Group?

Reliance might not support any line of credit to Future Group.

Secured creditors, unsecured creditors, and shareholders of Future Group had last week voted in a process mandated by the NCLT to seek approval for the deal that has been hanging fire for 20 months amid opposition from Amazon.

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CREDITS: *ET Dt 25-04-2022 (The news article has not been edited by DFU Publications).

Retail 25-04-2022

Reliance Retail eyes at Future assets under IBC

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 to pursue group insolvency

25 April 2022, Mumbai:

The holistic resolution makes sense as biz of Future Group entities interdependent
What's in the Future

Future Group's outstanding dues: Rs 28,921 crores as of Jan 31, 2022.

Recovery could be 10% or less.

ALSO READ Future of Future Group?

Bol has filed a petition seeking insolvency proceedings against Future Retail.

Lenders will pursue the same route for other defaulting groups cos.

RELEVANT NEWS Reliance Retail takes over Future Group stores

MAIN ASSETS THAT REMAIN WITH THE FUTURE:
30 large-format stores, 300 small-format outlets, all on lease.
A fully automated supply chain solutions facility in Nagpur.
About 20 ownership stores pledged with different lenders.

Future Group's lenders will pursue group insolvency after the deal to sell assets to Reliance Industries Ltd (RIL) companies collapsed, said three people aware of the development, pegging recovery at less than 10%.

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CREDITS: *ET Dt 25-04-2022 (The news article has not been edited by DFU Publications).

Retail 25-04-2022

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

Reliance Retail boosts its “Handmade in India” program

23 April 2022, Mumbai:

In a strong boost to its ‘Handmade in India' programme, Reliance Retail today announced that it is embarking on several new initiatives aimed at showcasing authentic handcrafted products and promoting the rich Indian art forms globally.

ALSO READ Reliance Retail: Set To Launch Store Format 'Swadesh'

The initiatives are designed to help revive various traditional Indian art and craft forms, and provide a sustainable livelihood for hundreds and thousands of artisans and craftsmen in the ecosystem.

The programme is being spearheaded by Reliance Retail’s handicrafts brand Swadesh, which envisages an artisan-only dedicated store format for Handcrafted products from across the country.

RELEVANT NEWS Reliance Retail: Consolidates Inner-wear Portfolio

The first Swadesh store is expected to open in the second half of the current year and will house a wide range of products including handmade textiles, handicrafts, agriculture products, and other artisanal merchandise sourced directly from artisans.

Our standalone handicrafts destination store format, Swadesh is now on the anvil and will present India through its Art and Crafts and it will showcase everything from Apparel, Home Textiles, Home décor, Furniture, Jewellery, Wellness products and more,” says Isha Ambani, Director, Reliance Retail Ventures Ltd.

Reliance Retail and Reliance Foundation have also aligned to identify core epicentres for the various indigenous crafts and will set up RiSE centres, added Isha Ambani.

This endeavour has only become more sharply focused with the conceptualization of a new Swadesh platform under the lifestyle and fashion segment.

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Retail 23-04-2022

Reliance Retail boosts its “Handmade in India” program

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