11 April 2022, Mumbai:

Leasing across high streets and malls in India is expected to soar past the pre-Covid levels this year, according to real estate investment firm CBRE, which said the country could see a 25% jump in new store openings in 2022.

ALSO READ CRISIL Ratings: 'Offline Apparel Retailers' expected to witness growth trajectory this year

25% jump likely in new store openings even as the share of e-comm to total sales doubled every quarter since the beginning of Covid.

March has seen a sharp recovery, with most companies being able to surpass the pre-Covid levels owing to strong demand.

RELATED NEWS Indian e-commerce retail industry value to reach $111.4 bn through 2025: GlobalData

In its report 'Real Estate Market Outlook 2022 India', CBRE South Asia Pvt. Ltd. said retailers are expected to lease over 5.1 million sq ft of space in 2022, coming close to the previous two years' combined figures of 5.9 mn sq ft.

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CREDITS: ET Dt 11-04-2022 (The news article has not been edited by DFU Publications staff)

05 April 2022, Mumbai:

The Tata super app, due to be launched on April 7, will bring about a potential 10 fold increase in the number of customers for Westside, which is the group's retail store chain, Tata Trusts director Noel Tata has said.

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

Tata, 65, who is also the chairman of retail arm Trent and who recently became vice-chairman of Tata Steel, said inflationary challenges were real and the retail unit was diversifying its supply chain to offset rising prices.

RELATED NEWS 'Westside' opens new showroom in Pune

"Westside (the brand name for Trent stores) currently has 7 mn loyalty members, whereas the Tata Super App expects to connect Westside to a base of 70 mn Tata customers," said Tata.

IPL sponsorship, and the launch of the Tata super app is likely to create online buzz.

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CREDITS: ET DT 05-04-2022 (The news article has not been edited by DFU Publications staff)

02 April 2022, Mumbai:

Lululemon, a Canadian-American apparel company, is ecstatic, and with a good cause! For the first time in 2021, the Vancouver-based clothes company has crossed the US $ 6 billion in sales.

Importantly, it has done so in the face of numerous obstacles and uncertainty. While net revenue increased by 23% year over year to £1.59 billion in Q4, gross profit increased by 22% to £914 million.

North America saw a 40% increase in revenue, while the rest of the world saw a 53% increase.

ALSO READ Lululemon to appoint Ex-Amazon resource as its CEO for 'At-Home Gym, Mirror'

Notably, the sales were in line with analysts' estimates, and the profit was considerably higher than projected.

The athleisure retailer also opened 22 additional company-operated brick-and-mortar outlets in the fourth quarter.

RELATED NEWS Under Armour raises its expectations as sales from athletic wear more than doubles

Lululemon estimates net revenue to be between £5.7 billion and £5.79 billion in the fiscal year 2022/23, with a growth rate of 20% to 22%. Lululemon announced its entry into the footwear market last month.

Lululemon began as a yoga pants and other yoga wear business in 1998 but quickly expanded to include athleticwear, lifestyle clothes, and fashion accessories.

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CREDITS: Charged Retail & Apparel Resources.

07 April 2022, Mumbai:

Supreme Court ends Delhi High Court's stay on proceedings.

The Supreme Court on Wednesday asked the Singapore International Arbitration Centre (SIAC) to resume proceedings in the dispute between Amazon and Future Retail Ltd (FRL) over the Indian company's plan to sell its retail assets to a unit of Reliance Industries Ltd (RIL).

ALSO READ Amazon challenges Delhi High Court’s order in Supreme Court

The SIAC proceedings had been put on hold by the Delhi High Court three months ago.

RELATED NEWS Delhi High Court reschedules hearings on Future, Amazon appeals

The three-member bench, comprising chief justice NV Ramana and justices Krishna Murari and Hima Kohli, was hearing Amazon's petition against the high court order and was informed that both sides had agreed to the resumption.

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CREDITS: ET Dt 07-04-2022 (The news article has not been edited by DFU publications staff).

05 April 2022, Mumbai:

Dubai-UAE - Landmark Group – the UAE-based conglomerate with more than 2,200 outlets and 42,000 employees in Middle East, India and South East Asia – announced today the signing of its first sustainability-linked loan amid a pledge to transition towards sustainable finance for the majority of its operations.

This marks the first time a private sector company in the UAE signs a bilateral sustainability-linked loan.

Landmark Group also signed up to Standard Chartered’s Sustainable Account proposition, integrating sustainability into to its banking operations. Deposits in Sustainable Accounts are referenced against sustainable projects funded by Standard Chartered across its dynamic Market footprint.

ALSO READ The India Pavilion at Expo 2020 in Dubai honours Indian enterprises and entrepreneurs

These projects, aligned to the Bank’s Green and Sustainable Product Framework, address some of the world’s biggest long-term threats, including climate change and financial exclusion.

In a meeting between Landmark Group’s Chairwoman and CEO Renuka Jagtiani and Standard Chartered Bank , Group CEO Bill Winters, the company made a commitment to convert all its treasury products with the bank to sustainable wherever possible.

In a first for the region, Landmark Group has committed that the benefits from any sustainable financing will be deployed towards further sustainable initiatives.

RELATED NEWS Indian designers eye Dubai as the city transforms into global fashion hub

Commenting on the agreement, Rajesh Garg, Group Chief Financial Officer at Landmark Group, said: “At Landmark Group, we are committed to conducting our business responsibly, to make positive changes within the organisation to reduce the environmental impact of our operations. Today’s announcement of our first sustainability-linked loan, and our pledge to move towards green finance products wherever possible, is the latest demonstration of our wider commitment to people and planet.”

“We are proud to partner with Standard Chartered Bank, who share our ethos towards a green commitment.

With this partnership we are glad to become a part of a global group of sustainable companies and stakeholders that take shared responsibility for achieving a better world.” Rola Abu Manneh, Chief Executive Officer, Standard Chartered, UAE, added: “We have been partnering with Landmark Group in the Middle East and Asia for almost 30 years, and moving towards sustainable financing is a natural extension of our long-standing relationship.”

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

06 April 2022, Mumbai:

SBI Cards Warns About "Big Bazaar Vouchers".

ALSO READ Big Bazaar launches innovative Big Bazaar launches 'Big Savings Sale' for festive season

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CREDITS: TOI Dt 06-04-2021 (The news article has not been edited by DFU publications staff).

04 April 2022, Mumbai:

Mall giant DLF plans to expand its retail spread by opening malls in Goa and Gurugram with an investment of around Rs 2,000 crore, as well as smaller shopping centres.

DLF plans to construct a 5.75-lakh-sq-ft premium mall in Goa with an investment of Rs 300 crore to Rs 350 crore over the coming two years.

ALSO READ DLF Mall of India adds 20 new brands in its Mall

The business also plans to construct a Mall of India in Gurugram measuring 25 lakh square feet.

The project will require an investment of between Rs 1,500 crore and Rs 1,600 crore, excluding the cost of the land.

RELATED NEWS DLF Mall of India launches two-week 'Wedding Shopping Festival'

Besides these two malls, DLF also plans to launch three to four new high street shopping centres beginning with developments in Gurugram and Delhi.

The company currently runs eight retail properties, including malls and shopping centres, and its main presence is in the Delhi NCR.

With a current total retail footprint of 42 lakh square feet, DLF runs some of the country’s largest malls. 

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CREDITS: Fashion Network report.

02 April 2022, Mumbai:

Sadashiv Nayak, CEO, of Future Retail, has resigned from the post seven months after his appointment. Nayak was appointed as the CEO effective on August 25, 2021.

ALSO READ Future Retail asks court to declare arbitration with Amazon illegal

Kishore Biyani, Founder and CEO, Future Group has been reappointed as the Executive Chairman of Future Retail for another three years, the filing said.

FRL has already defaulted on a payment of Rs 3,494.56 crore to banks in January under the OTR plan and the account has been declared as NPA by the lenders.

RELATED NEWS Future Group firm's plea: Supreme Court (SC) reserves verdict

Future Retail, which operates various formats such as Big Bazaar, Koryo, Foodhall, and Easyday, is part of the 19 Future group companies, which would be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.

The deal is contested by e-commerce major Amazon and is under litigation at various forums including Supreme Court, Delhi high court, and Singapore International Arbitration Center. 

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05 April 2022, Mumbai:

Mounting dues of $634 million compelled it to take over debt-laden Future Retail’s stores, says Reliance Retail, India’s top retailer.

Through this takeover, the company aims to dominate the $900-billion retail sector that set off a bitter dispute in which India's Supreme Court will decide whether Reliance or Amazon Inc gets to scoop up Future's assets.

ALSO READ 'Reliance Retail' contributes to 1/4th of Future Consumer’s sales

Over months, Reliance has taken over the leases of more than 900 of Future's 1,500 stores, while still allowing the company to run them.

As Future proved unable to pay outstanding dues and losses in its retail operations swelled, Reliance decided to exercise its legal right to take over the stores, the letter added.

RELATED NEWS Future Retail asks court to declare arbitration with Amazon illegal

Earlier, the company had proposed a $3.4-billion deal to buy Future's retail, wholesale and logistics operations, as well as some other businesses.

But following Reliance's abrupt takeover of its stores, Future sought several assurances in a March 2 letter, asking if Reliance would stick to the deal without changing its value or terms.

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04 April 2022, Mumbai:

A brand from the Tata Group, Westside has opened a new showroom. The new store retails modern and contemporary fashion brands, and Wardrobes at an exceptional value.

Tata Group’s retail arm Trent expects the new e-commerce site westside.com to generate 10 percent sales in the next four years.

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

The retailer does not expect shoppers to turn away from physical stores completely.

It will continue with its physical as well as online expansion to serve customers in whichever they want to interact with its brands.

*Westside announced last week the opening of its 200th store, setting a benchmark in its offerings to customers.

With this, the brand has reached a milestone today as it continues expansion across the country and also in Mumbai.

This is the second store in the Borivali suburb.

RELATED NEWS 'Westside' opens new showroom in Pune

Inaugurated by Trent Chairman Noel Tata, this over 28000 sq. ft. store is located at Utopia Garden Grove mall, Chikoowadi, Borivali West.

It showcases a well laid-out, clutter-free, and comprehensive range of the latest collections along with Trent's other marquee brands - 'Zudio' and 'Star Bazaar' thereby, promising a wholesome retail experience to its customers.

Marking the significance of this milestone, Noel Tata, Chairman, Trent Ltd. said "We are delighted to open the 200th Westside store today.

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CREDITS: ANI News.

02 April 2022, Mumbai:

First quarter (1 December 2021 – 28 February 2022)

The H&M group’s net sales in local currencies increased by 18 percent in the first quarter.

Converted into SEK the group’s net sales increased by 23 percent to SEK 49,166 m (40,060).

ALSO READ H & M Hennes & Mauritz AB’s Annual and Sustainability Report'21

Well-received collections led to a higher share of full-price sales and lower costs for markdowns.

At the same time, sales and profits for the quarter were impacted by the negative effects of the pandemic in many of the group’s major markets.

The result was also affected by increased growth-related initiatives, particularly within tech and the supply chain.

Gross profit increased to SEK 24,260 m (19,057). This corresponds to a gross margin of 49.3 percent (47.6).

RELATED NEWS H&M India to launch home décor and furnishing products segment

Operating profit increased to SEK 458 m (-1,128), corresponding to an operating margin of 0.9 percent (-2.8).

For rolling 12 months the operating margin was 8.1 percent (-0.4).

The group’s profit after tax increased to SEK 217 m (-1,070), corresponding to SEK 0.13 (-0.65) per share. Cash flow from operating activities amounted to SEK 3,624 m (5,936).

Financial net cash increased to SEK 17,446 m (2,199). Cash and cash equivalents plus undrawn credit facilities amounted to SEK 42,848 m (42,432).

RELATED NEWS Despite persistent retail limitations, H&M returns to pre-pandemic sales levels

“We are deeply concerned about the war in Ukraine and are following developments closely. We stand with all those around the world who are calling for peace. Once again, we have to be flexible and act quickly as circumstances change. H&M Group, H&M Foundation and the Erling-Persson Foundation have to date donated around SEK 170 m as well as clothes and other necessities to organisations including UNHCR, Save the Children, the Red Cross and UNICEF,” says Helena Helmersson, CEO.

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