07 February 2026, Mumbai

While the global personal care market faces a recalibration of consumer sentiment, Bath & Body Works has identified India as a critical engine for its ‘Consumer First’ turnaround. Tony Garrison, Executive Vice President confirmed, the brand is transitioning India from a high-potential territory to a top-three global priority. Despite a 1 per cent Y-o-Y decline in sales in its saturated US markets, the Indian business is finishing the fiscal year with resilient double-digit growth. This divergence highlights a structural shift where Indian urban centers are effectively subsidizing slower global cycles through a unique multi-channel ecosystem.

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Omnichannel dominance and digital maturity

India’s digital landscape has become a laboratory for the brand’s global logistics. While online sales contribute roughly 20 per cent to the retailer’s global revenue, the Indian market has shattered that ceiling, generating over 50 per cent of its business through e-commerce. India is currently the only market where the brand operates simultaneously across exclusive brand outlets, third-party marketplaces like Nykaa and Myntra, and ultra-fast quick commerce platforms. This ‘hyper-delivery’ success is now the blueprint for the brand’s upcoming expansion into the Middle East.

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Strategic downsizing for greater accessibility

To bridge the gap between premium malls and neighborhood convenience, the retailer is diversifying its physical footprint. Testing is underway for 500 sq ft ‘neighborhood formats,’ a significant pivot from the standard 1,500 sq ft flagship layouts.

By also activating shop-in-shop formats with Shoppers Stop, the brand is lowering the barrier to entry for tier-2 consumers.

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From population and spending power, this could be our biggest market, Garrison noted. As the company shifts toward skincare-integrated fragrances and local sourcing, the goal is to double the Indian business every three years, outpacing almost every other global territory. Bath & Body Works entered India in 2018 via its partner, Apparel Group. The brand specializes in home fragrance, body care, and high-performance soaps. It aims to double its Indian footprint every three years. The brand currently operates 50 stores with a focus on high-margin digital channels.

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06 February 2026, Mumbai

The rapid delivery landscape is evolving beyond groceries as Mumbai-based Zilo secured $15.3 million (Rs 140 crore) in Series A funding on February 5, 2026. Led by Peak XV Partners, with an $8 million commitment, the round signals a major capital shift toward ‘fashion quick commerce.’ Unlike traditional e-commerce, which prioritizes logistics volume, Zilo integrates a high-touch service model featuring 60-minute delivery and doorstep trials. This ‘try-and-buy’ feature directly tackles the industry’s 30 per cent return rate bottleneck by allowing consumers to finalize purchases in real-time.

Vertical integration meets celebrity curation

Zilo is moving beyond being a mere delivery intermediary by onboarding celebrity stylist Anaita Shroff Adajania as Style Director and equity partner. This strategic hire aims to bridge the gap between instant gratification and aspirational fashion. We are replacing endless scrolling with expert-styled looks and the reliability of immediate fulfillment, stated Bhavik Jhaveri, Co-founder and CIO. By utilizing a hybrid network of dark stores and 200+ partner brand outlets, Zilo maintains leaner inventory cycles than legacy players while ensuring ‘fresh-off-the-rack’ availability.

High-velocity competition in the metro market

The startup enters an increasingly crowded arena, competing with Myntra’s M-Now and the recently funded KNOT, which raised $5 million last month. The opportunity is substantial; India’s quick commerce sector is projected to hit a +6-7 per cent contribution margin by the end of 2026 as average order values climb toward Rs 700. Zilo’s primary challenge lies in the high operational cost of its 60-minute trial promise, yet the model offers a critical advantage: it significantly reduces Return-to-Origin (RTO) expenses, a major drain on traditional fashion retail profitability.

Founded in 2025 by former Myntra and Flipkart veterans, Zilo specializes in hyperlocal fashion delivery across Mumbai. The platform is currently expanding its footprint to Tier-1 metros, aiming to capture the Gen Z and millennial demographic. With a focus on premiumization, Zilo projects a move toward EBITDA breakeven as it scales its proprietary tech stack and dark store density through 2027.

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03 February 2026, Mumbai

Campus Activewear has strengthened its leadership in the Indian sports and athleisure segment, posting a 37 per cent year-on-year increase in net profit to Rs 63.68 crore in Q3, FY26 ended December 2025.

This bottom-line growth outperformed revenue expansion, which rose 14.33 per cent to Rs 588.61 crore. The company’s ability to drive profitability despite an 11.44 per cent rise in total expenses reflects a successful transition toward a high-margin product mix. Operationally, the brand achieved a sales volume of 8.3 million pairs, an 8.6 per cent increase, while simultaneously improving its Average Selling Price (ASP) to Rs 711. This dual growth in volume and value indicates a robust capture of the ‘premium-plus’ segment, which now accounts for approximately 58.4 per cent of total revenue.

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The digital and direct-to-consumer advantage

A critical factor in the quarterly performance was the Direct-to-Consumer (D2C) channel, which contributed 50.6 per cent to the total revenue. By bypassing traditional wholesale intermediaries, Campus has optimized its gross margins and accelerated its responsive manufacturing cycle.

This omni-channel approach is supported by an extensive network of 28,000 retail touchpoints across 700 districts. To sustain this momentum, the group recently acquired a 4,700-sq-m facility in Uttarakhand for Rs 74.75 crore, aimed at scaling in-house upper manufacturing. This strategic vertical integration is designed to insulate the brand from supply chain volatility while meeting the rising demand for women's and kids' footwear, segments that saw a 2 per cent uptick in market saliency this quarter.

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Industry tailwinds and future outlook

The broader footwear sector is currently navigating a period of significant regulatory support, notably the GST reduction to 5per cent on shoes priced below Rs 2,500.

This fiscal tailwind has been instrumental in driving mass-market penetration for Campus. While the company maintains a debt-free balance sheet and a robust Return on Capital Employed (ROCE) of 25.5 per cent, management is now targeting international expansion into markets like Sri Lanka and Morocco.

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As India’s health-conscious population is projected to reach 142 million by late 2026, Campus Activewear is well-positioned to leverage its ‘first-mover’ advantage in the domestic athleisure market to drive sustainable long-term value.

Founded in 2005, Campus Activewear is India's largest sports and athleisure footwear brand with a 17 per cent market share. It specializes in high-performance running and casual shoes. With a debt-free balance sheet and a 30-million-pair annual capacity, the group plans to expand its EBO network to 500 stores by 2028.

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07 February 2026, Mumbai

Cantabil Retail India has redefined its growth trajectory in the mid-premium segment, reporting a record-breaking net profit of Rs 45.1 crore for Q3 FY26 - a sharp 31 per cent increase over the previous year. While the broader retail sector navigates a mixed consumption environment, Cantabil’s revenue increased by 19 per cent to Rs 264.4 crore in the December quarter. This fiscal strength is underpinned by a robust 6.3 per cent same-store sales growth (SSG) for the nine-month period, signaling that the brand’s ‘value-fashion’ proposition is resonating deeply with price-conscious yet aspirational shoppers in smaller urban hubs.

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Vision 2027 and physical expansion velocity

Unlike competitors facing margin compression, Cantabil has maintained a disciplined operational efficiency, with EBITDA margins expanding to 36 per cent. The company is aggressively pursuing its ‘Vision 2027’ roadmap, which aims to cross the Rs 1,000 crore revenue mark by doubling its store network. In January 2026 alone, the firm added three new showrooms, bringing its total footprint to 651 outlets across 317 cities. Management attributes this resilience to the recent GST rate rationalization, which boosted consumer affordability, and a strategic shift toward larger store formats that enhance the customer experience while maximizing per-square-foot profitability.

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Omnichannel integration as a growth catalyst

To future-proof its business model, Cantabil is integrating its physical retail strength with a digital-first approach. The firm aims for online channels to contribute 8-10 per cent of total sales by 2027, having already enabled half of its stores for omnichannel fulfillment.

The recent trade thaws and consumer sentiment upswing provide a tailwind for our mid-premium offerings, stated Vijay Bansal, Chairman. With a healthy net cash balance of Rs 15 crore and a declared interim dividend of Rs 0.75 per share, the company stands out as a case study in balancing aggressive geographic expansion with shareholder value.

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Established as an integrated apparel player, Cantabil designs and retails mid-premium menswear, womenswear, and accessories.

The brand operates 651 stores across 317 Indian cities, focusing on Tier-II and Tier-III penetration. It targets Rs 1,000 crore revenue by FY27 with a steady 18-20 per cent annual growth rate and a high-efficiency retail model.

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05 February 2026, Mumbai

In a quarter characterized by patchy urban demand and shifting consumer sentiment, Tata Group’s retail powerhouse, Trent demonstrated exceptional operational efficiency, with standalone net profit in Q3, FY26 rising by 36 per cent to Rs 640 crore.

The company’s consolidated revenue rose by 15 per cent Y-o-Y to Rs 5,345 crore during the quarter. Their bottom line was slightly tempered by a one-time exceptional charge of Rs 26.11 crore related to the implementation of the new 2026 Labor Codes.

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Market resilience amid regulatory compliance costs

Nevertheless, consolidated EBITDA margins expanded by 200 basis points to 20.2 per cent. They were underpinned by sourcing optimization and the rapid adoption of automation technologies like RFID across its supply chain. Noel Tata, Chairman noted that while the high base of the previous year presented challenges, the business model’s resilience and a stable gross margin profile across Westside and Zudio provide a positive medium-term outlook for the retail major.

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The flagship fashion retail arm of Tata Group, operates iconic brands including Westside, the hyper-growth value chain Zudio, and international joint ventures with Zara and Massimo Dutti. As of December 2025, the company manages over 1,100 large-box stores across 274 cities, encompassing 15 million sq ft. With a strong focus on private labels and recent entries into lab-grown diamonds and youth-focused ‘Burnt Toast,’ Trent continues to maintain a premium valuation in the Indian retail sector.

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03 February 2026, Mumbai

Arvind Fashions-owned brand Arrow has diversified into the womenswear segment with a digital-exclusive capsule collection featuring Bollywood actor and brand ambassador Khushi Kapoor.

Launched on February 3, 2026, the collection is tailored to capitalize on India’s women’s western wear market, which is projected to drive a significant portion of the country's $53.13 billion apparel sector this year. By roping in Gen-Z influencer Khushi Kapoor as the face of the campaign, Arrow is aggressively targeting a younger demographic of working professionals. This ‘online-only’ rollout through platforms like Nykaa Fashion and Ajio allows the brand to test consumer appetite with agility before committing to a physical retail footprint for the line.

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Modern workwear dynamics

Starting at Rs 2,600, the 25-piece collection identifies a crucial shift in the ‘9-to-5’ wardrobe toward hybrid functionality. Swapnita Singh, Business Head-Womenswear, Arrow, emphasized, the designs focus on versatility - transitioning from formal boardrooms to social settings. The palette of beige, black, and white covers essential silhouettes including cropped blazers, satin suit sets, and tailored waistcoat dresses. This move aligns with broader 2026 retail trends where ‘smart formal’ consumption is rising alongside female labor force participation. Industry data suggests that premium workwear brands are currently benefiting from a 10.5 per cent revenue surge in the apparel sector, fueled by a demand for high-quality, durable ‘investment pieces’ over disposable fast fashion.

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Digital and omnichannel integration

This launch is part of Arvind Fashions' broader strategy to achieve a 20 per cent Return on Capital Employed (ROCE) by scaling adjacent categories. While Arrow maintains a massive physical presence with over 200 exclusive outlets, the digital-first approach for womenswear mirrors a sector-wide trend where online B2C channels for the parent company grew by nearly 50 per cent in the last quarter.

By bypassing the traditional overhead of a physical launch, the brand can maintain leaner inventory turns while leveraging data-driven insights to refine future seasonal drops.

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The challenge will remain in navigating a competitive landscape occupied by established mid-premium players, but Arrow’s 33-year legacy in India provides a robust foundation for this ambitious brand extension.

Established in 1851 and introduced to India in 1993, Arrow is a cornerstone of Arvind Fashions' premium portfolio. Traditionally a menswear powerhouse across 109 cities, the brand is currently pursuing a zero-debt roadmap while scaling its turnover through high-growth categories like professional womenswear and premium smart-casuals.

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08 February 2026, Mumbai

Aditya Birla Fashion and Retail (ABFRL) reported a consolidated net loss of Rs 137.3 crore for the quarter ended December 31, 2025, widening from a Rs 102.7 crore loss in the previous fiscal. This fiscal contraction was largely attributed to an exceptional outgo of Rs 28.5 crore linked to the implementation of the new Union Labor Codes, which revised wage definitions for gratuity and compensated absences. Despite the bottom-line pressure, consolidated revenue rose 8 per cent to Rs 2,374 crore. This top-line growth indicates a resilient market position, even as the company navigates a soft consumption environment characterized by weaker-than-anticipated footfalls in the value and masstige segments.

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Premiumization drives margin expansion

The company’s strategic pivot toward high-margin categories is yielding significant dividends. The ethnic wear portfolio, now operating at an annual recurring revenue (ARR) of over Rs 2,000 crore, increased by 20 per cent Y-o-Y. Notably, the designer-led segment - including brands like Sabyasachi and Tarun Tahiliani - delivered over 30 per cent growth, with Sabyasachi crossing the Rs 200 crore quarterly revenue milestone for the first time. This shift toward ‘occasion-led’ shopping helped expand consolidated EBITDA by 13 per cent to Rs 370 crore, with margins improving by 70 basis points to 15.6 per cent. The portfolio is evolving into a well-balanced architecture across multiple categories, stated a senior executive, noting that newer digital-first brands under the TMRW umbrella also grew 29 per cent.

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Operational streamlining post-demerger

The current fiscal period marks a transition following the demerger of the Madura Fashion & Lifestyle business into the separately listed Aditya Birla Lifestyle Brands Limited (ABLBL). ABFRL is now focusing its capital allocation on rapid-growth platforms, including luxury retail and ethnic wear.

During the quarter, the company added 50 gross stores, expanding its total footprint to 7.7 million square feet. While the Pantaloons segment faced moderate pressure due to shifting festive cycles, achieving a modest 3 percent like-for-like growth, the luxury segment grew 27 percent, bolstered by the new Galeries Lafayette flagship.

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Looking ahead, ABFRL plans to raise approximately Rs 2,500 crore in equity capital to deleverage its balance sheet and fund the next phase of its ‘Vision 2030’ retail expansion.

ABFRL is India’s first billion-dollar pure-play fashion powerhouse, specializing in ethnic wear, luxury retail, and digital-first brands. Operating over 7.7 million square feet of retail space, the company plans to double its ethnic business scale while achieving zero net debt through strategic equity raises and operational efficiency gains over the next three years.

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05 February 2026, Mumbai

Aditya Birla Lifestyle Brands (ABLBL) has demonstrated a significant enhancement in profitability in Q3, FY26, with normalized net profit rising by 66 per cent Y-o-Y to Rs 100 crore. This robust bottom-line performance was underpinned by a 10 per cent increase in consolidated revenue, which reached Rs 2,343 crore. Despite a cooling in broader urban consumption, the company successfully expanded its EBITDA margins by 180 basis points to 18.4 per cent. Management attributed this resilience to improved store productivity and a disciplined reduction in logistics and overhead costs. While a Rs 41 crore exceptional charge was recorded due to the statutory implementation of the 2026 Labor Codes, the underlying business strength remains evident across its diversified multi-brand architecture.

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Lifestyle and emerging portfolios outpace market averages

Comprising heavyweights like Louis Philippe and Van Heusen, the core Lifestyle segment - contributed Rs 2,002 crore to the topline, maintaining a healthy 9 per cent growth rate.

However, the most significant margin expansion originated from the ‘Emerging Business’ portfolio, including Reebok and American Eagle, where EBITDA margins widened by 790 basis points. ABLBL accelerated its physical footprint during the quarter by commissioning over 90 new stores, bringing its total network to 3,315 outlets.

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Analysts observe, the brand's strategic focus on ‘casualization’ and younger demographics has allowed it to maintain a 6 per cent retail like-to-like growth rate for the sixth consecutive quarter, effectively hedging against the sector-wide slowdown in formal wear.

Aditya Birla Lifestyle Brands is the premium fashion division of the Aditya Birla Group, managing iconic labels like Allen Solly and Peter England alongside international partners like Reebok. Born from the 2025 strategic demerger of ABFRL, the company focuses on high-margin lifestyle segments and rapid omnichannel expansion. It currently operates over 3,300 stores across 4.8 million square feet, aiming for a 3x revenue scale-up by 2030 through aggressive Tier-II market penetration.

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02 February 2026, Mumbai

India’s leading pop-culture and casualwear brand, the Souled Store has officially inaugurated its flagship store at Select Citywalk, Saket. This launch at one of Mumbai’s most high-traffic, premium retail corridors represents a calculated move to transition from a digital-first entity to a dominant omnichannel powerhouse. By securing a footprint in this high-street landmark, the brand is positioning its licensed merchandise and elevated streetwear alongside global luxury peers, signaling a shift toward more sophisticated, experience-led retail environments.

Strategic expansion and revenue milestones

The Saket opening is a cornerstone of the brand’s aggressive ‘200 by 2026’ roadmap, aiming to reach 200 standalone stores nationwide by the end of the current calendar year. This physical ramp-up is backed by robust financial velocity; The Souled Store reported a 37per cent rise in operating revenue to reach Rs 492 crore in the last fiscal cycle. While procurement and marketing investments have seen a 40 per cent uptick to support a diversifying portfolio—including footwear and lifestyle collectibles - the brand maintains a healthy 9.7 per cent EBITDA margin. This flagship aligns with our vision of high-impact locations that bring our culture closer to our community, states Sameer Gaur, General Manager-Retail Operations.

Capturing the $300 billion D2C opportunity

As India’s D2C market prepares for a projected $300 billion valuation by 2030, The Souled Store is leveraging its library of 200+ official licenses, including Marvel and Naruto, to drive footfall in a segment often plagued by generic competition. The new flagship features a high-energy floor layout and ‘immersive playground’ zones designed to drive immediate conversion. With a goal to hit Rs 1,500 crore in revenue within three years, the brand is utilizing these flagship hubs to consolidate its 83 per cent average store conversion rate, ensuring physical retail remains a high-margin engine for its global growth plans.

Founded in 2013, The Souled Store is India’s largest retailer of official licensed merchandise for the 18–32 demographic. Operating over 50 stores with a target of 200 by late 2026, the brand has raised $30 million from investors like Elevation Capital. It recently expanded into footwear and is eyeing Middle Eastern markets.

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06 February 2026, Mumbai

Aditya Birla Fashion and Retail (ABFRL) is intensifying its operational focus by absorbing its ethnic subsidiaries, Jaypore E-Commerce and TG Apparel & Decor, into the parent entity. Approved on February 5, 2026, this structural realignment aims to eliminate administrative redundancies and optimize a balance sheet that recently saw Jaypore generate Rs 90.33 crore in turnover. By integrating these units, ABFRL intends to capture greater economies of scale within India's Rs 1.2 trillion ethnic wear market, which is currently benefiting from a post-GST 2.0 spending surge and a heavy wedding season.

Scaling efficiency in a high-growth segment

The consolidation is a proactive move to boost a segment that grew 20 per cent Y-o-Y in Q3 FY26. While the broader retail landscape faces soft discretionary demand, ABFRL’s premium ethnic and designer-led brands - including Tasva and Jaypore - have demonstrated resilience, with designer-led revenue climbing over 30 per cent. Industry analysts note, that rationalizing legal structures allows major retailers to reallocate capital toward high-performing omni-channel assets. This merger serves as a critical lever for margin expansion, particularly as the company navigates one-time statutory costs associated with recent national labor code revisions.

Navigating market volatility and future scale

Despite a consolidated revenue increase of 8 per cent to Rs 2,374 crore this quarter, ABFRL faces the challenge of translating top-line growth into net profitability. The integration of Jaypore’s artisan-led supply chain into ABFRL’s massive 7.7 million sq ft retail network offers a significant opportunity to improve inventory turnover. As the company approaches a projected ‘inflection point’ in scale, this merger simplifies the path toward a leaner, more agile enterprise capable of competing with aggressive digital-first challengers and global luxury entrants.

ABFRL operates as a dominant force in India’s apparel sector, managing a diverse portfolio that spans from value retail (Pantaloons) to luxury (The Collective). The company is currently prioritizing high-margin ethnic wear and its digital-first ‘TMRW’ house of brands. Despite short-term net losses due to expansion costs and statutory adjustments, the long-term outlook remains focused on aggressive store rollouts and capturing the growing premiumization trend in Tier-I and Tier-II cities.

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04 February 2026, Mumbai

Bengaluru-based menswear brand Snitch has entered into the Mohali market with a 3,500-sq ft flagship at HLP Gallerria. This opening marks the brand's.105th retail touchpoint in India, a critical milestone as it marches toward a projected goal of 300 stores by the end of 2026. By moving into the Chandigarh Tricity area, Snitch is capitalizing on a high-growth ‘fashion pulse’ where Gen Z and millennial consumers are increasingly prioritizing global streetwear aesthetics over traditional formals. The new facility functions not just as an immersive gallery for its 8,000 SKUs, but also as a hyperlocal fulfillment hub for the brand’s recently launched 60-minute quick commerce apparel delivery service.

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Capitalizing on hyper-growth and IPO ambitions

The Mohali expansion is fueled by a $40 million Series B funding round secured in mid-2025, which has seen the brand's valuation rise 5X to Rs 2,500 crore. Snitch is outperforming the broader industry average with a 30-day ‘design-to-shelf’ cycle, leveraging predictive data analytics to maintain a remarkably low dead-stock rate of just 3-4 per cent. Financial performance remains robust; the company reported Rs 520 crore in revenue for FY25 and is actively targeting the Rs 1,000 crore mark for FY26. Siddharth Dungarwal, CEO has indicated that this aggressive physical ramp-up is the primary precursor to a planned IPO by FY30, contingent on reaching a net profit threshold of Rs 100 crore.

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Menswear growth strategy

Snitch is a leading D2C fashion brand specializing in trend-first menswear across India. Founded in 2020, it dominates the Gen Z and millennial segments with casual and occasion wear. With a presence in over 20 major cities, the brand plans to reach 300 outlets by 2026, targeting Rs 1,000 crore revenue.

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02 February 2026, Mumbai

Monte Carlo Fashions Limited has announced a strategic shift in its Rajasthan operations with the unveiling of a high-spec flagship store in Beawar. The move, part of a broader ‘Tier-II offensive,’ upgrades the brand’s local presence to a ‘5-star’ service standard, reflecting the increasing consumer appetite for premium branded apparel in newly formed district capitals. This relocation is timed to capitalize on a robust recovery in high-street demand, following a quarter where the company’s net profit increased by 10.6 per cent Y-o-Y to reach Rs 107 crore.

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Operational precision and high-velocity expansion

The Beawar launch signals a departure from traditional mass-market retail, focusing instead on ‘elevated destinations’ that offer the brand’s complete all-season portfolio. This strategy is yielding clinical results; Monte Carlo reported an 11 per cent revenue jump in Q3 FY26, hitting Rs 608 crore, driven by a significant turnaround in its non-seasonal categories like denim and athleisure. To maintain this trajectory, the company has ramped up its retail footprint, surpassing its FY25 target of 50 new outlets to reach a total network of over 471 Exclusive Brand Outlets (EBOs).

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Scaling the premium all-season blueprint

By transitioning physical stores into high-experience hubs, Monte Carlo is mitigating the seasonal risks traditionally associated with its winter-wear dominance.

The brand is currently achieving an EBITDA margin of 27.24 per cent, supported by a vertically integrated manufacturing model that eliminates supply chain friction. Our relocation strategy in regional hubs like Beawar is built on meeting the 'KAZO-equivalent' demand for premium, high-quality fashion in emerging markets, noted a regional operations lead.

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With plans to add 40 to 45 new outlets in FY27, the company is effectively capturing the rising discretionary spend in Bharat's $2.5 billion organized retail corridors.

Launched in 1984 by Oswal Woollen Mills, Monte Carlo is India’s first organized lifestyle brand, dominating the winter-wear segment with a 50 per cent market share.

Operating 471+ stores, the public-listed entity is aggressively scaling its cotton and athleisure lines to achieve a Rs 1,500 crore revenue milestone by 2027.

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