(AN ISO 9001:2015 & AN ISO 27001:2013 CERTIFIED COMPANY)
Shops selling home furnishing, kitchen apparels, personal care, computers and peripherals have also joined Amazon for this occasion. The local partner shops of the e-commerce company are located in Kolkata, Howrah, Durgapur, Nadia, Hooghly and Kharagpur. And the orders will be delivered, said Abhishek Jain, head of local shops at Amazon India.
After a bumper $7 billion London initial public offering in 2020, THG has issued multiple profit warnings that have weighed heavily on its shares and led to several takeover approaches, all of which have been rejected.
Tata Neu, the superapp of Tata Group, also plans to reach more cities in May, sources told ET. ONDC already features two Tata enterprises on the seller side: StarQuick grocery app, and online grocer BigBasket.
Over the past few months, the company has laid off hundreds of staff in divisions including Amazon Web Services, Prime Video service, healthcare business and Alexa voice assistant unit, extending its massive job cuts over the past two years into 2024.
India's creator economy is thriving, with 2.5-3.5 million creators predominantly engaging on platforms such as Instagram and YouTube. Notably, between 110-170K creators on YouTube are actively monetizing their content, solidifying its position as the leading platform for creator monetization in India.
Quick-commerce platforms like Zepto, Swiggy Instamart and Blinkit are seeing rapid growth in the sale of non-grocery items as they continue to diversify their offerings and enter ecommerce turf.
Spread across an area of over 60,000 square feet, the new centre is equipped with a daily dispatch capacity of over 9,000 units per day. With the new unit, Flipkart aims to cater to the rising demand for online groceries across Ballari, Davanagere, Dharwad, Shivamogga, and South and North Goa.
“Blinkit customers can now get Lenskart.com products in 10 minutes. Starting with delivering sunglasses and their Hustlr range (Computer Glasses). Curious to see how Hustlr evolves as a brand over time,” the post read.
ProcMart plans to utilize the newly raised capital to explore strategic acquisitions, expand its distribution network in India and strengthen its international operations in Southeast Asia. The company also plans to expand its client portfolio beyond MRO consumables targeting newer industries such as Biofuel and Packaging.
Bengaluru commission penalizes Myntra for unfair trade practices, compensates Roopini and Komal. Orders refunds, compensations, punitive damages, and interest. Violation of Consumer Protection Act, 2019 noted in fraudulent transactions and unauthorized cancellation.
Complaint filed against Flipkart and BigBasket for making delivery boys work on voting day despite government holiday declaration. Flipkart ensures paid holiday and promotes voting awareness.
Direct-to-consumer (D2C) brands rushing to get listed on quick-commerce platforms are shelling out between 30-45% as commissions, compared to the 10-20% that large, more established FMCG companies pay.
A report from HSBC Global Research said Zepto market share rose from 15% in March 2022 to 28% in January 2024. During this time, Instamart's share fell from 52% in March 2022 to 32% in January 2024.
Q-commerce in India, led by major players like BlinkIt, Swiggy Instamart, and Zepto, is reshaping the retail landscape. The sector's rapid expansion offers significant job opportunities, especially in logistics, warehousing, and technology-driven roles, promising continued growth.
The strategic sale discussions are unlikely to be revived. Quick commerce company Zepto is now in discussions for fresh funding at a likely $2.5 billion valuation. It has held talks with the likes of General Atlantic, ADIA, among others.
The online retailer said about 140 stores use the system, known as "Just Walk Out," which allows customers to scan an app to enter a store and leave with their items without paying at a register. Amazon will more than double that number this year.
The rapid rise of Shein and Temu - driven by robust demand for their low-priced apparel like $10 tops and $5 biker shorts - is putting pressure on local brick-and-mortar and online fashion retailers to find ways to respond to their budget prices.
Flipkart's quick commerce, led by Hemant Badri, to launch in July with dark stores setup. Potential deals with Zepto and Dunzo didn't progress. Swiggy integrates Mall with Instamart.
Flipkart Ventures' Flipkart Leap Ahead (FLA) programme accelerates early-stage startups with USD 200,000 to USD 500,000 equity investments, mentorship from industry veterans, and a focus on GenAI solutions for hyper-growth.
PhonePe is restructuring its ONDC strategy by exiting several non-food categories. The Walmart-owned company unveiled its ecommerce venture Pincode on ONDC in 2023 offering grocery, food delivery, medicines, fashion and electronics among other categories on the network.
Limelight Lab Grown Diamonds received a US$1 million strategic investment to expand brand presence in India, driven by positive customer response and significant sales growth. The company aims for global expansion with a focus on scaling operations.
For the full year FY2024, the jewellery retailer saw its revenue grow by 31 per cent on a consolidated basis as compared to the prior year.
Zavya is projected to commence strategic efforts to enhance the brand identity, foster productive partnerships with celebrities and incorporate a streamlined approach in the omnichannel retailing experience.
Both gold and silver trying to breach their multi-year highs indicates that a bull market is in force for precious metals, and historically, silver has outperformed gold in such situations, said Sahil Kapoor, market strategist at DSP Mutual Fund.
Rising prices of precious metals come ahead of Gudi Padwa and Ugadi, the auspicious day on the Hindu calendar marking the beginning of New Year in certain parts of the country. The price surge has dampened mood among potential customers who prefer to buy gold to celebrate this auspicious day, which will fall on April 9 this year.
Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer, said the industry had replenished stocks in January and February after having depleted them in 2023. "Indian imports are cyclical in nature. In one year, imports may be very high, and then the following year they may fall. Since imports fell in 2023 after record buying in 2022, we can expect imports to pick up in 2024," Thakkar said.
The company aims to open 100 new stores within the next year, along with the addition of 7,000 new employees to its existing workforce of 21,000, reflecting its commitment to inclusive growth. With the strategic expansion plan for India and overseas markets, the brand aims to consolidate its position as a global leader. Beyond its current operations in India, Malabar Gold & Diamonds is set to expand into states like Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir.
In the last 30 days, the gold price has jumped about 10 per cent, and in the last six months, it has become costlier by 23-25 per cent. This sharp volatility has hit retail buying sentiment. Eid, Bengali New Year, Akshay Tritiya, and regional New Year festivities are expected to help bring demand into stores.
Gold prices on Friday climbed to Rs 72,967 per 10 gm, rising by 1.6 per cent compared to Thursday. This daily surge in prices has never been witnessed in the last 50 years, bullion dealers from Zaveri Bazaar said. In a month, gold prices have shot up by 10.75 per cent, making the yellow metal costlier for those who have weddings in the family.
The report underscores the significant role played by new incremental factors, particularly the surge in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have led to an increase in gold prices worldwide. Despite expectations of fewer Federal Reserve rate cuts, strong growth trends, and record-breaking equity markets, gold has rallied by 17 percent over the past two months.
Exporters said many dealers and jewellers in G7 nations have declined to purchase polished diamonds without origin confirmation despite the new ban on Russian goods applying only to 1 carat and larger stones.
Jewellery shops are becoming a prominent feature in shopping malls in India, as consumers shift towards established retailers. Each mall now has about 8-10 jewellery stores, occupying nearly 5% of total mall space, up from just 1% two years ago. The organised jewellery retail segment has been outpacing other consumer discretionary segments since April 2023, contributing 15-20% of mall revenues despite occupying only about 5% space.
PC Jeweller plans to raise Rs 2,000 crore through rights issues and preferential allotment. Share capital and memorandum changes approved. Proceeds to clear financial liabilities, subject to lender approval.
Suvankar Sen discusses the growth potential of the industry, competition concerns, and the impact of rising gold prices on consumer behavior. He emphasizes the importance of increasing the diamond stud ratio for future revenues and margins. Sen says: "In a Rs 7 - 8 lakh crore market, if you add up all the numbers of all the turnovers of the big industry players, you will see a lot of scope and a lot of room for all to keep growing"
Gold price surge in India has affected diamond jewellery demand in India. Jewellers have switched to 14-carat gold in a bid to cut selling prices and thus not lose out on revenues. The industry has seen a rise in 14-carat options due to gold price increase.
Gems and jewellery exports faced a decline of 12.17% to Rs 2,65,187.95 crore (USD 32,022.08 million) during the 2023-24 financial year compared to the previous year due to challenges like high interest rates in the US and a slow recovery in China. Cut and Polished diamonds exports decreased by 25.23%, while Polished Lab Grown Diamonds saw a provisional dip of 13.79% in the same period.
Tata Group's Tanishq opened three stores in the US - in Houston, Frisco, New Jersey - last year and one in Chicago in March 2024. It plans aggressive expansions in the US citing demand 'despite the operational complexities of opening stores in unfamiliar territories'. Kalyan Jewellers hopes to open two stores in the current fiscal in New Jersey and Chicago.
The fall in exports forced the world's biggest diamond polisher to reduce imports of rough diamonds by 18% from a year ago to $14.27 billion in the financial year ended March 31, the Gem and Jewellery Export Promotion Council (GJEPC) said.
Gold has surged to record highs above $2,400 an ounce in 2024, with China at the forefront of the remarkable ascent. Geopolitical tensions and lower US interest rates have bolstered gold's appeal as an investment. Chinese demand, spanning retail shoppers to the central bank, continues to drive the rally.
In FY24, India witnessed a significant surge in plain gold jewellery exports, notably to UAE and Bahrain, comprising over 85% of the total, reaching $6,792.24 million. Total gold jewellery exports rebounded by 46.91% in the latter half of the year after a decline in the first half. Chairman of GJEPC, Vipul Shah, credited this growth to pragmatic foreign trade agreements like the India-UAE CEPA.
Gunjan Shah, MD and CEO of Bata India Limited, said, “Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience and expanding our reach across channels & markets.”
In this quarter, the company improved its performance, showcasing a positive shift compared to same quarter previous year. Q3 FY23-24 Channel Performance Ecommerce channel had a spectacular growth of 106% over previous year same quarter. Luxury segment saw aggressive growth of 127% over previous year same quarter.
Titan reported a 9% YoY growth in standalone net profit at Rs 1,040 crore in Q3. Revenue from operations increased by 20% YoY to Rs 13,052 crore. EBIT for the quarter grew 11% YoY to Rs 1,478 crore. EBIT margins declined 116 basis points to 11.3%. Total income from the jewellery business rose 23% to Rs 11,709 crore.
The first tranche of a share buyback programme will begin in March 2024 and end on May 6 2025, the statement added, with Puma expecting to buy back and then cancel 100 million euros' ($108.43 million) worth of shares.
Aditya Birla Fashion and Retail Ltd. (ABFRL) announced on Monday its intention to assess the vertical demerger of its Madura Fashion & Lifestyle business from ABFRL into a separate listed company. The decision was made during the Board of Directors meeting, granting authorization to evaluate this strategic move.
“Announcing our first-ever ESOP buyback is a proud moment for the leadership team, and especially me. It reaffirms my belief in the collective success of Team XYXX and the pivotal role they have played in our growth story,” said Yogesh Kabra , founder & CEO, XYXX.
"The irony is we actually have products right now where the sell-through is so good with certain retailers that we can't deliver (them)," Gulden said on the analyst call after the company reported full-year results.
He will report to Robert Oberschelp, head of Warner Bros. Discovery Global Consumer Products (WBDGCP), and part of Warner Bros. Discovery’s revenue & strategy division helmed by chief revenue & strategy officer Bruce Campbell. Sharma has been with WBD for five years, working and leading teams in consumer products and licensing, ad sales, and partnership roles across multiple territories in the region. Previously, he spent nearly nine years in similar roles with increasing responsibility in India and Southeast Asia with The Walt Disney Company.
VIP Industries, led by Neetu Kashiramka, focuses on regaining lost market share through product enhancements, e-commerce optimization, and market strategy improvements, targeting a significant growth in the luggage industry. Kashiramka says: "From Q4 onwards, it will be double digit growth. So, you will start to see some market share gain starting from Q4 itself."
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.
“The NBA is one of the largest sports leagues globally, and we’re excited to collaborate with them on their official online store in India,” said Anand Ahuja, founder and CEO, Bhaane.
The trend marks a break from the past, when Nike retailers enjoyed the ability to sell through their Nike inventory at full price -- particularly lifestyle shoes such as Nike Air Jordan 1 Retro High. Nike's full retail prices range from roughly $50 for basic Nike running shoes to $200 or more for special-release Nike sneakers.
"We're going to be reducing about 15% of our SKUs and really think about expanding in goods that are actually resonating with the consumer," Singh said. "What's really resonating these days is the baggier fit, the low, loose assortment."
“After a nominal decline in revenues in FY2024, ICRA expects the apparel-exporting companies to report a recovery in FY2025 on a lower base, with replenishment of stock in the US and the EU regions,” said Priyesh Ruparelia, vice president and co-group head, corporate sector ratings, ICRA.
Limelight Lab Grown Diamonds received a US$1 million strategic investment to expand brand presence in India, driven by positive customer response and significant sales growth. The company aims for global expansion with a focus on scaling operations.
The company recently opened its first store in Bengaluru. Cultsports which started selling online in 2019 on the Cult application, expanded its presence across key marketplaces such as Myntra, Flipkart, and Amazon. It also went omnichannel by selling in multi-brand outlets offline.
JD, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items of 915-935 million pounds ($1.16-1.19 billion) for the year ending Feb. 3.
Mid-market consumer and healthcare-focused fund Lighthouse Funds has invested Rs 229 crore in luggage maker Safari Industries through its recent fund Lighthouse India Fund IV AIFThe domestic luggage market is estimated at Rs 15,000 crore, with organised players having a 40% share, according to ratings agency Crisil. Lighthouse Funds' marquee investments include Bikaji Foods, Nykaa, Fabindia, and Ferns N Petals
Nike's gross margin fell 140 basis points to 43.6% in the reported quarter on efforts to clear excess inventory through more promotions and discounts at a time when the industry is being squeezed by higher supply chain, input and labor costs.
Titan added a total of 90 stores during the quarter, taking the group's total presence to 2,949 stores. At the end of the September quarter, Titan had 2,859 stores.
The luxury retail market in India is experiencing robust growth, with luxury watch, jewelry, fashion, and apparel brands leasing 600,000 square feet in 2023, marking the highest in six years, according to CBRE data. The share of luxury brands in overall leasing rose to 9% in 2023 from 3% in 2018. The expansion is attributed to growing consumer aspiration for global brands, increased disposable income, and the growth of organized retail spaces in major cities. International brands such as La Vie en Rose, Rimowa, Bugatti Fashion, and Victoria's Secret have made significant expansions in the Indian market.
Watches & Wearables domestic business surged 7% year-on-year, comprising 7% revenue growth in analogue watches and 2% in wearables.
For the full year FY2024, the jewellery retailer saw its revenue grow by 31 per cent on a consolidated basis as compared to the prior year.
The company, which withdrew its annual forecasts in October and announced a cost reduction plan, said it had begun an in-depth strategic review of its Global Packs business, including brands such as Kipling and JanSport.
The company is also working with vendors in India to develop their capabilities in making stainless steel cases.
Zavya is projected to commence strategic efforts to enhance the brand identity, foster productive partnerships with celebrities and incorporate a streamlined approach in the omnichannel retailing experience.
2023 was a record year for India’s luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bain's estimates.
Puma reaffirmed its partnership with Virat Kohli by dismissing reports suggesting Kohli's contemplation of terminating his 8-year-old deal as brand ambassador. Karthik Balagopalan, Managing Director of Puma India said that the association remains intact. Puma enlisted Kohli as its brand ambassador in 2017, sealing a deal estimated to be approximately Rs 110 crore.
Despite a solid holiday quarter, Foot Locker said it would achieve its long-term profit margin target two years later, in 2028, dashing hopes of a steady recovery in margins, which have been crimped due to a surge in promotions.
Ahmedabad's textile market anticipates Eid-ul-Fitr with high retail demand. Processing houses can produce over 3 crore meters daily. Despite concerns, low cotton prices boost manufacturers, leading to increased volume and a revival in the denim sector.
India plans to boost textile exports to $600 billion and grow the domestic market to $1.8 trillion by 2047, focusing on quality, sustainability, and global leadership in the textile industry. Industry has raised challenges of raw material for achieving the $350 billion export aim for apparels besides the need for an investment policy for textiles and a mission mode plan for supply augmentation.
Metro Brands Ltd, one of India's leading footwear and accessory retailers, has secured its largest warehousing space to date. The company has leased a custom-built 3.25 lakh square feet warehouse in Bhiwandi, near Mumbai, as part of its expansion strategy. The lease, directly from RK Builders, spans a duration of five years. This move underscores Metro Brands' commitment to enhancing its operational capabilities and meeting the growing demand for its products in the market.
The group's net revenues totalled 4.7 billion euros ($5.1 billion) last year, broadly in line with analysts' expectations, after a "very positive" fourth quarter which also showed a 17% sales increase.
Both gold and silver trying to breach their multi-year highs indicates that a bull market is in force for precious metals, and historically, silver has outperformed gold in such situations, said Sahil Kapoor, market strategist at DSP Mutual Fund.
Rising prices of precious metals come ahead of Gudi Padwa and Ugadi, the auspicious day on the Hindu calendar marking the beginning of New Year in certain parts of the country. The price surge has dampened mood among potential customers who prefer to buy gold to celebrate this auspicious day, which will fall on April 9 this year.
Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer, said the industry had replenished stocks in January and February after having depleted them in 2023. "Indian imports are cyclical in nature. In one year, imports may be very high, and then the following year they may fall. Since imports fell in 2023 after record buying in 2022, we can expect imports to pick up in 2024," Thakkar said.
“We are thrilled to welcome Ritesh Mishra to our team. His extensive experience and proven track record in the retail industry make him a valuable addition to our leadership team,” said Devarajan Iyer, executive director and CEO, Lifestyle India.
Noting the trend of premiumisation, the report said that an emphasis on premiumization would push the premium footwear market share from 47 per cent in FY2021 to 49 per cent by FY2025. Additionally, the consumer price index is expected to increase the prices of footwear, which in turn will lead to the growth of the footwear industry. In the last 3 years, India has seen an average CPI of 5.5 per cent, the report read.
"The company is not giving up on pricing while their competitors are...especially during this holiday centered season," Dave Wagner, portfolio manager at Aptus Capital Advisors said. He added, "the consumer is starting to hurt a little bit and even though they (Lululemon) focus more on the high-end consumer, they are probably seeing just a little less top line sales right now."
The company aims to open 100 new stores within the next year, along with the addition of 7,000 new employees to its existing workforce of 21,000, reflecting its commitment to inclusive growth. With the strategic expansion plan for India and overseas markets, the brand aims to consolidate its position as a global leader. Beyond its current operations in India, Malabar Gold & Diamonds is set to expand into states like Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir.
Ted Baker, a popular brand name in the UK, fell into administration last month, after more than a year of being sold to U.S.-based Authentic Brands Group. Authentic Brands is looking for a new operating partner for the retail and e-commerce business in the UK and across Europe.
The Italian brand, which opened its first store at DLF Emporio, plans to open its next store in Mumbai this year and in either Hyderabad or Bengaluru over the next 2-3 years.
Indian weddings require crucial accessories like imitation jewellery, Moti malas, safas, and turbans. These accessories are essential for wedding collection brands. The Indian apparel and accessories market, estimated at $75 billion, represents nearly 30% of the market.
Fast Retailing said both North America and Europe reported large revenue and profit gains that were higher than expected, and anticipated record performances from the regions in its fiscal second-half to end-August.
The brand, which enjoys 18 per cent profitability, is planning to spend Rs 20 crore over the next few years to expand its retail footprint as well as its private label.
In the last 30 days, the gold price has jumped about 10 per cent, and in the last six months, it has become costlier by 23-25 per cent. This sharp volatility has hit retail buying sentiment. Eid, Bengali New Year, Akshay Tritiya, and regional New Year festivities are expected to help bring demand into stores.
“The luxury sector, which saw a significant increase in leasing in 2023, shows a promising trend with the entry and expansion of international brands,” said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE.
Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of the highly profitable Yeezy sneaker line. In CEO Bjorn Gulden's first year in the role, he resumed sales of Yeezy sneakers to clear remaining stock while seeking to boost popular products like Samba and Gazelle shoes, and improve relationships with retailers. Shares in Adidas have staged a recovery, outperforming Nike and Puma since he took over.
French sports retailer Decathlon considers India a "big priority" market and aims to be among its top five global markets within the next five years. It plans to add 10 new stores annually, increase online sales, and raise local sourcing to over 90% to boost competitiveness in the Indian sports and athleisure segment. Decathlon's sales in India grew by 37% in the financial year ending March 2023.
Gold prices on Friday climbed to Rs 72,967 per 10 gm, rising by 1.6 per cent compared to Thursday. This daily surge in prices has never been witnessed in the last 50 years, bullion dealers from Zaveri Bazaar said. In a month, gold prices have shot up by 10.75 per cent, making the yellow metal costlier for those who have weddings in the family.
The Agilitas investment from Nexus underscores the growing trend of venture funds looking to back companies in the manufacturing and retail business that leverage technology as an additional layer.
Inditex had launched fast fashion brand Zara in 2010 and premium clothing brand Massimo Dutti eight years ago. Its new offering, Bershka, will pitch it directly against Reliance Retail's Yousta, which too targets the younger consumer segment.
The report underscores the significant role played by new incremental factors, particularly the surge in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have led to an increase in gold prices worldwide. Despite expectations of fewer Federal Reserve rate cuts, strong growth trends, and record-breaking equity markets, gold has rallied by 17 percent over the past two months.
The latest U.S. credit card data from Barclays released on Wednesday showed that spending on luxury goods remained negative in November, down 15% year-on-year after a decline of 14% in October. That performance "doesn't bring much optimism" for the fourth quarter, with the weak trends in the U.S. reason for caution about the performance of luxury brands over the period, Barclays analysts said.
India's travel renaissance is driving a luggage revolution, with sales doubling. Global brands like Tommy Hilfiger and Delsey Paris are growing in the premium range, while Safari, Kamiliant, and Aristocrat are popular in tier-3 and 4 cities. The market is also seeing partnerships with luxury brands and celebrities, and the emergence of direct-to-consumer brands.
Bulgari is planning to grow its presence in India by opening more boutiques in Bengaluru, Hyderabad and Mumbai. It is also looking to expand its footprint from the current 12 stores in six cities to about 20 stores in at least a dozen cities through multi-brand partners.
Despite its 1.4 billion population, India was in 22nd place for Swiss watch exports in 2023, just ahead of Switzerland's Alpine neighbour Austria.
Exporters said many dealers and jewellers in G7 nations have declined to purchase polished diamonds without origin confirmation despite the new ban on Russian goods applying only to 1 carat and larger stones.
Established in 2016, Trase witnessed ARR of Rs 18 crore by 2020 while being bootstrapped. In 2021, it was acquired by Upscalio as part of its strategy to build a diversified portfolio of brands in utility categories.
Jewellery shops are becoming a prominent feature in shopping malls in India, as consumers shift towards established retailers. Each mall now has about 8-10 jewellery stores, occupying nearly 5% of total mall space, up from just 1% two years ago. The organised jewellery retail segment has been outpacing other consumer discretionary segments since April 2023, contributing 15-20% of mall revenues despite occupying only about 5% space.
Of the Rs 430 crore, Convergent Finance LLP, led by Harsha Raghavan — a former Fairfax India executive — has invested about Rs 400 crore.
The Japanese company is seeking "immediate cessation of sales of the imitation products and compensation for damages incurred," it said.
“We are elated to launch a new category with the ReLoved Store, a one-stop destination for vintage and pre-owned luxury products. It heralds a transformative shift in the dynamics of luxury consumption, fuelled predominantly by the conscientious choices of today’s discerning consumers,” said Gopal Asthana, CEO, Tata CLiQ Luxury.
The job cuts are expected to start on Friday, and a second phase will be completed by the end of the quarter, the report said, citing an employee memo.
PC Jeweller plans to raise Rs 2,000 crore through rights issues and preferential allotment. Share capital and memorandum changes approved. Proceeds to clear financial liabilities, subject to lender approval.
The rescue plan, poised to bring in material cash savings from rent reductions at 39 of Superdry's 94 stores in Britain, and extend the maturity of loans made under the group's debt facility agreements, comes as the company grapples with weak demand and a cash crunch.
Suvankar Sen discusses the growth potential of the industry, competition concerns, and the impact of rising gold prices on consumer behavior. He emphasizes the importance of increasing the diamond stud ratio for future revenues and margins. Sen says: "In a Rs 7 - 8 lakh crore market, if you add up all the numbers of all the turnovers of the big industry players, you will see a lot of scope and a lot of room for all to keep growing"
Gunjan Shah, Bata India CEO, strategizes to propel Power brand growth through EBOs, targeting wider audience accessibility. Leveraging trends in athleisure, the focus is on premiumisation and meeting consumer aspirations through digital and retail expansion. Shah says: "We are not going to stop at just one store. In the next 18 months, we plan to have at least about 50 stores across the country."
CRISIL Ratings foresees improved operating margins for the cotton yarn spinning industry, driven by factors like revenue growth, stable cotton prices, and enhanced credit profiles. The industry's financial health is expected to strengthen further.
Prior to joining Nasher Miles, Verma held leadership positions in various multinational companies like Purplle.com, Samsonite, and Delsey Paris. In his role, he will guide the brand's foray into brick-and-mortar retail, ensuring a seamless customer experience across all touchpoints, as the company said. Verma will oversee the company's overall strategic direction, encompassing product development, finance, and operations.
Nirupesh Joshi and Mercy Amalraj, former technology consultants, transitioned to entrepreneurship and founded the Bangalore Watch Company (BWC), an Indian luxury watch brand. BWC designs, assembles, and markets luxury automatic watches, with plans to open experience centers in Delhi, Mumbai, and Bengaluru by the end of the next year.
Gold price surge in India has affected diamond jewellery demand in India. Jewellers have switched to 14-carat gold in a bid to cut selling prices and thus not lose out on revenues. The industry has seen a rise in 14-carat options due to gold price increase.
In the fiscal year 2023-24, exports amounted to $34.4 billion, marking a decline of over $1 billion (3%) compared to the previous fiscal year. Additionally, exports saw a significant drop of 16.3% compared to the fiscal year 2021-22, when the country reported exports worth $41 billion, the TOI report stated.
Agilitas, headed by former Puma India Managing Director Abhishek Ganguly, will buy the brand license from New York investment firm WHP Global and aim to launch the Lotto products in India by early 2025.
"We're preparing the process to identify a future majority shareholder or a majority that can go up to 100% for YNAP," Grund told analysts.
Richemont, one of the world's biggest luxury groups after France's LVMH, China's improvement helped push it towards its highest ever quarterly sales in the three months to the end of December, noting a sequential acceleration, with December being the strongest month.
Burke - chairman and CEO Bernard Arnault's longest-serving lieutenant - replaces long-time Fashion Group head Sidney Toledano, who was named advisor to Arnault and will exit the company's executive committee. Burke, 66, was CEO of LVMH's biggest label Louis Vuitton until a year ago, headed labels Fendi and Bulgari and served as chairman of the board of Tiffany, LVMH's largest acquisition.
Malabar Gold led the domestic contingent, claiming 19th rank as the top Indian international jewellery brand, followed by Tata group entity Titan Company which secured the 24th position.
Former US President Donald Trump has launched a sneaker line, a day after a New York judge fined him and his companies nearly $355 million in the civil fraud case.
The move comes at a time when Lululemon is seeing slowing demand for its premium athleisure in North America, where excessive inventory levels at sporting retailers has resulted in lower orders for sportswear and apparel firms.
ABFRL plans to raise Rs 2500 crore by splitting its retail business, creating ABLBL with brands like Louis Phillippe, Peter England, and Sabyasachi. The demerger aims to unlock value and support growth through equity raise.
Talking about the brand, Chahar said, “The brand and products are inspired by my own journey. I have a goal to make the best products at affordable prices to cater to the middle class. My target audience is anyone who wants to live a healthy life.”
Dismissing Reebok India's petition, Justice Subramonium Prasad said that the reasons given by the RoC in rejecting the Reebok’s application on the ground that various prosecutions have been filed by the Serious Fraud Investigation Office against it for offences under the Companies Act and the Indian Penal Code cannot said to be so perverse, especially keeping in mind the interest of shareholders and the interest of creditors.
The sportswear giant has invested in selling more through its own sales channels, including stores and online, instead of increasing inventory at wholesalers to bolster its margins.
For the Lee Cooper brand "Shoes Don't Judge" is more than just a campaign, it's a movement that celebrates one’s choices and preferences with zero judgement, the company stated in a press release.
Founded in 2016, Rareism is a subsidiary of Radhamani Textiles. In the last 5 years of brand presence, it has seen exponential growth with a 2.5x growth rate in the last financial year of 2023. Looking forward, it plans on continuing the same growth pattern.
Gems and jewellery exports faced a decline of 12.17% to Rs 2,65,187.95 crore (USD 32,022.08 million) during the 2023-24 financial year compared to the previous year due to challenges like high interest rates in the US and a slow recovery in China. Cut and Polished diamonds exports decreased by 25.23%, while Polished Lab Grown Diamonds saw a provisional dip of 13.79% in the same period.
The resale market for luxury items is booming in India, driven by the aspirations of young consumers in tier-II and tier-III markets. Despite a global luxury goods market slowdown, Luxepolis, an online marketplace claiming a user base of 3.5 million, experienced over 80% sales growth this year.
“India is a crucial market for us and with the changing consumer landscape we see a huge potential with new and emerging demand for sports across different regions in India,” said Yasuhito Hirota, President, CEO and COO, Asics.
The proposed federal class-action lawsuit, which was filed this week in San Francisco, alleges that Hermes is violating antitrust law by making customers buy other goods in the store before being granted the privilege of buying a Birkin bag from Hermes.
Tata Group's Tanishq opened three stores in the US - in Houston, Frisco, New Jersey - last year and one in Chicago in March 2024. It plans aggressive expansions in the US citing demand 'despite the operational complexities of opening stores in unfamiliar territories'. Kalyan Jewellers hopes to open two stores in the current fiscal in New Jersey and Chicago.
Bestseller is closing its Indian ethnic wear brand Indifusion due to poor sales and shifting consumer trends. The company, known for western brands like Jack and Jones, bought Indifusion during the pandemic but struggled to understand and operate in the Indian wear market. The decline in traditional wear is part of a broader trend, with consumers increasingly choosing versatile, comfortable clothing for multiple occasions. Fusion wear, combining traditional and modern styles, is growing in popularity, driven by factors like the rise of the female workforce and fashion trends.
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.
The group, already the UK's biggest sportswear retailer and with an expanding presence in North America and Europe, said group underlying sales rose 12% in the period, driven by European growth of 27% and North American growth of 15%.
Frasers said on Wednesday the deal will further develop its so-called "elevation strategy", which is taking the business more upmarket. The strategy involves investments in flagship stores and in online operations, and the strengthening of ties with brands such as Nike, Adidas, The North Face and On Running.
Dykes highlighted the potential of India's vast domestic market, noting that 60% of Decathlon products sold in India are already made in the country. "We want to get to 90% to 95%, if possible," Dykes said. "India is already in the top 10 markets and we want it to get into the top five. I feel we are really on the right track at the moment. And let's hope within the five years it will be in the top five," he added. The company has 122 stores in 19 states.
Nike CFO Matt Friend told investors the company was cutting back on supplies of "classic" shoes, including the company's Air Force 1 sneakers, to focus on upcoming launches and new product development.
Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday.
"The FTC's decision to sue is surprising because there's no shortage of competition for fashion, apparel and accessories. The commission has latched onto a marketing term - 'accessible luxury' - and treats it like a unique market that exists in a vacuum," said Howard Hogan, chair of the fashion, retail and consumer practice at law firm Gibson Dunn.
The fall in exports forced the world's biggest diamond polisher to reduce imports of rough diamonds by 18% from a year ago to $14.27 billion in the financial year ended March 31, the Gem and Jewellery Export Promotion Council (GJEPC) said.
Gold has surged to record highs above $2,400 an ounce in 2024, with China at the forefront of the remarkable ascent. Geopolitical tensions and lower US interest rates have bolstered gold's appeal as an investment. Chinese demand, spanning retail shoppers to the central bank, continues to drive the rally.
In FY24, India witnessed a significant surge in plain gold jewellery exports, notably to UAE and Bahrain, comprising over 85% of the total, reaching $6,792.24 million. Total gold jewellery exports rebounded by 46.91% in the latter half of the year after a decline in the first half. Chairman of GJEPC, Vipul Shah, credited this growth to pragmatic foreign trade agreements like the India-UAE CEPA.
Looking forward, this year, the hair extensions company HairOriginals aims to expand to more than 50 Naturals Salon locations across India. Further, it is aiming for a 7-8 per cent offline revenue contribution from this partnership by the end of this year, the company told ETRetail.
In her new role, she will be overseeing category and merchandising operations and will optimize customer engagement strategies.
Kering had warned on March 19 that sales over the period were likely to drop by around 10%, dashing hopes it had stemmed sales declines at Gucci, the century-old Italian fashion house which accounts for half of group sales and two-thirds of profit.
Ankiti Bose, co-founder of Zilingo, filed a criminal complaint against fellow co-founder Dhruv Kapoor and former COO Aadi Vaidya, alleging cheating, threats, and sexual harassment. Bose's removal over alleged financial irregularities in May 2022 preceded this. She claims Kapoor and Vaidya coerced her, misled investors, and engaged in misconduct. The complaint also accuses Kapoor of sexual harassment. The accused have not responded.
Puma's operating profit was 236.3 million euros ($252.3 million) for the quarter, down from 257.7 million a year earlier, but revenue beat analysts' expectations with 6% growth in currency-adjusted terms, coming in at 2.31 billion euros.
Mokobara's existing backers Sauce VC and Saama Capital have also participated in the Series B funding round. Peak XV invested around $9.4 million of the $12 million raised by Mokobara.
Fears of a slowdown in luxury spending among Chinese consumers have been growing for some time, and recent events have underscored this concern. Kering SA, the parent co of Gucci, experienced a significant decline in its market value following a warning about slumping sales of Gucci products in China.
Decathlon's India unit experienced a 37% increase in sales to Rs 3,955 crore in FY23, driven by high demand for fitness wear and sports equipment. The company, which offers products for 85 different sporting disciplines, is larger than Adidas, Nike, and Asics combined in India. Despite the growth in sales, Decathlon reported a net loss of Rs 18.6 crore.
Fossil Group, known for its Wear OS smartwatches, has decided to exit the smartwatch business. The Gen 6 series will be the last of its wearable devices. The company will focus on designing and distributing traditional watches, jewellery, and leather goods. Fossil will continue to support existing Wear OS watches for a few more years.
Sales at the world's biggest luxury group, which owns labels, including Louis Vuitton, Dior and Tiffany, came to nearly 24 billion euros ($26 billion) in the final three months of the year.
"Our priority is scaling up our existing online retail capabilities in India to complement our physical presence. We are keen on connecting with potential and current consumers around the country who are physically not as close to our boutiques in Delhi and Mumbai,"Gaetan Guillosson, MD, Cartier India said.
Sportswear companies including Adidas, Nike, and Puma, have seen demand weaken as customers battling with inflation cut spending on non-essential goods.
"We are already in the process of demerger. Now, it is pending before the stock exchanges and then it will be placed before NCLT for its approval. We expect that the process will be completed by September. The demerger will be effected after the approvals are in place," Khadim's Chief Financial Officer Indrajit Chaudhuri told PTI in an interview.
The Swedish group posted an operating profit of 2.08 billion crowns ($196 million), up from 725 million and well above the 1.43 billion expected by analysts in an LSEG poll.
Chief Executive Regis Schultz said in a statement on Thursday that the current trading environment "remained challenging due to less product innovation and elevated promotional activity, especially online".
“In the significant per-capita income shift that’s expected to happen in the next few years, the top-tier income segment numbers are expected to grow faster than those income segments which are lower,” said Venkataraman, winner of the ET Business Leader of the Year award.
VIP Industries' total revenue from operations grew 3.8 per cent at Rs 546.42 crore in Q3 FY24 from Rs 526.40 crore in the same period of the last fiscal. As per the regulatory filing, its total expenses grew to Rs 535.89 crore in Q3 FY24 as against Rs 478.10 crore in Q3 FY23.
“We’re looking at opening 300-400 stores in southeast Asia in the next two years. Initially, we go slow, but we like to go deep. We’ve been in Singapore for the last three years, and are going to Thailand this year, and after a year in Thailand, we’ll go to the Philippines,” he added.