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Ananya Birla, daughter of billionaire Kumar Mangalam Birla, on Wednesday announced an entry into the fast-growing beauty and cosmetics space with the launch of a new venture. The 30-year-old Birla, who launched a microlending venture at 17 and also sits on the board of the USD 62-billion Aditya Birla Group's apex strategic body, will come out with a range of beauty and personal care brands nationally through 2025, a statement said. The statement said rising disposable incomes, deeper e-commerce penetration and growing openness among consumers are leading India's beauty. Personal care market is expected to grow at 10-11 per cent annually and the sector is expected to be a USD 34 billion opportunity by 2028. "With greater exposure to global products and knowledge, Indian consumers now demand more from home-grown brands. This venture aims to meet those expectations with authenticity and innovation and bring world-class products to the Indian marketplace," Birla said. Stating that the
Arvind Fashions Ltd on Thursday reported a consolidated net profit of Rs 13.92 crore in the first quarter ended June 2024, aided by a strong revenue growth. The company had posted a consolidated net loss of Rs 4.53 crore in the same quarter last fiscal, Arvind Fashions Ltd (AFL) said in a regulatory filing. Consolidated revenue from operations in the first quarter was at Rs 954.84 crore as against Rs 866.68 crore. Total expenses in the quarter were higher at Rs 938.7 crore as compared to Rs 862.22 crore, the company said. The strong Q1 results reflect an all-round financial performance under tough market conditions, said Shailesh Chaturvedi, MD & CEO of Arvind Fashions. "As the demand environment improves, with our investment behind all the growth levers including expansion of retail sq. ft., we remain excited about AFL's journey ahead," he added. In the previous year, Arvind Beauty Brands Retail Ltd (ABBRL) was acquired by Reliance Beauty & Personal Care Ltd and ceased to be