04 February 2022, Mumbai:

Kumar Rajagoplan, CEO, Retailers Association of India has expressed his disappointment over Union Budget 2022-23, says it fails to support the retail sector suffering on account of constant lockdowns and restrictions.

Rajagopalan also criticizes the Budget for not giving any relief to individual income taxpayers to propel consumption, which is missing. However, he appreciates the non-imposition of additional taxes that will help the industry maintain status quo.

The emphasis on ‘Ease of Doing Business 2.0’ will bring better policy and regulatory environment for retail, Rajagopalan adds.

The initiatives around urban planning, rural development, infrastructure development, and logistics and transportation will ease the movement of people and resources and facilitate faster distribution for retail, he further says.

He also, welcomed the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) for the hospitality sector up to March 2023 and urged it to be extended to other forms of retail also.

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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.

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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03 February 2022, Mumbai:

Hennes & Mauritz (H&M) plans to launch home decor and furnishing products segment H&M Home in India this spring.

H&M plans to launch home products as a store-in-store at Ambience Mall, Vasant Kunj, New Delhi store.

The retailer will also launch these products online through its portal hm.com and on Myntra.com in March.

The brand’s sales during the year fell by 11 per cent. Sales declined to Rs 1,402 crore during 2020-21 from Rs 1,582 crore in the year ago, according to its latest filing.

During the fiscal, H&M also became one of the largest apparel brands online with sales of Rs 579 crore from e-commerce business, accounting for about 42 per cent of its overall sales.

Since its debut in India in 2015, H&M has been operating 48 stores in over 24 cities.

It will also extend selling home products to many other cities.

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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.

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.

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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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.

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.

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.

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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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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