Superdry, the British apparel brand, has launched its latest store in Bengaluru, as announced by a company official on social media. Located at Phoenix Marketcity, Whitefield, the new store promises a fresh shopping experience for fashion enthusiasts.
“I’m absolutely ecstatic to announce the opening of our newest Superdry store at Phoenix Marketcity, Bengaluru. This store is truly exceptional and represents the pinnacle of our commitment to delivering top-notch consumer experiences,” shared Rakesh Ranjan, Vice President of Superdry India, on LinkedIn.
The store provides a wide range of outerwear, t-shirts, and shirts for both men and women, as well as categories such as swimwear, footwear, fragrances, and accessories.
Since 2012, Reliance Brands Ltd (RBL) has served as Superdry’s exclusive franchise partner in India through its wholly-owned subsidiary in the UK (RBUK). The brand has experienced rapid expansion, with over 200 points of sale established across more than 50 cities.
Furthermore, e-commerce remains a key driver of growth for the brand, extending its reach to over 2,300 cities across India.
RBL has recently finalized an agreement to form a joint venture with Superdry PLC. As part of this agreement, Superdry PLC will transfer its intellectual property assets for the territories of India, Sri Lanka, and Bangladesh. Reliance will maintain its role in managing brand operations within these three countries.
RBL, the premium retail division of RRVL, manages a vast network of over 18,000 stores throughout India. Offering a diverse range of 50 luxury fashion brands, RBL has established its presence in 7,000 towns, covering a total shopping area of more than 65 million square feet.
Shantanu Deshpande, the founder and CEO of Bombay Shaving Company, stated that the funding will support the startup in its next phase of growth.
Deshpande mentioned, “We anticipate approximately 35% growth in FY25. It is crucial at this point to enhance the brand’s visibility through investments in brand campaigns, particularly for our core power products.”
This funding comes two years after Bombay Shaving Company raised INR 160 crore in its Series C round from investors such as hedge fund Malabar Investments, Gulf Islamic Investments, and Singularity AMC. The startup is currently in talks about raising equity funding for its Series D round.
Established in 2016 by Deshpande, Bombay Shaving Company began as a direct-to-consumer brand specializing in men’s shaving and grooming products. Over time, the company diversified into additional categories, including women’s grooming, and evolved into an omnichannel brand.
The startup’s range of products can be found on numerous ecommerce platforms such as Nykaa, Flipkart, and Amazon, as well as in over 40,000 retail outlets. Bombay Shaving Company asserts its clientele spans across India, the US, Europe, the Middle East, Australia, and New Zealand.
Deshpande stated that the new funding will be deployed to improve the startup’s go-to-market strategy in the razor category, which is its current primary focus. Furthermore, the company plans to develop new products and innovations.
Deshpande continued, “We also want to increase our offline (channel) exploration and go from our current 12 cities to 25 cities.”
Meanwhile, Ankit Agarwal, managing partner at Alteria Capital, stated that Bombay Shaving Company has revolutionized the grooming and personal care sector, which has long been dominated by established brands, through its innovative approach.
According to him, Bombay Shaving Company has not only disrupted the status quo but also established itself as a top brand that consumers choose in this competitive market by changing product formulas, creating new subcategories, and implementing cutting-edge distribution methods.
The venture debt fund invested in the startup from both its second and third funds.
It’s worth noting that Alteria Capital announced the final closing of its third venture debt fund at INR 1,550 Cr last week. From this fund, they have already invested in startups such as Renee Cosmetics, One Card, Bliss Club, Rebel Foods, Giva, Kissht, Traya, Bluestone, and Ather.
Overall, Deshpande-led Bombay Shaving Company has amassed a total funding of about $48 million to date.
Although it has not yet filed its FY23 financials, Deshpande mentioned that the startup generated approximately INR 178 crore in revenue during FY23, accompanied by a negative 37% EBITDA. In FY22, it recorded an operating revenue of INR 99.93 crore, but experienced a nearly threefold increase in net loss year-on-year, reaching INR 42.92 crore.
In the realm of men’s grooming, Bombay Shaving Company vies for market share against competitors such as The Man Company, Ustraa, and Beardo.
As competition grows fiercer and consumers dine out more frequently, the trend towards premiumizing food items is fueling the expansion of food chains.
An ICICI Securities research report suggests that various brands are now catering to diverse price points and target audiences.
Brands are embracing premiumization with innovative offerings like KFC‘s Chizza (a pizza-chicken hybrid); Domino’s Oven Baked Pasta and Burger Pizza (a distinctive fusion); and Popeyes‘ introduction of The Cajun flavor (a pioneering move).
Biggies Burger, BurgerMan, and several other brands compete fiercely with national brands in the chicken market. Fried chicken is emerging as a competitive advantage, with each player, organised or not, offering competitive pricing based on taste.
Oven Baked Pasta in PH and Burger Pizza in Domino’s make a unique combination. Indigenous brands, for instance Biggies Burger and BurgerMan, compete aggressively with national businesses in the chicken category.
According to a report from ICICI Securities, “Organised players such as KFC, McDonald’s, Popeyes, and Burger King are aiming to increase their market share through network expansion, benefiting from the rising disposable income of GenZ and working millennials, as well as an improved start-up ecosystem.”
Brands are enticing consumers through pricing tactics and fresh product introductions. KFC’s launch of its Lunch Special Combo at INR 149 from 11 AM to 4 PM has bolstered foot traffic and increased customer engagement.
The Chizza, priced at INR 300, has been a significant success for KFC stores, accounting for 8-10% of its daily sales. KFC outlets experience increased footfall on Wednesdays, Saturdays, and Sundays.
The brand generates 85% of its revenue from non-vegetarian items and 15% from vegetarian offerings. Pizza Hut introduced “Melts,” a distinctive thin-crust pizza starting at Rs. 169, which is receiving positive feedback in the market.
It’s “Don’t Cook Wednesday” promotion offers a 50% discount on any medium pizza. Quick Service Restaurant (QSR) brands are promoting mid-week dining out as an alternative to weekend dining, driving their growth.
Popeyes, during its early launch phase, encountered difficulties in establishing its product positioning vis-Ã -vis KFC and McDonald’s. The brand found itself competing in the fried chicken space, where KFC held a prominent market leadership position.
While KFC maintains its practice of locally sourcing chicken and marinating it in-store for two hours, Popeyes sets itself apart with a 12-hour marination process conducted at its commissary in Bengaluru.
Consumers are also intrigued by the Cajun flavor, distinguishing it from the Indian spices offered by competitors. McDonald’s success with its Peri Peri flavor as a French fry topping demonstrates growth driven by premiumization.
The market is fiercely competitive, with local players vying for dominance on price points. Brands are closely competing by offering attractive combos and deals to entice customers.
The IPL serves as an additional growth catalyst aimed at further increasing the ticket size this quarter, particularly as consumers show a preference for ordering meals at home.
Overall, brands are benefiting from attractive combos, discounts like lunch combos, and new product launches with unique flavors, resulting in improved consumer confidence and rising growth.
Libas, a bootstrapped ethnic fashion brand, has surpassed the INR 500 crore milestone in revenues for FY24. Eyeing a continued growth trajectory of 60-70% in the coming fiscal year, the brand remains dedicated to fortifying its offline channel presence. Furthermore, it has initiated discussions with investors to secure its first round of funding.
“We experienced a growth of 60-70% in FY24, primarily driven by our channel expansion. By opening additional stores and shop-in-shops, we achieved this significant company-level growth. In FY24, we surpassed the INR 500 crore revenue milestone for the first time in the brand’s history,” shared Sidhant Keshwani, Founder & CEO of Libas.
Alongside the introduction of its spring-summer collection, the ethnicwear brand has enlisted actor Kiara Advani as its brand ambassador. Kiara Advani is showcased in the company’s latest brand film, adding a fresh dimension to its promotional efforts.
“With the introduction of our new spring-summer collection, we hold a positive outlook for this fiscal year. We anticipate maintaining growth rates of 50-60%,” added Keshwani.
Addressing concerns about the subdued demand trends in the apparel sector, Keshwani noted that non-essential categories, such as apparel, have experienced a slowdown in demand within the mass market segments. However, the premium and luxury segments continue to perform strongly.
“These subdued demand trends have been evident throughout the past fiscal year. We’ve also observed a slowdown in like-to-like growth levels. However, we anticipate the industry to start recovering from June,” he added.
The ethnic wear brand has intensified its offline presence, expanding to more than 15 exclusive brand outlets and over 500 shop-in-shop locations within multi-brand outlets.
“We primarily operate as an online-first brand, but the offline channel will significantly contribute to our journey this year. We aim to open an additional 15 exclusive brand outlets this year,” he commented.
Libas is also preparing to secure its first round of funding. “We have initiated discussions and are considering a minority stake divestment,” Keshwani elaborated.
This comes at a time when the brand is planning to accelerate its offline store expansion.
Style Up, a fashion brand under Aditya Birla Fashion and Retail Limited (ABFRL), has launched a new store in Hyderabad, as announced by a company official on social media. This new outlet marks the brand’s sixth location in the city and its 27th store nationwide.
“Incredible way to conclude this fiscal year and reunite with my Champions once again… another fashion destination now graces the city of Hyderabad. Two openings within a week,” stated Rakesh Pant, Chief Operating Officer of Style Up & Marigold Lane at ABFRL, in a LinkedIn post. “Delighted to announce the launch of our 6th Style Up store at Fairmount Fortune One, Czech Colony, Sanath Nagar, Hyderabad today… #27&Counting.”
Style Up showcases a diverse collection of retail brands from ABFRL, including Louis Philippe, Allen Solly, Peter England, Van Heusen, and more. According to information from its website, the brand has a presence in West Bengal, Madhya Pradesh, Maharashtra, Bihar, Telangana, Gujarat, Karnataka, Andhra Pradesh, and Tamil Nadu.
With a history spanning over three decades, ABFRL’s brand lineup features renowned names such as Louis Phillippe, Van Heusen, Allen Solly, Peter England, Reebok, Pantaloons, Style Up, Tasva, Masaba, and more.
At the time of writing, its shares were trading at INR 211.25, reflecting a 2.75% increase.
Wardwizard Foods and Beverages Limited is set to make its mark in the US market, following the acquisition of USFDA registration. This notable accomplishment represents a pivotal step in the company’s global growth strategy and reaffirms its dedication to providing top-quality food products worldwide. Wardwizard Foods and Beverages Limited’s product range will now include a diverse selection of RTE (Ready-To-Eat) meals, frozen items, spices, sauces, condiments, and beverages.
With effect from the first quarter of the next financial year 24–25, Wardwizard Foods and Beverages Limited will start exporting to the US. The first phase will concentrate on major cities where customers can enjoy the rich and genuine flavours of Indian cuisine, such as Chicago, New Jersey, and Texas. From easy RTE (Ready-To-Eat) meals to delicious frozen goods, savoury sauces, fragrant spices, adaptable condiments, and cool drinks, the company’s wide selection is carefully crafted to satisfy every palate.
Sheetal Bhalerao, Chairperson and Managing Director of Wardwizard Foods and Beverages Limited, shared her immense excitement about this important milestone, stating, “We are truly thrilled to begin this exciting journey of exporting our products to the USA, a market known for its discerning palate and high standards. This achievement highlights our unwavering commitment to bringing the authentic flavors of India to consumers globally. Securing USFDA registration serves as a proud testament to our dedication to product quality and regulatory compliance. This certification not only reaffirms the exceptional quality of our products but also emphasizes our rigorous adherence to strict food safety standards, inspiring unwavering confidence among consumers and stakeholders alike.”
As a key component of the company’s carefully designed market expansion strategy, Wardwizard Foods and Beverages Limited has formed strategic partnerships to guarantee smooth delivery of its products to American consumers. The company’s introduction to the US market presents a substantial growth opportunity and demonstrates its commitment to satisfying the changing demands of discerning consumers globally.
Wardwizard Foods and Beverages Limited offers a range of RTE and Frozen products that are free from preservatives, MSG, and artificial food colors, ensuring a wholesome and authentic culinary experience for consumers. With a focus on retail distribution and private labeling, the company is committed to delivering unparalleled quality and taste to the US market and beyond.
DS Group is set to make a mark in the dairy industry with its brands, Ksheer and Ovino. The company announced that Atom Network will handle the creative responsibilities for these brands, emphasizing innovative ideas and experiences to enhance their market presence, as per a company press release.
It further stated that Atom Network secured the business following a rigorous competitive pitching process.
Rajeev Jain,Senior Vice President of Corporate Marketing at DS Group, welcomed the new agency, stating, “Atom Network effectively addressed our objectives with their strategic and creative approach, combining industry insights with local cultural relevance, which is crucial for our markets. We are eager to start collaborating.”
Abhik Santara, CEO of Atom Network, expressed enthusiasm about the appointment, stating, “We are pleased to collaborate with the DS Group. It presents a fantastic opportunity for us to deliver innovative work for Ksheer and Ovino. We aim to leverage our expertise in FMCG branding to build enduring brand equity for both brands.”
The Amazon-backed startup stated that it had initiated the ESOP program in 2020 for eligible employees, who can now sell their stocks at a premium of 6 times with no strike price.
Notably, senior managers, department heads, and executive leadership are included in the pool of qualified employees. The average age of the buyback-eligible employees is thirty-six.
XYXX’s founder and CEO, Yogesh Kabra, expressed, “The announcement of our first ESOP buyback is a moment of pride for the leadership team, particularly for me. It reinforces my confidence in the collective success of Team XYXX and their indispensable role in our journey of growth. As a modern consumer brand startup, we stand alongside top fintech, ed-tech, and e-commerce brands in offering wealth creation opportunities for our workforce.”
Established in 2017 by Kabra, XYXX is a D2C menswear brand offering a range of products including underwear, loungewear, and athleisure.
The startup reported a growth rate of 100% CAGR and recorded a revenue of INR 57 Cr in FY22. It anticipates leveraging the expanding Indian innerwear market to drive its future growth. In this sector, it competes with D2C startups like DaMensch and Almo.
The startup has not disclosed the size of its first ESOP buyback plan. According to its LinkedIn profile, the company has a team of 259 employees.
With this move, XYXX joins the growing number of startups launching ESOP buyback plans this year. Today, the audio series platform PocketFM also announced its first ESOP buyback worth $8.3 Mn. Notable companies like CRED, MyGate, Meesho, and others have also unveiled similar plans this year.
According to a survey, approximately 80% of over 400 Indian startup founders surveyed believe that potential employees may be reluctant to join startups following a series of mass layoffs. The report also revealed that 55% of startups are relying on ESOPs to attract the Indian workforce back to the startup ecosystem.
According to market research data, ecommerce sales experienced a modest growth of 12-15% in the initial quarter of this year, marking a decline from the 20% growth rate recorded in the corresponding period of the previous year. Industry executives and analysts observe that the softening demand is evident in reduced sales volumes, despite the contribution of higher-cost items towards the overall value generation.
Nonetheless, a senior ecommerce executive mentioned that the month-on-month sales trajectory is showing signs of improvement over the same period. Optimistic observers anticipate more favorable results in the upcoming financial year, as the onset of summer is expected to stimulate demand in specific categories.
“Typically, January to March constitutes a sluggish phase for ecommerce enterprises, and while January was challenging, we’ve witnessed a resurgence in growth over the past three weeks,” remarked Satish Meena, advisor at Datum Intelligence. He anticipates a potential return to a growth rate of around 20% by April.
The beginning of the calendar year is also the time when the fashion and peripheral segments typically clear out their older inventory.
It’s worth noting that no significant smartphone devices, which are a cornerstone of online retail, have been launched so far this year.
A senior executive from one of the top three ecommerce logistics firms mentioned that growth this year has been subdued, but there are expectations for an uptick starting from April. “The rate of growth will depend on the sheer number of shipments,” they said.
Online retailers experienced a weak end to the previous year following a period of robust growth during the festive season sales, spanning from late September until Diwali.
Meena from Datum highlighted stagnant growth in smartphone sales across both online and offline channels, noting a slight decline in shipments but sustained high average selling prices (ASP).
Meena remarked, “The ‘fear of missing out’ phenomenon previously associated with online exclusives in smartphone sales has diminished. Additionally, offline stores have improved their financing options, and discounts are no longer as steep, resulting in offline channels capturing a larger market share, accounting for 52% of sales in the calendar year 2023.”
Market research data from Counterpoint Research indicates that smartphone sales in India remained stagnant in 2023, with overall sales plateauing at 152 million units.
Meanwhile, in apparel sales, end-of-season clearance events indicated signs of improvement.
Earlier reports indicate that brands across various sectors are experiencing growing interest in premium products, whereas mass-market products, despite their lower prices, are not seeing comparable growth.
According to individuals familiar with sales data, the surge in inflation has contributed significantly to the decline in online retail performance. A parallel trend has been observed in the fast-moving goods category on quick commerce platforms.
Flipkart, Amazon India, Meesho, Tata Neu, and Reliance’s JioMart are some of the top e-commerce platforms, with Flipkart and Amazon India dominating the majority of the market share.
It’s interesting to note that, in an otherwise sluggish e-commerce sector, cosmetics firms that were founded online are expanding rapidly. Their growth has exceeded 25%, primarily due to the impact of winter sales and promotional activities.
According to Kaushik Mukherjee, co-founder and chief operating officer of Sugar Cosmetics, the segment experienced robust sales in January and February, partially boosted by Valentine’s Day gifting.
“With the cold weather fading, we also see a shift from products like moisturisers, and sunscreen and facewash coming back strong (sic),” he added. “There definitely is a little bit of weakening in sales post Valentine’s Day.”
In January, Nykaa announced that its beauty and personal care business grew faster than the industry growth rate.
Brands and sellers in various categories including wearables, hearables, beauty, fitness, and home furnishings reported a mixed pattern in their online sales during the first quarter. This variance depended on factors such as price points and sub-categories.
They project a year-on-year sales growth of approximately 15-18% in home furnishing and 10-15% in audio wearables. The health and fitness category, encompassing supplements and gym equipment, is expected to conclude the quarter with a 15-20% increase.
Audio product manufacturers like Noise and Boult have reported growth of over 15% compared to business-as-usual days before the festive season.
“Our sales have increased by more than 15%, but less than 20%, depending on pricing and product type, compared to the period before the festive sales started,” said Tarun Gupta, co-founder of Boult.
Gaurav Khatri, co-founder and CEO of Noise, mentioned a decline in sales following the festive period. During this time, the company utilized other sales channels such as offline stores and quick commerce to maintain growth.He added, “We are shifting our attention from simply boosting unit sales to strategies like promoting premium goods and cultivating customer loyalty during this period.”
Pallav Bihani, founder of supplements and equipment manufacturer Boldfit, mentioned that the segment has experienced a rise in sales driven by a post-festive focus on health and fitness. He stated, “We typically don’t see a significant boost from festive sales since that’s not when customers are primarily thinking about fitness. We anticipate another surge from April to June, as a younger, health-conscious demographic takes their summer breaks.”
With the Lok Sabha elections just weeks ahead, political merchandise is experiencing a significant surge for the first time in India, the world’s largest democracy.
E-commerce platforms like Amazon, Flipkart, and Meesho are capitalizing on the election excitement by offering ‘election-themed clothing’ such as t-shirts, caps, and sweatshirts with slogans like ‘NaMo Hat Trick’, in reference to Prime Minister Narendra Modi, and ‘Rahul is Hope’, alluding to Congress leader Rahul Gandhi.
“Numerous sellers have joined various e-commerce platforms with election-related merchandise. We are continuously receiving requests from sellers as the election momentum grows,” stated an executive from a major e-commerce platform who preferred to remain anonymous.
Amazon, in particular, is offering merchandise under a ‘Wear Your Opinion’ series on their online platform.
Independent retailers and brand licensing companies are focusing on younger and newer voters, amplifying the voting enthusiasm to offer a diverse range of political merchandise. This includes stylish, premium apparel as well as affordable keychains, car and house flags, lamps, and clocks.
Black White Orange, a brand licensing company, is set to unveil premium apparel featuring messages such as “How to be an Inkfluencer” or “I want you to vote for India” under its brand A47.
Bhavik Vora, CEO and founder of BWO, remarked, “The 2024 polls mark the first significant rise of the election merchandise sector in India, an industry of immense scale in the US.” He emphasized the pivotal role of Gen Z and social media influencers in popularizing the message that voting is both trendy and cool.
In the US, “election clothing” merchandise adorned with slogans like “Vote Biden 2024” and “Trump Facts: 2024” has inundated online platforms in anticipation of the upcoming presidential elections in November. Meanwhile, the ruling Bharatiya Janata Party (BJP), vying for a third consecutive term, has commenced retailing caps, t-shirts, and mugs via its NaMo app. The app features an array of products including t-shirts, badges, caps, stationery, and mugs embellished with PM Modi’s name. Beyond the major parties led by the BJP, followed by the Congress and the Aam Aadmi Party to a lesser extent, several others have also entered the market.
Representatives from Amazon and Meesho opted not to provide a comment.
A different executive from a major ecommerce platform mentioned, “We’re also seeing sellers offering merchandise representing regional parties like Trinamool Congress and Samajwadi Party. Much of the interest in these products is emerging from smaller Indian cities, as they are low-cost items but carry strong patriotic sentiments.”
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