All Stories

RRVL records 11.7 % rise in net profit during Q4,FY24

Reliance Retail Ventures Ltd (RRVL) reported an 11.7 per cent increase in net profit during Q4 FY24 as compared to corresponding quarter in the previous year.

The company’s growth was attributed to the robust performance of the company’s consumer electronics and fashion & lifestyle segments.

During the fourth quarter, FY24 ended Mar 31, RRVL’s net profit increased to Rs 2,698 crore from Rs 2,415 crore a year ago. Its gross revenue also increased by 10.6 per cent during the quarter to Rs 76,627 crore from Rs 69,267 crore.

Isha M. Ambani, Executive Director, Reliance Retail Ventures, emphasised on the company's commitment to enhance customer value proposition and meet evolving consumer needs through continued investment and innovation across various formats and products.

The retail business of the company registered a notable 28.5 percent increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to Rs 23,040 crore for the fiscal year ended March 31. Additionally, the EBITDA margin on net sales improved by 60 basis points to 8.4 per cent from the previous year.

During the quarter, RRVL expanded its retail footprint by 7.8 million sq ft. It opened 562 new stores with footfalls in the company’s stores rising by 24.2 per cent to over 272 million visitors, compared to the previous year.

In the fashion & lifestyle segment, RRVL expanded its offerings with new formats such as Azorte, Yousta, and Gap, while its in-house brands achieved over Rs 2,000 crore in annual sales. The Ajio platform enhanced its offerings and customer experience, attracting significant traffic and new customers through events like 'All-Star Sales.' Premium brands recorded a 20 per cent year-on-year growth, while Ajio Luxe exhibited steady performance with a 44 per cent increase in options.

RRVL records 11.7 % rise in net profit during Q4,FY24

Trent launches three store formats in Hyderabad

Unveiling a unique offering, Tata Group’s retail division, Trent Ltd launched three distinct store formats at GS Center Mall in Hyderabad. The first of these is the value-driven Zudio, next is the fashion-forward Westside, and last includes the comprehensive hypermarket and supermarket chain, Star Bazaar.

The opening of these stores marks a significant milestone for each of these retailers. For Westside, this is its 232nd store while for Zudio it is the 545th outlet and the Star Bazaar store is the fifth across the nation.

Founded in 1998, Tata Trent boasts a diverse portfolio including apparel brands like Utsa and Samoh, as well as the beauty, accessories, and decor line, Misbu.

Additionally, through joint ventures with Spain’s Inditex SA, Trent operates Zara and Massimo Dutti labels in India.

Propelled by strong sales momentum and improved margins, the company registered a two-fold increase in consolidated net profit to Rs 370.64 crore in its third quarter ended December 2023.

Trent launches three store formats in Hyderabad

Social Commerce in India: A fashion revolution with trust concerns

Social commerce is rapidly transforming the Indian fashion landscape. Estimates suggest a tenfold increase in its market size by 2030, reaching a $55 billion. This growth is triggered by the growing internet penetration, particularly in Tier II, III cities, where consumers are increasingly embracing the convenience and affordability offered by social media shopping, says Deloitte India study.
Catalyst for growth
Several factors have contributed towards this growth.
Growing use of smartphones: India's booming mobile user base translates to high social media engagement, making in-app purchases a natural progression.
Changing consumer behavior: Especially in Tier II, III cities, consumers are increasingly comfortable with online retailers, particularly for fashion and home improvement goods, due to the pandemic's influence.
Convenience and entertainment: Social media platforms provide a familiar and engaging environment for browsing products, blurring the lines between shopping and leisure.
A boon for D2C brands and consumers
Direct-to-consumer (D2C) fashion brands are at the forefront of this revolution. Platforms like Instagram have become virtual marketplaces, allowing brands like Adizya, an ethnic wear brand founded by Charu Khanija to reach a wider audience and generate significant revenue – a staggering 80 per cent for Adizya comes directly from Instagram sales, with a strong focus on Tier II, III cities. Consumers, on the other hand, benefit from the seamless browsing experience and the ability to discover and purchase directly within their favorite social media apps.
Influencers drive sales but authenticity concerns linger
Brands leverage influencer marketing, visually appealing content creation, and giveaways to attract customers. However, a key challenge remains: building trust. Sonia Sarashetti, Director of Influencer Content at BarCode, emphasizes that "authenticity of a brand is still the biggest issue" for Indian consumers wary of online shopping. Some specific concerns are about misleading influencer marketing. Indeed, influencers may prioritize engagement over honest product reviews, potentially harming brand reputation. Then there is the issue of rise in AI-generated content. Deepfakes and other synthetic media further complicate the task of verifying product claims.
In fact, the government is actively addressing these concerns. Regulatory bodies like the Central Consumer Protection Authority (CCPA) and the Advertising Standards Council of India (ASCI) are taking action by mandating clear disclosure of sponsorships in influencer marketing and advertising. And ensuring truthful product claims to protect consumers from misleading information.
Building trust, ensuring quality for success
As social commerce scales, experts like Anand Ramanathan, Partner at Deloitte India, believe that establishing trust is paramount for long-term success. This can be achieved through quality certification which means guaranteeing product quality through certifications builds consumer confidence. And fostering a culture of credible customer reviews, especially for businesses dealing with unbranded products, for this encouraging genuine customer reviews will create a sense of transparency and help buyers make informed decisions.
In conclusion, social commerce in India presents a dynamic and promising avenue for the fashion industry. However, building trust and ensuring product quality will be crucial for sustained growth. By prioritizing authenticity, transparency, and ethical marketing practices, brands and influencers can unlock the true potential of this exciting retail revolution.
Indeed social commerce in India presents a dynamic and promising avenue for the fashion industry. However, building trust and ensuring product quality will be crucial for sustained growth. By prioritizing authenticity, transparency, and ethical marketing practices, brands and influencers can unlock the true potential of this exciting retail revolution.

Social Commerce in India: A fashion revolution with trust concerns

Palace Atelier opens in Jaipur

Reimagined by Princess Gauravi Kumari of Jaipur in collaboration with French designer Claire Deroo, concept store Palace Atelier has opened inside The City Palace in Jaipur.

Designed to retail a vibrant range of clothing and accessories, the store functions as more than just a museum shop for the palace. With a standalone space near the Mubarak Mahal, it retails an eclectic blend of Rajasthani heritage crafts alongside contemporary luxury fashion labels.

Designed to empower local artisans, the boutique also features a number of sustainable products such as an ‘Upcycled Canvas Grocery Bag’ to highlight its commitment to eco-friendly production.

Open seven days a week, the concept store beckons shoppers to indulge in a wholesome shopping experience.

Palace Atelier opens in Jaipur

Shoppers Stop launches inaugural store in Shillong

Shoppers Stop opened its inaugural store in Shillong on April 16, 2024. Promising to deliver a premium shopping experience, this new store caters to the discerning tastes of customers in the city and its surrounding regions. Offering top-tier brands and the latest fashion trends, the store boasts an extensive selection of products from 500 renowned brands spanning various categories such as bags, watches, and gifting options.

Among the prestigious labels featured in the store include American Eagle, Rareism, Latin Quarter, Only, Vero Moda, AND, Cover Story, Levi’s, Madame, Van Heusen, Allen Solly, etc.

Kavindra Mishra, Customer Care Associate, Executive Director, and CEO, says, the Northeast region, including Shillong, holds significant importance for Shoppers Stop. With the opening of this store, the brand aims to connect with consumers seeking an elevated shopping journey. This new store reflects its vision of seamlessly integrating into the fabric of Shillong to offer a comprehensive array of premium brands and a delightful shopping ambiance.

Shoppers Stop has also partnered with one of India's leading private sector banks, Axis Bank to introduce the Axis Bank Shoppers Stop Credit Card, a dynamic co-branded offering designed to provide unparalleled benefits to cardholders. From exclusive welcome rewards to accelerated shopping incentives, complemented by perks such as fuel surcharge waivers and dining privileges, the co-branded credit card aims to enhance the overall shopping experience for customers.

Shoppers Stop launches inaugural store in Shillong

Style Up opens second store at East Seliayur, Chennai

Aditya Birla Fashion and Retail (ABFRL)-owned fashion brand Style Up has opened its second Chennai store at East Selaiyur.

Known for offering on-trend designs at exceptional prices, Style Up caters to fashion-conscious individuals seeking contemporary and stylish apparel for every occasion.

 The brand’s new store in Chennai conforms to the brand's ethos of providing customers everyday affordable fashion alongwith an access to a diverse range of trendy designs and quality merchandise. The store offers wide range from everyday basics to smart casuals and celebration wear.

To enhance the shopping experience of its customers, Style Up regularly refreshes its store merchandise. It offers an extensive collection catering to diverse tastes and preferences.

A convenient destination for Chennai residents seeking stylish and affordable fashion options, the store boasts of a contemporary ambiance and customer-centric approach that helps create an inviting atmosphere for shoppers to browse, shop, and elevate their personal style.

Style Up opens second store at East Seliayur, Chennai

Latest Publications