Retail

Retail 2022-02-03

Kumar Rajagopalan, CEO, Retailers Association of India (RAI): The emphasis on ‘Ease of Doing Business 2.0.’ a big plus for retail

02 February 2022, Mumbai:

Kumar Rajagopalan, CEO, Retailers Association of India (RAI), feels the plans mentioned in Union Budget 2022 should help the retail industry though he feels the extended Emergency Credit Line Guarantee Scheme (ECLGS) for the hospitality sector could have been extended to other forms of retail as they too are high-contact businesses that have been hit by the pandemic.

“The budget 2022 seems to have laid down a broad framework towards infrastructure development, digitisation, skilling and ease of doing business. All these will definitely benefit retail in the long term.

The DESH STACK e-portal for skilling, reskilling and upskilling through online training, will benefit various industries including retail where there is a need for quick onboarding of skilled talent as it is a labour-intensive sector with high employee churn rates,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).

Retailers Association of India (RAI)

Further elaborating in the context of retail he added, “The emphasis on ‘Ease of Doing Business 2.0.’ should bring a better policy and regulatory environment for retail; on this front, work on a national retail policy is already underway.

While the extended Emergency Credit Line Guarantee Scheme (ECLGS) for the hospitality sector is a welcome move and should help restaurants, the same could have been extended to other forms of retail as they too are high-contact businesses that have been hit by the pandemic.

CREDITS: RETAIL4GROWTH

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Retail 2022-02-02

Kumar Rajagopalan, CEO, Retailers Association of India (RAI): The emphasis on ‘Ease of Doing Business 2.0.’ a big plus for retail

Fabindia and Hidesign opened their first joint location store in Chennai.

28 January 2022, Mumbai:

The Indian retail chain, Fabindia and the leather goods manufacturer Hidesign opened their first joint location store at Pondy Bazaar, Chennai.

The two home-grown brands, have highlighted their hand-crafted and innovative design in this store.

Situated on 5,000 sq ft. on the ground and first floor, the store houses Fabindia;s apparels and home & lifestyle offerings while Hidesign showcases its leather goods across 700 sq ft.

The store also provides a customization station that will facilitate the customers to customize their purchases from an assortment of products.

Dilip Kapur, Founder & President, Hidesign, believes this is a strong first step towards implementing collaboration that will encourage similar brands to come together.

As Hidesign completes a milestone of 8th store in the city and 81st store in India; Fabindia completes a landmark of 12th store in Chennai and 316th city in the country.

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Retail 2022-01-28

Fabindia and Hidesign opened their first joint location store in Chennai.

The BHRRC's probe into factory salaries in Karnataka has prompted fast-fashion firms to respond

25 January, Mumbai: 2022

The Business & Human Rights Resource Centre has contacted 22 retailers for updates after allegations of garment workers in Karnataka being paid less than the minimum wage in factories supplying international fast-fashion brands.

As of January 25, 21 of the 22 apparel firms contacted by BHRRC have answered, with only Benetton Group failing to do so, according to BHRRC's website. Brands, on the other hand, made varied guarantees to ensure that their manufacturing employees were compensated for their unpaid salaries.

Apple's Wistron facility vandalised by employees over pay issues, company launches probe - Pricebaba.com Daily

The Karnataka high court declared in September 2021 that all workers must be paid the minimum wage, including any arrears, independent of any other judicial procedures in India.

Several labor organizations have requested apparel firms who buy clothes from Karnataka to intervene to guarantee that their workers are paid properly, citing claims that over four lakh workers in the state are paid less than the legal minimum wage.

As a result, the workers were unable to sustain themselves through full-time employment.

Abercrombie & Fitch, Adidas, American Eagle, ASOS, C&A, Columbia Sportswear, Gap, H&M, Inditex, Levi Strauss & CoMarks & Spencer, Next, Nike, Primark, Puma, PVH, Target, Tesco, Uniqlo, VF Corporation, and Walmart were among the brands that replied to the BHRRC's poll. Although the majority of the brands polled stated that they intend to give workers back wages, much fewer claim that they have already received even partial reimbursement.

Some retailers, such as ASOS, Next, and Marks & Spencer, responded that they had made partial payments to workers who had previously been underpaid.

All 22 brands contacted by BHRCC have rules stating that all workers in their supply chain are paid in full. Puma, Walmart, Target, and Nike all replied without outlining their plans to pay back wages to workers.

Although a handful of businesses responded that they had partially paid back pay to employees, none of them indicated that they had paid back pay in full.

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Retail 2022-01-25

The BHRRC's probe into factory salaries in Karnataka has prompted fast-fashion firms to respond

Reliance Brands ties-up with designer Rahul Mishra

01 February 2022, Mumbai:

Brand licensing arm of Reliance Industries, Reliance Brands has entered into a joint venture with designer Rahul Mishra to launch a new brand.

This is the second such partnership that the company has forged in about a month. Earlier in December, Reliance Brands had partnered with designer AnamikaKhanna, under which it plans to develop fashion brand 'AK-OK’.

The new brand to be developed with Rahul Mishra, besides the ready-to-wear apparel segment, will gradually expand to other fashion categories such as accessories, footwear, home, beauty, and jewellery.

Most spectacular looks from Paris Haute Couture Week | The Times of India

Rahul Mishra will lead the creative direction of the new brand as Creative Director. Mishra, who is known for championing traditional India craft, is the first Indian designer to showcase at Paris Haute Couture week and had Woolmark Prize at Milan Fashion Week in 2014.

His eponymous couture label has two flagship stores in India and a national and international distribution channel.

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Retail 2022-02-01

Reliance Brands ties-up with designer Rahul Mishra

Republic Day Sales 2022, Better Than 2021

27 January 2022, Mumbai:

Apparel Sales Continue To Be Impacted

Footfalls increase in some markets, online orders jump

Ecommerce drives Republic Day sales

The 5 Biggest Retail Trends In 2021

Footfalls recover in Delhi-NCR, Mumbai, and Kolkata, but are still lower than usual.

KEY HIGHLIGHTS

R-Day sales increased in double digits v/s 2021 for top retailers
It also increased in double digits v/s 2021 for web-commerce companies
Visible improvements in footfalls at stores in Mumbai, Kolkata & Delhi
Triggers an extended period of shopping offers

In the south, where infection rates are still high, footfalls are impacted.

Higher avg discount, an extended period of sales this year.

Surge is driven by consumer electronics, grocery stores.
Credits: ET dt 27-01-2022

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Retail 2022-01-27

Republic Day Sales 2022, Better Than 2021

CAIT launches a new CCI complaint against Amazon over its plan to buy More Retail

25 January, Mumbai: 2022

On January 24, the Confederation of All India Traders filed a complaint with India's Competition Commission alleging that Amazon committed fraud while seeking authorisation to acquire More Retail.

According to the Press Trust of India, "it abundantly shows Amazon's evil ambitions to dominate Indian retail enterprises in a deceptive manner to seize the physical retail trade and inventory-based e-commerce in India, causing immense harm to the traders."

Amazon (AMZN)

According to CAIT, Amazon willfully misrepresented information in order to deceive the CCI about its plans to acquire More Retails' Indian retail network. When Amazon was attempting to acquire Future Retail, CAIT claimed that it committed the same fraud.

According to the traders' association, Amazon acquired More Retail through Samara Alternate Investment Fund, which has a 51 percent ownership share in Witzig Advisory LLP, which controls More Retail Limited.

This, according to CAIT, is against Indian rules. "As with Future, Amazon has stated to CCI that (a) Amazon has solely made a financial investment in Witzig," according to CAIT's legal complaint. "(a) The rights Amazon has obtained over More Retail Limited are solely investment protection rights, and Amazon has no strategic interest in More Retail."

CAIT has used a variety of tactics to criticize Amazon's commercial operations in India, including media campaigns, strikes, rallies, boycotts, and other tactics. According to the organization, the US corporation is monopolizing India's e-commerce sector and damaging Indian enterprises.

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Retail 2022-01-25

CAIT launches a new CCI complaint against Amazon over its plan to buy More Retail

Dollar Industries’ Q3 net profits rises by 12%

31 January 2022, Mumbai:

The net profit of Kolkata-based knitwear manufacturer Dollar Industries rose by 12 percent rise to Rs 44 crorefor the third quarter ended December 31, 2021, as against Rs 28 crore it posted in the year-ago period.

As per a Fashion Network report, the company’s revenue for the quarter increased by 23 percent to Rs 383 crore, as against Rs 312 crore it reported in the corresponding period of the previous fiscal year.

The financial results for the third quarter of FY22 indicate that the company has been able to align itself with its growth trajectory as it has witnessed a greater demand for roducts in the market. It has witnessed a 11 per cent growth in volume Q3FY22, says Vinod Kumar Gupta, Managing Director.

Over the next few eyars, the company plans to expand its retail presence by opening 10 exclusive-brand outlets across the country during the current fiscal year. It currently holds a 15 percent market share in the organized innerwear segment with a strong presence across India.

Retail 2022-01-31

Dollar Industries’ Q3 net profits rises by 12%

ICRA: Omicron to lead to 20% decline in mall rentals in Q4FY2022

27 January 2022, Mumbai:

The Omicron-led third COVID wave is likely to negatively affect mall operators’ rentals by 20-25 per cent in Q4FY2022 as against earlier estimates, says ICRA.

Rents during FY2022 are likely to recover to 70 per cent of pre-COVID levels, as compared to earlier estimates of up to 75 per cent recovery.

Majority of store categories are expected to reach near-normalcy by Q1FY2023 as against earlier estimated Q4FY2022, says Anupama Reddy, Sector Head, Corporate Ratings, ICRA.

Decline in footfalls from the first week of January 2022 along with restrictions in major cities such as closing dine-in for restaurants, occupancy restrictions for multiplexes and their closure in few cities along with weekend curfews, is likely to impact rent recoveries for Q4 FY2022 and thereby FY2022.

Omicron or Flu? The mystery lies in these symptoms

However, recovery post third wave is expected to be faster than the previous waves with short tenured restrictions and expected quick ramp up for major tenant – multiplexes, adds Reddy.

With estimated rental recoveries over 85 per cent of pre-COVID level, Q3FY2022 was the best quarter for mall operators since onset of the pandemic.

Recovery was driven by pent-up demand, high vaccination coverage, resumption of multiplexes which also coincided with the festive season.

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Retail 2022-01-27

ICRA: Omicron to lead to 20% decline in mall rentals in Q4FY2022

Fabindia submits draught documents for an initial public offering (IPO)

25 January, Mumbai: 2022

Fabindia, a renowned ethnicwear and lifestyle store, has submitted draft documents to the Securities and Exchange Board of India (SEBI) to conduct an initial price offer (IPO).

According to a report, the IPO is a combination of primary and secondary issuance of shares, with the OFS (offer for sale) component accounting for the bulk of the IPO to allow partial exit for numerous investors.

KEY HIGHLIGHTS

Fabindia is a renowned ethnicwear and lifestyle store chain
It has submitted draft documents to SEBI to conduct an IPO
IPO is a combo of primary & secondary issuance of shares, with the OFS
The fresh issue portion is up to Rs. 500 crore

It was allegedly started when filing with the regulator that the fresh issue portion is up to Rs. 500 crore. The promoter group, Premji Invest, Bajaj Holdings and Investment Ltd., the Nilekani family, Kotak India Advantage Fund, and others are among the selling shareholders.

The funds from the IPO will be utilized for debt reduction, voluntary redemption of nonconventional debentures (NCDs) issued by the firm, and general corporate objectives, according to Moneycontrol.

Manyavar owner Vedant Fashions (supported by Kedaara Capital) recently raised Rs. 1,014 crores through an IPO, whereas Go Colors, a renowned women's bottom wear brand, recently raised Rs. 1,014 crores through an IPO.

Fabindia in the city New Delhi

Fabindia focuses on eco-friendly and traditional Indian lifestyle items.

It has a wide range of lifestyle items in the categories of fashion and accessories, home and lifestyle, personal care, and organic food. It has a 309-store and-experience network across India, as well as online platforms and applications.

**The statistics mentioned in the above articles have been sourced from Money Control.

CREDITS: MONEY CONTROL

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Retail 2022-01-25

Retailers, e-commerce sellers experience double digit growth in e-commerce sales

28 January 2022, Mumbai:

Visible improvement in footfalls at brick and mortar stores in Mumbai , Delhi and Kolkata led to double digit growth in Republic Day Sales for several top retailers and e-commerce companies. India’s two largest online marketplaces – Amazon and Flipkart-- reported 40 per cent surge in business compared to last year. The surge was led by categories such as mobile phones, household appliances, general merchandise and furniture.

Led by growing demand for consumer electronics and groceries, Reliance Retail also clocked double-digit growth in sales on the first four days of the sale period. This was achieved despite a near-30 per cent drop in footfalls at many outlets, with ecommerce driving business volumes.

Retail 2022-01-28

Retailers, e-commerce sellers experience double digit growth in e-commerce sales

Fabindia to gift seven lakh shares to artisans & farmers

25 January 2022, Mumbai:

Lifestyle brand Fabindia has launched a unique scheme to gift seven lakh shares to artisans and farmers from the Rs 4,000 crore IPO it will soon launch.

The company filed the Draft Red Herring Prospectus (DRHP) with markets watchdog Sebi for the offer including fresh issue of shares worth up to Rs 500 crore. Fabindia also plans ‘Offer For Sale’ OFS of up to 25,050,543 shares.

Farmers & Artisans - Home | Facebook

It will utilize the proceeds from the fresh issue of shares for voluntary redemption of its NCDs (Non-Convertible Debentures), pre-payment or scheduled re-payment of a portion of certain outstanding borrowings and general corporate purposes.

Draft Red Herring Prospectus (DRHP) Meaning - StockManiacs

KEY HIGHLIGHTS

Scheme to gift artisans & farmers from the Rs 4,000 crore proposed IPO
It also plans ‘Offer For Sale’ OFS of up to 25,050,543 shares
The company filed the DRHP with markets watchdog Sebi
In the DRHP, the company mentions, its ESG initiatives

In the DRHP, the company mentions, its ESG (Environmental, Social and Governance) initiatives, with have a long and lasting positive impact on its growth.

The company is the largest private platform for products that derive from traditional crafts and knowledge. A large proportion of these are sourced from villages across India where the company works closely with the artisans, providing various inputs including design, quality control, access to finance and raw materials.

Fabindia’s endeavor is to bring customers a choice of products – and lifestyle – that offers an alternative to the mass-produced, while creating sustainable livelihoods in the rural sector.

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Retail 2022-01-25

Fabindia to gift seven lakh shares to artisans & farmers

RIL: Spate Of Buyouts To Take On Competition

24 January 2022, Mumbai:

Reliance Retail
It's has signed agreements with leading cosmetics and beauty brands
Internally, it's being called Project Adore

Reliance readies Nykaa rival using two of its startup acquisitions - The Economic Times
Co is in the process of making out specific zones within physical stores.
Isha Ambani is said to be helming the project
Credits: ET dt 25-01-2022

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