07 March 2022, Mumbai:

Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday to the Spanish regulator.

“In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity,” the Zara owner company said.

ALSO READ: A new 170,000m2 building to house the Zara sales and design teams within Inditex’s complex in Arteixo

Russia accounts for around 8.5% of the group’s global EBIT, Inditex added. (Reporting by Corina Pons, Editing by Louise Heavens).

RELATED ARTICLE Zara makes the first move to capture South Korea's metaverse Zepeto

Join our community on Linkedin 

CREDITS: Financialpost.com. 

04 March 2022, Mumbai:

For its online apparel buyers, Walmart has launched a new virtual fitting room. The debut comes roughly nine months after Zeekit, an Israeli virtual try-on technology business, was acquired.

Online fashion clothes consumers, according to the business, find it difficult to visualize how an item would appear on them.

Walmart's objective with Zeekit is to provide an inclusive, immersive, and personalized digital experience that better replicates physical purchasing, according to the company.

"Starting with the Choose My Model experience, we're bringing Zeekit technology to Walmart app and Walmart.com consumers." Customers may choose from 50 models with heights ranging from 5'2" to 6'0" and sizes ranging from XS to XXXL.

ALSO READ Flipkart owned by Walmart: Rides on live commerce bandwagon

Customers may choose the model that best resembles their height, body shape, and skin tone to see how an item will seem on them.

In the weeks ahead, we'll debut over 70 additional model possibilities to provide an even larger range of sizes, skin tones, and hair colors," says Denise Incandela, EVP of Apparel and Private Brands, Walmart USA, in a news statement.

RELATED ARTICLE: Walmart invites Indian sellers to join curated sellers’ community

Join our community on Linkedin 

*CREDITS: adweek.com & Apparel Resources.

08 March 2022, Mumbai:

Gap, the American apparel behemoth, has released its fourth-quarter and fiscal-year 2021 results!

The US retail behemoth's fourth-quarter net revenues increased by 2% to $ 4.5 billion, while sales declined by 3% when compared to the same period last year. On a year-over-year (Y-o-Y) and two-year-ago basis, comparable sales increased by 3% in the fourth quarter. The retailer's fiscal year 2021 net sales increased by a stunning 21% year over year to a record US $ 16.7 billion, up from 2% in fiscal year 2019.

ALSO READ: Target's Q4 incremental traffic, marked a quarter of growth

Comparable sales for fiscal year 2021 increased by 6% year over year and 8% when compared to fiscal year 2019. The gross margin in Q4 was 33.7 percent (260 basis points lower than the adjusted gross margin in 2019), but it was 39.8 percent in 2021.

(improved 220 basis points versus 2019 adjusted gross margin).

Operating expenditures for the fourth quarter were US $ 1.5 billion, or 33.5 percent of net sales, while adjusted operating expenses were 33.3 percent of net sales.

On a reported basis, operational expenditures for the fiscal year 2021 were the US $ 5.8 billion, or 35.0 percent of net sales. Operating expenditures as a percentage of net sales were 34.3 percent.

"Today, we fully closed the books on FY 2021 by announcing fourth-quarter profits and reporting US $16.7 billion in net revenues, up 21% year over year."

This is the product of our whole Gap Inc. team's hard work and devotion to our consumers, which I witness in action every day. Our 100K+ strong team is working hard to develop our business, distinguish our brands, accelerate our transformation, and be a force for good in the face of continuous turbulence.

I'm optimistic about our growth plan as we begin 2022.

"I hope you're as energized as I am as you watch this wonderful montage of our Spring creative from Old Navy, Gap, Banana Republic, and Athleta – full of positivity, joy, and unity," says the designer. Sonia Syngal was cited in LinkedIn.

RELATED ARTICLE Zalando, forecasts slower sales growth in 2022

Join our community on Linkedin 

CREDITS: Gap Inc. & Apparel Resources. 

04 March 2022, Mumbai:

In comes Susanne Pulverer in place of Peter Betzel as IKEA India's CEO and chief sustainability officer (CSO).

*Susanne Pulverer, IKEA India’s new CEO, said India is a prioritised market for the Ingka Group, which owns most of the IKEA stores across the world. 

This will be the third stint in India for Pulverer, who had joined IKEA in 1997 and worked across different roles within the Ingka Group firm, IKEA said in a statement.

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

Pulverer had started her journey as environmental manager for the Ikea Group and moved on to Ikea of Sweden, the product development company where she held various roles in different business categories.

Pulverer praised her predecessor for his work in India. “Peter and the team have done a truly commendable job of introducing IKEA in India as a purpose-led brand, expanding the omnichannel presence across cities, strengthening local sourcing and retail competence, and so much more," she was quoted as saying by PTI.

Pulverer began her association with IKEA as an environmental manager. She worked as the company’s MD of communications from May 2011 to August 2016 in Sweden, according to her LinkedIn profile.

RELATED ARTICLE Budget wish list 2022: IKEA appels for rollout of 'National Retail Policy'

Join our community on Linkedin 

CREDITS: Money Control Business Standard TOI. 

03 March 2022, Mumbai:

As manufacturers adopt digitization, Bizongo, a full-stack B2B trade enablement platform, has announced that its revenue across textile hubs has grown 20 times in 11 months. In addition, the corporation generated Rs. 600 crore in annualized income in Andhra Pradesh, Karnataka, and Tamil Nadu.

The quick change in MSMEs using technological platforms to accelerate their businesses accounts for a significant portion of the increase.

Aniket Deb, Sachin Agrawal, and Ankit Tomar, three IIT graduates, founded Bizongo in 2015 to digitally transform the fragmented and unorganized yet unique and ubiquitous B2B segment of customized goods.

Bizongo's product portfolio includes packaging, textiles, apparel, and other contract manufacturing goods, and the company has a network of over 3,000 partner factories.

Bizongo, a B2B e-commerce platform, provides enterprise customers with digital vendor management, supply chain automation, and supply chain financing as key services.

ALSO READ: D2C market is driven by Gen Next entrepreneurs

Several macros and microeconomic issues, including the high rise in cotton prices and the coal scarcity, have put industrial units under pressure, increasing the need for MSMEs to seek finance to keep their production on track, according to a statement from the firm.

Manufacturers benefit from a digitized and automated supply chain finance solution that helps them meet their credit and working capital requirements.

"Our platform serves to the full ecosystem of textile makers – straight from the business customer, through the garment manufacturer, and further up to the yarn supplier and even the cotton mill," Aniket Deb, Bizongo's Co-founder and COO stated.

We've been able to bring value to both sales and procurement using our digital platform.

Bizongo has enabled every actor in the textile life cycle to run their business more efficiently and optimize their resources, whether it's through digitizing orders and delivery or invoicing to credit."

RELATED ARTICLE: Aditya Birla Fashion and Retail (ABFRL): To consolidate D2C play eyes at multiple digitally native brands

Join our community on Linkedin 

*CREDITS: Express Computers & Apparel Resources.

08 March 2022, Mumbai:

Fast Retailing Co., Ltd., a large Japanese retail holding business, announced a gift to UNHCR, the UN Refugee Agency, of US$10 million (about 1.15 billion yen) to help refugees forced to escape.

The funds will be used by UNHCR to provide urgent assistance such as shelter, psychosocial support, and core relief items to affected populations in Ukraine and neighboring countries.

The donations were made through Japan for UNHCR, a non-profit organization certified as a National Partner of UNHCR in Japan.

ALSO READ: Uniqlo India reduces their losses by 43% to Rs 36 crore

Uniqlo will also contribute 100,000 pieces of Uniqlo apparel and other goods, such as HEATTECH blankets, HEATTECH innerwear, and AIRism masks, as well as 100,000 pieces of winter clothing gathered through the company's clothes recycling programme at Uniqlo shops in Japan.

These supplies will be provided to refugees in Poland and other countries in response to UNHCR requests.  Fast Retailing is one of the world's largest garment retail enterprises, with global sales of roughly 2.13 trillion yen (the US $19.4 billion) for the fiscal year ending August 31, 2021.

RELATED ARTICLE 'Uniqlo India' sales jump by 88%

Join our community on Linkedin 

CREDITS: PR NewsWire & Apparel Resources. 

02 March 2022, Mumbai:

Myntra’s new Style Squad will help strengthen its influencer marketing and social commerce footing, says Achint Setia, Head- Marketing and Social Commerce. The Style Squad comprises content creators on the Myntra app.

The style squad will be the ambassador of Myntra’s social commerce play, conversations on social media and will represent the platform in its entirety, adds Setia.

It is a mix of creators from different geographics, age groups, and other demographics with varied expertise The Style Squad will follow combined model f on-demand content and Live commerce content.

ALSO READ: With the opening of a new store in Mumbai, Guess is expanding its retail reach

In the on-demand case, the influencers will ideate a set of formats and topics around which they want to build content. There will be a monthly calendar on which Myntra will align these topics.

While there will be many other influences on the platform, the share of voice that the Style Squad generates will increase. Secondly, training and investment will help the style squad, improve the quality of content and the knowledge they impart on fashion and beauty.

It will also provide more opportunities to consumers to talk one-on-one with members.

RELATED ARTICLE: Guess plans to open 50 new stores in India

Join our community on Linkedin 

04 March 2022, Mumbai:

H&M Group is deeply concerned about the tragic developments in Ukraine and stands with all the people who are suffering.

H&M Group has decided to temporarily pause all sales in Russia.

The stores in Ukraine have already been temporarily closed due to the safety of customers and colleagues.

ALSO READ: H&M HOME arrives in India

The situation is continuously monitored and evaluated. Representatives of the company are in dialogue with all relevant stakeholders. H&M Group cares for all colleagues and joins all those around the world who are calling for peace.

Clothes and other necessities are donated by the company.

H&M Foundation has also made donations to Save the Children and to UNHCR.

RELATED ARTICLE: H&M, India’s largest fast fashion brand reports 2020-21 results

Join our community on Linkedin 

02 March 2022, Mumbai:

Reliance Industries (RIL) will buy Future Group’s retail assets at the originally agreed price of Rs 24,713 crore if the court allows it to acquire the business.

However, it will adjust over Rs 4,000 crore which the Future Group owes it for the last 15 months for payment of rent, purchase of inventory and toward working capital when the deal materializes.

RIL also plans to rebrand all Future Group stores as Reliance Retail Outlets over the next few days. It shut hundreds of stores over the weekend and removed their signages after Future Group defaulted rent payments for these locations to Reliance Retail.

ALSO READ: Reliance Retail takes over Future Group stores

In total, around 450 Future stores have already been shuttered and will be replaced by Reliance Retail outlets. While Reliance Retail has taken control of several large stores of Future Group across its three formats - Big Bazaar, Central and Brand Factory, it is also in the process of taking possession of small store locations and rebranding them as well.

In addition to the store fronts, Reliance Retail also plans to acquire Future Group’s logistics, warehousing businesses and rights over 80 private label.

It will also buy the brand names of stores like Big Bazaar and Central which have a huge recall among consumers by being the early entrants into modern retail in the country.

RELATED ARTICLE: Future Group looks at Selling its Stake in Insurance JV to Italian Partner

Join our community on Linkedin