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According to data.ai, with just 13.6 MB size, Meesho's android app is the lightest e-commerce app in India on Play Store, which makes it compatible with low-end smartphones.
We are in over 240-odd cities today with 47 network participants. Out of which seven are logistics, 12 are buyers and remaining are seller apps. In first week of January, we saw about 50 daily transactions in the food and grocery space. Currently, that has scaled up to 10,000-20,000 daily transactions.
“Whatsapp partnership has been great for us. From the time we have launched, the business has grown 30-40 per cent month over month.”
The e-tailer added that it witnessed 3X growth in units, customers, and sellers on its platform and claimed to have expanded its last-mile delivery to 350 new pin codes in the last quarter.
The company is hiring a U.S. head of logistics, who will be a liaison between Shein's U.S. and Singapore headquarters, according to a LinkedIn job posting. The company is also hiring an anti-money laundering and compliance executive and a number of U.S. marketplace personnel, as reported by Modern Retail.
Hundreds of Amazon employees staged a walkout at the company's headquarters in Seattle over the company's return-to-work policy and its lack of progress on climate change initiatives.
The app, which completed a year on April 7, was given a new design as well as improved navigation and payment systems, resulting in its best growth phase on all counts, including revenue.
On the business-to-customer side, ONDC chief executive T Koshy said while the grocery and food and beverages sectors see about 15,000 retail orders daily, the mobility sector sees 35,000 to 40,000 rides in Kochi and Bengaluru everyday.
The issue pertains to BigBasket's acquisition of micro-delivery platform DailyNinja in March 2020.
To support B2B commerce expansion and facilitate the growth of small businesses on the platform, ONDC has set up a working group to standardise protocols for financial offerings such as credit and insurance.
Amazon had recently hiked the seller fee, commissions and shipping charges across categories, potentially increasing prices for customers.
Myntra is set to launch its new feature Myntra Minis, a short-form video platform, as a part of the 18th edition of its Marquee Fashion Festival which is the end of season sale. They are hoping to introduce this feature to all the category pages, as per the press release of Myntra.
Shopify said there was evidence that Lower48 IP LLC is backed by previously undisclosed litigation funders. "Unless the court requires disclosure of third-party interests, neither the court nor Shopify will know who the beneficiaries of this litigation are," its lawyers wrote.
Udaan said that it has removed entry barriers by reducing the minimum cart value from Rs 3,000 to Rs 499 along with free delivery to increase frequency as well as the number of buyers. Additionally, the company has launched a simplified returns policy and is also running a pilot for an expiry returns product policy in Bengaluru.
Asserting that technology holds immense potential to revolutionize the agricultural sector and uplift the lives of Indian farmers, Amazon India Director and Head- Fresh and Everyday Essentials- Harsh Goyal said: "This partnership will enable an ecosystem for the farming community, strengthening the 'farm to fork' supply chain."
The European Commission in its 2017 decision said Amazon paid no taxes on almost three-quarters of its profits from EU operations due to a Luxembourg tax arrangement allowing it to channel profits to a holding company tax-free.
Speaking on the sidelines of the launch of Flipkart’s flagship end-of-season sale, Abhishek Maloo, senior director, of Flipkart Fashion said “In the months of June and July, these end-of-season sales will be an important phenomenon across offline and online. It is going to help the industry and the consumers to keep coming back to shop.”
About 40% of our business in international brands come from the non-metros,” Sinha told TOI in an interview. “Over a period of time, the consumption level of both metros and non-metros will start matching,” Sinha said.
The changes come at a time when there has been a lot of buzz around ONDC waging a price war against food delivery behemoths Swiggy and Zomato by offering discounts. People familiar with the thought process of ONDC said that the idea is not to scale up the network on the basis of discounts and they will eventually be discontinued. The incentives had been started with an aim to trigger trial orders.
Amazon’s 10th anniversary in India coincides with the ecommerce behemoth cutting costs, laying off thousands of employees, shuttering non-performing experiments and resetting its overall business globally.
Indian dealers were charging a premium of up to $4 an ounce over official domestic prices - inclusive of the 15% import and 3% sales levies, up from the last week's premium of $3.
Under Novel Jewels, the retailer plans to build large-format jewellery retail stores across the country, with in-house jewellery brands.
CaratLane had been in a strategic vendor relationship with Tanishq, Titan’s jewellery brand, since 2010. Between 2016 and 2019, Titan bought into the company in tranches, spending a cumulative Rs 440-450 crore, primarily via a secondary purchase of shares from Tiger Global, an early stage backer. Titan also made a primary infusion of Rs 99 crore in the company.
The import of silver in Gujarat has witnessed a drastic decline of 98% in April and May, primarily due to soaring prices and weakened demand.
Cutting and polishing of rough diamonds have seen a decline in Surat following the US sanctions on Russian miner Alrosa, imposed over Russia's war with Ukraine.
The rating agency estimates its sample set of 12 major organised jewellers to record a revenue growth of ~12-15% YoY in FY2024, despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10% YoY. In terms of profitability, operating margin of ICRA’s sample set is likely to remain comfortable and stabilise at around 7.5-8% over the next two years.
Kerala-based Malabar Gold & Diamonds is celebrating its 30th anniversary. In an interview with ET, M P Ahammed, chairman of Malabar Group recounts how it all began from a tiny shop in Kozhikode, its evolution and growth in India and beyond, transformation of the jewellery trade, their global forays and future plans.
"CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships," Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar said in a statement.
In quarterly terms, the company’s revenue grew 57 per cent YoY to Rs 571.24 crore.
Major rough diamond auction houses in Belgium and Dubai have cancelled auctions as India's diamond industry is hit by a slump in demand for polished stones from China and the US. Indian companies process nine out of every 10 diamonds in the world. De Beers has also rescheduled its auctions and postponed planned viewings of its rough diamonds as beleaguered buyers wait for a market revival. The chairman of the Gem & Jewellery Export Promotion Council warned the fall in demand would hurt exports this quarter.
Despite a sharp spike in gold prices from January to March this year, the demand for the yellow metal remained upbeat during the quarter in Gujarat. Against a 17% decline in gold demand in India during the quarter according to the World Gold Council, gold imports in Gujarat grew 75% during the same period.
Consolidated revenue for Q4FY23 was Rs 3,382 crore as against Rs 2,857 crore in the corresponding quarter of the previous year, a growth of 18%. The company recorded Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 257 crore during Q4 FY23 compared to Rs 218 crore in the same quarter of the previous year, a growth of ~18%.
Emerald Jewel Industry has been one of the world’s largest jewellery manufacturers with manufacturing capacities of 48 tons of gold, 50,000 carats of diamonds, 600 kgs of platinum and 70 tons of silver-based jewellery annually. On the other hand, Limelight Lab Grown Diamonds, is India’s largest D2C luxury brand in CVD diamond studded jewellery.
TRQ will help the group in importing gold through the IIBX under India-UAE Comprehensive Economic Partnership Agreement(CEPA)at reduced duty rates with convenience and transparency. TRQ license to import gold is a significant development for Malabar Gold and Diamonds which is celebrating its 30th year in the jewellery business this year.
The United States and Canada also announced new penalties on Russia over its war against Ukraine. Washington imposed sanctions on gold producer Polyus and the Russian business of its peer, Polymetal, which would further damage Russian gold sales already hit by Western sanctions and restrictions.
"Retail buying has been improving slowly. Footfalls at jewellery stores have improved because of lower prices," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsingji.
In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Indian diamond trade cuts and polishes 9 out of 10 diamonds available in the world and imports Russian diamonds from Alrosa, which accounts for 30% of global rough diamond output. G7 countries are imposing fresh sanctions against Russia to try to further hinder its war effort in Ukraine.
ICRA estimates its sample set of 12 major organised jewellers to record a revenue growth of 12-15% YoY in FY2024, despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10% YoY. In terms of profitability, operating margin of ICRA’s sample set is likely to remain comfortable and stabilise at around 7.5-8% over the next two years.
As compared to the previous year, the brand has witnessed an 8 per cent jump in the average ticket price of gold jewellery exchange.
India permits 100% foreign direct investment (FDI) in single-brand retail - different products can be sold under one brand, the route taken by companies such as Ikea, Nike and Adidas.
Shares of the upmarket department store chain jumped more than 6% in extended trading, after the company also maintained its forecasts for 2023 sales and adjusted profit.
Investors including Venture Catalyst, Anthill Ventures, Cornerstone Sports LLP, and other marquee individuals participated in this funding round.
Indian dealers were charging a premium of up to $4 an ounce over official domestic prices - inclusive of the 15% import and 3% sales levies, up from the last week's premium of $3.
Macy's results wrap up the retail industry's fiscal first-quarter earnings season that showed how still high inflation, particularly in food, is forcing shoppers to further cut back on discretionary items like clothing to afford their larger grocery bills. Dollar General, which caters to low income shoppers, also cut its annual sales and profit outlook on Thursday as consumers turn more cautious.
With over 15 years of experience in the retail industry across luxury, athleisure, and sporting goods, Davar worked as VP at Reliance Brands and headed Jimmy Choo, Bottega Veneta & Versace businesses in India.
As per the provision of the Insolvency & Bankruptcy Code, a Committee of Creditors (CoC) of FLFL has been formed and it will have its first meeting next week.
The British company, whose pricey work boots have been fashionable since the 1960s, has been struggling with waning demand especially in the United States, which is its second-largest market by revenue, as consumers cut back on luxury spending on the back of still-high inflation.
Its revenue grew 17.6 per cent year-on-year to Rs 229.7 crore, while the company's EBITDA (Earnings Before Interest, Taxes and Amortisation) stood at Rs 39.5 crore during the quarter under review.
Titan's consolidated total income during the quarter under review stood at Rs 10,474 crore as compared to Rs 7,872 crore in the year-ago period, it added.
The company still expects World Cup sales of around 400 million euros ($421 million), according to the spokesperson, who said sales were currently higher than those at the 2018 World Cup in Russia.
To ensure expansion of their product availability across India, and to curb its return delivery losses, FanCode has onboarded e-commerce enabler GoKwik, it said.
Amid intense lobbying by footwear industry and retailers for a one-year extension in the compliance date beyond July 1, Goyal told reporters that quality control orders (QCOs) are issued after intense consultation with industry and adequate time is given to implement them. "In the leather and footwear sector, we issued three QCOs on October 27, 2020, two-and-half years back. So, the whole industry is very well aware... in two and a half years, if one has not yet become compliant, then there is a vested interest, which we cannot fulfil," he said.
Under Novel Jewels, the retailer plans to build large-format jewellery retail stores across the country, with in-house jewellery brands.
CaratLane had been in a strategic vendor relationship with Tanishq, Titan’s jewellery brand, since 2010. Between 2016 and 2019, Titan bought into the company in tranches, spending a cumulative Rs 440-450 crore, primarily via a secondary purchase of shares from Tiger Global, an early stage backer. Titan also made a primary infusion of Rs 99 crore in the company.
The import of silver in Gujarat has witnessed a drastic decline of 98% in April and May, primarily due to soaring prices and weakened demand.
A former L'Oreal executive with extensive experience in the U.S. and Asia, Rinderknech joined LVMH in 2022 and has been heading the group's hotels business, which he will continue to also manage.
It's EVP and chief commercial officer, Greg McKelvey, who visited India last week told ETRetail, “...we've continued to make strong investments into system growth and to build our teams in India. We now see the Indian market as one of the biggest growth opportunities that we have in the company.”
In his new role, Kuppuraj will lead the business towards new areas of growth and innovation adding more value to Titan's growth in the smartwatch segment, the company said.
The Yogi government is expecting an investment of Rs 10,000 crores to come to the state through different investors at the proposed park, which will provide employment to one lakh youths and be equipped with h state-of-the-art facilities in order for it to become globally competitive.
Cutting and polishing of rough diamonds have seen a decline in Surat following the US sanctions on Russian miner Alrosa, imposed over Russia's war with Ukraine.
U.S. shoppers' spending in the summer ahead of the college and K-12 school year has grown steadily since 2015, according to the National Retail Federation, a trade group. NRF hasn't yet issued an estimate for 2023.
The rating agency estimates its sample set of 12 major organised jewellers to record a revenue growth of ~12-15% YoY in FY2024, despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10% YoY. In terms of profitability, operating margin of ICRA’s sample set is likely to remain comfortable and stabilise at around 7.5-8% over the next two years.
French menswear retailer Celio plans to increase the sourcing of its merchandise from India fivefold over the next two years. India represents around 4% of the company's total requirement, but it plans to increase that to around 20%. Celio currently has 70 standalone stores and 680 other outlets in India, and CEO Marc Grosman said the country had "improved a lot. Retail is much more organised, consumers much more educated and the demand for fashion has increased a lot". Celio is also planning to open 15-20 stores in India each year.
The company said it is making healthy progress in retail store expansion both domestically and overseas. It had 2,710 stores at the end of the fourth quarter. The jewellery division clocked 23% YoY growth.
Analysing Ethos’ performance, its Chairman and MD Yashovardhan Saboo, told ETRetail that the retailer’s quality of communication and trust building with the consumers coupled with a wide product portfolio across 60 plus brands is helping it drive this high double digit growth.
The move comes amid a push to increase khadi sales by around 18% to Rs 7,000 crore in the current fiscal, against Rs 5,943 crore in 2022-23. “We arein talks with khadi institutions and we are trying to see how we can split the cost and, if possible, not increase prices for consumers,” KVIC chairman Manoj Kumartold TOI. He said wages had to be increased as there had been no revisions for 6-7 years.
Talking about the consumers across Landmark Group's retail brands, Vikram Idnani said, "We're seeing overlaps of customers across all our formats and are looking to leverage and enhance the cross-pollination of our customers between our retail formats."
The luxury fashion groups will each acquire a 15% stake in knitwear company Fedeli, while Luigi Fedeli, the current chief executive, will retain a majority ownership of 70% and continue serving in his current role.
Inditex, the parent company of Zara, reported a 16% increase in sales of its spring-summer collection for the past month, indicating its strong performance in the face of cost pressures and the loss of business in Russia. The company’s Q1 profit rose by 54%, reaching €1.2bn ($1.24bn), and resulting in the marketplace value exceeding €100bn ($107bn) for the first time.
Andrea Guerra is set to be confirmed by the board next month as the new CEO, succeeding Patrizio Bertelli, who will stay on as chairman. The move is intended as a step toward ultimately handing the reins of Prada Group to Bertelli and Miuccia Prada's son, Lorenzo Bertelli. The younger Bertelli now oversees digital marketing and sustainability.
For the quarter that ended March 31, 2023, VIP reported a 27 per cent increase in its sales to Rs 451 crore. On a yearly basis, the company saw a rise of 61 per cent in net sales to Rs 2,082 crore. Its EBITDA and profit after tax (PAT) stood at Rs 331 crore and Rs 152 crore for the period in review.
Kerala-based Malabar Gold & Diamonds is celebrating its 30th anniversary. In an interview with ET, M P Ahammed, chairman of Malabar Group recounts how it all began from a tiny shop in Kozhikode, its evolution and growth in India and beyond, transformation of the jewellery trade, their global forays and future plans.
Akshay Kumar has said that products from brands launched by popular faces should be the celebrity rather than the name attached to it, to ensure consumers will come back to buy items repeatedly, following the launch of his apparel brand, Force IX. He added the differentiator in creating and promoting a successful brand is the person with expertise of running the business, giving the example of Force IX co-founder Manish Mandhana.
The projects were approved at the 6th Mission Steering Group (MSG) meeting of the National Technical Textiles Mission chaired by textiles minister Piyush Goyal.
The wages of artisans associated with Khadi sector have risen above 150% since 2013-14. From April 1, 2023, the wages of Khadi artisans further increased by more than 33%.
One of the largest sportswear manufacturers in the world, Adidas has initiated a legal battle with Thom Browne, an American luxury fashion house over trademark violation. The former has claimed that Browne’s use of parallel stripes infringes the copyright of its signature three-stripe branding.
Lenskart is set to close its funding round amid a global rout for tech companies that’s prompted layoffs in the thousands, depressed investment activity and shaved billions off the valuations of once high-flying startups. The company has grown into India’s largest optical brand and is backed by KKR & Co., SoftBank Group Corp., Temasek Holdings Pte and Premji Invest, among others.
"CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships," Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar said in a statement.
Cotton prices have already fallen over 25% in the last eight months, leading to a shortage of cotton in the market. The increase in MSP for the next season is expected to stabilise the prices and may lead to a 5% increase in cotton planting in India. Cotton processors are hopeful of getting enough raw material. However, some cautioned that a hike in MSP, without increasing cotton productivity, can endanger India's competitiveness in the global markets.
High inflation, rising interest rates and the threat of a recession in the United States have resulted in a shift in consumer spending, impacting sales of apparel and sportswear as cash-strapped consumers focus on essentials.
"In 2023, we expect revenue growth to remain solid and above market average," Prada's new Chief Executive Andrea Guerra said in the statement, adding that China had started again to be "an engine of growth".
Ganguly, who became MD in 2014, is leaving the company to start his own venture, sources aware of the matter said. He has briefed some members of Puma’s India team about his planned exit from the firm.
In quarterly terms, the company’s revenue grew 57 per cent YoY to Rs 571.24 crore.
One of the fashion industry's most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world's largest luxury label, playing a key role for example in elevating street styles to the realm of luxury in recent years.
Major rough diamond auction houses in Belgium and Dubai have cancelled auctions as India's diamond industry is hit by a slump in demand for polished stones from China and the US. Indian companies process nine out of every 10 diamonds in the world. De Beers has also rescheduled its auctions and postponed planned viewings of its rough diamonds as beleaguered buyers wait for a market revival. The chairman of the Gem & Jewellery Export Promotion Council warned the fall in demand would hurt exports this quarter.
Balagopalan (42) will replace Abhishek Ganguly, who worked for Puma's Indian business for 17 years and has been the Managing Director of Puma India since 2014.
Relaxo Footwears, on Wednesday, has reported a marginal increase in the net profit at Rs 63.30 crore in the fourth quarter (Q4) ended March 31, 2023 as against the net profit of Rs 62.93 crore in the corresponding quarter of the previous fiscal, as per the BSE filing.
Sports and athleisure footwear company Campus Activewear on Wednesday said it has acquired land parcel and a building from FMCG major Marico Industries Ltd in Paonta Sahib, Himachal Pradesh. The all-cash deal was worth Rs 16.70 crore.
Despite a sharp spike in gold prices from January to March this year, the demand for the yellow metal remained upbeat during the quarter in Gujarat. Against a 17% decline in gold demand in India during the quarter according to the World Gold Council, gold imports in Gujarat grew 75% during the same period.
"Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific," the group's new Chief Executive Andrea Guerra said in a statement on Thursday.
The sector's biggest luxury players, LVMH and Birkin bag maker Hermes have benefited strongly from a return in business in China, as reflected in first-quarter global sales growth of 17% and 23%, respectively.
A two-member NCLAT bench upheld the orders of the National Company Law Tribunal (NCLT), which on December 22, 2022, rejected the footwear and apparel maker's plea to initiate the insolvency proceedings against its distributor on the ground of pre-existing dispute. The appellate tribunal further said it was "not satisfied with the submission of the Appellant (Nike India) that dispute is a moonshine dispute."
A year ago, it had sales of ₹2,044 crore. The retailer said increasing awareness about fitness and surging demand for athleisure wear helped the segment while increasing travel boom led to people spending more on casual wear.
For a growing crowd of investors, LVMH and its French luxury rivals are to the European stock market what Big Tech has been to the US: Dominant businesses whose growth holds up even as the economy waxes and wanes. Shares of LVMH and Hermes International have on average returned more than 20% annually the past decade and Kering has returned 16%.
Sales for the three months ending in March came to 3.38 billion euros ($3.74 billion). The increase of 23%, at constant exchange rates, beat a Visible Alpha consensus for 15% growth.
Vietnamese shoe manufacturer for brands such as Nike and Adidas, PouYuen Vietnam, announced it would cut nearly 6,000 jobs with permanent contracts due to a slump in orders. This will be the company's biggest layoff since it began operations in 1996 in Ho Chi Minh City.
Kering sales fell two percent in the fourth quarter, dragged down by an 11 percent drop at Gucci and three percent at its "other houses", which include Balenciaga, in the last three months of the year.
While declining to share the valuation, Pradeep Krishnakumar, co-founder, Zouk, told ETRetail that the startup has grown 10X in size of the business and has been capital efficient.
The fundraise was done at a $4.2 billion valuation and will result in ADIA becoming one of the largest shareholders in Lenskart with a 10% stake.
Its EBITDA and profit after tax (PAT) for the fourth quarter stood at Rs 30.5 crore and Rs 13.3 crore, respectively, growing on the back of the company's cost optimization initiatives and operating leverage benefits. Ethos’ PAT stood at Rs 7.8 crore during the same period last year.
Consolidated revenue for Q4FY23 was Rs 3,382 crore as against Rs 2,857 crore in the corresponding quarter of the previous year, a growth of 18%. The company recorded Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 257 crore during Q4 FY23 compared to Rs 218 crore in the same quarter of the previous year, a growth of ~18%.
Of the Rs 430 crore, Convergent Finance LLP, led by Harsha Raghavan — a former Fairfax India executive — has invested about Rs 400 crore.
The department, he said, is trying to create schemes through which availability of raw material can be enhanced to the industry. They are also looking at ways to monitor the imports and there are suggestions for imposing minimum import price (MIP).
"We hope this would be the first of many investments to come (in India)," Pou Chen Vice President George Liu said in a meeting streamed online with Tamil Nadu Chief Minister M.K. Stalin.
Emerald Jewel Industry has been one of the world’s largest jewellery manufacturers with manufacturing capacities of 48 tons of gold, 50,000 carats of diamonds, 600 kgs of platinum and 70 tons of silver-based jewellery annually. On the other hand, Limelight Lab Grown Diamonds, is India’s largest D2C luxury brand in CVD diamond studded jewellery.
Richemont's sales plunged by nearly a quarter in mainland China as customers stayed away from shops and a lack of staff led to temporary closures and shorter opening hours at its luxury boutiques, the Geneva-based company said on Wednesday.
In a statement, Shah shared that Bata India will continue to add franchise and shop-in-shop (SIS) stores to cater to untapped markets in a capital efficient way. The company is optimistic about its growth on the back of its innovation and evolution of product offerings.
Bata India's total income in the fourth quarter of FY23 stood at Rs 788.52 crore as compared to Rs 683.99 crore in the corresponding quarter in FY22.
With this acquisition, the global firm looks to take over e-commerce portal and all the physical stores of the brand.
The world's largest luxury group LVMH posted a 23-percent jump in sales to a record of 79 billion euros ($86 billion) in 2022 and saw profits climb 17 percent to 14 billion.
"After experiencing double-digit growth via e-commerce, we are planning to expand our brick-and-mortar presence in India, and for that, we've started an initial test with Reliance Smart stores. We have seen double-digit month-over-month growth with that initial test," Lucas Johnson, Vice President, Zippo Global Marketing said.
TRQ will help the group in importing gold through the IIBX under India-UAE Comprehensive Economic Partnership Agreement(CEPA)at reduced duty rates with convenience and transparency. TRQ license to import gold is a significant development for Malabar Gold and Diamonds which is celebrating its 30th year in the jewellery business this year.
The United States and Canada also announced new penalties on Russia over its war against Ukraine. Washington imposed sanctions on gold producer Polyus and the Russian business of its peer, Polymetal, which would further damage Russian gold sales already hit by Western sanctions and restrictions.
"While retailers were initially worried about the amount of Nike inventory being shipped, the consumer is showing up and buying the Nike brand," Credit Suisse analyst Michael Binetti wrote in a note on Friday.
The company saw strong demand for its sneakers, including classic styles such as Jordan Retro and newer franchise launches such as LeBron 20, that helped grow its market share.
During the fiscal year 2022-23, playR's sales stood at Rs 8 crore and its other brands distribution sales was at Rs 8 crore. For the current fiscal year FY24, the brand hopes to cross Rs 60 crore sales mark.
"Retail buying has been improving slowly. Footfalls at jewellery stores have improved because of lower prices," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsingji.
In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
"People during the pandemic were focusing on health and fitness and they wanted to evolve their lifestyle. So, there was a huge transition around how people saw health and fitness and that increased demand for us. Athleisure has become the go-to outfit," said Abhishek Ganguly, managing director, Puma India.
If finalised, this would be among the largest investments in a new-age entity by ChrysCapital, which has backed internet firms such as Dream11, FirstCry, and Xpressbees.
Indian diamond trade cuts and polishes 9 out of 10 diamonds available in the world and imports Russian diamonds from Alrosa, which accounts for 30% of global rough diamond output. G7 countries are imposing fresh sanctions against Russia to try to further hinder its war effort in Ukraine.
As per the Omanobserver, Tirupur in Tamil Nadu started out as a knitwear cluster but has since completely changed into the nation's centre for worldwide textile manufacture.
Bansal shared that Liberty Shoes spent more on marketing in Q3 FY23 as it was a festive quarter. "These high expenditures may not pay us in a shorter period but will benefit in the long run. During the quarter, our first objective was to make the customers pay more," he added.
The French-Italian eyewear group said Europe, Middle East, and Africa (EMEA) was its best-performing region in the quarter due to solid sales growth in France, Italy, Spain, the UK and Scandinavia.
The proposed transaction relates to the proposed acquisition of a certain shareholding of LSPL by Platinum Jasmine A 2018 Trust (Platinum Jasmine), a notice filed with the CCI said.
This partnership aims to enhance the customer experience by building the efficiency of Timex India's logistics and order fulfillment processes. With the platform's support, Timex India expects real-time visibility and control over its orders, inventory, and shipments for efficient operations.
Khadim India's total income grew year-on-year(YoY) to Rs 165.74 crore in Q3 FY23 as compared to Rs 159.27 crore in the corresponding period of previous fiscal, as per the regulatory filing. The company said its continuous focus on creating affordable premium product portfolio to meet the consumer demand has boosted the growth momentum during the period across its business units.
ICRA estimates its sample set of 12 major organised jewellers to record a revenue growth of 12-15% YoY in FY2024, despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10% YoY. In terms of profitability, operating margin of ICRA’s sample set is likely to remain comfortable and stabilise at around 7.5-8% over the next two years.
Quarterly results from LVMH and Europe's other luxury goods companies will offer glimpses of the toll of last year's COVID-related disruptions in China, even as the companies roll out pricey new collections tied to the Year of the Rabbit.
Foot Locker, which retails popular footwear brands including Adidas and Nike Inc, is in discussions with four Indian players to appoint a franchise, ET Now tweeted. The details of the companies were not disclosed.
“Almost half of India needs spectacles and their number is growing to almost 70-80%. I do not get into market size etc. All I know is that half a billion plus people need glasses and that number is growing. We are largely focussing on India and we have Owndays. So we have a lot to do. Nothing more right now.”
The company’s initial public offer (IPO) was entirely a secondary share sale worth Rs 1,400 crore. Ahead of the IPO, TPG Global held 5.32 crore shares in the company, or 17.19% stake in the company as on 31 March 2022. TPG sold 3 crore shares in the IPO.
The achievement comes less than two weeks after LVMH joined the ranks of the world's 10 biggest companies, powered by a surge in first-quarter sales. Rival Hermes International subsequently published its own strong numbers, reinforcing the view that China's reopening from pandemic lockdowns is fuelling growth across the industry.
Swiss watch exports to India reached a new high in 2022, with sales worth '1,722.88 crore, representing a growth rate of 19.6%. Export momentum continued in the first two months of 2023, with sales worth '271.72 crore, a 27% surge from the corresponding period in the previous year. Despite the luxury industry's global and Indian surge in demand, Swiss watch exports to other countries like Thailand, Mexico, Austria and Turkey remain higher than those to India.
As compared to the previous year, the brand has witnessed an 8 per cent jump in the average ticket price of gold jewellery exchange.
The funding has been done via Bijli group's logistics arm, ATC Logistics, run by Bijli's son Aamer. Louis Stitch said it has raised ₹5 crore from the Bijli Family Office at a pre-money valuation of ₹100 crore.
Controlled by Qatari investment vehicle Mayhoola, Valentino reported preliminary revenue of 1.42 billion euros ($1.56 billion) last year.
Sales at the world's biggest luxury group reached 22.7 billion euros ($24.65 billion) in the final three months of the year, with the 9% increase on an organic basis a touch above analyst expectations for 7% growth, based on a consensus cited by UBS.
However, the firm beat first-quarter revenue expectations, saying strong growth globally, including Greater China, helped offset its weaker performance in the over-inventoried U.S. market.
The Aditya Birla group company's consolidated earnings before interest, tax, depreciation and amortization, though, grew only 5% on year at ₹4,873 crore, impacted by weaker realisations in some of its standalone businesses. Consolidated operating margins fell 200 basis points on year to 14%.
"Right now, for the next 12 months, we want to focus on getting the model right. We are targeting high-street locations as we feel this is not a traffic-led business. This is also a tier I city play, and it is not yet going to be part oftier II," Nissan Joseph explained.
Cotton prices have seen a significant decline of approximately Rs 3,000 per candy in the past week. Market experts say lower cotton prices will stimulate demand in the domestic market and enhance the export competitiveness of Indian cotton yarn manufacturers. Additionally, the lower cotton prices will in turn reduce prices of ready-made garments, giving customers prices at least 10% lower than in the previous Diwali season.
"Going ahead, we will be investing in the product. We will be bringing the parts of the global range to India now in a bigger way. We will also be looking at better price point coverage," he said.
The filing said the two sides signed a confidential settlement agreement on Monday. Representatives for the companies did not immediately respond to requests for comment and additional details.
Talking about tech benefits Nish Hair is leveraging, the actor-turned-entrepreneur said that the brand recently incorporated chatbots and added product tracking links on its website. The hair extension brand is now attempting to add the feature of abandoned cart to its site.
Companies across fashion, jewellery, realty and, what’s increasingly being referred to as ‘experiential luxury’, are scurrying to hire CXOs and niche talent as they scale up business following an escalation in growth. This has also resulted in skyrocketing salaries at CXO levels, executive search firms said.
“In tier 2 and 3 markets, the Adidas stores we will set up exclusively by us,” CK Jaipuria said. The group plans to set up 100 Adidas footwear and sportswear stores by the end of 2024, he said. This will be Adidas’ biggest franchise partnership in the country.
Levi Strauss & Co.'s CEO, Chip Bergh, has praised India's political stability as a driver of consumer demand and foreign investment. Bergh attributes the high degree of consumer optimism in India to a perception of political stability, creating an environment where investments feel safe. Bergh added that India will play a larger role in the global supply chain of Levi's, as Asian markets offer a bright future for the company, including continued investment in India. Despite inflation in India, lifestyle and discretionary segments have seen double-digit growth, driven by pent-up demand and continued casualisation at workplaces.
Campus Activewear's year-on-year (YoY) income slightly declined to Rs 348.33 crore in Q4 FY23 as compared to the total income of Rs 352.63 crore in the corresponding period of previous fiscal, as per the regulatory filing.
A chartered accountant and company secretary, Chhabra (48) is a seasoned financial professional having more than 25 years of experience. Prior to taking a role in Campus Activewear Limited, he was vice president - finance at Whirlpool of India, a US multinational, manufacturing home appliances firm.
Madhya Pradesh Industrial Development Corporation (MPIDC) has floated tenders for basic infrastructure work in the area.
"The sale of both writing instruments and other products such as bags, perfume and accessories have increased but share of other products in overall sale has also grown. We are targeting airport retail - both duty free and duty paid to grow as we get variety of customers, which we won't get in a traditional store," said Neeraj Walia, Managing Director & CEO, Montblanc India Retail Private Limited.
Nike in a complaint filed in Manhattan federal court said it has suffered economic harm and irreparable injury from Lululemon's sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear.
The investment plan, dedicated to the enlargement of its plants in central Italy as well as training and hiring new people, will give the group greater agility and a reduction of the time-to-market, Prada said.
According to the 'Footwear Made from Leather and Other Materials (Quality Control) Order, 2022', which will come into force from July 1, manufacturers have to modify their processes to comply with the new standards.
"When we were revising the strategy for brand around three years ago, one of the pieces of the strategy was to grow internationally. And we do see Asia and particularly India as one of the key components of that. It may have taken a while but it is certainly the right time to enter India," said MacLennan.
The Bengaluru-based company's consolidated net profit from continuing operations rose to 294.9 million rupees ($3.57 million) for the three months ended March 31, from 223.8 million rupees a year earlier.
The company's total income grew to Rs 725.11 crore in Q4 FY23 as compared to the total income of Rs 592.96 crore in the corresponding period of previous fiscal, as per the regulatory filing.
The company crossed the mark of one million orders in FY23 with 55 per cent of sales coming from its mobile application, it said. The brand is launching its first offline store in Bengaluru in July this year.