V2 Retail says 2021 festival sales above pre-COVID levels

V2 Retail, one of India’s largest value retail chains specializing in fashion and items of daily use, reported strong sales growth for July-September, and said the festival season this year has so far been better than pre-pandemic levels. Outside travel, tourism and entertainment sectors, the company had been one of the worst hit by the […]

Streaming revenue push Saregama profits to record levels

Saregama, India’s largest record label and an emerging force in the digital video space, looks all set to breach its pre-COVID revenue and profit numbers in the current financial year due to rising demand for streaming music. The company’s operating revenue had set a record in the year 2018-19 at Rs 544.7 cr, but declined […]

Vakrangee starts distribution of agricultural products and services

Vakrangee Ltd said it has tied up with BigHaat Agro Private Ltd to provide end-to-end Agri services, digital advisory as agri input products, including seeds and fertilizers. BigHaat is a digital agricultural platform that offers valuable inputs to farmers by using science, data and technology, such as end-to-end crop guidance and market linkages for various […]

Post COVID, Raymond cancels demerger of apparels, to monetize real estate

Mumbai-based Raymond Ltd said it has abandoned its two-year-old plan of splitting its garments, or lifestyle, business into a different company, and will instead focus on monetizing its engineering business. The company also said it will spin off its real estate business into a new company, but wholly owned by Raymond Ltd. In 2019, Raymond […]

Post COVID, Arvind Fashions tests new strategy for online

Branded apparel maker Arvind Fashions, which sells clothes under brands such as Arrow, Tommy Hilfiger, US Polo and Flying Machine in India, is trying a new strategy as far as its online business is concerned, said Director Kulin Lalbhai. While traditionally, garment vendors have looked at e-commerce as a way to get rid of their […]

Titan Co returns to growth thanks to Diwali shift

Jewellery and accessories maker Titan Company returned to growth after nearly a year, with third-quarter sales rising 12% on year, excluding bullion sales. The total income for the quarter was Rs. 7,324 crores, including sales of gold bullion to the extent of Rs. 340 crores,  compared to the income of Rs. 6,226 crores for the […]

Aditya Birla Fashion and Retail buys controlling stake in Sabyasachi

Aditya Birla Fashion and Retail has taken a controlling stake in designer brand Sabyasachi for Rs 398 cr, adding to its existing portfolio of brands that include Louis Philippe, Van Heusen, Allen Solly and Peter England. It will buy a 51% stake in the company founded by Sabyasachi Mukherjee in 1999. “Sabyasachi is India’s largest […]

V-Mart recovers 81% of Q3 sales YoY

After two torturous quarters, value-focused fashion and general merchandise retailer V-Mart reported an 81% like-to-like sales recovery for the Oct-Dec quarter. The number indicates that modern retail, with its air-conditioned showrooms, is still struggling to attract visitors unlike several other retail segments. Some of the other segments, such as automobiles, consumer durables and even some […]

Wipro in billion-dollar deal with Germany’s Metro AG

IT and outsourcing major Wipro said it will take over the IT division of Germany-based wholesaler Metro AG in a deal that is expected to generate revenue of over Rs 1,000 cr per year for the Indian company. A total of more than 1,300 IT staff from Germany, Romania and India belonging to the wholesaler […]

V-Mart starts inventory purchases after six months

V-Mart, India’s largest chain of smaller-sized fashion stores, said it has started purchasing fresh stock from its suppliers after nearly six months of freeze on garment procurement. The company was hit hard when a nationwide lockdown was imposed by the central government in late March to control the spread of COVID-19, particularly as it had […]

Titan Co’s jewelry business almost back level in Q2

Titan Company, India’s largest jewelry retailer and a part of the Tata Group, said second quarter revenue from its mainstay jewelry division was almost at the same level as what was seen in the same quarter last year, while its eyewear and watches division continued to suffer from the impact of the pandemic. The jewelry […]