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Chinese shoppers set new 'Singles' Day' spending record

The country's leading e-commerce firm said that by late afternoon the amount of goods bought surpassed the previous record of $30.7 billion spent during the entire 24-hour period last year, and was still rising with several hours to go. China's economy is in an extended slowdown exacerbated by the US trade war.

Paytm plans to invest Rs 500 crore in tech startups

The company said it expects to employ technology across the growing internet to become the dominant player in AI.

Ludhiana: city traders oppose e-commerce websites

Ludhiana mayor Balkar Singh Sandhu also attended the meeting. PPBM leaders, including state secretary Mohinder Aggarwal and state general secretary Sunil Mehra, highlighted problems being faced by traders and especially took out time to express concern over the increasing trend of online retailing.

363% jump in fraud cases on e-commerce website

The Cybercrime police have registered more than 1,000 cases of fraud on one e-commerce website this year, a 363% jump over last year.

'Shoppers' data with Alibaba, Amazon key to supply management'

Underscoring the huge significance of consumer data, Chen Xiao Ping, CEO of Intime Retail Group - an Alibaba unit which is converging online and offline retail - said: "(For us) each payment is a beginning of new payment."

Nearly 1/3rd of cash orders not delivered

​​Narvar’s CTO Ram Ravichandran said that several ecommerce companies in India are piloting projects using machine learning and AI that may enable them to cut losses by several means, including not offering COD to certain shoppers based on their shopping behaviour.

Alibaba Singles’ Day sales touch $1 billion in 1 minute, $16.3 billion in less than 90 minutes

Alibaba is all set to break its last year record of Singles’ Day sales as it clocked more than half of what it did last year in less than 90 minutes. The retail e-commerce giant with a networth amounting to $486 billion is focusing on new consumption to boost sales.

L'Oreal, Nestle score big at Alibaba's Singles' Day shopping fest

The Chinese e-commerce giant's annual Singles' Day shopping blitz on Monday brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday last year.

Police shooting rattles Hong Kong markets, investors count on Alibaba listing

Investor sentiment suffered after a police officer shot and wounded one protester before trading commenced.

Draft rules issued to bring deep discounts by e-tailers under govt scrutiny

The Consumer Protection (e-commerce) Rules under Consumer Protection Act prohibits e-tailers from “directly or indirectly influencing the price of the goods or services” or indulge in any business practice that can influence transactional decisions of consumers.

Snapdeal in talks for $100m at valuation of $800m-1.2bn

​​The Delhi-based company, which went through a pivot to focus on smaller towns and unbranded goods after its failed acquisition by Flipkart in 2017, has told new potential investors that SoftBank is committing to half of the round.

Alibaba's Singles' Day sales hit record $38 bln; growth slows

But sales growth for the annual shopping festival eased to 26%, the weakest since the event started in 2009, held back by a slowing e-commerce industry in China as the country's economic expansion heads toward a historic low.

Amazon Project Zero to rid platform of fakes

Amazon will use technology to take down listings it believes are counterfeits automatically, and give certified brands the ability to remove listings without approval from Amazon.

Alibaba poised to launch record-breaking $13.4 billion Hong Kong share sale - sources

While Alibaba executives are preparing for a Thursday launch, sources said the timing could slip depending on developments in Hong Kong's ongoing protests.

Etailers at marathon meet with data panel

Ecommerce companies Amazon, Walmart-owned Flipkart and Snapdeal presented views on possible data localisation, sharing aggregate customer data with the government and potential data portability on Tuesday.

China retail giant Alibaba given OK for huge Hong Kong listing

Chinese online retail titan Alibaba has been given the go-ahead to list shares in Hong Kong, reports said Wednesday, in what could be the city's biggest IPO in almost a decade.

E-retailers cannot influence prices of goods on platform: Draft guidelines

Traders' body CAIT has welcomed the draft rules and said the proposed framework will "force" e-commerce companies to be more transparent and accountable towards customers. As per the draft, an e-commerce entity should not "directly or indirectly influence the price of the goods or services" and "maintain a level-playing field".

Amazon scales up Accelerator for pvt labels

Amazon India, which is pushing an array of its own brands like Symbol and Solimo across product segments, is reaching out to a select few sellers to be part of this programme. The e-tailer will provide data on what products and combinations (colour, size, etc) are being searched the most on its platform and manufacturers can tap into that demand.

Some e-retailers indulged in predatory pricing: Piyush Goyal

"I would like to highlight the adverse impact of predatory pricing indulged by some e-commerce players which adversely impact millions of small retailers. It is important for e-commerce to follow the letter and spirit of the law," Goyal said at the BRICS trade ministers meeting. He further added that the need of the hour is to develop digital infrastructure.

More time to provide feedback on draft ecomm user protection rules

The Ministry of Consumer Affairs notified on Monday that stakeholders and the public can comment on the draft rules pertaining to consumer protection on ecommerce platforms till December 2.

Repayment to take 3-4 years: Goodwin chief's voice message

In a voice message released on Thursday, Goodwin group chairman A M Sunilkumar said he and his brother A M Sudheeshkumar will not be able come out in the open for at least a month due to ongoing police action.

Investors in Mumbai jeweller’s gold schemes complain to EOW

The gold schemes are managed by suburban Mumbai-based Rasiklal Sankalchand Jewellers. Rating agency Brickwork Ratings revised the jewellers bank loan facilities of Rs 105 crore downward to BWR BB Plus from BWR triple B recently citing non-cooperation of the issuer.

India's October gold imports drop 33% on weak festive demand: Report

New Delhi imported 38 tonnes of gold in October, down 33% from 57 tonnes a year ago, the source said on condition of anonymity as he is not authorised to speak to media.

No protection for small depositors if jeweller defaults on gold schemes

“Investors have no protection in these gold schemes if a company goes into liquidation. The deposit is usually a small amount, below Rs 1 lakh. That would not fall under the Insolvency Bankruptcy Code. It will be treated only as unsecured credit."

'Senior staff knew of plan to shut Goodwin stores temporarily'

The police team investigating the Goodwin Jewellery investment scheme scam found that a few senior staffers at the jewellery store knew of the owners' plans to shut the shops down.

India gold demand to hit three-year low as prices surge to record: World Gold Council

Gold demand in 2019 could drop 8% from a year ago to around 700 tonnes, the lowest since 2016.

Goodwin outlet on police radar

The Koregaon Park police on Tuesday registered a cheating case against the office-bearers of a Goodwin Jewellers store and others following investors’ complaints about not getting their money back.

PC Jeweller surges 11% as jeweller settles case with Sebi

The company paid Rs 19,12,500 towards full and final settlement of the alleged default.

Rising prices may hit gold demand by 8% this year

A demand trend report by the WGC also said that gold demand in India declined 32 per cent year-on-year to 123.9 tonnes in the third quarter of 2019.

I will kill myself if extradited to India: Nirav Modi

Jailed diamantaire Nirav Modi told a UK court on Wednesday that he was beaten up “three times” in prison and threatened to kill himself if his extradition to India is ordered, but still a UK judge refused to grant him bail. The 49-year-old appeared at the Westminster Magistrates’ Court with his barrister Hugo Keith QC, who made a fifth bail application.

Young, rich Indians have started a gem of a trend as demand for rubies, sapphires grow

Young Indians prefer gems for a variety of reasons — from aesthetic to concerns about their mining process. Jewellers said some stones that have been part of the Indian heritage are also gaining popularity. Gems are usually imported into India from countries such as Sri Lanka, Myanmar, the US and Australia. They are polished and made into jewellery then.

Government to push Belgium to act against Nirav Modi’s brother

Earlier this year, the Central Bureau of Investigation received an official communique from Belgian authorities stating that they could not extradite Nehal Modi as he was their citizen, people in the know said.

Price, preference raise platinum demand 30%

In 2018, India had imported 6 tonnes of platinum.

Tough market softens up De Beers

According to industry circles, De Beers has recently allowed sightholders to return around a fifth or more of what they purchased across certain categories at its ‘sight’ (as the ritual is called), besides cutting prices of the roughs by 5% on average, to support them amid a crisis in India’s midstream, or diamond polishing, industry.

Makers to sell ornaments to jewellers only via PDCs

The decision to sell ornaments against PDCs was agreed upon at a board meeting convened by the India Bullion and Jewellers Association (IBJA) on Monday.

Belgium will not extradite Nirav Modi’s siblings and biz associate

Belgian authorities say his sister Purvi Modi, brothers Neeshal Modi and Nehal Modi, and associate Aditya Nanavati can’t be handed over to India as they are Belgian citizens.

Why gold is losing its lustre in India

India’s gold imports fell for a third month in September to the lowest in more than three years as jewelers cut purchases on poor demand. This year on Dhanteras, sales were as much as 20% lower than last year due to high prices and slowdown in the economy making people not wanting to spend their savings as they don’t know what is in store in next two-three months.

View: Shifting demographics have led to lower gold purchases

A decade ago, India's hunger for bullion accounted for about a quarter of global demand.

Wedding gold purchase in Diwali causes discrepancy

Spot gold on MCX has risen by almost 22 per cent year-on-year to Rs 38,630 (ex-GST) this Dhanteras-Diwali.

Maharashtra: Clear stock before Diwali, Goodwin owners told staff

The Ambernath police learnt this on Wednesday after questioning two of the five staffers at the outlet there.

Delhi HC restrains Ludhiana apparel co. from selling counterfeit Under Armour products

The Delhi Court in its order froze the manufacturing unit of the infringer directing it to maintain status quo on title, possession, and construction thereof until further orders.

Repayment to take 3-4 years: Goodwin chief's voice message

In a voice message released on Thursday, Goodwin group chairman A M Sunilkumar said he and his brother A M Sudheeshkumar will not be able come out in the open for at least a month due to ongoing police action.

Retailer Zalando marks strongest quarterly sales growth in 2 years

Third-quarter adjusted earnings before interest and tax (EBIT) came in at 6.3 million euros ($7.03 million), from a loss of 38.9 million a year ago. The company's third-quarter sales surged 26.7% to 1.521 billion euros, ahead of average analysts' expectations of 1.50 billion euros.

Gucci to add sparkle with high-end jewels, Kering's Pinault says

Jewellery has been one of the best performing corners of the luxury industry in 2018, according to consultancy Bain & Co, which forecast that comparable sales in the 18 billion euro global market were set to progress 7 percent this year.

Actress Sara Ali Khan is Puma India’s new face

The association kicked off today with a brand activation in Mumbai with Khan spray-painting the brand’s signature campaign message– Do You – as graffiti on Carter Road.

InfoEdge-backed startup ShoeKonnect pivoting to fashion B2B marketplace

The startup aims to on-board more than 50 lakh small retailers selling footwear, garments, and other fashion products on its platforms.

Investors in Mumbai jeweller’s gold schemes complain to EOW

The gold schemes are managed by suburban Mumbai-based Rasiklal Sankalchand Jewellers. Rating agency Brickwork Ratings revised the jewellers bank loan facilities of Rs 105 crore downward to BWR BB Plus from BWR triple B recently citing non-cooperation of the issuer.

Kanva Group founder held on charges of cheating

N Nanjundaiah was detained on Friday based on complaints from customers that his cooperation venture, Sree Kanva Souharda Co-operative Credit, defaulted on payment of interest on deposits as well as returning deposits that matured.

Barneys' Madison Avenue store to remain open for at least a year

A bankruptcy judge approved the sale of Barneys brands and other intellectual property to Authentic Brands, a firm that acquires and licenses brands, on Thursday. The deal closed on Friday, Authentic Brands said.

Barneys New York officially being sold piece by piece

Barneys New York, which once reigned in the world of high fashion, is now being sold piece by piece.

Sportswear brand Seven by MS Dhoni consolidates global presence

The brand is also available across online platforms like Flipkart, Amazon, Tata Cliq, Jabong and Myntra along with its own website www.7.life.

Give carry bags free, court tells footwear firm

In a hard-hitting order, authored by member Rajesh K Arya, the Commission has also upheld the orders of the District Forum-I, directing it to pay Rs 4,000 as compensation to the consumer, Dinesh Parshad Raturi, and Rs 5,000 as punitive damages to the Consumer Legal Aid Account.

Bata India looking at opening 500 franchise stores

"We now have 150 franchise stores. We are looking to get about 500 franchise stores. These will be single-store towns. That means we are looking at 500 towns. We have charted out a five year plan for this," company CEO Sandeep Kataria told media persons after its 86th annual general meeting here.

Swiss luxury watchmaker H. Moser & Cie makes foray into Indian market

Its collections Heritage, Endeavour, Pioneer, Swiss Alp Watch and Venturer will now be available here.

For Titan, it’s time for lower growth expectations

Tata group co expects revenue growth to slip to 12% amid tepid demand, though it expects market to recover after six months.

Nike reduces no. of stores in India to 150

​​The US-headquartered company, which hit $10.7 billion in global revenue lifted by its sales in China during the first quarter ended August 31, has all but withdrawn from most of its franchise agreements in India and has decided to go along with only one strategic partner New Delhi-based SSIPL (Sports Station), which will operate its offline stores.

Richemont sells luxury leather bagmaker Lancel to Piquadro

Richemont, the owner of Cartier jewellery as well as watch brands including Piaget and IWC, said the deal would have no material impact on its balance sheet, cash flow or results for year ending 31 March 2019

Nike's 'flag' sneaker stirs political outrage in US, footwear brand pulls down product

Nike cancelled the release of the sneakers earlier this week.

Too tired to untie your shoelaces? Siri will do it for you

Nike launched Adapt Huaraches with self-lacing motor that can be controlled using Siri.

India's October gold imports drop 33% on weak festive demand: Report

New Delhi imported 38 tonnes of gold in October, down 33% from 57 tonnes a year ago, the source said on condition of anonymity as he is not authorised to speak to media.

No protection for small depositors if jeweller defaults on gold schemes

“Investors have no protection in these gold schemes if a company goes into liquidation. The deposit is usually a small amount, below Rs 1 lakh. That would not fall under the Insolvency Bankruptcy Code. It will be treated only as unsecured credit."

'Senior staff knew of plan to shut Goodwin stores temporarily'

The police team investigating the Goodwin Jewellery investment scheme scam found that a few senior staffers at the jewellery store knew of the owners' plans to shut the shops down.

Govt mulling setting up mega parks near ports to attract FDI: Textile Secretary Ravi Capoor

The government is mulling setting up around ten integrated mega parks with state-of-the-art infrastructure near ports to attract foreign direct investment, a top official said on Monday. Addressing a conference, Textile Secretary Ravi Capoor said there has been a "very good response" from state governments on the proposed mega parks.

HSE plans 50 FabAlley-Indya stores in 18 months, eyes Rs 220 cr gross sales in FY20

​​The city-based company, which gets about 55 per cent of its revenues from online channels, currently has about 30 Indya and FabAlley stores and 350 shops-in-shops.

Adidas seals partnership with singer Beyonce

Adidas, which also has a partnership with Kanye West, said on Thursday it will work with Beyonce on creating performance and lifestyle products, including signature footwear and clothing.

After demonetisation, GST, floods hit Agra's footwear industry hard

Sharing the reasons for the slowdown in the shoe industry, shoe manufacturer Pradeep Kumar said: "The main cause is the flood that most part of the country is facing. Due to sluggish sales, we are also short of funds."

India gold demand to hit three-year low as prices surge to record: World Gold Council

Gold demand in 2019 could drop 8% from a year ago to around 700 tonnes, the lowest since 2016.

Titan Q2 profit inches up 2% YoY to Rs 320 crore, misses Street estimates

The company had posted Rs 314.38 crore profit in the year-ago period.

Gap Inc and Arvind Limited unveil new treatment facility to address water waste in apparel manufacturing

Arvind’s denim manufacturing facility in Ahmedabad – the first mill in India to manufacture denim – will now operate entirely with reclaimed water using Membrane Bio Reactor (MBR) technology, which will treat domestic wastewater drawn from the surrounding community without chemicalsin the process.

Ferrari to launch fashion collaboration with Armani

Sportscar maker Ferrari on Monday announced a fashion collaboration with Giorgio Armani as part of its long-promised strategy to squeeze more value out of the storied company's allure.

Myntra logs Rs 539.2 cr loss in FY'19

The fashion e-tailer had registered losses to the tune of Rs 151.22 crore in the previous year, documents sourced by business intelligence platform Tofler said. However, the company's revenue from operations more than doubled to Rs 1,041.10 crore in FY'19 from Rs 398.33 crore in the previous fiscal, it added.

Gucci app now allows people to 'try on' its shoes

Various startups have been, for some time now, using the cool technology of Augmented Reality (AR) to enable people to virtually try on stuff like clothes, spectacles, make-up and hair before actually making a purchase.

Titan Company net profit rises 10.8 pc to Rs 364 cr in June quarter

Its net sales rose to Rs 5,095.10 crore, a rise of 15.62 per cent as against Rs 4,406.57 crore in the corresponding quarter of previous financial year.

Bata to open 70 stores each year

Bata India Chairman Uday Khanna said: “We have plans to open 100 stores a year and would close 25 to 30 which are either at wrong place or not making profits. We tend to continue to keep this pace. (On a net basis) we do add about 70 stores a year.”

Attention, fashion Nazis! Alexander McQueen, Yves Saint Laurent are coming to India

The first of these stores is likely to come up at DLF’s Chanakya mall in Delhi.

Cure.fit launches sportswear brand Cultsport

The brand offers apparel which is functional for workout formats like running, field training and gym. Starting at Rs 800, the brand is now available on the cure.fit app and website.

After demonetisation & GST, Indian luxury market now hit by stock and currency fluctuations

The overall market contraction has translated to cut downs in sales teams on the shop floors or staffers foregoing incentives after hanging on to their jobs.

Goodwin outlet on police radar

The Koregaon Park police on Tuesday registered a cheating case against the office-bearers of a Goodwin Jewellers store and others following investors’ complaints about not getting their money back.

PC Jeweller surges 11% as jeweller settles case with Sebi

The company paid Rs 19,12,500 towards full and final settlement of the alleged default.

Rising prices may hit gold demand by 8% this year

A demand trend report by the WGC also said that gold demand in India declined 32 per cent year-on-year to 123.9 tonnes in the third quarter of 2019.

Titan medium & long-term outlook good, need to tighten belts in near term: MD

Our revenues were flat in a quarter where the industry consumption on gold was minus 32% in tonnes.

Titan Company drops 10% on poor H2 guidance

Analysts have largely cut their FY20 earnings forecast for the Tata Group firm by 4-10 per cent.

Companies optimistic despite consumption slowdown: It’s not all turbulence for luxury goods market

Indians continue to buy luxury during travels overseas, and gilded digital stores are taking off in a big way, too.

I will kill myself if extradited to India: Nirav Modi

Jailed diamantaire Nirav Modi told a UK court on Wednesday that he was beaten up “three times” in prison and threatened to kill himself if his extradition to India is ordered, but still a UK judge refused to grant him bail. The 49-year-old appeared at the Westminster Magistrates’ Court with his barrister Hugo Keith QC, who made a fifth bail application.

Young, rich Indians have started a gem of a trend as demand for rubies, sapphires grow

Young Indians prefer gems for a variety of reasons — from aesthetic to concerns about their mining process. Jewellers said some stones that have been part of the Indian heritage are also gaining popularity. Gems are usually imported into India from countries such as Sri Lanka, Myanmar, the US and Australia. They are polished and made into jewellery then.

Reebok to unify under one logo

Sportswear brand Reebok on Thursday announced that it will unify under one brand logo and wordmark, beginning next year.

Apparel industry is becoming organised with GST implementations: Cantabil CFO

The goods and services tax (GST) system has been a milestone decision for the country, but its effects are going to linger a bit longer in the textiles and apparel industry. I believe that, on-going implementations will result in making it the biggest booster to the country’s economy in the coming decades, explained Shivendra Nigam, CFO, Cantabil Retail.

Will Titan Company continue to be a darling of customers after MD Bhaskar Bhat retires this month?

Bhaskar Bhat has played a key role in making the company a titan on and off the bourses.

Titan MD Bhaskar Bhat retires, C K Venkataraman takes over

The company also said that C.K. Venkataraman, who was the CEO of the jewellery business since 2005, has taken over the role of MD with effect from October 1.

Government to push Belgium to act against Nirav Modi’s brother

Earlier this year, the Central Bureau of Investigation received an official communique from Belgian authorities stating that they could not extradite Nehal Modi as he was their citizen, people in the know said.

Gap CEO exiting as forecast cut casts doubt on turnaround

Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trend setter with its casual logo emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&M.

Raymond to demerge core lifestyle business

Raymond announced the demerger of its core lifestyle business and its listing as a separate entity.

Wow! This luxury brand is now making bags with ocean plastic waste

It's no secret that many of the plastic products used by us get washed into the ocean every year. On an average, 8 million tonnes of plastic enters the ocean every year. Most of it takes years to break down, while the majority of it is non-biodegradable. Plastic pollution has countless consequences and threats to the ocean.

Richemont highlights volatile consumer demand as net profit falls

"Amidst growing volatility in consumer demand, partly attributable to an uncertain economic and geopolitical environment, we maintain confidence in our ability to realise our long term ambitions," the maker of IWC watches and Cartier jewellery said in a statement on Friday.

Bata asked to pay Rs 10,000 for charging Rs 2 for carry bag

The commission said that the bag which was made available by Bata in Rs 2 to the consumer had the company’s logo and accessories printed on it.

H&M's CEO talks about a 'terrible' threat to the fashion industry

Fashion has taken heat in recent years for the industry's role in producing 10% of global greenhouse gas emissions through manufacturing and distribution, in addition to water pollution, textile waste, and social burdens of low-quality working conditions.

Muted show at Titan no cause for worry, rebound likely in H2

No large-cap company in the FMCG/ retail space is offering growth visibility as high as Titan.

Puma opens first experience store in Bengaluru, second globally after New York

Despite the growth of e-retail, offline is still Puma’s larger channel. About 77% of their India business comes from offline and 50% of which comes from exclusive stores, according to Ganguly.

Backpack to work: Bag makers are innovating to meet the new demand

As offices become more mobile with laptops and assorted gadgetry (chargers, tabs, power banks and mobile phones), a backpack has become the go to workbag.

Titan Company gets relief from Delhi HC against sale of counterfeit watches on Snapdeal

​​Titan had recently filed a civil suit before Delhi HC against Snapdeal for not taking down various listings of counterfeit Titan and Fastrack branded watches, despite being notified of the same by the company.

Bangalore Watch Co makes watches with MiG-21 fuselage metal

The company claims this is the first time watches with components of Aircraft metal are made in India.

Price, preference raise platinum demand 30%

In 2018, India had imported 6 tonnes of platinum.

Tough market softens up De Beers

According to industry circles, De Beers has recently allowed sightholders to return around a fifth or more of what they purchased across certain categories at its ‘sight’ (as the ritual is called), besides cutting prices of the roughs by 5% on average, to support them amid a crisis in India’s midstream, or diamond polishing, industry.

Rising fitness a boost for women’s activewear sales

Women’s share in the activewear category has gone up for sports brands such as Nike, Reebok, Adidas and Puma because of an increase in their participation in sports and other activities such as running, yoga, pilates and Zumba.

Raymond demerger may help unlock value, lift valuation multiples

The demerger also suggests that the relatively new business of real estate is doing sufficiently well to sustain itself.

Makers to sell ornaments to jewellers only via PDCs

The decision to sell ornaments against PDCs was agreed upon at a board meeting convened by the India Bullion and Jewellers Association (IBJA) on Monday.

Adidas shifts German, US smart factories to Asia

The production of high-tech running shoes at its so-called speedfactories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement.

Home textile exporters' body writes to PM seeking release of RoSCTL dues

​​In March, the government had announced the Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups (RoSCTL) scheme which provides rebate on all embedded taxes on exports, but HEWA claims exporters are yet to receive the refunds from this scheme which are pending since last eight months.

Bombay Dyeing Q2 net down 72.5 pc at Rs 89.19 cr

Its revenue from operations fell 33.31 per cent to Rs 555.25 crore during the quarter under review as against Rs 832.62 crore in the corresponding quarter a year ago.

Gucci-fever helps Kering beats sales forecast in Q4

Kering said sales rose 21.4 percent year-on-year to 4.26 billion euros ($5.25 billion) between October and December, up 27.4 percent on a comparable basis.

Luxury spending in India sees a 4% growth rate from 2013 to 2018

Demand is expected to be strong owing to country’s favourable demography & long-term economic prospects.

Cut in GST rate on footwear to promote growth, exports: CLE Chairman to govt

New Delhi, Jun 12 () Leather exporters in the country have urged the finance ministry to reduce in the rate of goods and services tax (GST) on footwear with a view to promote growth of the industry and push exports.

Belgium will not extradite Nirav Modi’s siblings and biz associate

Belgian authorities say his sister Purvi Modi, brothers Neeshal Modi and Nehal Modi, and associate Aditya Nanavati can’t be handed over to India as they are Belgian citizens.

Sportswear brand Puma collaborates with fashion designer Masaba Gupta

True to the global sneaker-head culture of releasing limited pairs from high-profile collaborations, only 50 pairs of Gupta’s hand-painted sneakers will be sold in India.

Barneys nears bankruptcy deal with Authentic Brands, Saks owner - sources

Without an offer from Authentic Brands, Barneys faced winding down its business entirely. It filed for bankruptcy protection in August, citing rent hikes as a factor in its decision.

JD Sports posts higher FY profit in tough retail space

The company has bulked up over the past year with the purchase of U.S.-based Finish Line and smaller rival Footasylum, and has gained from the "athleisure" trend, which sees people sporting gym clothes at work, school and other social occasions.

Shoe store charges Rs 3 for bag, fined Rs 9,000

The firm was directed to refund Rs 3 wrongly charged for the paper carry bag; pay Rs 3,000 as compensation for mental and physical harassment.

Lenskart gets Rs 392 crore from Kedaara

Lenskart is issuing over 60 lakh compulsorily-convertible-cumulative-preference shares to Kedaara’s two entities at a per share value of over Rs 638, the documents sourced from business intelligence firm Tofler showed.

Consumption would be the alpha generator in next 5 years: Siddharth Parekh, Paragon Partners

There is a lot of deal activity because businesses are looking for capital.

Richemont posts solid watch and jewellery sales for its full year

Net profit at Richemont more than doubled to 2.79 billion euros ($3.12 billion) in the full year, primarily due to an extraordinary gain of 1.38 billion euros linked to its Yoox Net-A-Porter Group (YNAP) acquisition.

Raymond Weil expects India to be among top 5 market globally in next 4-5 years

Raymond Weil sees huge 'potential' in the Indian market, which ranks around 12 to 13 in its overall global sales, said Raymond Weil Director Olivier Bernheim.

Bata to add 500 more stores in next 5 years on franchise model

Bata has already identified 180 such markets in smaller cities pan-India.

3 Indian cos among global fastest growing luxury brands: Report

According to the report, Titan had a sales growth of 23.6 percent in the financial year 2017 and a CAGR of 19.7 percent between the financial year 2015-17, emerging as the fourth fastest growing global luxury goods company.

The key to luxury experiences is story telling: Manmeet Vohra

Manmeet Vohra is a leading name in the luxury and lifestyle industry.

Kolhapuris, the famous leather chappal, get Geographical Indication tag

The GI tag will open large markets – both domestic and international – to the artisans producing Kolhapuris.

JM Financial has a buy on Relaxo citing strong growth

JM Financial has initiated coverage on Relaxo Footwears with a buy rating and said its premium valuations are merited for stable growth, expansion in new territories coupled with strong brand equity.

Adidas appoints new General Manager for India

Singh has been with Adidas for over 14 years, most recently as senior vice president of Global DTC & Franchise.

In times of slowdown, there is luxury even in a used Prada

Portals selling second-hand luxury labels across categories like apparel, accessories and jewellery said they are also offering more flexible payment plans such as EMIs besides ramping up marketing spends for Diwali.

Trump's Vuitton visit stirs discord at the brand as designer hits out

Accompanied by his daughter Ivanka and flanked by LVMH's controlling shareholder, French billionaire Bernard Arnault, Trump cut the ribbon at the plant in Alvarado, Texas, on Friday, where workers will produce some of the brand's famed handbags.

Will India’s diamond cutting operations shift to Israel, Belgium?

India is the world’s largest cutting and polishing centre of rough diamonds, and it is said that 14 out of every 15 rough diamonds in the world are polished here.

Adidas founder’s family office seeks partner for sports tech fund

However, just running an accelerator programme was too modest for ADFO, said Bente. “We realised that there are more opportunities and this space is not disrupted, yet.”

Crocs appoints Sumit Dhingra as new GM for India

Currently, Crocs operates in the region with over 1,500 point of sales across 150 cities via exclusive brand stores and multi brand outlets.

City firm ‘steps into’ US brand’s shoes; sued

M/S Fine Footwear Private Limited, based in Bengaluru is facing the suit from Skechers USA Inc.

Virat Kohli brand One8 forays into kids category with Puma

​​With this collaboration, Kohli’s brand One8 which sells adult apparel, footwear, fragrances, packaged water and energy drinks, forays into kids category.

Onitsuka Tiger targets 12 stores in India by 2020

As per its strategy, it will build up a sales network by adding 3-4 stores every year on franchise model to cash in on increasing and growing appetite for luxury things.

Brune & Bareskin signs Indian cricketer Harbhajan Singh as brand ambassador

​​​​Voganow Fashion owned Brune & Bareskin sells leather jackets, footwear, bags and accessories for men on online platforms such as Myntra, Jabong and Snapdeal.

Nike CEO Mark Parker to step down in January

Nike said Tuesday that its longtime CEO Mark Parker is stepping down early next year.

India in the top five markets for Spanish luxury brand Lladro

The Valencia-based brand entered India 13 years ago with limited edition sculptures of Hindu gods and classic pieces like cherubs and ballerinas

Titan’s optical division forays into smart eyewear segment

​​The Bluetooth-enabled smart sunglasses by Titan’s eyewear division will allow users to listen to music with 8-hour playtime. An in-built mic will give access to Siri and Google assistant and allow hands-free calling.

Nike is no. 1 in the global sneaker market

Nike is number 1 in the global sneaker market with sales of $22.3 billion. It is followed by Adidas and Asics.

Bata India Q4 profit jumps 69% to Rs 88 crore

Revenue from operations stood at Rs 679.39 crore from Rs 632.31 crore in the year-ago period.

Longines inaugurates new boutique in VR Chennai with Ambassador of Elegance Aishwarya Rai Bachchan

Spread across 350 square feet, the store displays a large selection of Longines timepieces, including the most iconic watches of the brand as well as its latest models.

Tiitan Holdings to invest USD 5 mn on retail expansion in India by 2020

​​The company announced foray into India in collaboration with distribution firm Mak Mobility - which also makes and sells fitness band Aq-Fit, owned by its sister concern, in India.

Barneys close to sale to Authentic Brands after rival bid fails -sources

Authentic Brands had agreed with Barneys to be its so-called stalking horse buyer, setting the floor for other offers. Now that a bid from Israeli businessman Samuel Ben-Avraham has failed, Barneys plans to cancel an auction scheduled for Monday, the people said.

What slowdown? China's riding to the rescue of luxury brands

Well-off Chinese consumers, whose trips to fashion capitals like New York and Paris have long buttressed luxury-sector sales, are increasingly staying at home because of a weaker yuan currency which has blunted their overseas firepower.

China's sportswear leader feels the trade war heat as it goes global

Anta’s global ambitions come at a tricky time, as an intensifying tit-for-tat tariff war is making it more expensive to manufacture in China

Why luxe brands are all using the same font

Shortly before London Fashion Week, Burberry Group Plc unveiled a new version of its logo before the first runway collection under new Chief Creative Officer Riccardo Tisci.

Why gold is losing its lustre in India

India’s gold imports fell for a third month in September to the lowest in more than three years as jewelers cut purchases on poor demand. This year on Dhanteras, sales were as much as 20% lower than last year due to high prices and slowdown in the economy making people not wanting to spend their savings as they don’t know what is in store in next two-three months.

View: Shifting demographics have led to lower gold purchases

A decade ago, India's hunger for bullion accounted for about a quarter of global demand.

Brazilian slipper brand Havaianas to invest $20 mn in India

Havaianas plans on aggressively focusing on 10 top cities to speed up the distribution and achieve its full potential.

Fashion retailer Zara FY'19 profit dips 13.4% in India

Inditex Trent Retail India Private Ltd (ITRIPL), an association of Tata group's retail arm Trent, which is engaged in operation of Zara stores in India, had reported a PAT of Rs 82.59 crore in FY 2017-18.

New China tariffs a 'job killer,' US footwear industry tells Trump

The five per cent increases, which will take the tariffs to 15-25 per cent, and are due to roll out in stages through December and target some popular items, such as laptops, mobile phones and some shoes.

Patek Philippe's first-ever minute repeating wristwatch to go under the hammer at Christie's

Made in 1953 and sold in April 1957 to Patek Philippe's distinguished retailer Gobbi in Milan.

Wedding gold purchase in Diwali causes discrepancy

Spot gold on MCX has risen by almost 22 per cent year-on-year to Rs 38,630 (ex-GST) this Dhanteras-Diwali.

ASICS India announces tie-up with Sakshi Malik

The 26-year-old grappler, managed by JSW Sports, who took home silver at the United World Wrestling (UWW) ranking series in the 65kg weight category recently in March, has been showing signs of turning up the heat on the mat and will hope to take it a few notches higher in Tokyo 2022 Olympics.

Maharashtra: Clear stock before Diwali, Goodwin owners told staff

The Ambernath police learnt this on Wednesday after questioning two of the five staffers at the outlet there.

Global brand Trusox ropes in cricketer Rohit Sharma

Trusox that sells at about 1000 stores globally will be initially launched through its own portal as well as Amazon.

Bodycare International ropes in Bollywood diva Shilpa Shetty Kundra on board as brand ambassador

Shilpa feels her association with Bodycare comes naturally as the brand promotes style, comfort as well as healthy wearing.

V-Mart will invest Rs 40 cr to open 20 new stores in this fiscal

With the launch of these stores, V-Mart has joined an elite club of fashion retailers with a retail area exceeding 2 million sq.ft. While, it took V-Mart around 12 years to open its first 100 stores, and less than four for the next 100, the last 50 stores have come up in less than nine months.

Reliance Brands raises stake in Future101 Design to 17.5 pc

​​"Reliance Brands Ltd, a subsidiary of the Company, has increased its equity shareholding in Future101 Design Private Limited (Future101) by 2.5 per cent for a consideration of Rs 2.00 crore, taking its equity shareholding in Future1 01 to 17.5 per cent," RIL said in a statement.