17 May 2023, Mumbai

Cantabil Retail India demonstrated impressive financial results during FY23, reporting a significant 43.96 percent year-on-year increase in revenue from operations, amounting to Rs 551.72 crore. This remarkable growth was primarily attributed to the steady rise in revenues from existing stores and the successful addition of new outlets.

Throughout the financial year, Cantabil continued its expansion strategy by opening 69 new stores across 14 states. As a result, the total number of exclusive brand outlets (EBOs) reached an impressive 447 outlets, spread across more than 220 cities and towns in India.

In the fiscal fourth quarter, Cantabil delivered a robust performance, experiencing substantial growth in both profit and revenue compared to the same period the previous year. The company's profit for the quarter reached Rs 16.88 crore, reflecting an outstanding 107.9 percent increase from Rs 8.12 crore in the fourth quarter of the preceding year. This surge in profit can be attributed to several factors, including larger average transaction amounts, increased customer footfall, and the successful establishment of new stores.

Additionally, Cantabil's revenue for the fourth quarter of FY22 amounted to Rs 172.84 crore, showing noteworthy growth of 29.9 percent compared to Rs 133.03 crore in the corresponding quarter of the previous year. The company credited this revenue growth to improved per unit prices and more favorable procurement costs, as stated in its regulatory filing. The strong performance in the fourth quarter significantly contributed to Cantabil's positive overall results for the full fiscal year.

With its consistent revenue growth, expansion efforts, and solid financial performance, Cantabil Retail India is poised for continued success in the Indian retail market.

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13 May 2023, Mumbai 

Dior, the renowned luxury fashion house, has made a striking addition to its iconic Lady Dior handbag line exclusively for the Indian market. Collaborating with Bollywood celebrity Ananya Panday, Dior unveiled a signature handbag that showcases a captivating print from its highly anticipated fall 2023 runway show.

This exclusive release aims to cater to the discerning taste of the Indian clientele while bolstering Dior's presence in the rapidly expanding Indian luxury market. The brand's recent focus on India is further evident through its decision to host the Fall 2023 runway show in the country.

Dior's commitment to nurturing local craftsmanship and infusing Indian elements into their collections solidifies their dedication to capturing the essence of Indian culture while maintaining their global brand identity.

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23 May 2023, Mumbai  

Indian Terrain Fashions Ltd reports Q4 net loss of Rs 6.10 Crore; Full-Year Net Profit Stands at Rs 7.09 Crore

Indian Terrain Fashions Ltd, a prominent manufacturer and retailer of men's apparel brands, disclosed a net loss of Rs 6.10 crore for the fourth quarter ending on March 31, 2023.

Net loss in Q4, notable recovery in full-year profit

This represents a significant decline compared to the net profit of Rs 6.46 crore recorded during the same quarter in the previous year, primarily due to an exceptional item amounting to Rs 5.90 crore.

During the fourth quarter, the company's total income increased to Rs 127.45 crore, up from Rs 109.81 crore in the corresponding period of the previous year.

However, the company rebounded strongly for the full fiscal year, reporting a net profit of Rs 7.09 crore, showcasing a remarkable recovery from the net loss of Rs 2.20 crore in the preceding year.

Similarly, the total income surged to Rs 506.31 crore for the full fiscal year, demonstrating robust growth compared to Rs 343.64 crore in the previous year.

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16 May 2023, Mumbai 

Euro Fashion Inners, a leading innerwear brand owned by Rupa and Company Limited, has joined forces with renowned actor Kartik Aryan, who will serve as the brand ambassador for the 2023-24 season.

By enlisting Kartik Aryan as their brand ambassador, Euro Fashion Inners aims to capitalize on the actor's immense popularity and connect with a broader customer base, specifically targeting the Gen-Z and millennial demographics. Recognizing the influence of these younger consumer segments, the brand intends to expand its market reach and establish a stronger foothold in the premium innerwear segment.

Euro Fashion Inners has experienced rapid growth in recent years, positioning itself as one of the fastest-growing innerwear brands within the premium segment. With a focus on innovation and customer-centricity, the brand has consistently introduced new products and expanded its distribution network to strengthen its presence in the global consumer market.

Euro Fashion Inners, owned by Rupa and Company Limited, is a leading innerwear brand in India. With its headquarters in Kolkata, the company has been a key player in the innerwear industry since its establishment in 1960. Offering a wide range of products for men, women, and children, Euro Fashion Inners distributes its merchandise through a network of distributors and retailers across India.

The brand's commitment to quality and innovation has been reflected in its remarkable growth. In 2022, Euro Fashion Inners reported a turnover of ₹1,000 crore (US$125 million).

The innerwear market in India, estimated to be worth ₹10,000 crore, is experiencing a steady growth rate of 10% annually.

The men's innerwear segment is the largest, followed by the women's innerwear segment, with the premium innerwear segment showing a faster pace of growth compared to the mass innerwear segment.

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12 May 2023, Mumbai 

Alia Bhatt has secured an enviable brand deal with the renowned Italian fashion house, Gucci.

What all you need to know

She becomes the first Indian artist to be appointed as Gucci's Global Ambassador, signaling a new era of representation and recognition for Indian talent on the international stage.

Reports indicate that she will grace the runway at Gucci's Cruise 2024 show in Seoul. This event carries additional significance as it celebrates Gucci's 25th year in the country, further underscoring the brand's enduring presence and influence in the fashion world.

However, Bhatt is not the sole Indian actress to have achieved such a monumental feat. Recently, Deepika Padukone was also announced as the global ambassador for luxury brand Louis Vuitton, solidifying the global recognition and impact of Indian women in the fashion industry.

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Biba, the renowned ethnic wear and lifestyle brand, has recently opened a new store in Kolkata to strengthen its retail presence.

Showcasing Latest Summer Designs

The store offers a dedicated section for accessories, including handbags, pouches, and sleepwear. It also features a perfume section, 'Biba Girls' children's wear, and a 'ready to stitch' corner for kurtas. In addition to occasion wear and everyday ethnic attire, the store houses workwear options.

Biba has expanded its physical retail footprint this year with store openings in Gurgaon, Raipur, Dehradun, Agra, and Noida, alongside its e-commerce platform.

The brand is preparing for an upcoming IPO, with plans for equity shares and has established a global presence with stores in Singapore and Nepal.

20 May 2023, Mumbai  

Chinese fast fashion brand Shein is making a significant comeback in the Indian market through a strategic partnership with Reliance Retail, one of India's leading retailers.

Despite being banned in 2020 due to geopolitical tensions, Shein has now obtained approval from the Indian government for its re-entry.

Expanding Reach and Strengthening Supply Chain

This collaboration grants Shein access to Reliance Retail's extensive network of offline stores and the popular online platform Ajio, enabling the brand to reach a wide customer base across the country. Additionally, Shein aims to diversify and strengthen its supply chain by sourcing goods from India, which will benefit its global operations in markets such as the Middle East.

This re-entry into the Indian market presents promising growth opportunities for Shein, leveraging its reputation for trendy and affordable women's wear. Simultaneously, the partnership with Shein allows Reliance Retail to expand its portfolio of fashion brands and cater to the ever-evolving preferences of Indian consumers.

The alliance between these two industry giants signifies their shared commitment to tap into India's vibrant and burgeoning fashion market.

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 15 May 2023, Mumbai 

Apparel company Provogue is set to be acquired by Rajkot-based investment firm Plutus Investments and Holding Private Limited, as per a recent order from the national company law tribunal (NCLT). The acquisition comes after a prolonged legal battle that resulted in the company's liquidation being ordered back in October 2019.

During the pre-liquidation stage, Provogue received resolution proposals from Donear and a consortium involving its former promoters, Nikhil Chaturvedi and Salil Chaturvedi. However, the company's creditors rejected both plans, leading to the decision for liquidation.

The financial creditors of Provogue include Andhra Bank, Bank of India, Central Bank of India, Indusind Bank, and Punjab National Bank. In 2018, Provogue entered insolvency with a debt burden exceeding Rs 300 crore, which it was unable to repay.

Plutus Investments and Holding Private Limited's parent company, Plutus Wealth, is based in London.

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