09 December 2022, Mumbai
Trent will divest its stake of 3.22 per cent of Tata Unistore (TUL) to Tata Digital (TDPL).
TUL is engaged in the business of operating an e-commerce business under the brand names Tata Cliq and Tata Cliq Luxury. Tata CliqLuxury is expanding its footprint in the bridge-to-luxury fashion segment. About ten new brands would be added and these would be in the niche and high-fashion categories, with clothing, accessories, handbags and footwear being the main focus.
TDPL is a promoter group company. The proposed transaction is at arm's length basis an independent valuation exercise.Trent operates Westside, one of India's leading chains of fashion retail stores, Zudio, which is a one shop destination to get fashion at great value, Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner, and Landmark Stores, a family entertainment format store. On a consolidated basis, the company’s net profit increased marginally to Rs 93.02 crores in the second quarter of fiscal year 2023 as compared to Rs 92.58 crores in the second quarter of fiscal year 2022. Net sales rose 65.8 per cent year on year to Rs 1,952.74 crores in the second quarter of fiscal year 2023.
