Page 2 - Retail Industry

French retailer Decathlon to invest around Rs 900 cr in India in 5 years

Aims to take local sourcing up to 85% by 2026 from 68% currently

Retail chain Shoppers Stop posts net loss of Rs 22.72 cr in first quarter

Retail chain Shoppers Stop Ltd on Thursday reported a consolidated net loss of Rs 22.72 crore in the June 2024 quarter, hit by subdued consumption due to prolonged heat waves, elections and inflation. The company posted a consolidated net profit of Rs 14.49 crore in the corresponding period last fiscal, Shoppers Stop said in a regulatory filing. Consolidated revenue from operations in the quarter under review stood at Rs 1,069.31 crore as against Rs 993.61 crore in the year-ago period, it added. Total expenses were higher at Rs 1,104.51 crore in the first quarter compared to Rs 980.92 crore in the same period last fiscal, the company said. "The industry witnessed subdued consumption due to prolonged heat waves, elections, fewer weddings and inflation... This has impacted our profits, however, we have a strong recovery plan," Shoppers Stop Managing Director and CEO Kavindra Mishra said. Some of the recovery plans include continuous focus on premiumisation, investment in marketing t

H&M sinks on doubts about margin target, June sale drop due to bad weather

Sales this month are likely to fall 6% in local currencies versus a year earlier, partly due to poor weather in many markets, the Swedish company said

Jaipur Rugs opens store in UK, plans to open two more int'l stores in FY25

Handmade rugs maker Jaipur Rugs, which has opened its showroom in London this week, plans to add two more stores this fiscal taking the total count to five, said its Director Yogesh Chaudhary. The company, which is known for its hand-knotted rugs and carpets, would continue to expand in the domestic market by opening stores in tier I & II cities. The company plans to open five new stores in the domestic market this year to tap the fast-growing demand for luxury home decor solutions. In December 2021, Jaipur Rugs opened its first international store at Milan, Italy, the fashion capital of the world. The company opened its second international store in Dubai last year. "We are thrilled to expand our global footprint, building on our success in Milan and Dubai, as we showcase Indian design and craftsmanship to a global audience through our new showroom in London. This marks a significant milestone for our company and by the end of this fiscal year, we aim to open 2 or more ...

Shoppers Stop targets to inaugurate 60 new INTUNE stores this year

Multi-brand fashion retailer Shopper Stop plans to open 60 new stores under its affordable retail format INTUNE in the current fiscal, a top official has said. Through INTUNE, Shoppers Stop aims to capitalise on mass premium opportunities, disrupting India's value fashion landscape, according to the latest annual report of the K Raheja Corp group firm. Shoppers Stop, which competes with similar value formats as Trent's Zudio and Landmark of Max Fashion, is leveraging real-time insights, enabling frequent product drops and assortment refinements to stay ahead, it added. "We are targeting 60 new stores in FY2024-25 backed by strategic investments in merchandising, store operations, and customer analytics capabilities," the company said. Shoppers Stop, which has opened 22 INTUNE stores within nine months of launch, said the Indian value fashion segment is witnessing an "inflection point" fuelled by the aspirations of the rapidly growing middle class. Its Managing Director & Chief ...

Jewellery chain Senco Gold aims 15-20% growth in revenue, profit in FY25

Leading jewellery chain Senco Gold Ltd is looking at 15-20 per cent growth in revenue and profit in the current fiscal, despite rising prices of the yellow metal and global uncertainties. The jeweller is also planning to add 15-20 stores in the current 2024-25 financial year (FY'25), of which around 50 per cent will be franchisee-owned. "We are looking at a growth of 15 per cent as a conservative estimate, which may go up to 20 per cent in normal circumstances, in both revenue and profit in FY'25," Senco Gold MD & CEO Suvankar Sen told PTI. The jewellery chain reported a 39 per cent year-on-year revenue growth in the fourth quarter of FY'24 (2023-24) to Rs 1,137 crore, while its profit jumped 23 per cent to Rs 32.17 crore. For the entire fiscal year, the revenue growth was 29 per cent with turnover reaching Rs 5,241 crore, backed by rising gold prices and increased demand from existing and new stores. The net profit expanded by 14 per cent to Rs 181 crore. In 2023-24, the retail .

Retail real estate in growth mode as consumption, incomes rise: Study

India's real estate sector is set to reach $1.5 trillion by 2034, accounting for 10.5 per cent of the economy, says the report

BNP Paribas to buy 9% stake in Belgian insurer Ageas for $780 million

The French lender's $16.3 billion sale last year of its U.S. retail activities has left it with funds for acquisitions

Vijaypat Singhania rules out reconciliation with estranged son Gautam

Raymond patriarch Vijaypat Singhania on Tuesday ruled out reconciliation with his estranged son Gautam Singhania, whose social media post of a photo of them sparked speculations of resolving their differences. In a video message, Vijaypat Singhania said he had reluctantly gone to meet his son Gautam who insisted he meet over a cup of coffee without realising it was for an ulterior motive for taking my photograph, with GHS (Gautam Hari Singhania) to send a wrong message to the media. On March 20, billionaire Gautam Singhnia posted a photo on the microblogging platform X' through his account @SinghaniaGautam with his father Vijaypath. It was with a caption: Happy to have my father at home today and seek his blessings. Wishing you good health Papa always. A reply from the Raymond group is still awaited over this. In the video message, the senior Singhania said, Since the media is asking, I am clarifying my position. I try to clarify my position. On Wednesday on March 20, while I was

MillerKnoll plans to set up more showrooms in key Indian cities: Report

US-based furniture major MillerKnoll has set up its first retail outlet in the city, the sixth such facility in the country, through its authorised dealer Buildcraft Interior, the company said. MillerKnoll has drawn up plans to open additional showrooms in key cities across India, Managing Director for Asia Pacific, Middle East, and African regions, Kartik Shethia said. The opening up of a dedicated showroom in Chennai in partnership with Buildcraft Interior marks a significant milestone in MillerKnoll's growth strategy, a company statement said here on Sunday. The new outlet in the city showcases all the iconic brands under MillerKnoll. Some of the brand portfolio of MillerKnoll includes Herman Miller, Colebrook Bosson Saunders, Knoll, DatesWeiser, and Design Within Reach, among others. The price range of MillerKnoll products at the Chennai showroom ranges between Rs 60,000 and Rs 2.50 lakh. "With this showroom, MillerKnoll is not merely showcasing its products but creating an ..

Adidas posts first loss in 30 years, warns North America sales may decline

Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of the highly profitable Yeezy sneaker line

MSME apparel makers may face losses up to Rs 7,000 crore in Q4: CMAI

Says retailers dropping order because of amendment to I-T Act on payment to MSMEs

Arvind Fashions Q3 result: Revenue rises 5% to Rs 1,125 cr, shares down 9%

The company's shares tumbled nearly 9% after the results, in their biggest intra-day slide in five weeks

Alibaba boosts share buy back as revenues miss estimates for Dec qtr

Alibaba is under pressure as consumers in China, have been cutting spending, boosting rival lower-cost domestic e-commerce players such as PDD Holdings

30 major retail brands entered 14 Tier-II cities during Jan-Sep: Report

More than 30 major retail brands opened their stores in 14 Tier-II cities during the January-September period of last year, according to property consultant CBRE. In its report 'Tier-II Cities: The Time to Shine' released on Tuesday, CBRE said that several domestic and international retail brands, including Croma, Armani Exchange, Malabar Gold & Diamonds, Reliance Smart, Tanishq, H&M, Marks & Spencer, GAP, Starbucks, Pizza Express and Under Armour, have expanded their retail footprint to Tier-II cities. The Tier-II cities are Chandigarh, Jaipur, Indore, Goa, Mangalore, Kochi, Lucknow, Patna, Ranchi, Guwahati, Bhubaneshwar, Vizag, Mysore and Coimbatore. The total retail real estate space in these 14 Tier-II cities stood at 29 million square feet as of September 2023, with Jaipur, Lucknow, and Chandigarh each boasting of retail real estate space ranging between 3 to 7 million square feet, as per the report. The retail development in these cities has been a healthy mix of ...

JD.com unit dives 46% post disclosing investigation of 'suspicious' revenue

Dada Nexus Ltd. said it may have overstated roughly 500 million yuan of sales from online advertising and marketing, and about the same amount of operating and support costs

South Korea's Mirae Asset Securities buys Sharekhan for Rs 3,000 crore

Frenching banking major BNP Paribas bought the retail broking unit in 2007

Shriram Group's decision to foray into retail ARC is good biz: Top official

With the market getting crowded with wholesale asset reconstruction companies or ARCs, financial services conglomerate Shriram Group's decision to focus on retail ARC is seen as a foray at the "right time," said a top official. The Shriram group recently announced its entry into retail asset restructuring (ARC) and also into digital wealth management service businesses. "My personal view is that retail ARC is a good business to get into at this point which Umesh (Revankar) has been reiterating that in retail ARC there is nobody in this sector," Shriram General Insurance's Vice-Chairman Jasmit Singh Gujral told PTI recently. He is also part of the four-member board of management (BOM) of Shriram Ownership Trust, which oversees the activities of the group. The other three being DV Ravi, VC & MD of Shriram Capital, Umesh Revankar, Executive VC of Shriram Finance and R Duruvasan, director at Shriram Life. Elaborating, Gujral said there is a synergy across businesses of the Shriram ...

Start warranty period from date of installation: Govt to white goods firms

In a letter to industry and retail associations and manufacturers of white goods, Rohit Kumar Singh, secretary to the government, has advised them to revise the policy of warranty

Credit to retail sector dips to 18.3% in August 2023, shows RBI data

Picks up speed in lending to agri, services