(AN ISO 9001:2015 & AN ISO 27001:2013 CERTIFIED COMPANY)
Appario Retail reported a marginal rise in profit for FY23 at Rs 84 crore against Rs 82 crore in FY22, according to its regulatory filings with the registrar of companies sourced from business intelligence platform Tofler.
The government has banned the use of 'dark patterns' by e-commerce and online platforms. These deceptive practices manipulate customers into purchasing products they didn't intend to or lure them into buying more expensive items. Offenders can face fines and penal action from the Central Consumer Protection Authority. The authority has defined 'dark patterns' as deceptive design patterns that mislead or trick users. The guidelines apply to all platforms offering goods or services.
ONDC's chief business officer Shireesh Joshi told ET that the network was recording over 1 lakh transactions regularly per day.
Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha that a draft e-commerce policy was placed in public domain on February 23, 2019 for public consultations.
Ajio and Myntra are set to conduct their winter sales from 7th and 9th December, 2023, respectively.
ByteDance's TikTok Shop plans to ban links of e-commerce platforms like Amazon, forcing US users to use TikTok Shop. TikTok Shop is expected to lose over $500 million in the US this year, but aims to exceed $10 million in daily spending by the end of 2023. New York City has banned TikTok on city-owned devices, while a federal judge stopped the ban in Montana.
Shein's website drew 28.6 million unique monthly visitors in October, up 7.25% from a year earlier, according to Similarweb. But visits to Shein's website that resulted in actual transactions declined to 4.1% from 4.6% a year earlier.
While Rao “stepped down” from his role of chief executive in July and was supposed to work with the board for hiring a new CEO, he has now left Dealshare even as the company has yet to name his successor, several people aware of the matter said. Bora, who was chief operating officer, has also moved on from the company which is now shifting its non-tech functions to Gurgaon.
Online and offline markets in India are set to see sales growing by over 70% in the week of Black Friday this year when compared to business as usual (BAU) weeks, according to estimates from market research firm 1Lattice. In the US, Black Friday is the Friday after Thanksgiving. It's the busiest shopping day of the year and marks the start of the Christmas shopping season. The sale typically gets extended to the following Monday, called Cyber Monday.
The striking workers were chanting their demand for a pay rise to 15 pounds ($18.69) an hour. An Amazon UK spokesperson said minimum starting pay is between 11.80 pounds and 13 pounds an hour depending on location, and would increase to 12.30 to 13 pounds an hour from April 2024. Amazon said the strike would not cause disruption.
A total of $79 million of the sales came fr"We've seen a very strategic consumer emerge over the past year where they're really trying to take advantage of these marquee days, so that they can maximise on discounts," Vivek Pandya, a lead analyst at Adobe Digital Insights, was quoted as saying.
“There is a review going on since Rao stepped down as the CEO. Singh and Medda are the two candidates from the existing management. But the (proceedings) are being run by (a) third-party firm to follow due process,” a person briefed on the matter said.
Even though e-commerce is now part and parcel of our everyday lives and much of the holiday shopping season, Cyber Monday -- a term coined back in 2005 by the National Retail Federation -- continues to be the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it.
Amazon reached an agreement with most of its workers in Spain, avoiding the impact of a one-hour strike on Cyber Monday. Only 5,000 delivery workers will continue the protest, demanding better pay conditions. The company stated that the majority of teams will work as normal and there will be no impact on operations. Amazon is proud of the wages, benefits, and safer working conditions it provides to employees in Spain. The union group CCOO will continue negotiations to improve pay and conditions.
Amazon Seller Services earns revenue from third-party seller services, subscription services, including Amazon Prime, and other marketplace-related services, including advertising revenue and marketing support services to related parties.
In a strategic move to cut costs and enhance supply chain resilience, Walmart, the world's largest retailer, is significantly increasing its imports from India, according to data revealed by Reuters. The data, sourced from bill of lading figures provided by Import Yeti, indicates a notable shift in Walmart's sourcing patterns.
In the first nine months of 2023, Amazon's sales of second-hand goods in the UK increased by more than 15% on the same period last year. Amazon UK's total revenue in 2022 was 24 billion pounds.
Noor Patel, one of the most senior executives at Amazon India heading category management, moving to US; dual leadership structure under Tiwary, Amit Agarwal likely.
The once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector. It also signals the rise of a generation of upstarts from PDD to ByteDance, which are disrupting the traditional arenas of social media and e-commerce.
In a safety notice, CCPA said before on-boarding sellers of acid, e-commerce players should take a separate undertaking from them on compliance of mandatory norms. CCPA said that enabling the purchase of acid in such a manner on the e-commerce platform is a clear violation to directions of the Supreme Court and the Ministry of Home Affairs advisory.
Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. Traders began shifting into the metal after Fed boss Jerome Powell said Friday that rates are "well into restrictive territory", fanning hopes the bank could begin cutting soon.
The yellow metal touched Rs 64,200 per 10 gm on the Multi Commodity Exchange (MCX) in early morning trade, taking a cue from the international market. Silver, which is termed as a poor man’s gold, also rose to a new high at Rs 78,331 per kg on the MCX. At around 4 pm, gold was trading a bit lower around Rs 63,850.
Surging gold prices in India are leading some individuals to exchange their gold jewelry for new pieces, particularly during the wedding season. Higher prices are driving more Indians to reuse their gold, and while consumers are purchasing for weddings, overall demand is relatively subdued. Gold prices in India have reached around Rs 60,000 for 10 grams.
The G-7 said it will continue to consult with diamond-producing and manufacturing countries on how to design and implement the tracing system.
Demand for gold in the country increased about 7.7% by volume to an estimated 42 tonnes and 10% by value to ₹22,000 crore, according to the India Bullion and Jewellers Association (IBJA). Gold prices fell about ₹1,500 per 10 gm in two days to ₹60,400 per gm on Friday, helping drive sales.
A senior executive of a prominent jewellery brand, asking not to be identified, said the asking price of big stars is roughly around ₹8 crore a day. "It's becoming unviable for the business. Even at this hefty price, they are reluctant to give more than three days in a year to the brand they are endorsing, won't change costumes more than two times on the day of shooting, and won't work more than eight hours on that day including traffic time."
Lab-grown diamonds, which emerged as a new category and an alternative to the pricier natural diamonds, became more popular in this year's festive season as prices plunged to less than half year-on-year. Prices of LGD rings with 1 carat solitaire fell to ₹80,000 to ₹1 lakh from ₹2 lakh last year, a fraction of about ₹5 lakh for 1 carat natural diamond ring.
Pre-Dhanteras, jewellers shared a cautiously optimistic sentiment for the festive sales. Last year, gold sales during Dhanteras rose 35 per cent.
Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32%. Its Middle East operations saw a 5% jump in revenue as Eid holidays drove sales. "We are extremely excited with the way the festive quarter has progressed thus far," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India.
India's gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.
Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, but may also widen India's trade deficit and put pressure on the ailing rupee.
The combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) by Titan Company Ltd, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti, according to a release. In August, jewellery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewellery brand CaratLane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.
“As far as the growth across all the zones is concerned, we are very happy that we are growing across all the zones in India, particularly in the Eastern zone where the growth is around 22%. But in the West and South, the growth is much higher, more than 30% because our base there is slightly lower and we have much more to do. So the North region is growing.”
Gold prices rose past a six-month high in the global market on Monday, as a weaker dollar and expectations of a pause in US interest rate hikes increased demand for the yellow metal.
Young urban grooms in India are increasingly opting for platinum jewellery, such as chains, bracelets, and earrings, as an alternative to gold amid rising gold prices. Platinum is currently trading around ₹25,000 per 10 grams, compared to gold prices exceeding ₹61,000 per 10 grams. The trend is providing some relief to the bride's family, which traditionally gifts jewellery to the groom during weddings.
As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. If traders are now seen helping Russia evade sanctions to keep financing its invasion of Ukraine, the shine may come off diamonds once again.
Gold price climbed Rs 100 to Rs 62,750 per 10 grams in the national capital on Tuesday in line with gains in the precious metal's price in global markets, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 62,650 per 10 grams. Silver price remained unchanged at Rs 78,200 per kilogram. Spot gold at Comex was trading at USD 2,014 per ounce, up by USD 4 from the previous close, Gandhi added.
In a notification, the lender cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of Rs 1,267 crore, as well as the amount outstanding to other secured creditors. Already, the State Bank of India has filed a case against PC Jeweller in the National Company Law Tribunal, or NCLT.
The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council (GJEPC), which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.
The launch is a part of Tanishq's International business expansion strategy. Tanishq is also at the cusp of opening another store in Chicago, and thereafter in the Bay Area by early-mid next year. The company's expansion plans include opening 20 to 30 more locations in North America and the Middle East collectively over the next two to three years.
India permits 100% foreign direct investment (FDI) in single-brand retail - different products can be sold under one brand, the route taken by companies such as Ikea, Nike and Adidas.
Louis Vuitton has secured retail space in Mumbai's Bandra-Kurla Complex for its largest store in India. The luxury fashion brand leased the space for 9.5 years and will pay monthly rentals of nearly Rs 40.50 lakh. The new store will be spread over 7,365 sq ft and is set to open in February 2023.
Explaining the company’s strategy, the industry leader shared that as a manufacturing company, Walkaroo did value engineering, increased its capacity, and reduced the number of SKUs to offer value products at affordable prices.
Relaxo Footwears' total income grew to Rs 725.86 crore in Q2 FY24 as compared to Rs 675.31 crore in Q2 FY23. The robust recovery in volumes, mainly led by open footwear, served as the primary driver for revenue growth.
Raymond's Independent Directors have retained Berjis Desai, a senior independent legal counsel, to advise the company amidst the ongoing marital dispute between Chairman and MD Gautam Singhania and Nawaz Modi. The Independent Directors aim to ensure the dispute does not impact the Chairman's ability to manage the company. Proxy advisory firm IiAS previously urged independent directors to appoint an interim CEO and investigate allegations of assault and misuse of company funds.
With over 15 years of experience in the retail industry across luxury, athleisure, and sporting goods, Davar worked as VP at Reliance Brands and headed Jimmy Choo, Bottega Veneta & Versace businesses in India.
“The NBA is one of the largest sports leagues globally, and we’re excited to collaborate with them on their official online store in India,” said Anand Ahuja, founder and CEO, Bhaane.
Several super-luxury brands in the newly inaugurated Jio World Plaza luxury mall in Mumbai have stipulated that a minimum of four top brands, such as Louis Vuitton, Gucci, Cartier, Burberry, Tiffany, Valentino, Bulgari, Zegna, Giorgio Armani, and Bottega Veneta, should operate within the same complex to maintain their brand exclusivity. Copies of agreements between Reliance Industries, the mall's owner, and five brands revealed this requirement. While many brands seek exclusivity clauses in malls to avoid direct competition, super-luxury brands in this case want similar brands nearby to attract a consistent buyer profile.
The company recently opened its first store in Bengaluru. Cultsports which started selling online in 2019 on the Cult application, expanded its presence across key marketplaces such as Myntra, Flipkart, and Amazon. It also went omnichannel by selling in multi-brand outlets offline.
Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. Traders began shifting into the metal after Fed boss Jerome Powell said Friday that rates are "well into restrictive territory", fanning hopes the bank could begin cutting soon.
Currently, the top eight cities contribute to around 58 per cent of the Pepe Jeans business and the rest 42 per cent comes from tier II and below markets. In the premium denim space, Pepe Jeans London is the second leading brand in the segment. The premium denim space is led by US-based jeans manufacturing brand Levi's.
"We are seeing accelerated growth in India compared to more mature markets and have outpaced in terms of sales and profit. Also, Gen Z still doesn't have enough money and it is really millennials and Gen Y that will drive the market and we need to make sure the brand fits them," Wartenbergh told ET in an exclusive interaction. "One of the big advantages that India has is they are very close to the suppliers and that helps to be much faster in innovation."
"We are expecting a pick-up in production for the remainder of the year. Last year also, the turnaround happened post January," said a senior official who requested not to be identified. Textile production grew 3.7% year on year in September, as per Index of Industrial Production (IIP) data released a fortnight ago, outpacing the 1.6% uptake registered in August.
To ensure expansion of their product availability across India, and to curb its return delivery losses, FanCode has onboarded e-commerce enabler GoKwik, it said.
Nike's gross margin fell 140 basis points to 43.6% in the reported quarter on efforts to clear excess inventory through more promotions and discounts at a time when the industry is being squeezed by higher supply chain, input and labor costs.
Lenskart Solutions is into the business of eyewear products, while Kedaara Capital Fund III LLP is a Sebi-registered Alternative Investment Fund (AIF). The latter is part of the Kedaara Group.
The yellow metal touched Rs 64,200 per 10 gm on the Multi Commodity Exchange (MCX) in early morning trade, taking a cue from the international market. Silver, which is termed as a poor man’s gold, also rose to a new high at Rs 78,331 per kg on the MCX. At around 4 pm, gold was trading a bit lower around Rs 63,850.
The mass segment faces headwinds, and demand is unlikely to improve significantly in the near term, though sales recovery during the festive and wedding season in H2 FY2024 could "partially offset muted revenue growth in H1".
The service called 'Pre-Owned' is already available in the United Kingdom and France through Zara's stores, its website and a mobile app. It will now launch in Spain, Germany, Austria, Belgium, Croatia, Slovakia, Slovenia, Finland, Greece, Ireland, Italy, Luxembourg, Netherlands and Portugal.
Surging gold prices in India are leading some individuals to exchange their gold jewelry for new pieces, particularly during the wedding season. Higher prices are driving more Indians to reuse their gold, and while consumers are purchasing for weddings, overall demand is relatively subdued. Gold prices in India have reached around Rs 60,000 for 10 grams.
Declining to share the investment made to set up the facility, Vandemore said, “We don’t give specifics around investments however, this is one of the many investments we have made in the Indian market. We believe India can be one of our top markets globally…It is already our fastest growing.”
"Renowned international brands such as Louis Vuitton, Dior, Cartier, Bulgari, Gucci and Giorgio Armani are leading the way, with increased sales compared to last year," said Pushpa Bector, senior executive director at DLF Retail. Higher spending per customer than last year across all luxury categories signals an uptick in overall expenditure this festive season.
Sharing his expectations in terms of sales, Ganesh Balakrishnan, founder of Flatheads told ETRetail, "We expect to start with 5,000 pairs per month and then grow at 15-20% month on month. Given that the brand is a well-known name now, we are expecting a good response to the relaunch."
"Under the arrangement, Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores," the filing said.
“The jewellery EBIT margin on a full year basis is 12% to 13%. Our focus is more on growth, market share gain, number of customers coming to our fold and delivering a consistent margin profile. Q2 is more diamond studded activation quarter. So the margin profile of Q2 is slightly elevated every year.”
To aid the offline expansion plans, the brand is planning to raise Rs 25 crore at a valuation of Rs 250 crore and will be diluting 10 per cent of its equity.
Spinning mills from Tamil Nadu, Andhra Pradesh, and Telangana, contributing 55% of the country's spinning capacity, have urged the central and state governments for relief amidst global recession and sluggish domestic demand. The South Indian Mills Association (SIMA) highlighted challenges, including an 11% import duty on cotton, high costs of man-made fibers, and a significant rise in power costs.
Adidas and Reebok were among hundreds of Western companies that decided to suspend business operations in Russia soon after Moscow launched its war in Ukraine in February 2022.
“As we continue to grow, we are excited about the journey ahead, expanding our retail presence to over 12 stores across India in the next year and connecting with even more fashion-forward individuals across the country,” said Sumit Jasoria, co-founder and CEO, Newme.
“This partnership reflects our commitment to offering our discerning customers the very best in elegance and style. It also exemplifies our ambition to develop and shape the future of the luxury market in India,” commented Ashish Dikshit, MD, Aditya Birla Fashion and Retail.
The G-7 said it will continue to consult with diamond-producing and manufacturing countries on how to design and implement the tracing system.
The German premium footwear company will make a final decision on pricing its IPO at the top of its $44-to-$49-per-share range on Tuesday, ahead of its shares debuting in New York on Wednesday, the sources said.
Reliance Retail’s Swadesh stores will not only present India to the world through its centuries-old art forms and creative expressions but will also pry open sustainable livelihood opportunities for artisans and craftspersons to ensure that their work continues to be treasured in a world that is evolving rapidly, according to the press release.
The footwear maker said its consolidated profit fell to 339.9 million rupees ($4.1 million) in the July-September quarter, from 548.2 million rupees in the year-ago quarter.
Adidas inventory levels fell 23% year on year to 4.85 billion euros ($5.18 billion). That was a positive development, given that other apparel and footwear retailers in the United States and elsewhere have been struggling with excess stocks and cutting prices to move products off the shelves.
“We have transformed our vision into reality by expanding into a new product category, and we're excited to take it further, setting new standards in the world of women's fashion," said Ayush Tainwala, CEO, Lavie.
Ganguly, who became MD in 2014, is leaving the company to start his own venture, sources aware of the matter said. He has briefed some members of Puma’s India team about his planned exit from the firm.
Covid had helped boost demand for luxury brands in India as international travel restrictions shifted sales to domestic stores. That is now sto get another boost due to narrowing of the price gap between foreign and local markets after accounting for the 20% tax collected at source (TCS), mall owners said.
“We reached a point of scale and profitability where external inputs were needed. We wanted a partner who got actual skin in the game,” stated Tainwala on the company’s decision to raise external funding.
The retail arm of Reliance Industries is in talks with local and global high-end designers and artisans to form strategic partnerships for ethnic handicrafts, fusion clothing, jewellery, blue pottery, silverware, home decor, and carpets among others, the executives said requesting anonymity
Demand for gold in the country increased about 7.7% by volume to an estimated 42 tonnes and 10% by value to ₹22,000 crore, according to the India Bullion and Jewellers Association (IBJA). Gold prices fell about ₹1,500 per 10 gm in two days to ₹60,400 per gm on Friday, helping drive sales.
Balagopalan (42) will replace Abhishek Ganguly, who worked for Puma's Indian business for 17 years and has been the Managing Director of Puma India since 2014.
Moet Hennessy India, part of LVMH, has launched Chandon Aurva, a still wine, in India. The move is aimed at expanding the company's wine portfolio in the country while maintaining a focus on authenticity and quality. Priced at Rs 4,250, Chandon Aurva will initially be available in select upscale retail stores and later extended to other markets.
The company has leased the space through its subsidiary Christian Dior Trading India at monthly rentals of Rs 21.56 lakh, or Rs 650 per sq ft based on minimum monthly guaranteed sum or net revenue share, whichever is higher, showed the documents accessed through FloorTap.com.
Sources aware of Lenskart's plans said Neso plans to increase its stake gradually, working with founders of Le Petit Lunetier.
A recent Crisil report said India's luggage industry revenue is set to rise 5% on-year this fiscal despite a high-base effect of 40% growth last fiscal due to rising penetration of hard luggage made by the organised sector, and continuing growth in tourism and corporate travel. "There was a lot of concentration in mainland China, but we have moved about 50% of production and distributed it to other countries in Southeast Asia and India is part of this rebalancing of our production," said Traxler.
A senior executive of a prominent jewellery brand, asking not to be identified, said the asking price of big stars is roughly around ₹8 crore a day. "It's becoming unviable for the business. Even at this hefty price, they are reluctant to give more than three days in a year to the brand they are endorsing, won't change costumes more than two times on the day of shooting, and won't work more than eight hours on that day including traffic time."
A two-member NCLAT bench upheld the orders of the National Company Law Tribunal (NCLT), which on December 22, 2022, rejected the footwear and apparel maker's plea to initiate the insolvency proceedings against its distributor on the ground of pre-existing dispute. The appellate tribunal further said it was "not satisfied with the submission of the Appellant (Nike India) that dispute is a moonshine dispute."
1 Hair Stop (1HS) plans to open an experiential center in Hyderabad by October this year to engage consumers with the brand and products in real and immersive way, thereby enhancing its market presence.
A year ago, it had sales of ₹2,044 crore. The retailer said increasing awareness about fitness and surging demand for athleisure wear helped the segment while increasing travel boom led to people spending more on casual wear.
Lab-grown diamonds, which emerged as a new category and an alternative to the pricier natural diamonds, became more popular in this year's festive season as prices plunged to less than half year-on-year. Prices of LGD rings with 1 carat solitaire fell to ₹80,000 to ₹1 lakh from ₹2 lakh last year, a fraction of about ₹5 lakh for 1 carat natural diamond ring.
Pre-Dhanteras, jewellers shared a cautiously optimistic sentiment for the festive sales. Last year, gold sales during Dhanteras rose 35 per cent.
Its India operations, the biggest in terms of revenue contribution, saw revenue grow about 32%. Its Middle East operations saw a 5% jump in revenue as Eid holidays drove sales. "We are extremely excited with the way the festive quarter has progressed thus far," said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India.
Of the Rs 430 crore, Convergent Finance LLP, led by Harsha Raghavan — a former Fairfax India executive — has invested about Rs 400 crore.
Titan Eye+ is looking to increase its investment in boosting sales through its online platforms, especially Fastrack.in, said CEO Saumen Bhaumik. Right now, online contributes to 3-4% of the company’s total sales.
Luxury brands such as Gucci, Cartier, and Louis Vuitton have signed leases for stores in Mukesh Ambani's new Mumbai mall, taking advantage of India's strong economic growth and increasing number of millionaires. The Jio World Plaza, located in Mumbai's business district, is expected to open this year. Burberry, LVMH, Kering, and Richemont brands have also agreed to rent shops in the mall. With India's growing population of millionaires and a projected 12% annual growth in the personal luxury market, luxury brands are seeking a meaningful presence in the country.
British luxury fashion house Burberry on Thursday announced sliding net profit during its first half as global demand for expensive clothing weakens, notably in China's softening economy. "The slowdown in luxury demand globally is having an impact on current trading," Burberry noted.
"We hope this would be the first of many investments to come (in India)," Pou Chen Vice President George Liu said in a meeting streamed online with Tamil Nadu Chief Minister M.K. Stalin.
The board of Titan has also approved a proposal for availing long-term borrowings in the form of long-term unsecured loans up to a limit of Rs 1,000 crore from banking institutions. Titan shares have had a decent run this year with a gain of about 29%. The gems and jewellery stock hit a record high of Rs 3351 in mid-September, but quickly pared gains and went under price correction
After Dutta's resignation, the company has appointed Neetu Kashiramka to be the next Managing Director and Chief Financial Officer with effect from November 14, 2023.
India's gems and jewellery exports fell by 11.49% in October, reaching Rs 22,873.19 crore. Cut and Polished Diamonds exports fell by 32.70% to Rs 10,495.06 crore, while polished Lab Grown Diamonds exports dropped by 23.01% to Rs 1,135.16 crore. The decline was mainly due to a slowdown in demand in key markets and supply constraints of diamonds.
"In the current jute season from September to November 2023, the actual demand indent placement is lower by 30-40 per cent. In September alone, demand indents are expected to be lower than 2.5 lakh bales against planned 3.21 lakh bales due to slow order placing by Maharashtra," IJMA Chairman Raghav Gupta told PTI.
Talking about the brand, Chahar said, “The brand and products are inspired by my own journey. I have a goal to make the best products at affordable prices to cater to the middle class. My target audience is anyone who wants to live a healthy life.”
Japanese consumer electronics maker Casio plans to begin local manufacturing of watches in India by the end of this year. Casio India is working with a local partner to conduct quality evaluations and aims to launch its first Made-in-India range of watches before the year ends. The company sees India as a priority market with high growth potential, particularly due to its large youth population.
"China was the best performing country effectively leveraging its myopia control portfolio in the back-to-school season," EssilorLuxottica said, adding that the country's retail performance continued to be "favourable".
Footwear retail chain Metro Brands on Thursday reported a 13.18 per cent decline in consolidated net profit to Rs 67.62 crore for the September quarter. The company had posted a net profit of Rs 77.89 crore during the year-ago period, Metro Brands Ltd (MBL), earlier known as Metro Shoes, said in a regulatory filing.
Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, but may also widen India's trade deficit and put pressure on the ailing rupee.
The company saw strong demand for its sneakers, including classic styles such as Jordan Retro and newer franchise launches such as LeBron 20, that helped grow its market share.
During the fiscal year 2022-23, playR's sales stood at Rs 8 crore and its other brands distribution sales was at Rs 8 crore. For the current fiscal year FY24, the brand hopes to cross Rs 60 crore sales mark.
The group, already the UK's biggest sportswear retailer and with an expanding presence in North America and Europe, said group underlying sales rose 12% in the period, driven by European growth of 27% and North American growth of 15%.
The combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) by Titan Company Ltd, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti, according to a release. In August, jewellery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewellery brand CaratLane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.
"We believe that alongside growing our own people it also helps to bring in experts from various fields, young and experienced. This will accelerate our growth and innovation, strengthening our position in the industry," Titan Company Head HR- Corporate and Retail, Priya Mathilakath Pillai said in a statement.
Gupta had approached NCLT seeking this waiver, which was rejected on November 20, 2023, according to a regulatory filing by Liberty Shoes on Tuesday. Earlier, NCLT had given a go-ahead to the Annual General Meeting of Liberty Shoes in which a special notice was received for the removal of Gupta as ED of the company from shareholders.
The partnership, which will allow Suditi to produce and distribute fully licensed NBA fanwear in India, will cement the long-standing association between the two brands, with Suditi remaining one of the select manufacturers of licensed NBA apparel in India. The entire collection is available through Suditi’s direct-to-consumer platform, ShopTheArena.com
Marc Jacobs Beauty is set to make a comeback after partnering with beauty conglomerate COTY. The brand had previously collaborated with COTY on fragrances. The new agreement with the conglomerate is expected to last for 15 years, with the makeup range hitting stores in 2025. COTY CEO Sue Nabi expressed excitement about the partnership, while Marc Jacobs International CEO Eric Marechalle praised COTY as the right team to bring the beauty brand to new heights. COTY already works with luxury and consumer-friendly brands in the fashion and beauty markets.
Bankers are vying for roles in Golden Goose's initial public offering, with at least 20 banks wearing Golden Goose sneakers during pitch meetings. The luxury Italian shoemaker's $600 sneakers are worn by celebrities like Selena Gomez and Taylor Swift.
Apparel officials say the new taxes are squeezing the industry, which is among Turkey's biggest employers, supplying heavyweight European brands such as H&M, Mango, Adidas, Puma and Inditex.
Indian consumers had started reducing non-essential spending such as that on apparel, lifestyle products, electronics and dining out since Diwali last year due to inflation, increase in interest rates, job losses in some sectors such as startups and IT, and a slowdown in the economy.
Spanish luxury porcelain brand Lladro is planning to increase its investment in India, as it sees potential for growth in the market. India currently accounts for 11% of Lladro's global sales, and the company plans to develop online sales and open more mono-brand stores in the country. Lladro's CEO, Ana Rodriguez, stated that India is a strategic market for the brand, and it has seen significant growth there in recent years
Commenting on Rado’s growth in India, Bosshard said that the watch brand has witnessed exemplary growth in the last 14 years and today owns an ‘unbelievably high’ market share in its price segment. He did not share the specifics of yearly growth and market share.
Puma's operating profit was 236.3 million euros ($252.3 million) for the quarter, down from 257.7 million a year earlier, but revenue beat analysts' expectations with 6% growth in currency-adjusted terms, coming in at 2.31 billion euros.
The holiday season is upon us but people are not interested in spending so much this luxury season.
“As far as the growth across all the zones is concerned, we are very happy that we are growing across all the zones in India, particularly in the Eastern zone where the growth is around 22%. But in the West and South, the growth is much higher, more than 30% because our base there is slightly lower and we have much more to do. So the North region is growing.”
India smartwatch market sees 21% YoY growth in Q3 2023, with domestic manufacturing market share reaching a record high of 82%. Counterpoint Research attributes the growth to high inventory build-up for festive season sales, as well as larger screens and OLED displays in the Rs 2,000-Rs 3,000 price range. Domestic brands like Fire-Boltt, Noise, Boat, Fastrack, and beatXP lead the market, while Apple experienced a decline in shipments by 52%.
Decathlon's India unit experienced a 37% increase in sales to Rs 3,955 crore in FY23, driven by high demand for fitness wear and sports equipment. The company, which offers products for 85 different sporting disciplines, is larger than Adidas, Nike, and Asics combined in India. Despite the growth in sales, Decathlon reported a net loss of Rs 18.6 crore.
The total expenses increased 36.72 per cent to Rs 271.20 crore in FY23 compared to Rs 198.35 crore in the year-ago period.
Legacy footwear brand Inc.5 Shoes raised its maiden venture funding of $10 million (about Rs 83 crore) in a round led by Mumbai-based venture firm Carpediem Capital, with participation from Param Capital and P3 Venture Fund.
Young Indians are increasingly opting for fashion shades of hair colours such as deep wine, caramel brown, and beige, instead of traditional black and dark brown. Sales of fashion shades grew 40% compared to 26% growth in base shades.
Cantabil also shared that it reached its 500th store milestone by opening a store in Rekabganj, Ayodhya. On achieving this milestone, Deepak Bansal, director of the company said, "We are not only thrilled about this achievement, but also excited about the prospects it opens for us all over the country."
However, the firm beat first-quarter revenue expectations, saying strong growth globally, including Greater China, helped offset its weaker performance in the over-inventoried U.S. market.
Khadim India will raise funds of about Rs 15 crore through a preferential issue of fully convertible Equity Share warrants on a private placement basis to one of the promoters and a few other identified non-promoter entities, as approved by the board of directors of the company.
After more than two decades of marriage, billionaire industrialist Gautam Singhania publicly announced on November 13 separation from his wife, Nawaz, on X (formerly Twitter). On Nov 20, ET was the first to rep-ort that Nawaz had sought 75% of Gautam's net worth for her two da-ughters, Niharika and Nisa, and he-rself as part of a family settlement.
Home textile exports had reported a double-digit decline in FY2023 and 4M FY2024 amid high raw material expenses, energy inflation and muted demand. An ICRA report is raising their hopes.
Gold prices rose past a six-month high in the global market on Monday, as a weaker dollar and expectations of a pause in US interest rate hikes increased demand for the yellow metal.
Young urban grooms in India are increasingly opting for platinum jewellery, such as chains, bracelets, and earrings, as an alternative to gold amid rising gold prices. Platinum is currently trading around ₹25,000 per 10 grams, compared to gold prices exceeding ₹61,000 per 10 grams. The trend is providing some relief to the bride's family, which traditionally gifts jewellery to the groom during weddings.
The fast-fashion giant's moves to go public comes at a time when the market for initial public offerings is struggling to rebound after a string of lacklustre stock market debuts in the U.S.
The biggest ever textile show, Bharat Tex, will showcase the entire value chain and position India as a major player in the global supply chain. The exhibition will be spread over two lakh square feet and is expected to attract global CEOs, policymakers, and thousands of exhibitors and buyers from around the world. The textiles ministry has reached out to global players to join the event and promote the theme of "local for global". India aims to increase its textile exports to $100 billion.
For this festive season, the company is looking at close to 25 per cent growth from these new stores and overall city growth of close to 20 per cent.
As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. If traders are now seen helping Russia evade sanctions to keep financing its invasion of Ukraine, the shine may come off diamonds once again.
Shein uses an on-demand manufacturing system that allows it to quickly boost the production of popular items and drop products that do not sell as expected. The process helps improve production speed and inventory management.
An Indian proxy advisory firm has called for Raymond's independent directors to probe assault allegations against Managing Director Gautam Singhania. Nawaz Modi Singhania, a board member and Singhania's former wife, accused him of assaulting her and their daughter in September 2023, as reported by local media.
Gold price climbed Rs 100 to Rs 62,750 per 10 grams in the national capital on Tuesday in line with gains in the precious metal's price in global markets, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 62,650 per 10 grams. Silver price remained unchanged at Rs 78,200 per kilogram. Spot gold at Comex was trading at USD 2,014 per ounce, up by USD 4 from the previous close, Gandhi added.
“This investment paves the way for a future where Miraggio sets the standard for opulent elegance, inspiring discerning individuals to elevate their style to new heights.” said, Mohit Jain, founder and CEO, Miraggio.
“Technical textiles is a sunrise sector and the future of this industry,” said a government official, adding that ambitious targets have been set for it.
Luxury brands are increasingly looking to India for growth prospects, according to Bénédicte Epinay, CEO of Comité Colbert, the official luxury association of France. India has all the ingredients for luxury brands, including consumers, appetite for refinement, taste to understand luxury, and passion to show off. Post Covid, brands are seeing a growth of about 5-10% globally, making India the next key frontier for global luxury brands.
In a notification, the lender cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of Rs 1,267 crore, as well as the amount outstanding to other secured creditors. Already, the State Bank of India has filed a case against PC Jeweller in the National Company Law Tribunal, or NCLT.
The partnership aims at transforming the sneaker segment in India, and address the evolving needs of next-gen customers. Under the terms of the agreements, MBL is granted exclusive rights to own and operate Foot Locker stores within India and to sell authorized merchandise in Foot Locker stores whereas Nykaa Fashion will serve as the e-commerce partner and operate Foot Locker's India website and retail authorized merchandise on Foot Locker branded shop on Nykaa’s existing e-commerce platforms.
Chief Minister M K Stalin announced on Tuesday that the Tamil Nadu government has formulated plans to establish a footwear manufacturing park with an investment of Rs 400 crore on a sprawling 250-acre land. Speaking at an event, he highlighted that this industrial initiative is anticipated to generate around 20,000 new jobs in Ranipet district.
The ministry also plans to launch India’s premium cotton, “Kasturi cotton”, at the inter-governmental event featuring participants from 28 member countries and seven invitee countries.
Nike in a complaint filed in Manhattan federal court said it has suffered economic harm and irreparable injury from Lululemon's sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear.
India is becoming an attractive destination for foreign luxury brands as they aim to tap into the growing affluence of Indian consumers. Factors such as exposure to global trends, younger consumers purchasing luxury goods, and a post-pandemic economic boom are driving this trend. Luxury brands like Laderach, Galeries Lafayette, Balenciaga, TimeVallee, and Keune are entering the Indian market. Despite inflation impacting entry-level product categories, the luxury market in India is thriving.
The startup, which already works with the eyewear retailer, uses AI to analyse CCTV footage from its stores and uses it to optimise customer flow and to ensure proper adherence to all processes.
“We’re looking at opening 300-400 stores in southeast Asia in the next two years. Initially, we go slow, but we like to go deep. We’ve been in Singapore for the last three years, and are going to Thailand this year, and after a year in Thailand, we’ll go to the Philippines,” he added.
Footwear exports, both leather and non-leather exports account for over 50 per cent of the trade. India is the second-largest exporter of leather garments, third-largest exporter of saddlery and harnesses and 4th largest exporter of leather goods in the world.
The textiles ministry has kick-started the process to create separate tariff codes - called HSN (harmonised system of nomenclature) codes in trade parlance - as the existing ones do not account for recycled textile products and they are exported and imported in existing yarn, fabric, garment and waste codes.
The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council (GJEPC), which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.
The launch is a part of Tanishq's International business expansion strategy. Tanishq is also at the cusp of opening another store in Chicago, and thereafter in the Bay Area by early-mid next year. The company's expansion plans include opening 20 to 30 more locations in North America and the Middle East collectively over the next two to three years.
More than 200 million shoppers made purchases both in-store and online during the Thanksgiving weekend, the National Retail Federation said on Tuesday, easing some worries over muted holiday sales. "While our customers remain discerning with their discretionary dollars and we expect that will continue through the season, we're also seeing them respond to newness," Foot Locker CEO Mary Dillon said in a post-earnings call.
Farfetch founder Jose Neves is considering the move after a troubled New York Stock Exchange listing for the loss-making British company, and is working with advisers at JP Morgan, the Telegraph newspaper reported on Tuesday. The company, in which Neves has a stake of 15%, declined to comment to Reuters on Wednesday. Richemont, which has a deal in place to sell its Yoox Net-A-Porter online fashion and accessories business to Farfetch said it was "carefully monitoring the situation."
"There aren't a lot of accessible luxury fashion labels in India so we think it's time to be pioneering," said SMCP CEO Isabelle Guichot, citing India's wealth and growing population of younger generations among reasons for entering the country. After years of testing the Indian market with outlets in luxury hotels, high-end European labels are seeking to expand their retail presence there to tap its strong economic growth and a rapid rise in the number of local millionaires.