RSS Feed

Amazon records biggest ever Thanksgiving shopping weekend

The National Retail Federation said on Tuesday a record number of 196.7 million people shopped during the five-day period from Thanksgiving through Cyber Monday, while Adobe Analytics said Cyber Monday sales rose to $11.3 billion, making it the biggest U.S. online shopping day in history.

Amazon CEO Andy Jassy again defends massive layoffs at company

Although Amazon has not revealed the numbers, reports earlier said the company will lay off around 10,000 employees across its devices, retail, and human resources divisions.

JD.com to slash top exec salaries amid China's 'common prosperity' push

The e-commerce giant plans to allocate 10 billion yuan ($1.40 billion) for a fund to assist employees of JD and recently-acquired courier firm Deppon Logistics with buying homes, according to an email to staff signed by JD founder and chairman Richard Liu.

E-commerce startup Meesho joins ONDC

“With a shared goal to empower small sellers and give a fillip to hyperlocal businesses, the integration will boost our efforts to democratize internet commerce for everyone,” said Vidit Aatrey, Founder and CEO, Meesho.

Meesho strengthens its tech leadership team, appoints Divyesh Shah as VP of engineering

The latest appointment will strengthen Meesho’s tech leadership team as the company looks to onboard more users and increase its presence in India’s underserved markets, the release read. Earlier this year, the company announced the appointment of Debdoot Mukherjee as its chief data scientist.

Udaan raises $35-40 million from Temasek & DBS backed EvolutionX

With the latest investment, the total funds raised by Udaan in the last four quarters have reached USD 400 million.

Amazon gets govt notice on voluntary exit programme

Deputy chief labour commissioner A Anjanappa has asked Amazon to provide details related to the VSP, and its public policy manager Smitha Sharma has been asked to attend a hearing on November 23.

Amazon workers across world urged to strike on Black Friday

It demanded the company recognise collective bargaining agreements for the retail and mail order trade sector and called for a further collective agreement on good working conditions.

No one was fired, resignations were voluntary, Amazon tells labour ministry

The authorities had sought Amazon’s response after Pune-based employee union Nascent Information Technology Employees Senate (NITES) petitioned union labour minister Bhupender Yadav, claiming that the online retailer had forcibly terminated a large number of employees in India.

Brands jump on to Black Friday bandwagon, extend sale period

Electronic goods and smartphone makers, ecommerce platforms, grocery stores, fashion brands, restaurants and cafes, multiplexes, hotels and malls clambered aboard the Black Friday bandwagon. Many are extending the sale period over the weekend to the start of next week or Cyber Monday, originally coined for ecommerce sales.

Black Friday online sales to hit record despite high inflation -Adobe Analytics

Initial numbers from Adobe Analytics, the data and insights arm of software company Adobe Inc, showed shoppers are expected to spend between $9 billion and $9.2 billion online on Friday, topping its forecast for a modest 1% rise to $9 billion.

Amazon to shut down food-delivery business in India

On Thursday, Amazon said it was shutting down the Amazon Academy platform in India that was launched early last year amid a boom in virtual learning during the COVID-19 pandemic.

Amazon settlement with EU antitrust regulators possible by year end: Report

Settling the EU investigations means the company will avoid a fine of as much as 10% of its global turnover.

ONDC is actively engaging with brands, says DIF head Arvind Gupta

A Publicis Groupe’s report on ONDC said more than two million retailers will be enabled with ecommerce, over 250 million buyers will be able to purchase goods and services, and the platform will enable 75% pin code coverage across India

Flipkart may go in for $700 million esop buyback

Part of PhonePe’s latest $1.5-2 billion funding round led by Walmart.

Now, Amazon to shut its wholesale distribution business in India

Called Amazon Distribution, the business operates in Bengaluru, Hubli and Mysore. This is the third business Amazon has shut in India in the past week.

Myntra partners global fashion house Boohoo Group for India entry

The partnership will see Boohoo and Nasty Gal cater to fashion-forward Indian consumers for the first time, while also marking DP's re-entry into the country, following the brand's acquisition by the Boohoo Group, it said in a statement.

A Flipkart veteran is building unified shopper identity across stores

The Indian startup created by engineer Ranjith Boyanapalli, a former executive at Walmart Inc.’s Flipkart, raised the funds from backers including Global Founders Capital Management and angel investors such as Binny Bansal and Sujeet Kumar.

‘With ONDC, the Kotak, Airtel, Paytm, and Phonepe of world can expose their clients to e-commerce,’ says T Koshy, CEO, ONDC

With ONDC, Koshy shared, the idea is to unbundle the building blocks of transactions handled by specialised agencies at the most optimum and top of fashion.

Govt e-marketplace GeM achieves Rs 1 lakh crore GMV in FY23 alone

Cumulatively, GeM has surpassed the Rs 3 lakh crore GMV since inception, and the total number of transactions on GeM also recently surpassed 1.2 crore, according to GeM CEO PK Singh. GeM (or e-Marketplace) has over 63,000 government buyer organisations as well as over 54 lakh sellers and service providers, offering a wide range of products and services.

Global gold demand rises 28% to 1,181.5 tonnes in September quarter: WGC

Among large buyers were the central banks of Turkey, Uzbekistan, Qatar and India, but the WGC said a substantial amount of gold was also bought by central banks that did not publicly report their purchases. It did not give any details on which countries these could be, but banks that do not regularly publish information about their gold stockpiles include those of China and Russia. Purchases of gold bars and coins also surged in Turkey to 46.8 tonnes in the quarter, up more than 300% year-on-year, as people bought gold to shield themselves from rampant inflation.

Sebi bans Mehul Choksi from capital market for 10 yrs; slaps Rs 5 cr fine for manipulating trades

Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi. Both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.

India's gold demand dips as inflation hits rural buyers

The lower purchases in the world's second-biggest gold consumer could weigh on prices, which are trading near their lowest level in more than two-years.

Asia Gold-Price rally dims India demand, COVID curbs hit China market

Dealers in India were offering a discount of up to $18 an ounce this week over official domestic prices - inclusive of the 15% import and 3% sales levies, down from the last week's $21.

Pandora braces for recession despite resilient demand

"Despite macroeconomic and geopolitical uncertainty, the shopping patterns of our consumers are so far largely unchanged," Chief Executive Alexander Lacik said in a statement.

Big win for India: UK High Court clears Nirav Modi's extradition

The 51-year-old businessman, who remains behind bars at Wandsworth prison in south-east London, had been granted permission to appeal against District Judge Sam Goozee's Westminster Magistrates' Court ruling in favour of extradition last February.

Kalyan Jewellers India Q2 PAT up 54.02 pc at Rs 105.92 cr

Revenue from operations of the company grew by 20.22 per cent during the quarter under review to Rs 3,472.91 crore, compared to Rs 2,888.69 crore in the same period a year-ago.

Kerala jewellers likely to offer uniform gold rates

Gold rate varies from state to state depending on the rate fixed by the gold associations in the respective states. However, jewellers often charge different gold rates within the same states. "We are offering a uniform gold rate across all our showrooms in the country," said Joy Alukkas, chairman, Joyalukkas Group.

Jewellers, caterers and banquet halls on high demand this wedding season: Report

For wedding jewellers, Mumbai topped the demand across the country followed by Delhi and Hyderabad. Searches in tier-I cities rose by 29 per cent, while tier-II cities witnessed a jump of 44 per cent. Among tier-II cities, Jaipur led the demanding race followed by Surat, Rajkot, Chandigarh, and Coimbatore.

Organised jewellery retailers to outperform the industry on store expansions and market share gains, expect 20% YoY revenue growth in FY2023: ICRA

According to Kaushik Das, vice president and co-group head at ICRA, “While the jewellery sector has recorded healthy sales in the Dussehra and Diwali season, factors like high domestic inflation, cautious consumer sentiments towards discretionary spending and weak rural economic recovery due to erratic monsoons are likely to continue to constrain demand growth in the near term. Nevertheless, the demand outlook for the sector in the medium to long term remains favourable.”

Asia Gold-India dealers deepen discounts, China premiums retreat

This prompted dealers to offer discounts of about $26 an ounce versus official domestic prices - inclusive of 15% import and 3% sales levies - compared with last week's $4 discounts.

Gem, jewellery exports decline 15% to Rs 25,844 crore in October: GJEPC

India's robust gem and jewellery export performance in the first 6 months of 2022-23 helped maintain growth for the period April-October, despite a sharp dip in exports last month, GJEPC noted.

Nirav Modi moves for permission to appeal high court extradition decision in UK Supreme Court

On Wednesday the administrative court of the high court confirmed to TOI that Nirav has submitted an application requesting permission to appeal the high court decision dismissing his appeal and that he has also requested the high court to certify points of law of general public importance. The latter is the most important as without a point of law being certified, Nirav cannot appeal to the Supreme Court.

Jewellery retailers see strong Dhanteras-Diwali sales, expect upcoming wedding season to drive demand momentum

Moderated gold prices coupled with a positive consumer sentiment supported jewellery sales, shared retailers adding that they expect the upcoming wedding season to support and drive jewellery demand momentum in the country.

PC Jeweller posts quarterly profit on festive gold demand

Profit stood at 859.2 million rupees ($10.44 million) for the three months ended Sept 30, compared to a loss of 788.9 million rupees a year earlier.

Malabar becomes 1st Indian jeweller to import 25Kg gold to UAE under CEPA

In May 2022, Malabar Gold and Diamonds became one of the first beneficiaries of India-UAE CEPA when it received the permission to export jewellery from India to the UAE with tax concessions. Under the agreement, the UAE government has waived the five percent import duty into the UAE. The CEPA between India and the UAE came into effect on May 1, 2022 after Union Commerce and Industry Minister Piyush Goyal and UAE Minister of Economy Abdulla bin Touq Al Marri signed the agreement in Delhi in February 2022.

Gold imports fall 17% in Apr-Oct to $24 billion

Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22.

Asia Gold: Indian market gets festive spark, China premiums stay high

"Retail demand gained momentum this week because of Diwali. Prices were also attractive," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.

D2C brand Melorra clocks ARR of $100 million in six years

Delivering in over 26,000 pin codes across India, UAE, USA, UK, and Europe, Melorra offers trendy, lightweight, BIS Hallmarked gold & diamond jewellery at affordable prices.

India-Australia ECTA seen boosting gems & jewellery trade to $2 billion

"By providing preferential access for Indian gems and jewellery exports, the deal also makes it cheaper for Australian retailers to procure world-class jewellery crafted with finesse from Indian manufacturers. We expect the agreement to boost bilateral gem and jewellery trade from USD 1.3 billion at present to USD 2 billion," said Vipul Shah, chairman, GJEPC.

Nike slumps on margin warning; analysts fear more pain across sector

The world's largest sportswear maker on Thursday became the latest in a line of consumer brands and retailers to underscore the pressure on margins from ramped up discounts, as companies rush to get rid of excess inventory amid slowing demand.

Global gold demand rises 28% to 1,181.5 tonnes in September quarter: WGC

Among large buyers were the central banks of Turkey, Uzbekistan, Qatar and India, but the WGC said a substantial amount of gold was also bought by central banks that did not publicly report their purchases. It did not give any details on which countries these could be, but banks that do not regularly publish information about their gold stockpiles include those of China and Russia. Purchases of gold bars and coins also surged in Turkey to 46.8 tonnes in the quarter, up more than 300% year-on-year, as people bought gold to shield themselves from rampant inflation.

Sebi bans Mehul Choksi from capital market for 10 yrs; slaps Rs 5 cr fine for manipulating trades

Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi. Both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.

India's gold demand dips as inflation hits rural buyers

The lower purchases in the world's second-biggest gold consumer could weigh on prices, which are trading near their lowest level in more than two-years.

Aditya Birla Group's TMRW acquires controlling stake in D2C brand Bewakoof for Rs 200 cr

"With Bewakoof’s loyal consumer base and our value-add in design, technology, brand building & supply chain, we aim to scale this brand to Rs 500 crore plus in the next 2 years," said Prashanth Aluru, CEO and co-founder, TMRW.

Prada to hire former Luxottica CEO Guerra to ease succession - source

Facing a family succession, like many other Italian business dynasties, Prada has been planning ahead and seeking a senior figure to work alongside Lorenzo while he gains experience in the field, another person close to the matter said.

Reliance Brands eyes stake in US fashion retailer Prabal Gurung's label

A Nepalese-American fashion designer, Gurung is known for dressing up celebs such as Michelle Obama, Sarah Jessica Parker and Anne Hathaway. He had launched his line in 2009 at the New York Fashion Week.

Puma taking orders from wholesalers, including those with Russian presence

"We have started the sell-in process with our global wholesale partners for Spring/Summer 2023. Some of these partners are international groups with operations in different countries around the world, including Russia," Puma said in an e-mailed statement.

JD Sports fills CEO position after 8 years with Schultz appointment

The FTSE 100 group in May ousted long-time executive chairman Peter Cowgill due to issues with internal governance and controls. Cowgill had held the executive position and managed the group since Barry Bown stepped down as CEO in 2014.

‘We saw big growth improvement in products priced over Rs 3000,’ says Metro Brands CEO

We're seeing increased demand for premium products. We try to be a little more premium than our competitors and it's starting to pay off as we saw big growth improvement in products priced over Rs 3,000.

British retailer Next in $42 million rescue deal for Joules

The deal will keep about 100 Joules shops open while about 24 will be closed, of which 19 will close immediately, Next said in a statement on Thursday, with the loss of 133 jobs from amongst the 1,600 Joules staff.

India needs to focus on apparel manufacturing: Arvind Ltd official

Production-Linked Incentive (PLI) schemes for 13 key sectors are designed to create national manufacturing champions and generate employment opportunities for the country's youth.

Haryana Cabinet approves new 'Haryana AatmaNirbhar Textile Policy'

The new textile policy will supersede the previous Haryana Textile Policy 2019 and it aims to promote value-added textile activities with suitable policy interventions to harness the potential of the entire textile value chain in the state, it said. The estimated budget for the policy is Rs 1,500 crore with capping for capital incentive cases, it said.

Relaxo Footwears net profit falls 67% to Rs 22.4 crore

Its revenue from operations was down 6.26 per cent to Rs 669.65 crore during the period under review as against Rs 714.43 crore in the corresponding period of the previous fiscal.

Adidas sticks to World Cup sales outlook despite Germany's exit

The company still expects World Cup sales of around 400 million euros ($421 million), according to the spokesperson, who said sales were currently higher than those at the 2018 World Cup in Russia.

Asia Gold-Price rally dims India demand, COVID curbs hit China market

Dealers in India were offering a discount of up to $18 an ounce this week over official domestic prices - inclusive of the 15% import and 3% sales levies, down from the last week's $21.

Bharat story playing strong for Titan: MD

“The Bharat story is very strong for Titan Company across all formats and we are seeing that playing out month after month and particularly in the April-June quarter, there will be a lot of semi-urban, rural weddings which we will certainly benefit through. FY23 is looking very good for us and we have begun April on a very good note. So all cylinders are firing for all businesses, everything is on top gear I would say.”

Lenskart valued at $4.5 billion after new financing

This in an 80% expansion in value for the company, which was last valued at $ 2.5 billion following the close of a $315 million round in July 2021 that was led by Singapore’s Temasek, which has also invested in the latest funding.

Athleisure brands double size of stores amid rising demand

"Post Covid, brands have realised customers are coming for the full experience and expecting engagement from the brand. At our retail spaces, many athleisure brands have almost doubled presence as sales have gone up," said Pushpa Bector, executive director at DLF Retail that operates several malls in NCR. Experts said that Covid has given a big boost to consumption, specifically apparel sports and athleisure.

Ethos Q2 profit surges over 400% to Rs 13.6 crore; revenue grows 32% YoY

"This quarter has again reinforced our belief in the strong growth that we witnessed over the last few quarters. It shows a consistent trend that reflects the transformation of the Indian market for luxury watches, with Ethos as the reference," said Yashovardhan Saboo, Managing Director and Chairman, Ethos Limited.

Titan Q2 profit rises 34% YoY to Rs 857 crore; firm optimistic on growth for rest of FY23

The jewellery business, excluding bullion, saw an 18% YoY growth in revenue to Rs 7,203 crore. Watches and wearables business revenue increased 21% on year to Rs 829 crore. The eye care business reported a 4% growth in revenue to Rs 167 crore.

Ray-Ban owner's close aide takes reins of business empire

Milleri, 63, started as an IT consultant at Luxottica, the spectacle business Del Vecchio founded in 1961. Last year he became CEO of EssilorLuxottica after playing a key role in the negotiations that led to Luxottica's merger with French lens maker Essilor.

Titan net profit jumps 13 times YoY to Rs 793 crore in Q1 FY23

​​The Tata Group firm said its quarterly revenues were the second-best, buoyed by a strong festive demand in a near normal Ql that came after a gap of two Covid disrupted periods.

India becomes the first market to have Puma shopping app globally

German sportswear brand Puma has launched its shopping app in India, the first market globally where it will sell merchandise through its own app. Brands such as Adidas, Nike and Puma have been around for nearly two decades in India and have grown by partnering cricket and other sporting activities. However, many players have shifted their positioning to lifestyle and regular athletic wear brands.

Titan's sales nearly tripled in April-June, helped by low base and non-disruption

While, its jewellery division, which contributes around 85 per cent of its revenue, reported 207 per cent growth and added 19 new stores during the quarter, taking the total count to 463.

D2C travel accessories brand Acefour raises $7 million in pre-series A round

Acefour will use the funds towards working capital, brand and product building, it said. The company is yet to launch its product range.

Titan sees 18% sales growth in September quarter; adds 105 new stores

About the outlook for the festive season, the company said it continues to be "optimistic and is visible in positive consumer sentiment" across categories.

Titan can achieve Rs 2,500 crore from international biz earlier than expected: CFO

“In Q1 and Q2 we did not see a lot of traction, it was almost at a similar proportion to what it used to be but in quarter three we believe with the November and December month still ahead of us, we can see some positive traction. But on a LFL basis it would be very difficult to say that we should just extrapolate what we have seen in the festive season.”

Nike says to end run club app in China; to offer 'localised solution'

The U.S. sportswear brand made the announcement to its mainland China users through the app on Wednesday morning and thanked them for their support.

JD Sports picks retail veteran Higginson as new chairperson

JD Sports ousted longstanding executive chairman Cowgill due to issues with internal governance and controls. Cowgill managed the group ever since Barry Bown stepped down as the chief executive officer in 2014.

Titan expects growth run of Q1 to continue for rest of the year: MD

“We are equally confident about the rest of the year and in fact the next few years going forward because of fundamental aspects of the Indian economy and the relentless surge that we will see towards becoming a more affluent nation. Also, the pooja season is coming into Q2 this year as opposed to being in October last year. So we expect the growth run of Q1 to continue.”

Pandora braces for recession despite resilient demand

"Despite macroeconomic and geopolitical uncertainty, the shopping patterns of our consumers are so far largely unchanged," Chief Executive Alexander Lacik said in a statement.

Big win for India: UK High Court clears Nirav Modi's extradition

The 51-year-old businessman, who remains behind bars at Wandsworth prison in south-east London, had been granted permission to appeal against District Judge Sam Goozee's Westminster Magistrates' Court ruling in favour of extradition last February.

Adidas appoints boss of rival Puma as CEO after Ye fallout

Adidas has appointed Bjorn Gulden, the CEO of rival Puma, as its new chief executive, and he will take over the German sportswear brand in January. Gulden will replace Kasper Rorsted, Adidas' CEO since 2016, whose departure was announced in August.

Liberty Shoes posts a net profit of Rs 5.47 crore in Q1 FY 2022-23

Total revenue from operations stood at Rs 161.22 crore in Q1 FY23 as compared to Rs 97.64 crore in the same quarter last year with an year-on-year growth of 65 per cent.

Luxury retail companies on a hiring spree to help drive expansion: Report

Aditya Birla Fashion & Retail's luxury retail vertical The Collective, which houses brands such as Polo Ralph Lauren and Ted Baker, will see expansion this year with the opening of four-five additional stores across the country, according to Amit Pande, business head of The Collective and international brands, Aditya Birla Fashion & Retail.

Michael Kors-owner beats quarterly estimates on resilient luxury demand

Rising prices have had little impact on middle- and high-income households who have been happily spending on designer labels, having built up substantial savings during the pandemic when restrictions made everything from foreign holidays to eating out more difficult.

Ralph Lauren, Capri beat revenue estimates on resilient luxury demand

Rising prices have had little impact on middle- and high-income households who have been happily spending on designer labels, having built up substantial savings during the pandemic when restrictions made everything from foreign holidays to eating out more difficult.

Gucci becomes first major brand to accept crypto coin as payment

High-end Italian fashion giant Gucci has become the first major brand to start accepting payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin (APE).

Bata India Q2 profit rises 47% to Rs 55 crore; net sales up 35% at Rs 830 crore

Its revenue from operations during the quarter under review was at Rs 829.75 crore, up over 35.11 per cent from Rs 614.12 crore of the corresponding quarter of FY22.

Lenskart FY22 revenue jumps 66% to Rs 1,502 crore, but slips into losses

Lenskart’s consolidated operating revenue grew 66% to Rs 1,502 crore in the previous fiscal year (FY22). The SoftBank-backed company, however, reported losses of Rs 102 crore after clocking a profit of Rs 28 crore in the previous financial year.

Kalyan Jewellers India Q2 PAT up 54.02 pc at Rs 105.92 cr

Revenue from operations of the company grew by 20.22 per cent during the quarter under review to Rs 3,472.91 crore, compared to Rs 2,888.69 crore in the same period a year-ago.

Michael Kors-owner Capri cuts holiday forecasts as China recovery stalls

"(COVID curbs) have been causing a great deal of difficulty ... we think that it's going to take time for (China) to recover for us," Capri Chief Executive Officer John Idol said.

Luxury watch retail player Ethos IPO to open on May 18; price band Rs 836-878/share

The IPO consists of a fresh issue of equity shares aggregating to Rs 375 crore and an offer-for-sale (OFS) of up to 1,108,037 equity shares.

French luxury groups to highlight sector's resilience as demand holds up for now

The sector has sailed above stock market turbulence, lockdowns in China and soaring inflation in recent months, buoyed by its wealthy customer base even as retailers of cheaper clothing and accessories warn of weakening demand.

Luxury group Richemont sounds cautious note on cost-of-living pressures

The owner of Cartier jewellery and IWC watches reported a shareholders' net loss of 760 million euros ($776.72 million) after taking a 2.7 billion euro non-cash charge related to its part exit from online fashion retailer YOOX Net-A-Porter (YNAP).

Bata India profit rises 72% to Rs 119.37 crore; net sales up at Rs 943 crore in April-June

"A direct outcome of the continued focus on key thrust areas of franchise & MBO expansion, consumer relevant communication, portfolio casualisation and digital footprint expansion was reflected in the quarterly sales reaching a lifetime high," Bata India said its earnings statement.

D2C footwear startup Yoho raises Rs 20 cr in Series A round

The company plans to use the funds to create capabilities for new product propositions and sustainable manufacturing standards.

Bata eyes asset-light franchise expansion

The shoe major now has 1,200 owned stores compared to 320 franchise outlets mainly spread across semi-urban areas. The shoe multinational’s strategy of franchise-led expansion coincides with its plan for rural penetration.

Rolex watches: Does Covid crisis make luxury brands out of stock?

The waiting period for the Professional Modules ranges from three to six months or even one year, indicating that this year 2022 - no delivery can be made to the customers.

Mensa Brands acquires homegrown smart wearable brand Pebble

Direct-to-consumer (D2C) company Mensa Brands on Tuesday said it has acquired homegrown smart wearable brand Pebble for an undisclosed sum.

Product innovation has been our largest lever for growth: Saumen Bhaumik, CEO, eyecare, Titan Company

Titan Eyeplus reported profit both in the financial year 2021 and 2022, Bhaumik said. He added the year ended March 31, 2022 turned out to be the best financial year for the company. It reported a profit before tax of Rs 8 crore in FY2021 and Rs 38 crore in FY 2022.

D2C footwear startup Yoho onboards Paytm's Sanjeev Misra as an executive director

Speaking on the Indian footwear industry, Misra said it has the potential to grow 10 folds in the coming years. According to some recent reports, the revenue in the footwear market in India amounts to $23.73 billion in 2022 and is expected to grow annually by 6.77 per cent CAGR 2022-2027.

Decathlon aims to locally produce 85% of its products by 2026

Presently, 60 per cent of the retailer’s products sold in India stores are locally made. These include a varied range of products such as textiles, bikes, hockey sticks, tents, sleeping bags, boxing gloves, cricket bats and apparel.

Khadim India Q2 net profit declines; revenue from operations up 15% at Rs 186.03 crore

However, its revenue from operations rose 15 per cent year-on-year(YoY) to Rs 186.03 crore in the July-September quarter this year as against Rs 161.65 crore in the corresponding quarter of previous fiscal.

Global luxury sales set to hit record this year, study says

"Consumption is back at pre-crisis levels, but it is also a rebirth, since there is a new consumer base that is younger, and some pockets of consumers that have been unlocked during COVID are here to stay and growing, like subcultures and ethnic groups in the US,'' said Bain partner Claudia D'Arpizio, a study co-author.

Kerala jewellers likely to offer uniform gold rates

Gold rate varies from state to state depending on the rate fixed by the gold associations in the respective states. However, jewellers often charge different gold rates within the same states. "We are offering a uniform gold rate across all our showrooms in the country," said Joy Alukkas, chairman, Joyalukkas Group.

Jewellers, caterers and banquet halls on high demand this wedding season: Report

For wedding jewellers, Mumbai topped the demand across the country followed by Delhi and Hyderabad. Searches in tier-I cities rose by 29 per cent, while tier-II cities witnessed a jump of 44 per cent. Among tier-II cities, Jaipur led the demanding race followed by Surat, Rajkot, Chandigarh, and Coimbatore.

Lenskart’s subsidiary Neso Brands raises over $100 million

Singapore-based Neso Brands said it would partner with and invest in consumer eyewear brands globally and grow them by leveraging synergies across the Lenskart Group.

Organised jewellery retailers to outperform the industry on store expansions and market share gains, expect 20% YoY revenue growth in FY2023: ICRA

According to Kaushik Das, vice president and co-group head at ICRA, “While the jewellery sector has recorded healthy sales in the Dussehra and Diwali season, factors like high domestic inflation, cautious consumer sentiments towards discretionary spending and weak rural economic recovery due to erratic monsoons are likely to continue to constrain demand growth in the near term. Nevertheless, the demand outlook for the sector in the medium to long term remains favourable.”

Aditya Birla Group partners with Galeries Lafayette to open luxury department stores in Mumbai, Delhi

Aditya Birla Fashion and Retail Limited (ABFRL) on Thursday announced that it has entered into a strategic partnership with Galeries Lafayette to open luxury department stores in Mumbai and Delhi. They will also be opening a dedicated e-commerce platform in India.

Children-focused footwear brand Plaeto forays into the UAE market

The Bengaluru-based company recently raised Rs 40 crore in Series A funding round led by Florintree Advisors, a Mumbai based financial institution and other marquee investors in the D2C space.

Burberry focuses on 'Britishness' in new CEO's growth plan

Akeroyd, who joined the 166-year-old fashion house in April, said Burberry was the only luxury brand of scale that could lay claim to "Britishness", helping it stand out against French and Italian rivals.

Tapestry, Estee Lauder feel earnings pinch from China lockdowns

Tapestry and Estee Lauder join the likes of Gucci owner Kering SA, Ray-Ban maker EssilorLuxottica and Ralph Lauren Corp in flagging a sales hit in China, a key growth market for high-end fashion companies.

India is a terrific story, helping cover up some of the shortfalls we are seeing in China: Samsonite global CEO

Samsonite India sales during the calendar year was $140 million, more than double compared to 2020 when it fell to $60.5 million. However, on an annual basis, the revenues have still not reached pre-covid level of 2019 when Samsonite business was $174 million.

Gap beats quarterly estimates on steady demand for formal clothing

People are preferring more formal clothing, dresses, woven tops and pants, shelving casual wear like t-shirts and shorts as they return to travel, work and social occasions after two years of pandemic-induced restrictions.

Asia Gold-India dealers deepen discounts, China premiums retreat

This prompted dealers to offer discounts of about $26 an ounce versus official domestic prices - inclusive of 15% import and 3% sales levies - compared with last week's $4 discounts.

Foot Locker names former Ulta Beauty chief as CEO

Dillon takes control of the company next month with Foot Locker relying less on sales at malls, where foot traffic has plummeted, and moving away from one of its most dominant suppliers, Nike. Nike recently shifted aggressively to direct sales to customers.

Metro brands to acquire Cravatex Brands

The acquisition is based on fulfilment of closing conditions by both parties. Paragon Partners, an existing investor in Cravatex Brands Limited, will also sell its entire stake as part of this transaction, Cravatex said in the filing.

Gem, jewellery exports decline 15% to Rs 25,844 crore in October: GJEPC

India's robust gem and jewellery export performance in the first 6 months of 2022-23 helped maintain growth for the period April-October, despite a sharp dip in exports last month, GJEPC noted.

Arvind and PurFi Global form joint venture to reduce textile waste

PurFi's technology creates a circular solution that rejuvenates textile waste into virgin quality fibres, a joint statement said. This will process textile wastes -- white cotton, coloured cotton, denim and synthetics -- into virgin-like fibres for reuse from two lines, where each line will have a 5,500-tonne capacity per year with plans to expand over the next five years.

JD Sports expects profit to match last year's record on strong demand

The company, which offers Nike, Adidas, Puma as well as in-house brands, said total sales for the five months of the year in its like-for-like businesses remains 5% ahead of the same period last year.

We are trying to look at how customers are responding to the increase in prices and being cautious: Bata CFO

“We have posted the highest ever sales in the last quarter and we have seen demand uptick across all our different channels. We have seen it across multiple geographies with tier two, tier three towns showing uptick. So, that is certainly a good indicator. We are also trying to look at how customers are responding to the increase in prices and being cautious. We are trying to balance both.”

Welspun India expects revenue to cross Rs 15,000 crore in FY26

Overall, Welspun India said, "FY26 expected to be upwards of Rs 15,000 crore at a CAGR (Compound Annual Growth Rate) of 24 per cent (over FY23 expected)."

India's readymade garment exports to surpass $30 billion by 2027: Report

Countries such as China, Bangladesh, Vietnam, Germany, Italy, Turkey, Spain and India dominate the export market, with China accounting for a lion's share of 33 per cent of the total exports backed by high labour productivity along with economies of scale.

Ahmedabad: Cotton prices, fading exports dent denim makers’ revenues

Till last year, when the domestic market was still crawling out of the Covid-19 shadow, export orders proved to be a boon for manufacturers in the denim capital of India. Backed by global requirement, denim demand thrived and therefore, the manufacturers gained too. However, a year down the line, the tables have completely turned, at least when it comes to the demand in the international market.

Nike to fully exit Russia, will scale down in coming months

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow's actions in Ukraine, adding that those still open were operated by independent partners.

Adidas CEO Rorsted to stand down in 2023

Current CEO Kasper Rorsted will remain in post "until a successor has been appointed" to help "ensure a smooth transition at the helm of the company", Adidas said in a statement.

Nordstrom says sales slowed in past two months; shares fall 9%

Nordstrom, like rival retailers, has been offering steep discounts to clear excess and outdated inventory, with the company expecting more promotions across the retail industry through the key holiday quarter.

Men's innerwear brand XYXX targets Rs 240 crore revenue this fiscal as it strengthens offline presence

Recently, the innerwear brand launched its first brand outlet at Phoenix Marketcity Mall in Mumbai. Further, it has plans to expand in tier 1 and 2 markets including Indore and Surat.

Titan Case: Sebi levies Rs 2 lakh fine on individual for violating insider trading norms

The transactions were carried out by the designated person/employee of TCL between April 2018 to March 2019.

Sportswear from India's Tirupur to Qatar World Cup 2022

As per the Omanobserver, Tirupur in Tamil Nadu started out as a knitwear cluster but has since completely changed into the nation's centre for worldwide textile manufacture.

TN govt inks pact for Rs 2,250 crore investment in leather sector, launches state footwear policy

The policy is aimed at attracting Rs 20,000 crore investment in the leather sector by 2025 and in creating employment opportunities to 2 lakh people. It would transform Tamil Nadu into the most favoured destination for manufacturing of footwear and leather products in Asia, he said and appealed to the industries to popularise 'Make In Tamil Nadu' products in a global arena.

Richemont to sell online retailer stake to Farfetch, takes $2.68 billion writedown

The deal, removing from its books a loss-making business that had become a distraction for the Swiss luxury group, was welcomed by analysts and Richemont shares were up 2.2% in morning trading.

Nirav Modi moves for permission to appeal high court extradition decision in UK Supreme Court

On Wednesday the administrative court of the high court confirmed to TOI that Nirav has submitted an application requesting permission to appeal the high court decision dismissing his appeal and that he has also requested the high court to certify points of law of general public importance. The latter is the most important as without a point of law being certified, Nirav cannot appeal to the Supreme Court.

India-Australia trade pact to help boost garment exports: AEPC

Recently, an AEPC delegation participated in the International Sourcing Expo in Australia. Goenka said that the Australian companies are eagerly waiting to forge stronger ties and source garment and textiles products from India and this deal will be a shot in the arm for them. "AEPC will be facilitating the Indian companies to connect with the right partners through its export promotion initiatives," he added.

Khadim focuses on premiumisation, aims at Rs 800 crore revenue in FY'23

Khadim will continue with expansion of stores, and it will add 70-80 stores to deepen its reach beyond tier II & III cities during this fiscal, company CEO Namrata Chotrani said.

Walkaroo building new manufacturing unit in Rajasthan, looks to tap northern market

With two-thirds of the revenue contributed from the southern region, the company expects to garner a topline of Rs 2,100 crore during the current financial year, Walkaroo International Ltd Director Rajesh Kurian said on Sunday.

OPINION- Luxury’s foray into digital commerce: future or fad?

Luxury sales in India are expected to grow to $7.74 billion in FY23 thanks to a strong recovery from the pandemic and growing demand from consumers in tier 2 cities and gen Z. Most of this emerges from offline retail but the contribution of online sales grew from 3.5 % in 2017 to 6.5% in 2021.

UK budget fashion chain Primark to invest $169 million in stores

The plan contrasts with other retailers such as Marks & Spencer, who have shut shops due to weak footfall and rising costs, while a shift to online shopping, accelerated by the pandemic, has also hampered store revenues.

Birla Fashion may pay Rs 100 crore for majority stake in Bewakoof

Firms sign non-disclosure deal; D2C firm’s team to join Aditya Birla’s new firm, say sources.

Jewellery retailers see strong Dhanteras-Diwali sales, expect upcoming wedding season to drive demand momentum

Moderated gold prices coupled with a positive consumer sentiment supported jewellery sales, shared retailers adding that they expect the upcoming wedding season to support and drive jewellery demand momentum in the country.

Louis Vuitton picks Shanghai for first furniture and homewares store

While no price tags were on show at the store during a media preview, a Louis Vuitton employee said a brightly hued hanging cocoon chair designed by the Campana brothers is priced at more than 700,000 yuan ($97,860) and a small lamp resembling a glass milk bottle encased in leather straps cost 40,500 yuan.

ASICS expects 50 pc of sales from online channel in India in 2-3 years

"Prior to the pandemic, digital sales from our own website and marketplaces like Amazon and Flipkart was around 25 per cent of the total sales. Now it has touched 35 per cent of the total business...It is still growing," ASICS India and South Asia Managing Director Rajat Khurana told PTI.

JD Sports fined $1.6 mln by UK regulator over merchandise pricing

The Competition and Markets Authority (CMA) had in June provisionally found that JD Sports, Britain's biggest sportswear retailer, and rival Elite Sports had colluded to fix the retail prices of a number of Rangers-branded replica kits and other clothing products.

Demand for luxury products exposes widening inequality in India

Consumer-goods makers are reporting robust demand for items priced nearly $2,000 in a nation where per-capita income is just a tad above that level, while industry data on sales of budget phones priced below $100 and motorcycles, an indicator of rural demand, are showing a weaker trend.

PC Jeweller posts quarterly profit on festive gold demand

Profit stood at 859.2 million rupees ($10.44 million) for the three months ended Sept 30, compared to a loss of 788.9 million rupees a year earlier.

Puma confirms operating profit, sales outlook after Q3 results

The company said its earnings before interest and taxes (EBIT) rose by 12.6% on the year to 258 million euros ($257 million) while third-quarter sales rose a currency-adjusted 16.9% to 2.35 billion euros ($2.34 billion).

Nike revenue beats as Europe demand overshadows China sales slump

The company's sales in Europe, Middle East & Africa rose 9% to $3.25 billion in the reported quarter. Sales in Greater China fell 19%, hurt by strict COVID-19 lockdowns.

Woodland aims Rs 1,200 crore sales in FY23, starts opening new stores

Over the expansion plans, Singh said Woodland presently has a pan-India network of 550 stores, and during the pandemic closed down 50 stores which were not doing well. However, new stores are coming up, which are actually large format stores, and gradually it would come back to the original size.

Relaxo hopes to gain market share over next 3 - 4 months; expects its Sparx, rubber hawaii portfolio to become Rs 1,000 cr brand each soon

In the company’s total revenue of Rs 2,653 crore for FY 2021-22, its hawaii slippers under Relaxo and Bahamas combined, Sparx, and Flite contributed equally to the pie, shared Dua. He further added that he hopes Relaxo's rubber hawaii and Sparx to become a Rs 1,000 crore brand each soon.

Malabar becomes 1st Indian jeweller to import 25Kg gold to UAE under CEPA

In May 2022, Malabar Gold and Diamonds became one of the first beneficiaries of India-UAE CEPA when it received the permission to export jewellery from India to the UAE with tax concessions. Under the agreement, the UAE government has waived the five percent import duty into the UAE. The CEPA between India and the UAE came into effect on May 1, 2022 after Union Commerce and Industry Minister Piyush Goyal and UAE Minister of Economy Abdulla bin Touq Al Marri signed the agreement in Delhi in February 2022.

Aditya Birla Group’s venture TMRW partners with 8 digital-first lifestyle brands

​​With these partnerships, TMRW aims to create a technology-led digital first 'House of Brands' business over the next several years. The company said it has already achieved a revenue run-rate of Rs 700 crore and is on a path to cross an annual revenue rate of Rs 1,500 crore in the next 12 months.

Odisha: Govt eyes huge investments in textile sector

The state government has made the textile and apparel industry a focus area for the Make in Odisha conclave with the aim to draw huge investments in the sector.

Collapsed UK retailer Joules Group's finance chief leaves

In a brief statement on Friday, the company did not name York or say why she was leaving. Joules, or its administrators Interpath Ltd, were not immediately reachable for more details.

Gold imports fall 17% in Apr-Oct to $24 billion

Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22.

Metro Brands posts net profit of Rs 105.78 crore in Q1 FY 2022-23

The company's total revenue from operations stood at Rs 507.95 crore for Q1 of the current fiscal as compared to Rs 131.39 crore in the same quarter last year with 286.5 per cent year-on-year growth.

Chinese snap up used Rolexes, Birkins to satisfy luxury cravings amid slowdown

The trend indicates a significant change in China's $74 billion luxury goods sector, where the second-hand luxury sub-segment has been slow to take off versus other markets such as Japan and the United States due to a preference for newness and fears of unsuspectingly buying a fake.

Asia Gold: Indian market gets festive spark, China premiums stay high

"Retail demand gained momentum this week because of Diwali. Prices were also attractive," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.

Innerwear brand VIP Clothing to expand its athletic and comfort wear portfolio

In the womenswear segment, VIP is focusing on lingerie and comfort wear and is also expanding its kidswear portfolio. The company has already launched its kidswear brand and in the next 2 months, will be launching its new portfolio, said Pathare.

Puma India to enter Maldives; partnered Sonee Sports to launch the brand

Puma has partnered with Maldives-based sports and lifestyle marketplace Sonee Sports to launch the brand in the island nation. Under this partnership, the brand will expand its offline retail presence and also explore ecommerce, sports clubs and other distribution channels in this new market.

Lenskart in $400 million deal to create Asian eyewear giant

Lenskart is buying a majority stake in Japan’s Owndays Inc. in a deal that will create one of Asia’s biggest online retailers of eyewear.

Ray-Ban maker EssilorLuxottica sees Americas sales growth slow

The Franco-Italian company whose brands also include Oakley and Varilux said its adjusted operating margin rose by 100 basis points to 18.4% in the six months to June 30, driven by its upscale brands.

Hermes bounces back in China as margin hits record high

French leather goods company Hermes, which is also known for its silk scarves with equestrian prints, was more upbeat, saying that sales had grown in percentage terms by double digits in June and continued to perform well this month. The return of U.S. tourists to Europe also helped lift sales, the group said.

Britain's JD Sports extends Nike ties with partnership deal

The retailer said on Friday it would be Nike's first European retail partner for its Connected Partnership loyalty programme, giving JD customers, starting in the United Kingdom, access to select Nike member-only products, such as the Nike Blazer Pro trainers.

Liberty Shoes expects 30% year-on-year growth this fiscal; to focus on manufacturing, design and production facilities

Bansal said Liberty will keep its focus on product development, youthful designs, manufacturing, marketing strategies and opening stores to grow. He said the competition is mostly from the local market which is about 80-85 per cent and from cheap imports.

D2C brand Melorra clocks ARR of $100 million in six years

Delivering in over 26,000 pin codes across India, UAE, USA, UK, and Europe, Melorra offers trendy, lightweight, BIS Hallmarked gold & diamond jewellery at affordable prices.

India-Australia ECTA seen boosting gems & jewellery trade to $2 billion

"By providing preferential access for Indian gems and jewellery exports, the deal also makes it cheaper for Australian retailers to procure world-class jewellery crafted with finesse from Indian manufacturers. We expect the agreement to boost bilateral gem and jewellery trade from USD 1.3 billion at present to USD 2 billion," said Vipul Shah, chairman, GJEPC.

Fashion retailer H&M to cut 1,500 jobs in cost-saving drive

The Swedish company, which employs roughly 155,000 people, had launched a plan to save 2 billion Swedish crowns per year in September.

On the cards: PLI-type scheme to replace textile tech fund

The threshold for textile manufacturing units to be eligible for sops under the proposed scheme would be investment in plant and machinery of ₹1 crore to ₹50 crore for MSMEs and above ₹50 crore for non-MSMEs. Incentives would be provided based on the turnover achieved after making the threshold investment in modernisation through installation of benchmarked technology.