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Retail 22-03-2022

Retail sales in Canada rebounded in Jan 2022

25 November 2021, Mumbai:

Retail sales in Canada rebounded in January, exceeding predictions, as buyers visited auto dealerships and home improvement stores, according to government data released on Friday. However, retail sales in February are expected to fall.

According to Statistics Canada, retail sales grew 3.2 percent to C$58.94 billion ($46.7 billion) in January, owing to greater purchases of automobiles and components.

Analysts had predicted a rise of 2.4 percent on average. According to a preliminary estimate from Statscan, retail sales in February decreased by 0.5 percent.

ALSO READ Bangladesh Lingerie and shapewear exports: US market,Jan 22 report

In January, sales climbed in nine of eleven subsectors, accounting for 85.5 percent of total retail sales.

Retail sales increased by 2.9 percent in volume.

In a report, Avery Shenfeld, chief economist at CIBC Capital Markets, said, "It was a joyful new year for Canadian merchants in January, as Canadians compensated for the anguish of fresh pandemic restrictions by doing a lot of shopping."

According to Statscan, the predicted fall in February was based on replies from 36.6 percent of enterprises questioned.

Over the previous 12 months, the average final response rate for the survey was 89.9%.

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CREDITS: Reuters & Fashion Network (The news article has not been edited by DFU Publications staff).

Retail 22-03-2022

Retail sales in Canada rebounded in Jan 2022

Macy's launches Own Your Style, brand platform

22 March 2022, Mumbai:

Macy's, the well-known American department store, has launched a new brand platform called Own Your Style. The rollout is part of the company's recovery strategy, which was revealed two years ago.

The emphasis is on a redesigned brand identity that is fashion-oriented.

So, what does Own Your Style have to offer? There will be a digital hub, which will be a curated destination for style inspiration, in addition to simpler global navigation and a customized customer dashboard.

ALSO READ Macy Inc dependence on stores for 'E-Commerce' to depend on mulled split

Inside the stores, digital screens will aid with product displays as well as style advice. The monthly rotation of the curated Own Your Style and Now Trending pavilions will continue.

As part of the Macy's Style Crew, employees can earn commissions by adhering to a reimagined dress code that encourages self-expression in order to inspire consumers, as well as guiding and advising shop customers.

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Some analysts feel that, after its recent decision to refuse to divide its digital business, Macy's is eager to demonstrate the value of its omnichannel strategy to investors.

Macy's is a retailer that sells clothing, footwear, fashion accessories, and bedding, among other things, and had annual revenue of $24.8 billion in 2017.

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CREDITS: Business Wire & Apparel Resources.

Retail 22-03-2022

Reliance Trends opens new store in Odisha

19 March 2022, Mumbai:

India’s largest and fastest-growing apparel and accessories specialty chain of Reliance Retail, Trends launched its new store at Jagatsinghpur in Odisha.

Democratizing fashion in India, Trends is strengthening its reach and connecting with consumers in India – right from Metros, mini-metros, to Tier I, II towns, and beyond.

Its new store at Jagatsinghpur boasts of modern looks and ambiance, Featuring good quality and fashion merchandise that is relevant to the consumers, the store offers prices that are affordable and seen as high value for money.

ALSO READ Reliance Retail, Fynd, amongst Asia-Pacific’s top 10 innovative companies

It offers trendy Women’s Wear, Men’s Wear, Kids' Wear, and Fashion Accessories, at delightful prices.

This 5800sq. ft store was launched with a special inaugural offer for its customers, besides great relevant fashion and amazing prices: – Shop for Rs.3,499 and get and exciting gift at Rs.199 not only that the customers will also get a coupon worth Rs.3000 absolutely free on purchase of Rs.2,999.

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Retail 19-03-2022

Reliance Trends opens new store in Odisha

Zara reported net profit more than doubled in 2021

17 March 2022, Mumbai:

Zara owner Inditex (MC:ITX) reported on Wednesday its net profit more than doubled in 2021 to 3.2 billion euros ($3.51 billion) after its sales almost recovered from the pandemic as many countries eased the restrictions imposed to fight coronavirus.

But the world's biggest fashion retailer faces a challenge in the months ahead after it stopped trading in Russia, a major market.

ALSO READ: Russia at war: Zara closes stores & online platform in Russia

Most of Inditex's 6,657 stores worldwide were reopened from mid-2021 and the world's biggest fashion retailer's sales reached 27.7 billion euros, 36% more than in 2020 and close to pre-pandemic levels.

Inditex shares tumbled on March 5 after the company closed its 502 shops and stopped online sales in Russia following its invasion of Ukraine and the imposition of Western sanctions.

Russia and Ukraine accounted for 5% of its sales growth in February-March.

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CREDITS: Investing.com RTE ET (The news article has not been edited by DFU Publications staff).

Retail 17-03-2022

Zara reported net profit more than doubled in 2021

Mall footfalls rebound as pandemic effects subside

21 March 2022, Mumbai:

Footfalls in retail malls across India are on a rebound as the third wave of the COVID-19 pandemic subsides.

The performance of most malls in key consumption centers has either surpassed pre-pandemic levels seen in February 2020 or inched closer to those thresholds.

The festive season of Holi has boosted sales, says Mukesh Kumar, Chairman, Shopping Center Association of India. Shopping malls are gradually reaching their pre-pandemic numbers.

ALSO READ Retailers to centralise omnichannel operations in 2022: Study reports

The sales have already crossed the pre-pandemic numbers in the third quarter of 2021-2022 and the current quarter is also looking very healthy, he adds.

Pentup demand and instantaneous recovery in footfalls and revenue, after the easing of Omicron-related curbs by various local authorities, would help FY23 emerge as the best year for both retailers and mall operators, believe operators.

Pushpa Bector, Executive Director, DLF Retail adds, in terms of business, vacancy levels are at their lowest and most retailers are on an expansion spree now.

Mall developers have already started charging full rentals as opposed to the lower amounts charged during the pandemic period.

Occupancy levels at most retail properties are at their best since the pandemic started.

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Retail 21-03-2022

Mall footfalls rebound as pandemic effects subside

Bigwig in the resale market Vestiaire Collective acquires a secondhand marketplace in the United States, Tradesy

17 March 2022, Mumbai:

Vestiaire Collective, a resale powerhouse, and Tradesy, an online US resale platform, have chosen to merge, much to the benefit of all consumers and sellers. Both may now considerably expand the size and reach of their peer-to-peer marketplaces by working together.

"The united firm will have a membership community of 23 million, a catalog of 5 million goods, and a gross merchandise value over US $1 billion," Vestiaire Collective announced.

Sellers may now watch their items reach a bigger audience, both in the United States and throughout the world, assisting in the optimization of the entire sales process.

ALSO READ Boohoo, an online retailer opens, clothing testing facility

Specifically, purchasers will have access to a larger assortment of extremely coveted pre-owned fashion items.

As a result, the goal is to improve the shopping experience as well. Vestiaire Collective, which was founded in 2009, is the world's biggest authorized luxury resale site.

Tradesy, which was started in 2009, specializes in buying and selling women's clothing.

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CREDITS: CISION & Apparel Resources.

Retail 18-03-2022

Bigwig in the resale market Vestiaire Collective acquires a secondhand marketplace in the United States, Tradesy

Myntra launches dedicated shopping store for teenagers

16 March 2022, Mumbai:

Walmart-owned online fashion retailer Myntra has launched a dedicated shopping store for teenagers on its platform called ‘Teens Store’.

The store aims to address the specific needs of teens in the market who seek to experiment with trendy fashion more often and have varied requirements in styles, size, brands, and fitting.

The ‘Teens Store’ will house a curated range of styles, from a host of international brands and domestic brands like Justice, CK, Tommy Hilfiger, H&M, Nike, Puma, Adidas, and Mango Teens.

ALSO READ Myntra launches ‘Teens Store’

This will be complemented by the latest fashion trends, styling tips, and ensembled looks.

It will address sizing issues by curating styles and trendy product lines at affordable price points.

The store currently houses over 20,000 styles from over 100 domestic and international brands and aims to increase the selection to over 30,000 styles over the next 6 months.

RELATED NEWS Myntra: ‘’Myntra For Her’' Event

Some of the unique products on the Teens Store include Jeans-anti fit, distressed and wide-legged denim, T-shirt dresses, fit and flare dresses.

It will also host a collection of stylish jumpsuits and dungarees.

Myntra is working closely with brands to create special theme-based collections, enabling the store to provide unique offerings.

The starting price of styles in the store is Rs 299.

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Retail 16-03-2022

Myntra launches dedicated shopping store for teenagers

RRVL acquires majority stake in lingerie brand Clovia

21 March 2022, Mumbai:

Reliance Retail Ventures (RRVL) has acquired an 89 percent stake in online lingerie retailer Clovia for Rs 950 crore.

The deal includes primary investment and secondary share sale, according to a statement by the company on March 20.

The founding team and management of Clovia will own the rest of the stake in the firm/ Clovia is the third online lingerie retailer acquired by Reliance Retail after Zivame and Amante.

ALSO READ Reliance Retail launches new retail store brand

Started in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary, Clovia offers over 3,500 product styles.

The deal comes after Reliance Retail Ventures led a $240 million funding round in Dunzo, picking up a 25 percent stake in the Bengaluru firm.

Reliance Retail Ventures is an unlisted public company incorporated on December 13, 2006.

It is classified as a public limited company and is located in, Maharashtra. Its authorized share capital is Rs 25,000.00 crore and the total paid-up capital is Rs 6,863.54 crore.

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Retail 21-03-2022

Amazon urges SC to resume arbitration in Singapore

17 March 2022, Mumbai:

US e-commerce company Amazon has urged the Supreme Court to allow arbitration proceedings in Singapore to resume as talks with Future Group for an out-of-court settlement of their dispute have failed.

In early March, the top court had halted Amazon’s petition challenging the Delhi High Court to stay the arbitration process as lawyers for both Future and Amazon agreed to initiate talks to find a solution out of court to their 18-month-old discord.

On Amazon's lawyers raising the issue of RIL taking over hundreds of Future Retail stores, Harish Salve, appearing for FRL said, his client had not transferred anything to Reliance and that FRL was unable to pay rents to the landlords for more than two years.

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He said Reliance went ahead and signed those leases in its favor and then allowed FRL to continue operations through those stores on a ‘leave and license’ agreement basis.

As FRL was unable to pay Rs 1,500-2,000 crore, Reliance terminated the leases and took possession of the stores, he added.

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Meanwhile Rahul Garg, Non-Executive Director, Future Retail has resigned from the group’s Board of Directors and other committees with effect from March 14, 2022.

He made a valuable contribution to the company during his tenure as the Director. Garg is the Partner and Co-Head India Private Equity strategy of Premji Invest.

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Retail 17-03-2022

Amazon urges SC to resume arbitration in Singapore

H&M group’s sales in the Q1 2022

16 March 2022, Mumbai:

Net sales in local currencies increased by 18 percent in the first quarter 2022, i.e., in the period 1 December 2021 to 28 February 2022, compared with the corresponding period last year.

Converted to SEK, net sales increased by 23 percent to SEK 49,166* m (40,060).

ALSO READ: H&M Group temporarily pauses all sales in Russia

* The amount is provisional and may deviate slightly from the three-month report, covering the period 1 December 2021 – 28 February 2022, that will be published on 31 March 2022.

Communication in conjunction with the three-month report.

The three-month report, i.e., 1 December 2021 – 28 February 2022, will be published at 08:00 CEST on 31 March 2022, followed by a telephone conference at 09:00 CEST for the financial market and media.

The telephone conference will be held in English, hosted by CEO Helena Helmersson, CFO Adam Karlsson, and Head of IR Nils Vinge.

RELATED ARTICLE H&M HOME arrives in India

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

Retail 16-03-2022

Tata, Reliance moving towards top positions in India’s ecom space: Forrester

21 March 2022, Mumbai:

Ending Amazon-Flipkart duopoly, Tata and Reliance will soon be among India’s online retail space at the top, says a new study by US-based research and advisory firm Forrester.

Indian online retail market will soon witness four-way competition, says the report, ‘The State of Online Retail in India’.

Together, these four companies own more than 80 percent of India’s online retail market each maneuvering to outstep others.

ALSO READ Retailers, e-commerce sellers experience double digit growth in e-commerce sales

Tata Group is developing a super app to increase its e-commerce share. It has already acquired platforms like Bigbasket and 1mg.

Reliance is building its e-commerce platform Jiomart with several acquisitions made over the last year, including quick commerce platform, Dunzo in January. The Tata Group is also seeking the approval of the National Payments Corporation of India (NPCI) to operate on Unified Payments Interface (UPI) as a third-party payments service provider offering digital payments services.

Forrester report says, for the first time in many years double-digit increase, India’s overall retail growth slowed in FY21 as the gross domestic product (GDP) shrunk to 7.3 percent amid lockdowns.

However, online retail grew 5 percent and added $1.6 billion in sales. India’s online retail market growth is expected to accelerate around 20 percent every year to reach $85 billion by 2025, predicts Forrester. The online retail market is will reach $50 billion in 2022 and $60 billion in 2023, the report says.

Forrester predicts online smartphone penetration will taper off post-pandemic due to longer lifecycle, chip shortage, and logistics costs increasing the price of products.

Lifestyle, which mainly includes fashion, is set to make a comeback. Most online retailers will focus on personalization to achieve differentiation, for instance, tailoring experiences based on geography and shopping behavior, adds the report.

Forrester's survey found 77 percent of metro Indian online adults will use both online and offline sales channels, indicating a growing trend of digital and physical integration.

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Retail 21-03-2022

Tata, Reliance moving towards top positions in India’s ecom space: Forrester

FabIndia IPO Focuses @ ESG Investors

17 March 2022, Mumbai:

FabIndia

Fabindia is an umbrella multi-category store brand with a unique ethnic, artisanal positioning across the categories of fashion, lifestyle, home décor.

Fabindia is a natural fit for global investors focused on environmental, social, and governance criteria, according to its chief financial officer.

“We are ESG in the way we operate in terms of connecting the artisans, the farmers,” Gopal Mishra said in an interview with Bloomberg News. “This is not that we have done something special for ESG or ticked those green boxes.”

ALSO READ Fabindia and Hidesign opened their first joint location store in Chennai.

FabIndia Executive Vice Chairman William Nanda Bissell pointed to the New Delhi-based firm’s network of 40,000 artisans, spread across India’s villages and smaller towns, and said if FabIndia’s IPO is successful, it will serve as an example to other companies of how ESG is the wave of the future.

The 66-year-old company is in talks with ESG funds and will make decisions on its investor lineup after the Indian stock market regulator clears its first-time share sale, Mishra said.

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CREDITS: Bloomberg ET (The news article has not been edited by DFU Publications staff).

Retail 17-03-2022

Doug McMillon, CEO of Walmart Inc.: Tailwinds shaped retail strategy

16 March 2022, Mumbai:

Small business owners and entrepreneurs with a dream of selling their U.S. made, grown or assembled products to millions of customers now have their chance.

Today, Walmart announced the opening of the application period for its 9th annual Open Call event.

ALSO READ: Walmart to focus on Flipkart, PhonePe development

"We had a strategy when the year started before 2020 got interrupted. And it turned out that the tailwinds that were associated with retail furthered our strategy.

We have become more digital.

Our delivery business has grown globally, and our pickup business in some countries has really grown. Many of the things we had already started just really accelerated," Doug McMillon said.

Doug McMillon, CEO of Walmart Inc., spoke with ET's Bodhisatva Ganguli at the Economic Times Global Business Summit on a range of issues including the pandemic, rising inflation, the Ukraine crisis, prospects of a global economic recovery, and the US-based retail giant's investment in Flipkart.

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CREDITS: Corporate Walmart ET (The news article has not been edited by DFU Publications staff).

Retail 16-03-2022