10 May 2022, Mumbai:

Leading premier fashion and beauty retailer, Shoppers Stop has chosen actress Sanya Malhotra as the new brand ambassador for a few private brands.

The move will help Shoppers Stop focus more on private brands as an important strategic pillar.

ALSO READ Shoppers Stop to open new department stores

The strategy resonates with the retail chain’s vision to improve engagement with women shoppers and simultaneously build its private-label portfolio.

Venu Nair, Customer Care Associate, Managing Director, and CEO, Shoppers Stop opines, that having Malhotra for the retailers’ private brands will help it improve resonance with consumers.

RELEVANT NEWS Shoppers Stop posts net profit in Q3 FY22

Her playful and cheerful personality coupled with her style quotient will help Shoppers Stop connect better across various geographies via its private labels.

Join our community on Linkedin 

06 May 2022, Mumbai:

Maddy Evans is the new Director of M&S womenswear business with Jill Stanton stepping down from the position.

The retailer, whose operations reported strong recovery in recent months, is promoting Evans from within.

ALSO READ M&S, Frasers Group & Crew Clothing interested in TM Lewin

She joined the brand in 2019 and has been instrumental in reshaping the womenswear business.

Evans was responsible for M&S x Ghost collaboration that made a big impact on the brand.

She also launched a new initiative like The Edit besides helping improve customer views of the firm’s offer in terms of value and style.

RELEVANT NEWS Marks and Spencer (M&S) x Wonderbra online combo to give duo a big lift

As against the full spread of categories that Stanton was in charge of, Evans will be responsible solely for the brand’s womenswear business.

M&S kidswear business will now be managed by Wes Taylor, Director-Menswear while the Beauty Segment will be managed by Heidi Woodhouse, Director-Home.

Join our community on Linkedin 

05 May 2022, Mumbai:

Rakesh Biyani, Managing Director, Future Retail has resigned from his position along with Virendra Samani, Company Secretary, and Compliance Officer, and Gagan Singh, independent Director.

Prior to this, Biyani was the joint Managing Director of Future Retail from 2005.

He is also on the board of multiple Future Group companies.

ALSO READ Future of Future Group?

Samani has worked with the company for over 14 years. Besides being the company secretary, he was also the Chief of Legal for Future Retail.

He has over 20 years of experience in legal, secretarial, and compliance areas coupled with international exposure and listing on the Singapore Stock Exchange. He was earlier associated with Damas Jewellery, JSW Group, Aditya Birla Group, and Lockheed Martin Corporation, USA.

With over 35 years of experience, Singh was reappointed as Independent Director for one year effective April 30, 2021. Besides Future Retail, she is also on the board of Timex Group and a consultant to Anuj Puri’s Anarock Property Services.

Sadashiv Nayak, the CEO, of Future Retail, has resigned from his position barely seven months after his appointment. He has been associated with the company for over 18 years ago.

RELEVANT NEWS Future group promoter plans to plot a comeback in retail space

Prior to being the CEO of Future Retail, he was the CEO of Big Bazaar.

Future Retail is facing insolvency cases from the Bank of India over unpaid dues. Its lenders recently disapproved of the possible asset sale to Reliance for over Rs 24,713 crore.

This deal was also opposed by Amazon which had invested in a sister concern of Future Retail in 2019. The companies are tied in multi-legal tussles.

Join our community on Linkedin 

13 May 2022, Mumbai:

Ritesh Mishra, Head-Operations and Property, Marks & Spencer Reliance India has been promoted to new Managing Director of the company. He takes over from James Munson who will now assume the role of Retail Director, M&S International, UK.

ALSO READ Marks & Spencer raises annual profits outlook

Mishra will be responsible for leading and accelerating the growth of the company’s India operations. He will operate from the India support office in Gurgaon, Haryana, and report to Munson.

Mishra's appointment signifies the company's encouragement to build skills and expertise within the business and promote internal talent. It also signifies the retailers’ commitment to growing its business in the Indian market.

RELEVANT NEWS Marks and Spencer (M&S) x Wonderbra online combo to give duo a big lift

Marks & Spencer entered a JV with Reliance Retail in April 2008 with a 51 percent share, and Reliance Retail with the remaining 49 percent share.

The JV operates all Marks & Spencer stores in India. It plans to continue focusing on its omni-channel business to grow its customer base in India.

Join our community on Linkedin 

09 May 2022, Mumbai:

The pre-tax profit of Reliance Retail increased by 2.43 percent increase to Rs 3,705 crore during the fourth quarter ended March 2022.

Revenue from operations of the organized retail segment increased 23.09 percent to Rs 50,834 crore during the March quarter from Rs 41,296 crore in the year-ago period.

ALSO READ Reliance Retail Ventures acquires equity stake in Clovia

Gross revenue surged 23.27 percent to Rs 58,017 crore during the period from Rs 47,064 crore in the corresponding quarter.

Its EBITDA grew 2.4 percent Y-o-Y during the quarter to Rs 3,705 crore. EBITDA before investment income reported a bigger growth of 16.3 percent Y-o-Y to Rs 3,584 crore due to the robust performance in Fashion & Lifestyle and Grocery consumption baskets.

RELEVANT NEWS Reliance Retail: Set To Launch Store Format 'Swadesh'

Reliance Retail also added more stores during the quarter besides investing in network and infrastructure expansion.

It opened 793 new stores besides adding 3.1 million sq ft of warehousing and fulfillment space during the quarter. It currently operates on 41.6 million sq ft space.

Join our community on Linkedin 

04 May 2022, Mumbai:

Future Group plans to sell some of its assets to repay part of the debt it owns as it faces bankruptcy proceedings on the failure of the Rs 25,000-crore Future-Reliance deal.

The group plans to sell the plus-size clothing store chain-All for around Rs 1,000 crore. It also plans to sell the Cover Story brand for Rs 250 crore.

ALSO READ Future of Future Group?

These proceeds will be used to partly pay FLL’s dues, which are pegged at around Rs 2,500 crore.

Of the roughly Rs 29,000 crore debt owed by the group, Rs 18,500 crore is owned by Future Retail while Future Enterprises owes Rs 5,500 crore.

RELEVANT NEWS Future group promoter plans to plot a comeback in retail space

Future Enterprises is a manufacturer and supplier of fashion garments to the group’s outlets under Future Lifestyle, which houses brands such as Central and Brand Factory.

The remaining companies, Future Consumer, which owns brands such as Foodpark, CareMate, and Desi Atta and the group’s logistics arm Future Supply Chain have a combined debt of around Rs 1,700 crore.

Join our community on Linkedin 

12 May 2022, Mumbai:

The Delhi High Court has ruled Future Retail has not breached SIAC’s ruling as it did not surrender 900 outlets to Reliance Industries in February rather they were taken over by the latter.

Similarly, the signing of agreements by landlords with RIL is also not restricted by the Singapore award, the court observed.

ALSO READ Future of Future Group?

Amazon had protested against the February takeover of 835 FRL stores by Reliance as a sham transaction. Lawyers of the e-commerce company have been arguing that an arbitral tribunal had restricted FRL from alienating its retail assets till the final verdict in the Amazon-Future Group dispute is given.

In October 2020, the proposed sell-off of Future Group retail assets to Reliance Retail was stayed by an emergency arbitrator of the Singapore International Arbitration Centre (SIAC).

RELEVANT NEWS Future group promoter plans to plot a comeback in retail space

Amazon has been raising the issue of Reliance's February takeover of more than 800 of FRL stores in the Delhi High Court.

Reliance had taken over these outlets for allegedly non-payment rents by Future Group for months to the original lease holder Reliance Projects & Property Management.

Join our community on Linkedin