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Amazon top seller Appario’s revenue dips 8% in FY23

Appario Retail reported a marginal rise in profit for FY23 at Rs 84 crore against Rs 82 crore in FY22, according to its regulatory filings with the registrar of companies sourced from business intelligence platform Tofler.

Centre bans e-commerce firms from using ‘dark patterns’ for sales

The government has banned the use of 'dark patterns' by e-commerce and online platforms. These deceptive practices manipulate customers into purchasing products they didn't intend to or lure them into buying more expensive items. Offenders can face fines and penal action from the Central Consumer Protection Authority. The authority has defined 'dark patterns' as deceptive design patterns that mislead or trick users. The guidelines apply to all platforms offering goods or services.

Magicpin food delivery order doubles to 10 lakh on ONDC during World Cup

"Magicpin has crossed 10 lakh food delivery orders for the entire duration of the World Cup between October 5 and November 19. The number of orders soared beyond expectations as ONDC's demand grew on magicpin's own buyer app and through other large buyer apps like Paytm, Phonepe's Pincode and Ola," the company said in a statement.

Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post

In a move seen as an effort to quell ongoing unease within the e-commerce giant, Jiang Fang, an Alibaba partner and its chief talent officer, said in an post on the firm's intranet seen by Reuters that Ma's office had earlier this year made a plan to sell some shares to reinvest in agriculture and public welfare projects.

Temu, Shein far lag Amazon as online holiday shopping ramps up

Shein's website drew 28.6 million unique monthly visitors in October, up 7.25% from a year earlier, according to Similarweb. But visits to Shein's website that resulted in actual transactions declined to 4.1% from 4.6% a year earlier.

Dealshare cofounders Vineet Rao, Sankar Bora exit post rejig

While Rao “stepped down” from his role of chief executive in July and was supposed to work with the board for hiring a new CEO, he has now left Dealshare even as the company has yet to name his successor, several people aware of the matter said. Bora, who was chief operating officer, has also moved on from the company which is now shifting its non-tech functions to Gurgaon.

Appario looks for a new way to keep selling on Amazon

Amazon and Patni Group, joint venture partners of Appario’s parent firm Frontizo, had in October last year announced plans to shut the seller entity within a year.

Amazon and WBIDC join hands to boost exports from Bengal

WBIDC will establish e-commerce export hubs and set up an e-commerce export facilitation cell in key districts of West Bengal, including Kolkata, North 24 Paraganas, South 24 Paraganas, Howrah, Hooghly, and others. Amazon will organize awareness sessions and conduct capacity-building workshops for MSMEs in these e-commerce export hubs.

Ecommerce companies, brands line up for Black Friday rush

Online and offline markets in India are set to see sales growing by over 70% in the week of Black Friday this year when compared to business as usual (BAU) weeks, according to estimates from market research firm 1Lattice. In the US, Black Friday is the Friday after Thanksgiving. It's the busiest shopping day of the year and marks the start of the Christmas shopping season. The sale typically gets extended to the following Monday, called Cyber Monday.

Amazon hit by strikes, protests across Europe during Black Friday trade

The striking workers were chanting their demand for a pay rise to 15 pounds ($18.69) an hour. An Amazon UK spokesperson said minimum starting pay is between 11.80 pounds and 13 pounds an hour depending on location, and would increase to 12.30 to 13 pounds an hour from April 2024. Amazon said the strike would not cause disruption.

Black Friday generates record $9.8 billion in US online sales: data

A total of $79 million of the sales came fr"We've seen a very strategic consumer emerge over the past year where they're really trying to take advantage of these marquee days, so that they can maximise on discounts," Vivek Pandya, a lead analyst at Adobe Digital Insights, was quoted as saying.

Dealshare founder, president of retail business in race for CEO post

“There is a review going on since Rao stepped down as the CEO. Singh and Medda are the two candidates from the existing management. But the (proceedings) are being run by (a) third-party firm to follow due process,” a person briefed on the matter said.

Cyber Monday marks the year's biggest online shopping day in the US

Even though e-commerce is now part and parcel of our everyday lives and much of the holiday shopping season, Cyber Monday -- a term coined back in 2005 by the National Retail Federation -- continues to be the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it.

Amazon agrees deal with most Spanish workers over Cyber Monday walkout

Amazon reached an agreement with most of its workers in Spain, avoiding the impact of a one-hour strike on Cyber Monday. Only 5,000 delivery workers will continue the protest, demanding better pay conditions. The company stated that the majority of teams will work as normal and there will be no impact on operations. Amazon is proud of the wages, benefits, and safer working conditions it provides to employees in Spain. The union group CCOO will continue negotiations to improve pay and conditions.

Amazon seller services net loss widens 33% in FY23

Amazon Seller Services earns revenue from third-party seller services, subscription services, including Amazon Prime, and other marketplace-related services, including advertising revenue and marketing support services to related parties.

Walmart shifts to India from China for cheaper imports

In a strategic move to cut costs and enhance supply chain resilience, Walmart, the world's largest retailer, is significantly increasing its imports from India, according to data revealed by Reuters. The data, sourced from bill of lading figures provided by Import Yeti, indicates a notable shift in Walmart's sourcing patterns.

Second-hand shopping a $1-billion-plus business for Amazon in Europe

In the first nine months of 2023, Amazon's sales of second-hand goods in the UK increased by more than 15% on the same period last year. Amazon UK's total revenue in 2022 was 24 billion pounds.

Exclusive: Amazon India set for top-deck reshuffle, dual leadership structure under Manish Tiwary

Noor Patel, one of the most senior executives at Amazon India heading category management, moving to US; dual leadership structure under Tiwary, Amit Agarwal likely.

Alibaba set to lose no. 1 ecomm player spot to PDD

The once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector. It also signals the rise of a generation of upstarts from PDD to ByteDance, which are disrupting the traditional arenas of social media and e-commerce.

CCPA asks e-tailers to put in place mechanisms to prevent unregulated sale of acid

In a safety notice, CCPA said before on-boarding sellers of acid, e-commerce players should take a separate undertaking from them on compliance of mandatory norms. CCPA said that enabling the purchase of acid in such a manner on the e-commerce platform is a clear violation to directions of the Supreme Court and the Ministry of Home Affairs advisory.

Gold strikes fresh record high as rate cut bets surge

Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. Traders began shifting into the metal after Fed boss Jerome Powell said Friday that rates are "well into restrictive territory", fanning hopes the bank could begin cutting soon.

Big bullion sale: Gold shines amid festive fireworks

Demand for gold in the country increased about 7.7% by volume to an estimated 42 tonnes and 10% by value to ₹22,000 crore, according to the India Bullion and Jewellers Association (IBJA). Gold prices fell about ₹1,500 per 10 gm in two days to ₹60,400 per gm on Friday, helping drive sales.

Minimalistic, everyday jewellery steals the spotlight this Dhanteras

Jewellers are focusing on minimalistic and everyday jewellery during the Dhanteras festival, with gold prices rising by Rs 9,000 per 10 gm compared to the previous year. Tanishq CEO Ajoy Chawla reports a significant upswing in customer sentiment, with new collections like Dharohar, Rivaah X Tarun Tahiliani's bridal jewellery, and String It receiving significant traction.

Titan optimistic on festive jewellery sales; launches heavy, light-weight collections to tap wider audience

Briefly sharing the company’s strategy for launching collections, he stated, “We are a design-led brand. New collections allow us to talk to the customer with some genuinely new news. When the brand comes out with a collection, it has a story to tell. The campaign gives us a peg, on which we build the marketing story for the season.”

Senco Gold & Diamonds: Q2 net profit up 36% amid lower gold prices and higher engagement

Suvankar Sen, managing director & CEO of the company said "The recently concluded quarter has been yet another positive one for us at Senco Gold & Diamonds, achieving continued robust momentum in both footfalls and revenue across all markets. Gold prices in Q1 were volatile versus Q4 and almost 15% higher YoY. This price volatility continued in Q2 as well, with a sudden fall in Aug-23 and again increasing trend by the quarter end with YoY price higher by 13% leading to above growth. We again achieved volume growth consistently in Q2, leading to H1 level YoY volume growth of 11% in gold and 33% in diamond."

Star shine hard to come by for jewellery brands as celebs jack up endorsement charges, put stringent conditions

A senior executive of a prominent jewellery brand, asking not to be identified, said the asking price of big stars is roughly around ₹8 crore a day. "It's becoming unviable for the business. Even at this hefty price, they are reluctant to give more than three days in a year to the brand they are endorsing, won't change costumes more than two times on the day of shooting, and won't work more than eight hours on that day including traffic time."

Lab-made diamonds grow on buyers this Dhanteras-Diwali

​Lab-grown diamonds, which emerged as a new category and an alternative to the pricier natural diamonds, became more popular in this year's festive season as prices plunged to less than half year-on-year. Prices of LGD rings with 1 carat solitaire fell to ₹80,000 to ₹1 lakh from ₹2 lakh last year, a fraction of about ₹5 lakh for 1 carat natural diamond ring.

Despite inflation, high gold prices jewellery retailers witness modest sales this Dhanteras

Pre-Dhanteras, jewellers shared a cautiously optimistic sentiment for the festive sales. Last year, gold sales during Dhanteras rose 35 per cent.

Kalyan Jewellers India's Q2 profit rises on strong domestic demand

Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32%. Its Middle East operations saw a 5% jump in revenue as Eid holidays drove sales. "We are extremely excited with the way the festive quarter has progressed thus far," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India.

India's gem, jewellery exports decline 11.49% to Rs 22,873 cr in October

India's gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.

India's Oct gold imports surge to 31-month high on festive demand

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, but may also widen India's trade deficit and put pressure on the ailing rupee.

Titan gets CCI nod for additional stake purchase in CaratLane

The combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) by Titan Company Ltd, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti, according to a release. In August, jewellery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewellery brand CaratLane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.

Senco Gold will close the year with around 12-12.5% stud ratio: CFO

“As far as the growth across all the zones is concerned, we are very happy that we are growing across all the zones in India, particularly in the Eastern zone where the growth is around 22%. But in the West and South, the growth is much higher, more than 30% because our base there is slightly lower and we have much more to do. So the North region is growing.”

Gold prices rise to six-month high

Gold prices rose past a six-month high in the global market on Monday, as a weaker dollar and expectations of a pause in US interest rate hikes increased demand for the yellow metal.

Ditching gold as old, Indian grooms tie the knot with platinum

Young urban grooms in India are increasingly opting for platinum jewellery, such as chains, bracelets, and earrings, as an alternative to gold amid rising gold prices. Platinum is currently trading around ₹25,000 per 10 grams, compared to gold prices exceeding ₹61,000 per 10 grams. The trend is providing some relief to the bride's family, which traditionally gifts jewellery to the groom during weddings.

Diamond trade polishes its act as Russia sanctions loom

As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. If traders are now seen helping Russia evade sanctions to keep financing its invasion of Ukraine, the shine may come off diamonds once again.

Gold price climb Rs 100, silver unchanged at Rs 78,200 per kg

Gold price climbed Rs 100 to Rs 62,750 per 10 grams in the national capital on Tuesday in line with gains in the precious metal's price in global markets, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 62,650 per 10 grams. Silver price remained unchanged at Rs 78,200 per kilogram. Spot gold at Comex was trading at USD 2,014 per ounce, up by USD 4 from the previous close, Gandhi added.

SBI takes possession of PC Jeweller Ltd promoters residential properties

In a notification, the lender cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of Rs 1,267 crore, as well as the amount outstanding to other secured creditors. Already, the State Bank of India has filed a case against PC Jeweller in the National Company Law Tribunal, or NCLT.

Jewellery trade moves to expose shell companies, curb illegal fund flows

The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council (GJEPC), which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.

Indian jewellery brand Tanishq opens two stores in Texas

The launch is a part of Tanishq's International business expansion strategy. Tanishq is also at the cusp of opening another store in Chicago, and thereafter in the Bay Area by early-mid next year. The company's expansion plans include opening 20 to 30 more locations in North America and the Middle East collectively over the next two to three years.

India, the top market for investment and future growth. Will accelerate investments in the country - Decathlon Global CEO Barbara Martin Coppola

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.

Louis Vuitton picks up space in RIL’s Jio World Plaza in Mumbai’s BKC

Louis Vuitton has secured retail space in Mumbai's Bandra-Kurla Complex for its largest store in India. The luxury fashion brand leased the space for 9.5 years and will pay monthly rentals of nearly Rs 40.50 lakh. The new store will be spread over 7,365 sq ft and is set to open in February 2023.

Demand for low-priced footwear under Rs 300 increasing: Walkaroo founder

Explaining the company’s strategy, the industry leader shared that as a manufacturing company, Walkaroo did value engineering, increased its capacity, and reduced the number of SKUs to offer value products at affordable prices.

Relaxo Footwears' PAT nearly doubles to Rs 44.19 crore in Q2 FY24

Relaxo Footwears' total income grew to Rs 725.86 crore in Q2 FY24 as compared to Rs 675.31 crore in Q2 FY23. The robust recovery in volumes, mainly led by open footwear, served as the primary driver for revenue growth.

Raymond gets independent legal counsel to advise co amid Singhania marital dispute

Raymond's Independent Directors have retained Berjis Desai, a senior independent legal counsel, to advise the company amidst the ongoing marital dispute between Chairman and MD Gautam Singhania and Nawaz Modi. The Independent Directors aim to ensure the dispute does not impact the Chairman's ability to manage the company. Proxy advisory firm IiAS previously urged independent directors to appoint an interim CEO and investigate allegations of assault and misuse of company funds.

New Balance appoints Radeshwer Davar as country manager for India

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.

Clothing brand Bhaane launches NBA online merchandise store

“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.

Luxury brands script clause to share space with equals at Jio World Plaza

Several super-luxury brands in the newly inaugurated Jio World Plaza luxury mall in Mumbai have stipulated that a minimum of four top brands, such as Louis Vuitton, Gucci, Cartier, Burberry, Tiffany, Valentino, Bulgari, Zegna, Giorgio Armani, and Bottega Veneta, should operate within the same complex to maintain their brand exclusivity. Copies of agreements between Reliance Industries, the mall's owner, and five brands revealed this requirement. While many brands seek exclusivity clauses in malls to avoid direct competition, super-luxury brands in this case want similar brands nearby to attract a consistent buyer profile.

Cultsport bets on offline play, category expansion

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.

Gold strikes fresh record high as rate cut bets surge

Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. Traders began shifting into the metal after Fed boss Jerome Powell said Friday that rates are "well into restrictive territory", fanning hopes the bank could begin cutting soon.

Pepe Jeans aims Rs 2,000 cr sales in the next 3 years, to add over 100 stores

Currently, the top eight cities contribute to around 58 per cent of the Pepe Jeans business and the rest 42 per cent comes from tier II and below markets. In the premium denim space, Pepe Jeans London is the second leading brand in the segment. The premium denim space is led by US-based jeans manufacturing brand Levi's.

India to become Pepe Jeans' largest market in two years: Global CEO Marcella Wartenbergh

"We are seeing accelerated growth in India compared to more mature markets and have outpaced in terms of sales and profit. Also, Gen Z still doesn't have enough money and it is really millennials and Gen Y that will drive the market and we need to make sure the brand fits them," Wartenbergh told ET in an exclusive interaction. "One of the big advantages that India has is they are very close to the suppliers and that helps to be much faster in innovation."

Good tidings for textiles industry as experts see pick-up in production, exports

"We are expecting a pick-up in production for the remainder of the year. Last year also, the turnaround happened post January," said a senior official who requested not to be identified. Textile production grew 3.7% year on year in September, as per Index of Industrial Production (IIP) data released a fortnight ago, outpacing the 1.6% uptake registered in August.

Sports commerce platform FanCode has partnered GoKwik to expand its cash-on-delivery (COD) serviceability especially in smaller towns

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.

Nike's gloomy forecast puts spotlight on North America slowdown

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.

CCI clears Kedaara Capital Fund stake purchase in Lenskart

Lenskart Solutions is into the business of eyewear products, while Kedaara Capital Fund III LLP is a Sebi-registered Alternative Investment Fund (AIF). The latter is part of the Kedaara Group.

Footwear industry growth likely to moderate to 7-8 pc in FY24: Icra

The mass segment faces headwinds, and demand is unlikely to improve significantly in the near term, though sales recovery during the festive and wedding season in H2 FY2024 could "partially offset muted revenue growth in H1".

Big-bang luxury sales add to Diwali shine

"Renowned international brands such as Louis Vuitton, Dior, Cartier, Bulgari, Gucci and Giorgio Armani are leading the way, with increased sales compared to last year," said Pushpa Bector, senior executive director at DLF Retail. Higher spending per customer than last year across all luxury categories signals an uptick in overall expenditure this festive season.

Styched relaunches sneaker brand Flatheads

Sharing his expectations in terms of sales, Ganesh Balakrishnan, founder of Flatheads told ETRetail, "We expect to start with 5,000 pairs per month and then grow at 15-20% month on month. Given that the brand is a well-known name now, we are expecting a good response to the relaunch."

Bata to retail Nine West shoes, accessories in India

"Under the arrangement, Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores," the filing said.

Early signs are very good and we are very positive about Q3 and Q4 shaping up well: Titan CFO

“The jewellery EBIT margin on a full year basis is 12% to 13%. Our focus is more on growth, market share gain, number of customers coming to our fold and delivering a consistent margin profile. Q2 is more diamond studded activation quarter. So the margin profile of Q2 is slightly elevated every year.”

Birkenstock eyes pricing IPO at top of range -sources

The German premium footwear company will make a final decision on pricing its IPO at the top of its $44-to-$49-per-share range on Tuesday, ahead of its shares debuting in New York on Wednesday, the sources said.

Nita Ambani launches first 'Swadesh' handicrafts store in Hyderabad to promote Indian craftwork

Reliance Retail’s Swadesh stores will not only present India to the world through its centuries-old art forms and creative expressions but will also pry open sustainable livelihood opportunities for artisans and craftspersons to ensure that their work continues to be treasured in a world that is evolving rapidly, according to the press release.

Footwear maker Bata India's profit slides 38% on one-time charge

The footwear maker said its consolidated profit fell to 339.9 million rupees ($4.1 million) in the July-September quarter, from 548.2 million rupees in the year-ago quarter.

Adidas says demand for Samba shoes far outstrips supply

Adidas inventory levels fell 23% year on year to 4.85 billion euros ($5.18 billion). That was a positive development, given that other apparel and footwear retailers in the United States and elsewhere have been struggling with excess stocks and cutting prices to move products off the shelves.

Bag maker Lavie forays into watches category

“We have transformed our vision into reality by expanding into a new product category, and we're excited to take it further, setting new standards in the world of women's fashion," said Ayush Tainwala, CEO, Lavie.

Puma India head Abhishek Ganguly, CFO, head of sales resign; will start own venture

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.

Proposed tax on international card purchases may drive sale of luxury brands in India

Covid had helped boost demand for luxury brands in India as international travel restrictions shifted sales to domestic stores. That is now sto get another boost due to narrowing of the price gap between foreign and local markets after accounting for the 20% tax collected at source (TCS), mall owners said.

Lavie raises USD 9 mn funding; to invest in stores, mfg expansion

“We reached a point of scale and profitability where external inputs were needed. We wanted a partner who got actual skin in the game,” stated Tainwala on the company’s decision to raise external funding.

Reliance Retail set to take its ethnic handicrafts brand Swadesh abroad

The retail arm of Reliance Industries is in talks with local and global high-end designers and artisans to form strategic partnerships for ethnic handicrafts, fusion clothing, jewellery, blue pottery, silverware, home decor, and carpets among others, the executives said requesting anonymity

Big bullion sale: Gold shines amid festive fireworks

Demand for gold in the country increased about 7.7% by volume to an estimated 42 tonnes and 10% by value to ₹22,000 crore, according to the India Bullion and Jewellers Association (IBJA). Gold prices fell about ₹1,500 per 10 gm in two days to ₹60,400 per gm on Friday, helping drive sales.

Minimalistic, everyday jewellery steals the spotlight this Dhanteras

Jewellers are focusing on minimalistic and everyday jewellery during the Dhanteras festival, with gold prices rising by Rs 9,000 per 10 gm compared to the previous year. Tanishq CEO Ajoy Chawla reports a significant upswing in customer sentiment, with new collections like Dharohar, Rivaah X Tarun Tahiliani's bridal jewellery, and String It receiving significant traction.

Titan optimistic on festive jewellery sales; launches heavy, light-weight collections to tap wider audience

Briefly sharing the company’s strategy for launching collections, he stated, “We are a design-led brand. New collections allow us to talk to the customer with some genuinely new news. When the brand comes out with a collection, it has a story to tell. The campaign gives us a peg, on which we build the marketing story for the season.”

Senco Gold & Diamonds: Q2 net profit up 36% amid lower gold prices and higher engagement

Suvankar Sen, managing director & CEO of the company said "The recently concluded quarter has been yet another positive one for us at Senco Gold & Diamonds, achieving continued robust momentum in both footfalls and revenue across all markets. Gold prices in Q1 were volatile versus Q4 and almost 15% higher YoY. This price volatility continued in Q2 as well, with a sudden fall in Aug-23 and again increasing trend by the quarter end with YoY price higher by 13% leading to above growth. We again achieved volume growth consistently in Q2, leading to H1 level YoY volume growth of 11% in gold and 33% in diamond."

Puma appoints K Balagopalan as India Managing Director

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.

LVMH-backed Moet Hennessy enters still wines segment

Moet Hennessy India, part of LVMH, has launched Chandon Aurva, a still wine, in India. The move is aimed at expanding the company's wine portfolio in the country while maintaining a focus on authenticity and quality. Priced at Rs 4,250, Chandon Aurva will initially be available in select upscale retail stores and later extended to other markets.

Ralph Lauren sees muted Q2 sales as US market loses steam

After a robust spending spree last year, affluent shoppers in the U.S. have now cut back on luxury goods purchases as sticky inflation and high interest rates have spooked even the wealthy.

Christian Dior leases space at RIL's Jio World Plaza in Mumbai's Bandra-Kurla Complex

The company has leased the space through its subsidiary Christian Dior Trading India at monthly rentals of Rs 21.56 lakh, or Rs 650 per sq ft based on minimum monthly guaranteed sum or net revenue share, whichever is higher, showed the documents accessed through FloorTap.com.

Lenskart's Neso Brands invests $4 million in France's Le Petit Lunetier

Sources aware of Lenskart's plans said Neso plans to increase its stake gradually, working with founders of Le Petit Lunetier.

Delsey Paris looking to make India its manufacturing hub, says CEO Traxler

​A recent Crisil report said India's luggage industry revenue is set to rise 5% on-year this fiscal despite a high-base effect of 40% growth last fiscal due to rising penetration of hard luggage made by the organised sector, and continuing growth in tourism and corporate travel. "There was a lot of concentration in mainland China, but we have moved about 50% of production and distributed it to other countries in Southeast Asia and India is part of this rebalancing of our production," said Traxler.

Star shine hard to come by for jewellery brands as celebs jack up endorsement charges, put stringent conditions

A senior executive of a prominent jewellery brand, asking not to be identified, said the asking price of big stars is roughly around ₹8 crore a day. "It's becoming unviable for the business. Even at this hefty price, they are reluctant to give more than three days in a year to the brand they are endorsing, won't change costumes more than two times on the day of shooting, and won't work more than eight hours on that day including traffic time."

NCLAT sets aside Nike India's plea to initiate insolvency against its one dealer

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."

1 Hair Stop expects 30% YoY revenue growth in this fiscal; plans to open experiential store in Hyderabad

1 Hair Stop (1HS) plans to open an experiential center in Hyderabad by October this year to engage consumers with the brand and products in real and immersive way, thereby enhancing its market presence.

Puma outsells rivals to log 46% rise in revenue

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.

Lab-made diamonds grow on buyers this Dhanteras-Diwali

​Lab-grown diamonds, which emerged as a new category and an alternative to the pricier natural diamonds, became more popular in this year's festive season as prices plunged to less than half year-on-year. Prices of LGD rings with 1 carat solitaire fell to ₹80,000 to ₹1 lakh from ₹2 lakh last year, a fraction of about ₹5 lakh for 1 carat natural diamond ring.

Despite inflation, high gold prices jewellery retailers witness modest sales this Dhanteras

Pre-Dhanteras, jewellers shared a cautiously optimistic sentiment for the festive sales. Last year, gold sales during Dhanteras rose 35 per cent.

Kalyan Jewellers India's Q2 profit rises on strong domestic demand

Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32%. Its Middle East operations saw a 5% jump in revenue as Eid holidays drove sales. "We are extremely excited with the way the festive quarter has progressed thus far," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India.

Puma India head Abhishek Ganguly’s new startup raises $52 million funding

Of the Rs 430 crore, Convergent Finance LLP, led by Harsha Raghavan — a former Fairfax India executive — has invested about Rs 400 crore.

Titan Eye+ to focus on calibrated growth, puts expansion plans on hold till fourth quarter

Titan Eye+ is looking to increase its investment in boosting sales through its online platforms, especially Fastrack.in, said CEO Saumen Bhaumik. Right now, online contributes to 3-4% of the company’s total sales.

Reliance attracts luxury brands from Gucci to Louis Vuitton to its space amid India's economic boom

Luxury brands such as Gucci, Cartier, and Louis Vuitton have signed leases for stores in Mukesh Ambani's new Mumbai mall, taking advantage of India's strong economic growth and increasing number of millionaires. The Jio World Plaza, located in Mumbai's business district, is expected to open this year. Burberry, LVMH, Kering, and Richemont brands have also agreed to rent shops in the mall. With India's growing population of millionaires and a projected 12% annual growth in the personal luxury market, luxury brands are seeking a meaningful presence in the country.

Burberry profits slide as luxury demand weakens

British luxury fashion house Burberry on Thursday announced sliding net profit during its first half as global demand for expensive clothing weakens, notably in China's softening economy. "The slowdown in luxury demand globally is having an impact on current trading," Burberry noted.

Nike, Adidas shoe-maker has a Rs 2,000 crore plan to set up shop in India

"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.

Titan board approves raising up to Rs 2,500 cr via NCDs

The board of Titan has also approved a proposal for availing long-term borrowings in the form of long-term unsecured loans up to a limit of Rs 1,000 crore from banking institutions. Titan shares have had a decent run this year with a gain of about 29%. The gems and jewellery stock hit a record high of Rs 3351 in mid-September, but quickly pared gains and went under price correction

V.I.P. Industries Ltd shares resignation letter of MD Anindya Dutta

After Dutta's resignation, the company has appointed Neetu Kashiramka to be the next Managing Director and Chief Financial Officer with effect from November 14, 2023.

India's gem, jewellery exports decline 11.49% to Rs 22,873 cr in October

India's gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.

Jute mills foresee 30-50pc production cuts on low procurement plan for jute packaging

"In the current jute season from September to November 2023, the actual demand indent placement is lower by 30-40 per cent. In September alone, demand indents are expected to be lower than 2.5 lakh bales against planned 3.21 lakh bales due to slow order placing by Maharashtra," IJMA Chairman Raghav Gupta told PTI.

Cricketer Deepak Chahar launches own sports brand DNINE

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.”

Casio to start local manufacturing of watches in India by the end of 2023

Japanese consumer electronics maker Casio plans to begin local manufacturing of watches in India by the end of this year. Casio India is working with a local partner to conduct quality evaluations and aims to launch its first Made-in-India range of watches before the year ends. The company sees India as a priority market with high growth potential, particularly due to its large youth population.

EssilorLuxottica sees 'slight deceleration' in Q3 vs first half

"China was the best performing country effectively leveraging its myopia control portfolio in the back-to-school season," EssilorLuxottica said, adding that the country's retail performance continued to be "favourable".

Metro Brand net profit declines to Rs 67.6 crore in Q2

Footwear retail chain Metro Brands on Thursday reported a 13.18 per cent decline in consolidated net profit to Rs 67.62 crore for the September quarter. The company had posted a net profit of Rs 77.89 crore during the year-ago period, Metro Brands Ltd (MBL), earlier known as Metro Shoes, said in a regulatory filing.

India's Oct gold imports surge to 31-month high on festive demand

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, but may also widen India's trade deficit and put pressure on the ailing rupee.

High inflation in US, Europe robs Tiruppur exporters of festive cheer

Exporters from Tiruppur, the Tamil Nadu town that accounts for 55% of the country's apparel exports, said global brands have bought low-priced garments like simple t-shirts that cost around $2 per piece, in contrast to fashion garments and jackets priced $8-10 per item that they bought last year during the holiday season.

Nike sneakers fuel sales beat, excess apparel stocks still a drag

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.

Athleisure lifestyle brand playR aims to reach Rs 300 crore sales mark by FY26

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.

JD Sports sees Air Force Ones, Gazelle sneakers driving profits higher

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%.

Abercrombie, American Eagle's upbeat forecasts fail to buck retail softness

"With so many retailers warning about falling demand for discretionary goods, investors may be skeptical about American Eagle's and Abercrombie's ability to maintain their upward trajectories," said Rachel Wolff, senior analyst at Insider Intelligence.

Space Mantra and Donear Industries submit plans for Future Lifestyle Fashions

Future Lifestyle Fashions (FLFL), a Kishore Biyani-promoted company, has received two resolution offers from scrap dealer Space Mantra and fashion retailer Donear Industries. Space Mantra's Rs 550-crore offer for Future Retail was rejected by lenders due to its low price. Donear Industries-owned textile maker GBTL showed interest in acquiring Future Enterprises, but did not submit a resolution plan.

Titan gets CCI nod for additional stake purchase in CaratLane

The combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) by Titan Company Ltd, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti, according to a release. In August, jewellery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewellery brand CaratLane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.

Titan Company plans to hire over 3,000 employees in next 5 years as it aims Rs 1,00,000 crore business

"We believe that alongside growing our own people it also helps to bring in experts from various fields, young and experienced. This will accelerate our growth and innovation, strengthening our position in the industry," Titan Company Head HR- Corporate and Retail, Priya Mathilakath Pillai said in a statement.

Liberty Shoes removes Executive Director Adesh Kr Gupta after NCLT sets aside his plea

Gupta had approached NCLT seeking this waiver, which was rejected on November 20, 2023, according to a regulatory filing by Liberty Shoes on Tuesday. Earlier, NCLT had given a go-ahead to the Annual General Meeting of Liberty Shoes in which a special notice was received for the removal of Gupta as ED of the company from shareholders.

NBA extends merchandise deal with Suditi Sports Apparel

The partnership, which will allow Suditi to produce and distribute fully licensed NBA fanwear in India, will cement the long-standing association between the two brands, with Suditi remaining one of the select manufacturers of licensed NBA apparel in India. The entire collection is available through Suditi’s direct-to-consumer platform, ShopTheArena.com

Marc Jacobs Beauty set to make a return to shelves

Marc Jacobs Beauty is set to make a comeback after partnering with beauty conglomerate COTY. The brand had previously collaborated with COTY on fragrances. The new agreement with the conglomerate is expected to last for 15 years, with the makeup range hitting stores in 2025. COTY CEO Sue Nabi expressed excitement about the partnership, while Marc Jacobs International CEO Eric Marechalle praised COTY as the right team to bring the beauty brand to new heights. COTY already works with luxury and consumer-friendly brands in the fashion and beauty markets.

Bespoke luxury leather brand Brune & Bareskin eyes Rs 25 crore revenue in this fiscal; bets big on product customization

Brune & Bareskin has seen consistent revenue growth over the last few years. In the previous fiscal 2022-23, its revenue stood at Rs 15.7 crore; in FY2021-22, it was at Rs 8.8 crore; and in FY2020-21, it stood at Rs 3.5 crore, as the company shared.

Bankers turn up in $600 sneakers for a chance at Golden Goose IPO

Bankers are vying for roles in Golden Goose's initial public offering, with at least 20 banks wearing Golden Goose sneakers during pitch meetings. The luxury Italian shoemaker's $600 sneakers are worn by celebrities like Selena Gomez and Taylor Swift.

Turkey's clothing makers face rising costs from push to help textile sector

Apparel officials say the new taxes are squeezing the industry, which is among Turkey's biggest employers, supplying heavyweight European brands such as H&M, Mango, Adidas, Puma and Inditex.

Innerwear, athleisure companies still bet on sops to clear excess stock

Indian consumers had started reducing non-essential spending such as that on apparel, lifestyle products, electronics and dining out since Diwali last year due to inflation, increase in interest rates, job losses in some sectors such as startups and IT, and a slowdown in the economy.

Vietnam's manufacturer for Nike, Adidas cuts 1,200 jobs

The Southeast Asian country is among the world's largest exporters of clothing, footwear and furniture but its economic growth has been slow in the first half of the year as a slump in demand hits exports.

India growing more than other markets for Lladro: global chief

Spanish luxury porcelain brand Lladro is planning to increase its investment in India, as it sees potential for growth in the market. India currently accounts for 11% of Lladro's global sales, and the company plans to develop online sales and open more mono-brand stores in the country. Lladro's CEO, Ana Rodriguez, stated that India is a strategic market for the brand, and it has seen significant growth there in recent years

India now second biggest market for Rado, says Global CEO Adrian Bosshard

Commenting on Rado’s growth in India, Bosshard said that the watch brand has witnessed exemplary growth in the last 14 years and today owns an ‘unbelievably high’ market share in its price segment. He did not share the specifics of yearly growth and market share.

Puma sticks to full-year profit forecast despite Q3 earnings drop

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.

No big boost expected in luxury spending during holiday season - Bain

The holiday season is upon us but people are not interested in spending so much this luxury season.

Senco Gold will close the year with around 12-12.5% stud ratio: CFO

“As far as the growth across all the zones is concerned, we are very happy that we are growing across all the zones in India, particularly in the Eastern zone where the growth is around 22%. But in the West and South, the growth is much higher, more than 30% because our base there is slightly lower and we have much more to do. So the North region is growing.”

India smartwatch market hit fresh high: Brands that drove the market

India smartwatch market sees 21% YoY growth in Q3 2023, with domestic manufacturing market share reaching a record high of 82%. Counterpoint Research attributes the growth to high inventory build-up for festive season sales, as well as larger screens and OLED displays in the Rs 2,000-Rs 3,000 price range. Domestic brands like Fire-Boltt, Noise, Boat, Fastrack, and beatXP lead the market, while Apple experienced a decline in shipments by 52%.

Decathlon FY23 sales shoot up 37% in India

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.

Asics India FY23 profit rises 37.7 pc to Rs 55.1 cr

The total expenses increased 36.72 per cent to Rs 271.20 crore in FY23 compared to Rs 198.35 crore in the year-ago period.

Footwear brand Inc.5 raises maiden institutional funding of $10 million

Legacy footwear brand Inc.5 Shoes raised its maiden venture funding of $10 million (about Rs 83 crore) in a round led by Mumbai-based venture firm Carpediem Capital, with participation from Param Capital and P3 Venture Fund.

From Black to Blonde: The growing popularity of hair colouring in India

Young Indians are increasingly opting for fashion shades of hair colours such as deep wine, caramel brown, and beige, instead of traditional black and dark brown. Sales of fashion shades grew 40% compared to 26% growth in base shades.

Cantabil to expand presence in the global market with Nepal

Cantabil also shared that it reached its 500th store milestone by opening a store in Rekabganj, Ayodhya. On achieving this milestone, Deepak Bansal, director of the company said, "We are not only thrilled about this achievement, but also excited about the prospects it opens for us all over the country."

Puma expects Q2 sales growth below full-year target after Q1 beat

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.

Khadim India to raise Rs 15 crore through convertible warrants

Khadim India will raise funds of about Rs 15 crore through a preferential issue of fully convertible Equity Share warrants on a private placement basis to one of the promoters and a few other identified non-promoter entities, as approved by the board of directors of the company.

Gautam Singhania assures board, staff of business stability

After more than two decades of marriage, billionaire industrialist Gautam Singhania publicly announced on November 13 separation from his wife, Nawaz, on X (formerly Twitter). On Nov 20, ET was the first to rep-ort that Nawaz had sought 75% of Gautam's net worth for her two da-ughters, Niharika and Nisa, and he-rself as part of a family settlement.

Home textile players are pinning hopes on festive fervour in FY2024

Home textile exports had reported a double-digit decline in FY2023 and 4M FY2024 amid high raw material expenses, energy inflation and muted demand. An ICRA report is raising their hopes.

Gold prices rise to six-month high

Gold prices rose past a six-month high in the global market on Monday, as a weaker dollar and expectations of a pause in US interest rate hikes increased demand for the yellow metal.

Ditching gold as old, Indian grooms tie the knot with platinum

Young urban grooms in India are increasingly opting for platinum jewellery, such as chains, bracelets, and earrings, as an alternative to gold amid rising gold prices. Platinum is currently trading around ₹25,000 per 10 grams, compared to gold prices exceeding ₹61,000 per 10 grams. The trend is providing some relief to the bride's family, which traditionally gifts jewellery to the groom during weddings.

China's fast-fashion retailer Shein files for US IPO - sources

The fast-fashion giant's moves to go public comes at a time when the market for initial public offerings is struggling to rebound after a string of lacklustre stock market debuts in the U.S.

Farm to fashion: Stage set for Bharat Tex

The biggest ever textile show, Bharat Tex, will showcase the entire value chain and position India as a major player in the global supply chain. The exhibition will be spread over two lakh square feet and is expected to attract global CEOs, policymakers, and thousands of exhibitors and buyers from around the world. The textiles ministry has reached out to global players to join the event and promote the theme of "local for global". India aims to increase its textile exports to $100 billion.

Titan invests Rs 15 crore to open 12 stores of watches division across Delhi NCR

For this festive season, the company is looking at close to 25 per cent growth from these new stores and overall city growth of close to 20 per cent.

Diamond trade polishes its act as Russia sanctions loom

As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. If traders are now seen helping Russia evade sanctions to keep financing its invasion of Ukraine, the shine may come off diamonds once again.

How China's Shein became a fast-fashion giant

Shein uses an on-demand manufacturing system that allows it to quickly boost the production of popular items and drop products that do not sell as expected. The process helps improve production speed and inventory management.

Proxy advisory firm urges Raymond's independent directors to probe assault allegations against Gautam Singhania

An Indian proxy advisory firm has called for Raymond's independent directors to probe assault allegations against Managing Director Gautam Singhania. Nawaz Modi Singhania, a board member and Singhania's former wife, accused him of assaulting her and their daughter in September 2023, as reported by local media.

Gold price climb Rs 100, silver unchanged at Rs 78,200 per kg

Gold price climbed Rs 100 to Rs 62,750 per 10 grams in the national capital on Tuesday in line with gains in the precious metal's price in global markets, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 62,650 per 10 grams. Silver price remained unchanged at Rs 78,200 per kilogram. Spot gold at Comex was trading at USD 2,014 per ounce, up by USD 4 from the previous close, Gandhi added.

Fashion accessories brand Miraggio raises Rs 10 cr in pre-series A

“This investment paves the way for a future where Miraggio sets the standard for opulent elegance, inspiring discerning individuals to elevate their style to new heights.” said, Mohit Jain, founder and CEO, Miraggio.

Manmade fibre textiles exports to rise 75% by 2030: Textile industry

“Technical textiles is a sunrise sector and the future of this industry,” said a government official, adding that ambitious targets have been set for it.

Confident of 55-57% gross margins, EBITDAs north of 30% in FY24, says Metro Brands CEO

“I am quite confident that we would continue to have EBITDAs north of 30%. We also have the Cravatex acquisition that in the first four quarters of the combination and consolidation of those numbers, it is going to have a negative impact on some of our numbers. But overall, the business is very stable and very sound.”

Luxury inc sees India as the next big destination

Luxury brands are increasingly looking to India for growth prospects, according to Bénédicte Epinay, CEO of Comité Colbert, the official luxury association of France. India has all the ingredients for luxury brands, including consumers, appetite for refinement, taste to understand luxury, and passion to show off. Post Covid, brands are seeing a growth of about 5-10% globally, making India the next key frontier for global luxury brands.

SBI takes possession of PC Jeweller Ltd promoters residential properties

In a notification, the lender cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of Rs 1,267 crore, as well as the amount outstanding to other secured creditors. Already, the State Bank of India has filed a case against PC Jeweller in the National Company Law Tribunal, or NCLT.

New York-based Foot Locker partners with Metro Brands and Nykaa Fashion to sell its merchandise in India

​​​The partnership aims at transforming the sneaker segment in India, and address the evolving needs of next-gen customers.​ Under the terms of the agreements, MBL is granted exclusive rights to own and operate Foot Locker stores within India and to sell authorized merchandise in Foot Locker stores whereas ​​Nykaa Fashion will serve as the e-commerce partner and operate Foot Locker's India website and retail authorized merchandise on Foot Locker branded shop on Nykaa’s existing e-commerce platforms. ​

TN to set up footwear park at an outlay of Rs 400 cr: Chief Minister Stalin

Chief Minister M K Stalin announced on Tuesday that the Tamil Nadu government has formulated plans to establish a footwear manufacturing park with an investment of Rs 400 crore on a sprawling 250-acre land. Speaking at an event, he highlighted that this industrial initiative is anticipated to generate around 20,000 new jobs in Ranipet district.

We are trying to gradually raise the productivity of Indian cotton farmers: Textile secretary

The ministry also plans to launch India’s premium cotton, “Kasturi cotton”, at the inter-governmental event featuring participants from 28 member countries and seven invitee countries.

Nike sues Lululemon, says footwear infringes patents

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.

India turning into magnet for foreign luxury brands

India is becoming an attractive destination for foreign luxury brands as they aim to tap into the growing affluence of Indian consumers. Factors such as exposure to global trends, younger consumers purchasing luxury goods, and a post-pandemic economic boom are driving this trend. Luxury brands like Laderach, Galeries Lafayette, Balenciaga, TimeVallee, and Keune are entering the Indian market. Despite inflation impacting entry-level product categories, the luxury market in India is thriving.

Lenskart acquires AI-powered video analytics startup Tango Eye

The startup, which already works with the eyewear retailer, uses AI to analyse CCTV footage from its stores and uses it to optimise customer flow and to ensure proper adherence to all processes.

Lenskart to open 300-400 stores in Southeast Asia by 2025

“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.

More than 60 Indian firms to showcase leather products at Dubai event to boost exports

Footwear exports, both leather and non-leather exports account for over 50 per cent of the trade. India is the second-largest exporter of leather garments, third-largest exporter of saddlery and harnesses and 4th largest exporter of leather goods in the world.

Government cracks the code to track recycled textiles trade

​The textiles ministry has kick-started the process to create separate tariff codes - called HSN (harmonised system of nomenclature) codes in trade parlance - as the existing ones do not account for recycled textile products and they are exported and imported in existing yarn, fabric, garment and waste codes.

Jewellery trade moves to expose shell companies, curb illegal fund flows

The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council (GJEPC), which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.

Indian jewellery brand Tanishq opens two stores in Texas

The launch is a part of Tanishq's International business expansion strategy. Tanishq is also at the cusp of opening another store in Chicago, and thereafter in the Bay Area by early-mid next year. The company's expansion plans include opening 20 to 30 more locations in North America and the Middle East collectively over the next two to three years.

Foot Locker's forecasts get a boost as big discounts bump holiday sales

More than 200 million shoppers made purchases both in-store and online during the Thanksgiving weekend, the National Retail Federation said on Tuesday, easing some worries over muted holiday sales. "While our customers remain discerning with their discretionary dollars and we expect that will continue through the season, we're also seeing them respond to newness," Foot Locker CEO Mary Dillon said in a post-earnings call.

Cartier owner Richemont won't inject cash into Farfetch

Farfetch founder Jose Neves is considering the move after a troubled New York Stock Exchange listing for the loss-making British company, and is working with advisers at JP Morgan, the Telegraph newspaper reported on Tuesday. The company, in which Neves has a stake of 15%, declined to comment to Reuters on Wednesday. Richemont, which has a deal in place to sell its Yoox Net-A-Porter online fashion and accessories business to Farfetch said it was "carefully monitoring the situation."

France's SMCP strikes deal with Reliance to expand into India

"There aren't a lot of accessible luxury fashion labels in India so we think it's time to be pioneering," said SMCP CEO Isabelle Guichot, citing India's wealth and growing population of younger generations among reasons for entering the country. After years of testing the Indian market with outlets in luxury hotels, high-end European labels are seeking to expand their retail presence there to tap its strong economic growth and a rapid rise in the number of local millionaires.