Intex India 2023

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Brand Studio Lifestyle ships 132% more products in October

22 November 2023, Mumbai

Brand Studio Lifestyle, the operator of a fast-fashion brand, has reported an impressive 132 per cent year-on-year growth in total monthly units shipped in October of this year. The company successfully shipped a total of 43 lakh products, attracting a substantial number of new customers to its portfolio.

In terms of customer acquisition, the company added eight lakh new customers to its online channels, experiencing significant customer growth in Tier II and III cities.

Nuanced picture

Currently, over 65 per cent of Brand Studio Lifestyle's revenue is derived from these smaller cities, a notable increase from 40 per cent observed a few years ago. Astha Sahay, Director-Commerce, attributes this trend to the rising aspiration for youth-centric fashion in these areas.

Sales from multi-brand e-commerce platforms like Mytra, Flipkart, and Ajio contributed 90 per cent of the company's revenue during the month, while the remaining 10 per cent came from direct-to-customer websites. Established in Bengaluru in 2015, Brand Studio Lifestyle operates a house of brands model, specializing in apparel brands. It boasts a portfolio of six labels, including Highlander, Tokyo Talkies, Vishudh, Ketch, Locomotive, and Hoop, offering both western and ethnic wear.

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Two companies express interest in Future Lifestyle Fashions

Two companies have shown interest in acquiring the assets of Future Lifestyle Fashions, a segment of the distressed Future Group that became bankrupt in May this year. Expressions of interest were solicited from potential buyers under the Insolvency and Bankruptcy Code.

Presently, Future Lifestyle Fashions, which owns retail properties like Central and Brand Factory, is indebted to various creditors, including 11 banks, with an outstanding amount of approximately Rs 5,700 crore. In fiscal year 2022, the company reported revenue of Rs 2,994 crore but incurred a substantial loss of over Rs 2,500 crore. However, sales showed significant increase in the first half of FY’23, reaching Rs 421 crore.

A part of Kishore Biyani's beleaguered retail empire, Future Retail has already declared bankruptcy, and Future Enterprises has sought liquidation. Another group entity, Future Consumer, carrying dues of Rs 470 crore, aims to alleviate its debt burden through asset sales and other strategic measures. In the September quarter, the company's board approved the sale of 'The Nilgiri Diary Farm' and 'Aadhaar Wholesale Trading and Distribution' for a combined sum of Rs 87 crore.

Two companies express interest in Future Lifestyle Fashions

Relaxo Footwears reports for Q2 FY24

03 November 2023, Mumbai

As per latest ETRetail report l
Footwear retailer Relaxo Footwears
The second quarter of 2023 saw a remarkable growth of 97% in the net profit of Relaxo Footwears, reaching Rs 44.19 crore.
This was a huge jump from the net profit of Rs 22.40 crore in the same quarter of the previous year, according to a regulatory filing.
The company also reported a higher total income of Rs 725.86 crore for Q2 FY24, compared to Rs 675.31 crore for Q2 FY23.

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Menswear brand XYXX aims for 70 per cent revenue growth this fiscal

20 November 2023, Mumbai

With revenues totaling Rs 110 crore in the last fiscal year, men's innerwear brand XYXX is now setting its sights on a significant growth of 50-70 per cent in the current fiscal year. Yogesh Kabra, Founder, envisions sustaining this growth at 50 per cent year-on-year for the next decade and plans to expand offline operations to realize this ambitious goal.

XYXX is diversifying its product categories and has recently entered the athleisure segment to complement its existing revenue streams. Currently, 97 per cent of the brand's revenue comes from essential wear, including innerwear and loungewear, and there are plans to double its athleisure wear category.

Presently available in 22,000 general stores, XYXX aims to expand its retail presence by 25-30 per cent, reaching 30,000 general trade stores. The brand also has ambitious plans for modern trade stores, targeting a 300 per cent increase by FY'25. Additionally, the opening of two new exclusive brand outlets (EBOs) is part of the strategy, with the goal of introducing 15-20 more EBOs by FY'25.

Online channels contribute 50 per cent of the brand's revenue, while modern trade accounts for 2 per cent, and the remaining 48 per cent comes from general trade. Geographically, the brand generates 35 per cent of its revenues from the North, 30 per cent from the South, 25 per cent from the West, and the remaining 10 per cent from the East. Following a successful Series C funding round that raised Rs 110 crore in May 2023, XYXX currently has no plans to seek fresh capital in the next 12-13 months.

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