Established by Didier Lecoanet and Hemant Sagar, Indo-French designer label, Genes Lecoanet Hemant has expanded its footprint in the Indian market with the inauguration of its sixth store in Delhi.

Situated in Sultanpur, the new store will showcase the brand's latest spring-summer 2024 collection dubbed ‘Tropiques’, alongside its other premium offerings.

Lecoanet elaborates, the Spring Summer '24 collection epitomises versatility, superior craftsmanship, and a seamless fusion of colors and designs that defy conventional gender boundaries. It embodies a liberating approach to attire, drawing inspiration from wildflowers, verdant landscapes, and the untamed spirit of the jungle.

Established in 2000, Genes Lecoanet Hemant is renowned for its ready-to-wear designer ensembles. The brand operates through its outlets in Mumbai, Delhi, and Chennai, in addition to its online presence via its e-commerce platform.

Mumbai-based menswear brand Raymond is revamping its strategy to attract younger demographics and strengthen its ready-to-wear segment, said Sunil Kataria, CEO, Raymond Lifestyle.

Speaking at the Great India Retail Summit 2024, Kataria highlighted a shift towards casual wear within the brand to cater to evolving consumer preferences. He noted the challenges of predicting consumer behavior, especially after the pandemic, which has been marked by a ‘You Only Live Once’ mentality and a focus on health and safety.

Kataria also pointed to a growing demand for premium products, driven by a combination of pandemic-induced behavior changes, generational shifts, and economic factors. The growing middle class's interest in premium and bridge-to-luxury categories is further fueling this trend, he added.

While acknowledging the resurgence of offline retail post-pandemic, Kataria also recognised the continued importance of e-commerce, which has stabilised at a level exceeding pre-pandemic figures. This indicates a potential shift in how consumers navigate online and offline retail channels.

In terms of pricing and market strategy, Kataria emphasised Raymond's focus on capturing the mid-range to premium market segments. He anticipates a growth in branded products as consumers move away from unbranded options.

With a focus on product quality and branding, Raymond is expanding its ethnic wear portfolio to cater to a wider audience. The company also plans to add over 125 stores in the next 12-18 months, expanding its retail presence and capitalizing on new market opportunities.

Besides expanding its presence in online marketplaces like Ajio and Myntra, menswear brand BeYours also aims to explore offline retail opportunities. With a vision to increase its revenues to Rs 9 crore, the brand aims to continue delivering high-quality, minimalist clothing to an ever-expanding customer base.

Catering specifically to the tastes and sensibilities of millennials, BeYours stands as a beacon of quality craftsmanship and transparent pricing in the realm of men's clothing. The brand advocates for timeless pieces of attire that seamlessly integrate into any discerning man's wardrobe.

The brainchild of Ashish Baheti and Nilesh Karnani, BeYours was conceived in response to the burgeoning trend of 'Timeless and Sustainable Fashion'. In its nascent stages, the brand launched collections specifically tailored to resonate directly with millennials.

Disrupting the fashion industry in multiple ways, BeYours introduced unique product colors besides establishing a sustainable and ethical business model. It also crafted minimalist designs using premium fabrics, and leveraged technology to deliver a personalised shopping experience. Anticipating the growing appeal of minimalistic fashion and the increasing emphasis on sustainability, the brand aims to evolve with its customer base, consistently reinventing itself to offer conscious clothing choices.

BeYours boasts impressive monthly sales figures, a rapidly growing customer base, and a significant expansion of their workspace. Despite the challenges posed by the pandemic, the brand has doubled its marketing budget, underscoring its dedication to sustained growth and customer engagement.

A pioneering sustainable fashion brand, Foret has taken significant strides to amplify its presence within India's burgeoning sustainable fashion market. Through strategic collaborations with prominent online and offline retailers, Foret aims to broaden its reach and make its ethical and eco-friendly offerings more accessible to a wider audience.

The brand has forged partnerships with leading e-commerce platforms such as Ajio Luxe, Pernia’s Pop-Up Shop, Amala Earth, Jaypore, Okhai, and Shop the Lnk, thereby extending its digital footprint across various online avenues. This move enables Foret to tap into the vast online consumer base and cater to the increasing demand for sustainable fashion choices in the digital realm.

In addition to its online expansion, Foret has also ventured into offline retail spaces, establishing its presence in brick-and-mortar stores like Como Collective and Marai Cafe in Goa. By collaborating with these physical retailers, Foret aims to engage with consumers directly and provide them with a hands-on experience of its eco-conscious products.

Supriya Shirsat Satam, Founder, Foret, says, the brand’s recent partnerships with esteemed online platforms and offline retailers mark a significant milestone in its journey to expand its outreach.

She further emphasised the importance of these collaborations in raising awareness about ethical fashion choices, not only domestically but also among international visitors. Through these alliances, Foret seeks to champion the cause of sustainability and promote mindful consumption practices on a global scale.

A survey conducted by the Retailers Association of India (RAI) in February 2024 reveals a modest 5 per cent Y-o-Y growth in retail sales compared to February 2023. The growth was particularly notable in specific categories, with sports goods leading at 9 per cent, followed by footwear at 8 per cent and Quick Service Restaurants (QSR) at 7 per cent.

Kumar Rajagopalan, CEO, RAI, notes, there is a cyclic pattern in consumer spending across categories and regions. Earlier showing a robust growth, the Eastern region experienced a decline in the current financial year.

Similarly, Consumer Durables and Information Technology (CDIT) products faced challenges in the last quarter despite a strong performance in the preceding quarters.

There is a growing trend amongst middle-class consumers to leverage easy finance options to stretch their budgets, affirms Rajgopalan. This has led to the recalibration of their spending, particularly adjusting for monthly installment outflows.

Regionally, growth rates varied amongst retail businesses compared to February 2023. The highest growth of 6 per cent was recorded in the West and South regions followed by 4 per cent in North India. Growth in East India trailed with only a 3 per cent growth.

The trend of modest growth persisted in previous months, with January also recording a 5 per cent increase. Despite the festive season, October and November only saw a 7 per cent growth, while December marked a slower 4% growth rate, making the last quarter of the year sluggish for retailers.

Renowned Californian clothing and accessories retail chain, Gap Inc achieved a significant milestone by opening its 30th store in India. Operated by Reliance Retail, this new store is located in the R-City Mall in Ghatkopar, Mumbai

This is Gap’s third store in Mumbai. In line with modern retail trends, it offers a tech-enabled shopping experience, featuring amenities such as smart trial rooms, express check-out, and an omni-channel shopping experience.

Gap Inc opened its first full-fledged store in India at Infiniti Mall, Mumbai, in February 2023. Prior to that, the brand had established over 50 Gap shop-in-shops in 2022, signaling its commitment to the Indian market.

Founded in 1969 by Donald Fisher and Doris F. Fisher, Gap Inc. offers a wide range of apparel, accessories, and personal care products for men, women, and children through various retail channels, including its own stores, franchised outlets, and e-commerce platforms.

A subsidiary of Reliance Industries, Reliance Retail operates Gap stores in India as a part of its diverse portfolio of fashion and lifestyle brands. Alongside Gap, Reliance Retail manages brands such as Reliance Trends, Avantra by Trends, Azorte, Yousta, Fashion Factory, and Centro, and boasts a collection of over 50 international brands, including Armani, Burberry, Diesel, Marks & Spencer, Superdry, Brooks Brothers, and Steve Madden.

A direct-to-consumer (D2C) brand, Prabhubhakti has forayed into offline retail with the inauguration of its maiden physical store in Ayodhya.

By venturing into offline retail, the brand seeks to broaden its customer base and enhance its interaction with customers.

Earlier this year, Prabhubhakti secured an undisclosed amount in seed funding from Prajay Advisors to expand its product range, explore new markets, and fortify its presence in the D2C religious product sector.

Samast Ahlawat and Raju Kumar, Co-founders, say, establishing its flagship store in such a prestigious location marks a significant milestone for Prabhubhakti. The enthusiastic response received from the brand’s customers reaffirms its confidence in the distinctive value proposition it offers. Prabhubhakti aims to continue the bridging the gap between spirituality and contemporary lifestyle.

Founded in 2021 by Samast Ahlawat and Raju Kumar, Prabhubhakti specialises in a variety of spiritual products, including T-shirts, caps, and silver jewelry.

Buoyed by its robust GMV growth and operational efficiencies, prominent e-commerce firm Flipkart remains optimistic about its future growth prospects

In January 2024, Flipkart experienced $5 billion of Rs 41,000 crore decline in valuation compared to its value in January 2022. This valuation shift was indicated by equity transactions conducted by its parent company, Walmart, based in the United States. Flipkart's valuation decreased from $40 billion in the fiscal year ending January 31, 2022, to $35 billion by January 31, 2024, following changes in Walmart's equity structure related to Flipkart.

Walmart had initially diluted 8 per cent of its equity in Flipkart for $3.2 billion during fiscal year 2022, establishing the enterprise value of Flipkart at $40 billion. However, by fiscal year 2024, Walmart increased its shareholding by 10 per cent to approximately 85 per cent, paying $3.5 billion, which reflected the revised enterprise valuation of Flipkart at $35 billion. This increase in ownership was attributed to Walmart's acquisition of shares from certain Flipkart non-controlling interest holders and the settlement of liabilities related to former non-controlling interest holders of PhonePe.

Flipkart attributed this decline in valuation primarily to the demerger of PhonePe, its fintech subsidiary, into a separate entity. However, sources suggested that Flipkart's current valuation might range between $38-40 billion, contradicting Walmart's reported figures.

Responding to these discrepancies, Flipkart clarified that the separation of PhonePe had been completed in 2023, with corresponding adjustments made to Flipkart's valuation. The company insisted that there had been no organic change in Flipkart's valuation since the last valuation exercise conducted in 2021, which included PhonePe's valuation as part of Flipkart's overall worth.

Furthermore, Flipkart sources emphasised on the significant growth in Gross Merchandise Value (GMV), which rose by 25-28 per cent Y-o-Y to reach $29-30 billion in 2023. This growth, coupled with near-profitability, was expected to positively impact Flipkart's valuation, potentially pushing it back to the $38-40 billion range.

Despite these assertions, Flipkart reported a net loss of Rs 4,846 crore and a consolidated net total income of Rs 56,012.8 crore in FY23, with total expenses amounting to Rs 60,858 crore. Nevertheless, the company remained optimistic about its future prospects,

In February, the momentum of retail store expansion surged by 23 per cent to over 76 establishments, inclusive of shop-in-shops. As per data compiled by IndiaRetailing Insights, a retail intelligence unit, this spike marks the highest growth in the last three months, following December's 48 new stores and January's 62.
North India continued to dominate, outpacing other regions with 24 new stores, while the South and West regions trailed closely with 23 each. The East maintained a modest count of 1-5 new stores, albeit with a burgeoning retail scene in the North East.
Geographically, Bengaluru led with nearly 12 new stores, followed by Mumbai with nine, Delhi with eight, and Pune and Hyderabad with seven each. Brands such as Wow! Momo, Lenskart, and H&M expanded their footprint, alongside newer entrants like Honasa Consumer and Plaka by Chef Ajay Chopra.
Noteworthy expansions include Intune by Shoppers Stop adding five new stores, while Good Flippin’ Burgers and Gargi by P N Gadgil & Sons opened three each. International expansion saw Lenskart opening outlets in the Middle East, while Malabar Gold & Diamonds ventured into Australia, and Moti Mahal expanded into Europe.
Additionally, global brands made their foray into the Indian market, with Fenty Beauty by Rihanna partnering with Nykaa and French brand Kiabi collaborating with Myntra. Dockers also made a comeback to India's casual wear market.
Key industry developments included Reliance Retail's move to acquire Kiko Milano's Indian beauty business and Ikea's decision to close its Mumbai RCity Store. On the infrastructure front, Bharti Realty and Benoy announced plans for a large business district near Delhi's airport and Gurugram's first luxury mall, respectively.
In Q3, FY2024, around 150 new stores were opened by leading retailers and these numbers are expected to increase in this quarter with already 138 new stores opened in January and February.