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Talking to ETRetail, Arvind Chari, business head (staples category) at Udaan said that the e-commerce platform saw a quarter-on-quarter growth of 45 per cent in its staples business. In terms of tonnage, he claimed that Udaan shipped more than 1.5 lakh tonnes of staple products during October–December quarter. While on a yearly basis, the company shipped over 9 lakh tonnes of products in the essentials category of which 7.5 lakh tonnes were staples.
Walmart CFO John David Rainey said ecommerce marketplace Flipkart and online payments app PhonePe, both owned by Walmart, are market leaders and that both companies have huge opportunities to tap going forward.
The entrepreneurs who are associated with Womennovator will be onboarded on Amazon's e-commerce exports program named Global Selling.
JD.com's net income attributable to ordinary shareholders in the fourth quarter was 3 billion yuan ($430.92 million), compared with a net loss of 5.2 billion yuan a year earlier.
For the fourth quarter ended Dec.31, Sea's marketing and sales expenses declined by 61%, helping it pull down total operating expenses by nearly a quarter to $1.35 billion.
The Flipkart IPO has been in the works since the last few years and it was earlier reported that the company is eyeing a listing on Wall Street.
The latest layoffs affect full-time and contract workers in Shopee's customer service team, the report said, citing sources familiar with the matter.
Mensa Brands bought Dennis Lingo - a men’s casual wear brand - around 18 months ago and since then the brand has grown 6x in top line and continues to be EBITDA positive. Whereas for Pebble, Mensa has observed 200 per cent growth since its acquisition in June 2022.
The policy, which has been in the works for several months, has been revived with inter-ministerial consultations on the issue having begun over the last few weeks. Unlike the last time, when howls of protest by the e-commerce giants promoted the government to go slow, this time the consumer affairs department is moving with caution to ensure that there is no disruption.
The e-tailer plans to use the funds to build sourcing capabilities and invest in AI-driven technologies to drive higher customer wallet share and further grow their net revenues by 100 per cent, on the back of going deeper in the cities to connect with kiranas and retailers. The company targets to expand its retailer base and reach over 80 per cent of penetration of the addressable market from the current 60 per cent in the next 12 months.
Approximately 0.5% of Etsy's active sellers - or around 2,700 merchants - had their payments delayed on Friday after SVB's collapse, according to Etsy.
Chat GPT, or Generative Pre-trained Transformer is a language model created by OpenAI and has gone viral for its ability to cater to almost all business demands including webpage content, coding, ad copies, blogs and more.
The company plans to launch 35 stores starting April this year, especially in areas which attract peak footfalls.
"At present, almost 45 per cent of Myntra's consumers come from tier 2 cities and beyond and we have witnessed growth in niche categories like face serums, scalp care, sunscreens, conditioners, and more. Some of the popular new age consumer brands have grown upwards of 80 per cent YoY on Myntra on an average," she said while speaking exclusively to ETRetail.
The ITAT followed a ruling by the Karnataka High Court with regard to a similar case involving pharmaceutical company Biocon as well as ruling in a case involving Novo Nordisk.
The commission ordered the compensation amount and cost of the device to be paid within 30 days of the order or the customer would be entitled to get an interest of 8% on the entire amount.
Typically, Flipkart rejigs its VP-level roles every three years to allow executives to head different businesses, according to another person aware of the matter.
The development comes just months after the e-commerce giant in January this year said it will lay off over 18,000 employees, amid a rush of other tech companies downsizing their head.
The move comes after workers at an Amazon warehouse in Coventry, central England, had struck work for several days in a dispute over pay earlier this year.
The consumer affairs ministry is working on tightening ecommerce rules to make online retail platforms liable for fraud committed by sellers and attaching “fallback liability” to their role as intermediaries, said a senior official.
In the overseas markets, both gold and silver were trading lower at USD 1,831 per ounce and USD 20.80 per ounce, respectively
In India, the biggest consumer after China, dealers were charging a premium of up to $1 an ounce over official domestic prices, inclusive of the 15% import and 3% sales levies, versus last week's discount of $1.5.
To promote quality culture in micro scale units, it has been decided that the BIS will provide 80 per cent concession on the certification/minimum marking fee across various product certification schemes.
Located at Kinfra Park, Kakkancherry in Malappuram district, the integrated jewellery unit has been set up at a sprawling area of 1.75 lakh sq. ft with an investment of Rs.250 crore.
Jewellers said smuggled gold will no longer be used for jewellery because of HUID, which helps trace the jewellery. No invoice is issued against smuggled gold and therefore any jeweller using smuggled gold will get caught if the source of gold is not mentioned in the new system, they said.
Demand for platinum, also used in vehicle exhausts and jewellery, is forecast to grow by 24% this year as some of the auto sector is replacing palladium with cheaper platinum and demand for bars and coins is improving, the WPIC said.
The total export of gold jewellery (plain and studded) rose 29.89 per cent in February to Rs 5,829.65 crore against Rs 4,488.30 crore in the year-ago period.
Meanwhile, Nirav remains behind bars at Wandsworth Prison in south-west London, from where he appeared via videolink for a hearing at Barkingside Magistrates' Court in east London on Thursday over unpaid legal costs, or fines, of 150,247 pounds ordered by the High Court in London, related to his extradition appeal proceedings.
If the Chinese buying does not pick up, then the overall cut and polished diamond exports - a major forex earner for the country - are likely to drop by 10% in 2023-24 compared to FY23, Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC), said.
Gold prices have risen about 7% in the past fortnight, partly in response to concerns over a contagion effect in the wake of the Credit Suisse crisis. The banking woes of the West threatens to impact the global growth rate. It has also led to a belief that the Reserve Bank of India would slow down its pace of rate hikes, along with ensuring ample system liquidity. The hopes of a lower rate hike have pushed up gold prices.
Meanwhile, GJEPC also inaugurated the four-day India International Jewellery Show - IIJS Tritiya, which will end on March 20, a month prior to Akshaya Tritiya, considered auspicious for buying gold jewellery. IIJS Tritiya saw participation from more than 800 exhibitors with over 1,500 stalls.
The Central Bureau of Investigation on Tuesday said that it has challenged the decision to delete Mehul Chinubhai Choksi's name from the Interpol database of Red Notices. The 63-year-old diamantaire is wanted in India in connection with a Rs 13,000-crore fraud in PNB. It may be noted that an Interpol Red Notice is neither a pre requisite nor a requirement for extradition proceedings.
In an interaction with ETRetail, Gurukeerthi Gurunathan, co-founder and CTO, CaratLane said, "Most of the customers discover our jewellery through digital channels like website, app, social media and end up making a purchase either online or offline in our stores.
In setback for Indian authorities, the name of fugitive diamantaire Mehul Choksi, who is wanted in a Rs 13,000-crore scam, has been removed from the Interpol database of Red Notices. The CBI has challenged the decision to delete Choksi's name from the Interpol database of red notices.
It is learnt that similar raids were carried out in the outlets of Joy Alukkas across India based on a tip about the alleged hawala transactions involving the jeweller. ED suspects that a large amount of money was diverted to India from Gulf countries, where the jeweller has many outlets, through hawala channels.
“There has been a sharp increase in old gold sales following the spurt in prices of the yellow metal. In South India, some are exchanging old gold for new, while some are taking liquid cash against gold,” said James Jose, former secretary of Association of Gold Refineries and Mints.
"The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, three bank accounts (having deposits of Rs 91.22 lakh), three fixed deposits worth Rs 5.58 crore and shares of Joyalukkas India Pvt Ltd (valued at Rs 217.81 crore)," the ED said in a statement.
Before entering the US market, Tanishq spent two years in studying the North American jewelry market which is considered to be USD 60 billion and that within the Indian Americans is USD 3 billion. Tanishq by opening its first retail store in Oak Tree Road of New Jersey - called Little India - is currently focused on the Indian Diaspora Market and is now planning to expand to other cities as well like Chicago, he said.
"Gold demand in China is expected to remain strong over the coming weeks, as investors look for safe-haven assets amid the geopolitics tension," Bernard Sin, regional director, Greater China at MKS PAMP, said.
If everything goes as planned, and if the demand for luxury maintains the current growth momentum, we will have at least eight more boutiques by FY27, adding to our seven stores and seven galleries at present, CK Venkatraman, the managing director of Titan Company, which is a joint venture between the Tatas and the Tamil Nadu government, told PTI.
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.
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.
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.
In the overseas markets, both gold and silver were trading lower at USD 1,831 per ounce and USD 20.80 per ounce, respectively
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.
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.
Its revenue grew 17.6 per cent year-on-year to Rs 229.7 crore, while the company's EBITDA (Earnings Before Interest, Taxes and Amortisation) stood at Rs 39.5 crore during the quarter under review.
In India, the biggest consumer after China, dealers were charging a premium of up to $1 an ounce over official domestic prices, inclusive of the 15% import and 3% sales levies, versus last week's discount of $1.5.
To promote quality culture in micro scale units, it has been decided that the BIS will provide 80 per cent concession on the certification/minimum marking fee across various product certification schemes.
"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.
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.
Located at Kinfra Park, Kakkancherry in Malappuram district, the integrated jewellery unit has been set up at a sprawling area of 1.75 lakh sq. ft with an investment of Rs.250 crore.
"Nearly 60 per cent of Indians have curly to wavy hair, but lack information and product knowledge. Our goal is to reach out to the global curly hair community and offer a complete range of products to support their curly hair care regime," said Hinshara Habeeb, co-founder, Manetain.
In terms of revenue, Gizmore is eyeing a 4 times growth from Rs 50 crore in the current fiscal year to Rs 200 crore in FY 2023-24. The brand aims to capture a 5 per cent market share.
Continuing the network expansion, the retail presence stands at 2,362 stores at the end of the quarter
A former L'Oreal executive with extensive experience in the U.S. and Asia, Rinderknech joined LVMH in 2022 and has been heading the group's hotels business, which he will continue to also manage.
Jewellers said smuggled gold will no longer be used for jewellery because of HUID, which helps trace the jewellery. No invoice is issued against smuggled gold and therefore any jeweller using smuggled gold will get caught if the source of gold is not mentioned in the new system, they said.
About the outlook for the festive season, the company said it continues to be "optimistic and is visible in positive consumer sentiment" across categories.
“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.”
The Vans sneaker maker said it has started looking for a permanent CEO and named Richard Carucci as interim chairman of the board.
Andrea Guerra is set to be confirmed by the board next month as the new CEO, succeeding Patrizio Bertelli, who will stay on as chairman. The move is intended as a step toward ultimately handing the reins of Prada Group to Bertelli and Miuccia Prada's son, Lorenzo Bertelli. The younger Bertelli now oversees digital marketing and sustainability.
One of the largest sportswear manufacturers in the world, Adidas has initiated a legal battle with Thom Browne, an American luxury fashion house over trademark violation. The former has claimed that Browne’s use of parallel stripes infringes the copyright of its signature three-stripe branding.
Lenskart is set to close its funding round amid a global rout for tech companies that’s prompted layoffs in the thousands, depressed investment activity and shaved billions off the valuations of once high-flying startups. The company has grown into India’s largest optical brand and is backed by KKR & Co., SoftBank Group Corp., Temasek Holdings Pte and Premji Invest, among others.
Demand for platinum, also used in vehicle exhausts and jewellery, is forecast to grow by 24% this year as some of the auto sector is replacing palladium with cheaper platinum and demand for bars and coins is improving, the WPIC said.
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.
High inflation, rising interest rates and the threat of a recession in the United States have resulted in a shift in consumer spending, impacting sales of apparel and sportswear as cash-strapped consumers focus on essentials.
The surge in travel and big-fat Indian weddings have pushed sales of the luggage industry. Big brands like Samsonite and Safari along with mega retailers like Reliance have been reporting a sales growth of nearly 50%-70% since the middle of 2022 over 2019 which was the best year ever for the industry.
"In 2023, we expect revenue growth to remain solid and above market average," Prada's new Chief Executive Andrea Guerra said in the statement, adding that China had started again to be "an engine of growth".
The total export of gold jewellery (plain and studded) rose 29.89 per cent in February to Rs 5,829.65 crore against Rs 4,488.30 crore in the year-ago period.
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’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.
"Textiles exports have a twin problem. Many countries are facing foreign exchange problems post Ukraine conflict, due to which many destinations have cut down non-essential imports," he told reporters.
Prior to joining the department store chain, he worked as a managing director and CEO at The House of Anita Dongre. He was previously associated with retail brands including Pepe Jeans, Zovi.com, United Colors of Benetton, Tommy Hilfiger and more.
Meanwhile, Nirav remains behind bars at Wandsworth Prison in south-west London, from where he appeared via videolink for a hearing at Barkingside Magistrates' Court in east London on Thursday over unpaid legal costs, or fines, of 150,247 pounds ordered by the High Court in London, related to his extradition appeal proceedings.
If the Chinese buying does not pick up, then the overall cut and polished diamond exports - a major forex earner for the country - are likely to drop by 10% in 2023-24 compared to FY23, Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC), said.
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).
One of the fashion industry's most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world's largest luxury label, playing a key role for example in elevating street styles to the realm of luxury in recent years.
Welspun India is seeking to tap opportunities in the kids segment through its licensing pact with The Walt Disney Company. The company, which had signed a brand licensing agreement with Walt Disney in January for the Europe and the UK market this year, also sees an increase of shelf space of licensed brands as compared to its private labels.
The company plans to use the funds to create capabilities for new product propositions and sustainable manufacturing standards.
Investment mostly through secondary sale of shares; small primary sale will see infusion of growth equity.
The company's revenue from operations dips 19 per cent year-on-year (YoY) to Rs 148.95 crore in Q3 FY23 as compared to Rs 185.04 crore in the corresponding period of previous fiscal, as per the regulatory filing.
ASICS Corp entered India in 2015 through its subsidiary ASICS India and currently manufactures about 22% of its products in India. Under the foreign direct investment (FDI) guidelines, it cannot open company-owned stores till it manufactures 30% of the products in India. The company plans to promote the running culture in India and it is open to acquisition of a firm which promotes running, said Hirota.
Bata India's revenue from operations rose 7 per cent year-on-year (YoY) to Rs 900.21 crore in Q3 FY23 from Rs 841.30 crore in the same period of the last fiscal.
Liberty Shoes' total revenue from operations slightly increased to Rs 158.52 crore in Q3 FY23 as from Rs 151.90 crore in the same quarter last year with an year-on-year growth of 4.3 per cent. As per the regulatory filing, its total expenses grew to Rs 155.95 crore in the October-December quarter as compared to Rs 145.70 crore in the corresponding quarter of previous year.
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."
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.
Kering sales fell two percent in the fourth quarter, dragged down by an 11 percent drop at Gucci and three percent at its "other houses", which include Balenciaga, in the last three months of the year.
Both H&M and Inditex have been forced to hike their prices as the cost of producing garments increased, but Inditex - whose other brands include Massimo Dutti, Pull & Bear, and Oysho - has been better able to keep selling clothes at higher prices.
While Reliance Retail is planning to launch a value apparel format, likely to be named ‘Youth’ to compete directly with Tata’s Zudio and Landmark group-owned Max, Shoppers Stop is coming up with a mass-priced brand, internally called InTune, people in the know said.
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.
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.
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.
The group, which runs John Lewis department stores and Waitrose supermarkets, has struggled to make a profit in recent years due to the costs of developing its online offering, tough competition and uncertain economic conditions.
While declining to share the valuation, Pradeep Krishnakumar, co-founder, Zouk, told ETRetail that the startup has grown 10X in size of the business and has been capital efficient.
The fundraise was done at a $4.2 billion valuation and will result in ADIA becoming one of the largest shareholders in Lenskart with a 10% stake.
"India is one of our most important markets and we are implementing a very potent turnaround. Indians love fashion and India is becoming a strategic market for us more and more because it's bringing a message and benefit to the company around the world and across the board."
"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.
The stylized "H" emblem of France's Hermès International was deemed to be a trademark by the Delhi High Court on Wednesday, ruling against a Mumbai-based footwear company.
Gold prices have risen about 7% in the past fortnight, partly in response to concerns over a contagion effect in the wake of the Credit Suisse crisis. The banking woes of the West threatens to impact the global growth rate. It has also led to a belief that the Reserve Bank of India would slow down its pace of rate hikes, along with ensuring ample system liquidity. The hopes of a lower rate hike have pushed up gold prices.
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.
Richemont's sales plunged by nearly a quarter in mainland China as customers stayed away from shops and a lack of staff led to temporary closures and shorter opening hours at its luxury boutiques, the Geneva-based company said on Wednesday.
The decline in revenue is expected because of the slowdown in consumer demand in Europe and the United States, which are key markets for Indian exporters. 85-90 per cent of the USD 2.25 billion Indian leather apparel and accessories produced in the country are exported, with Europe and North America accounting for 75 per cent of orders.
Meanwhile, GJEPC also inaugurated the four-day India International Jewellery Show - IIJS Tritiya, which will end on March 20, a month prior to Akshaya Tritiya, considered auspicious for buying gold jewellery. IIJS Tritiya saw participation from more than 800 exhibitors with over 1,500 stalls.
“India is one of the most important markets in our internationalisation strategy, because, according to all forecasts, this country is destined to become the third-largest consumer market in the world within the next few years and we want Mango to have a significant presence in it,” said Daniel López, Mango’s expansion director.
These mega textile parks will be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh, PM Modi said, adding that the parks will attract massive investments and create lakhs of jobs.
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.
To be sure, Samsonite's China sales stood at $228 million in 2021 compared with India that clocked $140 million. India's revenues stood at $99 million during the six months ended June 2022 while China's were $76 million. The annual numbers have not been announced yet.
The world's largest luxury group LVMH posted a 23-percent jump in sales to a record of 79 billion euros ($86 billion) in 2022 and saw profits climb 17 percent to 14 billion.
PM Modi announced on Friday that 'PM MITRA mega textile parks' will be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh, and asserted they will attract massive investments and create lakhs of jobs.
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.
Hi Fabrique Group today announced the acquisition of Tessitura Monti India Private Limited (TMIPL), an Indian subsidiary of Tessitura Monti Spa, Italy, an Italian Company which owned 100 per cent of TMIPL, involved in the spinning, weaving, and processing of textiles for an undisclosed amount, the company said in a media release.
Significant increase in advertisement and promotion spending during the year, the fashion retail entities' operating profit margins (OPMs) are expected to remain range-bound at 7-7.3 per cent, as per the ICRA report.
Last week, PM Modi announced that seven PM MITRA textile parks will be established in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh.
Under PM Mitra scheme, the textiles ministry had issued a notification setting up seven Mega Integrated Textile Region and Apparel parks with an outlay of Rs 4,445 crore. These PM Mitra Parks will have world-class industrial infrastructure which would attract cutting age technology and boost FDI and local investment in the textiles sector, according to the Union Government.
The report said that the company would consider selling only a minority stake and its priority would be to maintain majority employee ownership.
Appealing to chief minister K Chandrasekhar Rao not to ridicule textile park announced by Prime Minister Narendra Modi for Telangana as 'Joke in India', Union tourism minister G Kishan Reddy on Sunday said that textile park in the state will create one to two lakh jobs and attract 10,000 crore investment.
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.
"While retailers were initially worried about the amount of Nike inventory being shipped, the consumer is showing up and buying the Nike brand," Credit Suisse analyst Michael Binetti wrote in a note on Friday.
"Reliance Retail strengthened its product offerings with the acquisition of V Retail (Centro Footwear)," said the earning statement from Reliance Industries on Friday. However, the company did not disclose the financial details of the deal.
The Central Bureau of Investigation on Tuesday said that it has challenged the decision to delete Mehul Chinubhai Choksi's name from the Interpol database of Red Notices. The 63-year-old diamantaire is wanted in India in connection with a Rs 13,000-crore fraud in PNB. It may be noted that an Interpol Red Notice is neither a pre requisite nor a requirement for extradition proceedings.
In an interaction with ETRetail, Gurukeerthi Gurunathan, co-founder and CTO, CaratLane said, "Most of the customers discover our jewellery through digital channels like website, app, social media and end up making a purchase either online or offline in our stores.
"Fabindia is working with ICICI Securities and JPMorgan to raise funds from new investors as the company's IPO plans have been pushed back due to the volatility in stock markets. This will largely be a secondary sale of shares by existing investors of the company. Capital raised by the company will be used for repaying certain debt and for working capital needs," said one of the people cited above.
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.
In setback for Indian authorities, the name of fugitive diamantaire Mehul Choksi, who is wanted in a Rs 13,000-crore scam, has been removed from the Interpol database of Red Notices. The CBI has challenged the decision to delete Choksi's name from the Interpol database of red notices.
"People during the pandemic were focusing on health and fitness and they wanted to evolve their lifestyle. So, there was a huge transition around how people saw health and fitness and that increased demand for us. Athleisure has become the go-to outfit," said Abhishek Ganguly, managing director, Puma India.
The Union Minister addressed a gathering of over 100 industrialists engaged in the manufacturing of sports shoes in India on Friday in New Delhi.
It is learnt that similar raids were carried out in the outlets of Joy Alukkas across India based on a tip about the alleged hawala transactions involving the jeweller. ED suspects that a large amount of money was diverted to India from Gulf countries, where the jeweller has many outlets, through hawala channels.
Bansal shared that Liberty Shoes spent more on marketing in Q3 FY23 as it was a festive quarter. "These high expenditures may not pay us in a shorter period but will benefit in the long run. During the quarter, our first objective was to make the customers pay more," he added.
The company, which had 720 stores as of end-2022 and nearly 4,000 employees overall, said last March it would add 260 new stores that sells brands such as Mochi, Walkaway and Metro, to expand in cities where it is already present and enter smaller towns.
The French-Italian eyewear group said Europe, Middle East, and Africa (EMEA) was its best-performing region in the quarter due to solid sales growth in France, Italy, Spain, the UK and Scandinavia.
If finalised, this would be among the largest investments in a new-age entity by ChrysCapital, which has backed internet firms such as Dream11, FirstCry, and Xpressbees.
This partnership aims to enhance the customer experience by building the efficiency of Timex India's logistics and order fulfillment processes. With the platform's support, Timex India expects real-time visibility and control over its orders, inventory, and shipments for efficient operations.
Eleven firms have also signed MoUs to establish their units with a total investment of 1,231 crore in the park generating 6,315 jobs. It will come up on 1,052 acres at E. Kumaralingapuram village offering plug-and-play facilities as part of an integrated value chain.
The company has launched a digital factory outlet where high-quality garments that failed quality checks or had minor defects can be purchased at a discount of up to 40 per cent - 60 per cent.
“There has been a sharp increase in old gold sales following the spurt in prices of the yellow metal. In South India, some are exchanging old gold for new, while some are taking liquid cash against gold,” said James Jose, former secretary of Association of Gold Refineries and Mints.
One of the largest branded apparel and retail companies, Aditya Birla Fashion and Retail director and chief executive officer-lifestyle business Vishak Kumar told analysts that the company has brought back discounts to the pre-Covid levels. Discounts were much higher in the Covid years and the company wants to further bring it down incrementally, he said.
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, 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.
The transactions were carried out by the designated person/employee of TCL between April 2018 to March 2019.
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.
"The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, three bank accounts (having deposits of Rs 91.22 lakh), three fixed deposits worth Rs 5.58 crore and shares of Joyalukkas India Pvt Ltd (valued at Rs 217.81 crore)," the ED said in a statement.
“Almost half of India needs spectacles and their number is growing to almost 70-80%. I do not get into market size etc. All I know is that half a billion plus people need glasses and that number is growing. We are largely focussing on India and we have Owndays. So we have a lot to do. Nothing more right now.”
Before entering the US market, Tanishq spent two years in studying the North American jewelry market which is considered to be USD 60 billion and that within the Indian Americans is USD 3 billion. Tanishq by opening its first retail store in Oak Tree Road of New Jersey - called Little India - is currently focused on the Indian Diaspora Market and is now planning to expand to other cities as well like Chicago, he said.
Quarterly results from LVMH and Europe's other luxury goods companies will offer glimpses of the toll of last year's COVID-related disruptions in China, even as the companies roll out pricey new collections tied to the Year of the Rabbit.
"Gold demand in China is expected to remain strong over the coming weeks, as investors look for safe-haven assets amid the geopolitics tension," Bernard Sin, regional director, Greater China at MKS PAMP, said.
Foot Locker, which retails popular footwear brands including Adidas and Nike Inc, is in discussions with four Indian players to appoint a franchise, ET Now tweeted. The details of the companies were not disclosed.
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.
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.
Sales at the world's biggest luxury group reached 22.7 billion euros ($24.65 billion) in the final three months of the year, with the 9% increase on an organic basis a touch above analyst expectations for 7% growth, based on a consensus cited by UBS.
"Right now, for the next 12 months, we want to focus on getting the model right. We are targeting high-street locations as we feel this is not a traffic-led business. This is also a tier I city play, and it is not yet going to be part oftier II," Nissan Joseph explained.
If everything goes as planned, and if the demand for luxury maintains the current growth momentum, we will have at least eight more boutiques by FY27, adding to our seven stores and seven galleries at present, CK Venkatraman, the managing director of Titan Company, which is a joint venture between the Tatas and the Tamil Nadu government, told PTI.
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.
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).
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.
Companies across fashion, jewellery, realty and, what’s increasingly being referred to as ‘experiential luxury’, are scurrying to hire CXOs and niche talent as they scale up business following an escalation in growth. This has also resulted in skyrocketing salaries at CXO levels, executive search firms said.
“In tier 2 and 3 markets, the Adidas stores we will set up exclusively by us,” CK Jaipuria said. The group plans to set up 100 Adidas footwear and sportswear stores by the end of 2024, he said. This will be Adidas’ biggest franchise partnership in the country.
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.
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.
"The sale of both writing instruments and other products such as bags, perfume and accessories have increased but share of other products in overall sale has also grown. We are targeting airport retail - both duty free and duty paid to grow as we get variety of customers, which we won't get in a traditional store," said Neeraj Walia, Managing Director & CEO, Montblanc India Retail Private Limited.
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.