Maya Pistola Agavepura launches Añejo and Extra Añejo spirits in Mumbai

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May 6, 2024

Maya Pistola Agavepura, a pioneering name in Asia’s realm of premium, aged 100% Agave spirit, has unveiled its much-awaited Añejo and Extra Añejo variants in Mumbai.

With meticulous precision and fervent dedication, Maya Pistola Agavepura’s Añejo and Extra Añejo variants epitomize the brand’s dedication to excellence and genuine craftsmanship. Every iteration undergoes meticulous aging, resulting in luxurious flavors and intricate nuances that connoisseurs will truly savor.

The Añejo (An-ye-ho), translating to ‘vintage’ in Spanish, stands as a revered embodiment. This distinguished offering captivates with its velvety and intricately layered persona. Exhibiting a rich golden-brown tint, Maya Pistola Añejo boasts an aroma reminiscent of oak, cocoa, and dried figs, gently underscored by a hint of smokiness.

Continue Exploring: Bacardi India intensifies focus on premiumization as demand for high-end spirits surges

The Extra Añejo (Extra An-ye-ho) edition stands as the pinnacle of luxury within the Maya Pistola Agavepura lineup, now gracing the market. Crafted with utmost care, this extraordinary elixir has matured gracefully for more than 36 months. Beginning its journey in Virgin American White Oak barrels to extract the essence of vanilla and caramel, it then undergoes a finishing touch in Ex-Maker’s Mark barrels, imparting a delightful infusion of butterscotch and subtle dry spice notes.

“We are thrilled to introduce our Extra Añejo and Añejo variants to our premium customer base. These releases are the pinnacle of our attention to detail and capture the complexity and depth that can only be achieved using conventional ageing techniques. Director & Founder of Maya Pistola Agavepura Rakshay Dhariwal said, “We’re sure that both seasoned enthusiasts as well as newcomers will recognise and savour the unmatched quality and flavour complexity of these remarkable spirits.”

Maya Pistola Agavepura’s latest premium offerings are now accessible at select retail outlets in Maharashtra, priced at INR 7,850 for the Añejo (700 ml) and Rs 17,500 for the Extra Añejo (700 ml). Additionally, smaller sizes are available for INR 2,495 (180 ml) for the Añejo and INR 4,500 (180 ml) for the Extra Añejo. These variants will also be featured at prominent F&B venues across Mumbai.

“Both the Añejo and Extra Añejo editions embody richness, boldness, and complexity, each with its distinct traits and subtleties. The Añejo evokes the essence of a festive Christmas cake, brimming with the flavors of dried fruits, nuts, and spices, cherished for the joy it brings to momentous occasions. Meanwhile, the Extra Añejo conjures the cozy ambiance of loved ones gathering around a fireplace. These opulent spirits present a captivating alternative for India’s discerning whisky enthusiasts,” remarked Chief Operating Officer Kimberly Pereira.

Continue Exploring: Indigenous spirits shine: India’s liquor exports soar, set to break $1 Billion barrier

Marico’s consolidated PAT surges 5% YoY to INR 320 Crore in Q4 FY24

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May 6, 2024

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Marico, a leading player in the FMCG sector, has reported a 5% year-on-year (YoY) jump in its March quarter consolidated net profit at INR 320 crore. The profit stood at INR 305 crore in the corresponding period of the previous financial year.

Sequentially, there was a 17% decline compared to the INR 386 crore posted by the company in Q3FY24.

The revenue from operations saw a modest increase of 1.7% to INR 2,278 crore from INR 2,240 crore in the corresponding quarter of the previous year.

Continue Exploring: Marico’s digital-first brands on track to achieve ‘meaningful profitability’ by 2027, CEO Saugata Gupta sets ambitious goal

On a standalone basis, the profit after tax (PAT) surged by 12% year-on-year (YoY) to INR 229 crore in Q4FY24. However, standalone revenue declined to INR 1,637 crore from INR 1,702 crore reported by the company in Q4FY23.

The company succeeded in reducing its expenses to INR 1,894 crore in Q4FY24 from INR 1,970 crore in Q3FY24 and INR 1,907 crore in Q4FY23. This marked a 4% decrease on a quarter-on-quarter (QoQ) basis and a 0.68% decrease year-on-year (YoY).

The consolidated revenue from domestic operations remained unchanged at INR 1,680 crore, compared to the revenue reported in the year-ago period of INR 1,683 crore. Conversely, international revenue increased to INR 598 crore in the reported quarter, up from INR 557 crore reported in the corresponding period of the previous financial year.

In the full financial year, the net profit surged by 16% year-on-year (YoY) to INR 1,502 crore from INR 1,322 crore in FY23. Conversely, revenue experienced an 11.40% year-on-year (YoY) decline in FY24, totaling INR 9,795 crore.

Marico shares concluded at INR 531.85 on the NSE, marking an increase of INR 14.95 or 2.89%.

Continue Exploring: Marico reports a 16% surge in net profit, reaching INR 386 Crore in Q3 FY24

Lab-grown diamond exports expected to surge by 7-9% in FY25: CareEdge Advisory Report

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May 6, 2024

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Gems & Jewellery — (Representative Image)

The Lab-grown Diamonds (LGDs) are anticipated to see a revival in FY25, with exports expected to grow by 7-9% to reach a value of approximately $1500-1530 million, according to CareEdge Advisory.

LGD exports have experienced a recent decline, with a year-on-year decrease of approximately 16.5% in FY24. Despite an increase in sales volume, decreasing prices have adversely affected exports. However, CareEdge Advisory suggests that the depreciating rupee may provide some support to the industry.

Moving forward, the demand for LGD exports is projected to rebound in FY25, as demand for naturally mined diamonds may continue to be sluggish. This trend is linked to factors such as price competitiveness, environmental sustainability, and increased competition from India compared to other prominent LGD-producing countries.

Colin Shah, managing director of Kama Jewelry, remarked on the report, stating, “LGDs have been capturing attention due to their cost-effectiveness and environmentally friendly characteristics. The demand for LGDs in both domestic and international markets had been steadily increasing until FY23. However, the subdued sentiment in FY24 was influenced by various global economic factors such as ongoing geopolitical tensions and price volatility, resulting in an overall decline in exports. Interestingly, countries like Germany, the UK, Italy, and China experienced an export surge during FY24, possibly due to the G7 ban on Russian-origin diamonds.”

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Shah mentioned, “Although the downward trend has significantly impacted the general appeal for LGDs, there’s promise for demand revival ahead. This optimism is fueled by a decrease in natural diamond prices driven by weakened purchasing power, laying a favorable foundation for LGD demand to thrive.”

India currently produces over three million lab-grown diamonds annually, contributing to 15% of the global production. It holds the position of the second-largest producer globally, after China. Alongside China and India, other key players in lab-grown diamond production include the U.S., Singapore, and Russia. The Indian market for lab-grown diamond jewellery was valued at US$ 264.5 million in 2022, with an anticipated rise to $300 million in 2023. Despite its growth, the lab-grown diamond industry has encountered challenges, notably a surge in supply leading to a substantial decrease in prices.

However, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is poised to enhance the growth of the lab-grown diamond industry. For instance, Finance Minister Nirmala Sitharaman, in the Budget 2023-24, announced a reduction in basic customs duty on seeds used in LGD manufacturing from 5% to NIL. This strategic move aims to bolster LGD exports from India amidst dwindling natural diamond reserves. Additionally, the depreciating rupee is expected to provide some support to this export-oriented sector.

High-quality lab-grown diamonds with certified authenticity, manufactured using advanced equipment and precise process parameters, will attract more international consumers, thus revitalizing the export business. Similar to Cut and Polished Diamonds (CPD), the recent decline in LGD prices has resulted in a decrease in India’s LGD exports to key destinations. LGD exports experienced a decline of 16.5%, dropping from US$ 1680.22 million in FY23 to US$ 1402.30 million in FY24.

In FY24, the USA, Hong Kong, and UAE collectively dominated India’s lab-grown diamond exports, representing 90% of the total. From FY16 to FY23, LGD exports witnessed a remarkable ~60% Compound Annual Growth Rate (CAGR). However, in the transition from FY23 to FY24, there was a significant decline of 16.5% year-on-year.

While exports to most countries experienced a downturn, notable exceptions include Germany, the UK, Italy, and China, which displayed substantial export growth during FY24. This surge in certain markets could be attributed, at least in part, to the G7 ban on Russian-origin diamonds.

The primary factors contributing to the export decline are linked to the reduced prices of lab-grown diamonds, indicating stable volumes but resulting in diminished export value. The average price per carat for LGD stood at US$198.22 for the first ten months of FY24, whereas natural diamonds commanded a significantly higher price of US$4357 per carat during the same period.

Continue Exploring: Top jewellery retailers hold back on lab-grown diamonds citing low consumer demand

Indian cricketer Shikhar Dhawan joins QUE eyewear as investor and brand ambassador

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May 6, 2024

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QUE, the eyewear brand, has enlisted cricketer Shikhar Dhawan to serve as both an investor and brand ambassador.

Co-Founded by Shashank Saurabh, Abhishek Deep, and Kumar Vagish, QUE is preparing for its launch with the goal of dominating the market with its range of products.

In a statement, the startup emphasized that Dhawan’s partnership with the brand will be instrumental in facilitating a robust launch, boosting marketing endeavors, and improving product offerings.

Dhawan expressed, “With a keen eye for both style and practicality, I’m confident that QUE’s inventive eyewear will strike a chord with discerning consumers who seek high-quality products that align with their lifestyles. I’m eager to endorse QUE and play a part in its prosperity.”

Continue Exploring: D2C brand Svish secures investment from cricketer Shikhar Dhawan

He also emphasized that this collaboration aims to establish groundbreaking norms within the Indian eyewear sector, prioritizing the utmost protection of eyes.

With the goal of democratizing both style and quality, QUE seeks to offer its premium sunglasses to a wide premium audience throughout India and beyond.

Saurabh said, “We’re excited about this strategic investment along with the partnership with Shikhar Dhawan, as it reinforces our mission to redefine the sunglasses industry, projected to reach $8.6 billion by 2028.”

He believes that the startup has the confidence to establish itself as a popular brand.

The Indian cricketer began his investment venture in 2022 by launching a global investment fund aimed at supporting sportstech startups. The fund initially had $75 million in capital, with an additional $25 million available through a greenshoe option.

Furthermore, Dhawan has served as both an angel investor and a brand ambassador for numerous companies. Just last year, he provided undisclosed financial support to the direct-to-consumer food brand TagZ and also signed on as their brand ambassador.

Continue Exploring: TagZ Foods gains Shikhar Dhawan’s backing, enlists him as brand ambassador for nutritious snacking

Most recently, Dhawan became an investor and brand ambassador for Shviz, a direct-to-consumer brand specializing in sexual wellness and grooming products.

Tim Hortons launches first outlet in Hyderabad, marking major milestone in India expansion

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May 6, 2024

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Tim Hortons, the renowned international coffeehouse and restaurant chain, has inaugurated its premier outlet in Hyderabad, as announced in a social media post by a company representative. Situated at Inorbit Mall, Madhapur, this marks the 30th Tim Hortons establishment in the nation.

“Exciting news! Tim Hortons India is now welcoming guests at Inorbit Mall, Hyderabad. This marks our debut in Hyderabad and our 30th store launched with success across India,” shared Davesh Mehra, Head of Projects – North at Tim Hortons India, in a LinkedIn update.

Additionally, the mall is home to over 20 café and restaurant chains, including popular names like Starbucks, Chili’s, Keventers, California Burrito, and Pizza Express.

Continue Exploring: Tim Hortons expands presence in India with third airport store at New Delhi’s Terminal 1

Mehra further emphasized, “Come experience our aesthetically pleasing store where you can indulge in your beloved French vanilla, iced cappuccino, donuts, and an array of other delicious treats. This milestone signifies a substantial advancement for our organization, marking the beginning of an exhilarating new chapter in our journey.”

In August 2022, Tim Hortons marked its entry into India by launching two outlets in the National Capital Region (NCR). The brand initiated its Indian venture through an exclusive master franchise agreement with AG Café, a joint venture entity co-owned by the retail conglomerate Apparel Group and Gateway Partners, an emerging markets alternative investment manager.

The coffee shop is currently open in multiple locations, including Bengaluru, New Delhi, Chandigarh, Pune, Gurugram, Noida, Ludhiana, Shanghai, and Mumbai.

Tim Hortons, a multinational coffeehouse and restaurant chain headquartered in Toronto, was established in 1964 by Canadian hockey players Tim Horton and Jim Charade. Tim Hortons operates globally under Restaurant Brands International Inc., boasting more than 5,100 restaurants spread across 15 countries.

Continue Exploring: Tim Hortons set to expand presence with 26th outlet at Mumbai Pune Expressway

Arvind’s Q4 profit up by 2.1% driven by strong textile demand; eyes expansion and positive outlook for FY25

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May 6, 2024

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Arvind Ltd, a clothing retailer, saw a 2.1% increase in profit during the fourth quarter, buoyed by consistent demand for its textiles.

The corporation, renowned for retailing international labels such as Tommy Hilfiger, Arrow, and Calvin Klein, reported a surge in consolidated net profit to 990.3 million rupees ($11.9 million), up from 970 million rupees in the preceding year.

Indian retailers are combatting sluggish demand and cautious consumer spending by swiftly rolling out discounted products to entice shoppers.

Nevertheless, they persist in experiencing decelerated volume growth amidst escalating competition.

Continue Exploring: Arvind Fashions reports multifold rise in Q3 net profit to INR 51.08 Crore; Sephora business sale boosts earnings

Arvind recorded a 10.3% surge in revenue from operations, with its core textile segment, comprising almost 72% of total sales, experiencing a 5% growth.

The company reported a rebound in denim sales for the quarter, alongside growth in garment and woven product sales.

Arvind’s advanced materials segment, responsible for producing fabrics and protective gear for construction, saw a growth of approximately 21%.

In its investor presentation, the company stated that with inventory correction completed and new customer onboarding alongside fresh order bookings, the demand outlook appears positive for the financial year 2025.

The retailer announced its intention to increase its capital expenditure to 4-4.50 billion rupees for upcoming projects.

Moreover, it greenlit a dividend of 4.75 rupees per share, inclusive of a one-time special dividend.

Rival Shoppers Stop reported a 53% surge in fourth-quarter profit, buoyed by robust demand in its beauty segment and luxury product offerings.

Trent, owned by Tata Group, experienced a five-fold increase in quarterly profit, attributed to the expansion of its lower-priced Zudio brand stores.

Continue Exploring: Shoppers Stop reports 53% rise in Q4 profit driven by beauty and luxury items

Korean beauty brand Laneige onboards Sara Tendulkar as brand ambassador

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May 6, 2024

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Sara Tendulkar

Laneige, a skincare label dedicated to moisture research, has named social media sensation Sara Tendulkar as its brand ambassador for India. Sara’s genuine influence on social platforms resonates with Laneige’s aim to champion natural and sustainable beauty across the nation.

Sara Tendulkar epitomizes Laneige’s principles of embracing individuality and inner beauty, echoing the brand’s conviction that each person deserves to radiate with their own distinct glow. In conjunction with Sara’s ambassadorship, Laneige unveiled its Bouncy and Firm Sleeping Mask, underscoring its dedication to pioneering skincare solutions.

Paul Lee, MD and Country Head of Amorepacific India, expressed Laneige’s delight in welcoming Sara Tendulkar. He said, “Laneige proudly announces Sara Tendulkar as its Brand Ambassador, embracing her vibrant energy. Sara represents the modern, optimistic youth who believe that beauty goes beyond mere appearances. Laneige hopes to reach a larger audience now that Sara has joined the team.”

Continue Exploring: The Face Shop enlists Bollywood star Khushi Kapoor as brand ambassador for Indian market, targeting Gen Z audience

Mini Sood Banerjee, Assistant Director and Head of Marketing and Training at Amorepacific India, expressed, “As Laneige’s journey progresses, we are excited to embrace Sara Tendulkar into our family as the epitome of timeless grace and modern elegance. Her lively spirit and natural charm seamlessly align with Laneige’s dedication to empowering individuals to embrace their distinct beauty. Together, we embark on a fresh chapter, celebrating authenticity and the transformative potential of skincare.”

Sally Lee, Brand General Manager of Laneige India, expressed, “We are thrilled to introduce Sara Tendulkar as Laneige’s new Brand Ambassador. Sara’s radiant charm and enduring elegance deeply align with our brand’s ethos. Sara’s enhanced involvement in the Laneige journey signifies a significant milestone, forging stronger bonds with an evolving generation of consumers.”

Laneige, celebrated for its mastery in moisture research, provides intelligent skincare solutions catering to diverse skin types. Tailored to combat stress and environmental influences, Laneige products strive to unlock the skin’s innate moisture prowess. The collaboration between Laneige and Sara Tendulkar is primed to revolutionize the skincare landscape in India, offering consumers access to cutting-edge, premium skincare products tailored precisely to their requirements.

Continue Exploring: Ayouthveda appoints Bollywood actor Genelia Deshmukh as first Indian brand ambassador for face care range

Britannia expects commodity price uptick post-elections, eyes double-digit growth despite margin erosion

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May 6, 2024

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Commodity prices may see an uptick post-elections, according to Britannia‘s Executive Vice-Chairman and Managing Director, Varun Berry. He noted that this increase could particularly affect wheat and sugar, key raw materials for the company. Nevertheless, Britannia aims to achieve double-digit volume growth, even if it results in a slight margin erosion.

“In terms of the commodity landscape, the wheat crop appears to be in good shape, with government reserves relatively low and anticipated government purchasing,” Berry informed analysts. “Looking ahead beyond the elections, I anticipate a slight inflationary trend. Following the elections and the monsoon season, our focus will be on achieving double-digit volume growth.”

The company led by Nusli Wadia has initiated a route-to-market project aimed at expanding into adjacent businesses while strengthening its core biscuits portfolio. In this new initiative, the company will prioritize aligning its services with high-potential retail outlets, deploying multiple salesmen, implementing AI-enabled predictive ordering, and enhancing salesforce automation. The pilot phase is scheduled for the second half of the current fiscal year and is expected to conclude within a year.

The manufacturer of Good Day biscuits expressed its readiness to accept a short-term margin reduction due to the various projects and endeavors aimed at ensuring the company’s future readiness.

Continue Exploring: Britannia ramps up distribution network, reaches 27.9 Lakh outlets in FY24

“We view this year as a period focused on top-line growth. If it entails a temporary margin decrease due to our various ongoing projects and initiatives, we’re willing to accept that. However, the impact won’t be significantly different from our current position. The ultimate goal is to ensure that we are well-prepared for the future,” Berry elaborated.

During the quarter ended in March, the largest biscuit manufacturer in the country recorded a 1.1% rise in sales alongside a 3.7% decline in net profit.

“Britannia and the FMCG sector are now past the worst, with a gradual recovery expected, fueled by a robust monsoon this year,” stated Abneesh Roy, Executive Director at Nuvama Institutional Equities. “Local players are poised to lose market share as the base effect normalizes and adjacent markets scale up.”

Over the past few years, indigenous brands have been gaining market share from major consumer goods companies, particularly in segments like soaps, detergents, hair oil, tea, and biscuits. For instance, the rusk market boasts approximately 2,500 local competitors, while more than 3,000 smaller or regional players control nearly 40% of the snacking segment. However, disruptions caused by the pandemic, coupled with inflation in essential raw materials, compelled many to either close down or scale back operations. Yet, in recent quarters, declining commodity prices have enabled smaller regional brands to expand operations and reduce prices.

Continue Exploring: Britannia eyes diversification into chocolates, salty snacks, and fresh dairy through joint ventures, unveils aggressive growth strategy

Britannia noted a surge in regional players attracted by the lucrative profit margins within the category, leading many to expand into states beyond their traditional markets. Consequently, local competitors faced heightened challenges in competing with national players, particularly in the general trade sector where larger players wield significant distribution influence.

“In organized trade, you can invest heavily and secure placements, but traditional trade presents its own challenges. Overextending in this regard can lead to product returns and other setbacks. Lately, as businesses expanded into new markets, they encountered mounting pressures. However, we’ve observed these market shares stabilizing recently,” noted Berry, emphasizing the importance of maintaining profits at a sustainable level. “Excessive expansion can open the door for new competitors to encroach on your territory.”

Superplum raises $15 Million in Series A funding to revolutionize India’s fresh fruit market

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May 6, 2024

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Superplum, an agritech startup that offers premium fresh fruits, has secured $15 million from investors to fuel its business expansion. The company announced the successful completion of its Series A funding round, raising a total of $15 million.

Erik Ragatz, the incoming chairman of the company and former Partner turned Senior Advisor at the renowned global private equity firm Hellman & Friedman, took the lead in steering the funding round.

He becomes part of a strong lineup of investors that includes Mark Siegel, Dan Rose, Steve Jurvetson, Rick Kimball, Binny Bansal, and Kabir Misra.

Established in 2019 by Shobhit Gupta, Superplum will utilize the raised capital to develop infrastructure and revolutionize the supply chains for produce in India.

Continue Exploring: Fresh From Farm secures $2 Million in pre-Series A funding

Superplum has established a direct-from-farm supply chain for produce, employing proprietary technology and cold-chain infrastructure to significantly enhance the process of cultivation and distribution to the market.

It offers a variety of fruits including mangoes, litchis, apples, grapes, cherries, and plums, with additional products continually being added to its expanding inventory.

Additionally, it offers traceability features, enabling consumers to access pesticide test reports for each batch and track the fruit’s journey from the farm to the table.

Utilizing its vertically integrated cold chain technology, the company extends shelf lives and enhances fruit quality, thereby increasing produce availability nationwide, minimizing food waste, and ultimately boosting farmer incomes.

The company collaborates with farmers across 22 states in India and operates modern sourcing and supply chains for 25 types of fruits throughout the year.

Erik Ragatz, the new Chairman of Superplum, remarked, “Superplum is a highly disruptive force in India’s current produce markets and holds the potential to establish an immensely valuable enterprise.”

Shobhit Gupta, Co-Founder and CEO of the company, commented, “The rapidly expanding Indian consumer market is becoming increasingly demanding. Despite significant advancements in various sectors, fresh produce in India still lags behind in terms of technology and investment.”

Continue Exploring: India’s fresh fruit exports surge by 29%, market presence expands to 111 countries

Superplum’s products are conveniently accessible through online platforms like Amazon Fresh, Zepto, Swiggy, and Blinkit. Moreover, their premium fruits can be found at well-known retailers including Spar, Metro, Lulu, Modern Bazaar, More, and Trent, in addition to numerous neighborhood stores across NCR and Bengaluru.

They will soon be sold in Mumbai as well.

The company has recently expanded its marketing efforts to promote its branded traceable products on a global scale.

Superplum, boasting a top-tier supply chain, anticipates significant opportunities for premium Indian Mangoes, Lychees, and a variety of other tropical fruits.

Continue Exploring: Agritech startup DeHaat forays into consumer market with Honest Farms brand

Go Fashion (India) plans aggressive expansion with 120-150 new stores in FY25

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May 6, 2024

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Go Fashion (India) Ltd, the parent company of the well-known women’s wear brand ‘Go Colors‘, is planning to add 120-150 new stores in FY25, as stated by a senior official. According to the company’s CEO, Gautam Saraogi, 94 stores were added in the last financial year, bringing the total count to 714.

Go Fashion was also exploring ‘omnichannel strategies,’ utilizing technology to provide both physical and online shopping experiences, thus expanding its consumer reach across various cities.

Meanwhile, the city-based company reported a profit after tax of INR 13.1 crore for the January-March 2024 quarter, down from INR 14.8 crore registered in the same period of the previous year. For the year ending March 31, 2024, the PAT remained unchanged at INR 82.8 crore compared to INR 82.8 crore recorded during the same period of the prior year.

Continue Exploring: Tata Group eyes expansion with potential stake purchase in Fabindia’s apparel business

“In FY24, our company experienced a 15 percent year-on-year revenue growth, reaching INR 763 crore. EBITDA amounted to INR 242 crore, marking a 14 percent year-on-year increase. Our profit after tax (PAT) for FY24 remained unchanged from the previous year, standing at INR 83 crore,” stated Saraogi.

“We have added 84 stores to our portfolio, bringing the total to 714. While these new additions are slightly lower than our initial plans, they reflect our strategic decision to close stores that were unable to recover following the COVID-19 pandemic. Moving forward, our goal is to open 120-150 net new stores in fiscal year 25,” he said in a company statement.

Regarding the retail industry, he noted a temporary downturn in demand attributed to increased inflation and shifting consumer spending habits. As prices escalate, consumers are exercising caution in their purchases, prioritizing essential items over discretionary spending. Consequently, numerous retailers have observed a decrease in foot traffic.

“While the industry faces near-term challenges, the foundational elements remain robust for the long haul,” he remarked.

Continue Exploring: Apparel exports set for 8-9% growth in FY2025: ICRA

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