One of the most sought after shopping destination in Surat, which was launched earlier this year, announces the launch of the second phase of expansion. VR Surat, with the second phase, nearly 50 new stores will be opened in the retail city centre. Continue reading VR Surat launches second phase; 50 new stores to open
From the House of Inditex, Massimo Dutti, gets approval to sell its clothing, apparel, footwear and accessories in India. The brand has received approval from Foreign Investment Promotion Board (FIPB) this weekend.
The Inditex owned brand Zara already sells in India through a JV between Inditex and Tata Trent. Similarly, Massimo Dutti will also enter through the same JV. Though the brand’s first application was rejected last year, but now the brand will enter under the new FDI policies.
Massimo Dutti which was acquired by Inditex in 1991 to enhance the group’s product portfolio, is one of the expensive brands in the group. It sells daily and formal wear which is detailed in design, is classic and available for men, women and kids.
India still has the gap of a brand that serves the complete family with classic formal wear which will be well filled by the brand.
With this brand, Inditex is set to gain a stronger foothold among the consumers who are already glued to buying Zara in India. Zara has been a hit and this has been seen in recent revenue reports of Rs 450 crore in the fiscal ended March’13, leaving behind some of the largest Indian retail names in the country.
India Ratings has unveiled its mid-year outlook for retail in 2013 and they say its negative. The report says, “India Ratings & Research (Ind-Ra) has maintained a negative outlook on the retail sector for H213. Higher inflation and marginal nominal wage growth are expected to act as major deterrents for consumer spending. In addition, margins pressures will continue to impact credit profile of retailers.”
The report suggests, the FY13 private final consumption expenditure (PFCE) growth rate was at an eight year low. The agency does not expect any significant improvement in PFCE for H213. Moreover, with no chances of considerable hike in wages, the inflation rates are going to be high for consumers.
iGrow thinks: “Its funny but we see malls and markets flooded. I was at the Pacific Mall yesterday and I could see shoppers carrying heavy shopping bags and while I exited the mall at 10 pm, people were dropping in to watch movies or have their dinner at some fine dine and casual dine restaurants (obviously no one comes to a mall to shop at 10 pm).” Continue reading Consumer spending dips: India Ratings; iGrow says “really”
It came with a splash and swayed every fashion lover off its feet. Yes, we are talking about Zara, the Spanish fast fashion brand. We all love Zara and why not, they are the trend setters.
This common thought has been well reciprocated in the retailers annual sales which have reached Rs 405 crore for FY 2012-13, 56 per cent higher than the previous year. The retailer currently has nine stores across India and if our mathematics is right, each store has made nearly Rs 45 crore on an average.