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Reliance’s lifestyle brands endured a tough FY24

Livemint

Livemint · 1y ago

Reliance’s lifestyle brands endured a tough FY24

Reliance Brands, owned by Mukesh Ambani's Reliance Industries Limited, experienced a challenging financial year with most of its businesses facing weak performance. Reliance Brands, which owns over 50 international fashion labels, reported widening losses despite an increase in total revenue. The company's designer brands also struggled, reflecting a challenging environment in the luxury fashion sector. The shift to online shopping and reduced footfall in physical stores may have contributed to the decline in sales.

Related News

Aditya Birla Fashion to list flagship lifestyle brands as separate entity

VCCircle

VCCircle · 1y ago

Aditya Birla Fashion to list flagship lifestyle brands as separate entity

Aditya Birla Fashion and Retail (ABFRL) has announced plans to separate its flagship lifestyle brands, collectively known as Madura Fashion & Lifestyle, into a separate listed entity. This decision comes as ABFRL has faced losses over the past three quarters due to weak demand and increased investments in certain brands. Madura Fashion consists of four lifestyle brands - Louis Phillippe, Van Heusen, Allen Solly, and Peter England - which contribute to over 70% of the company's total revenue. Following the demerger, ABFRL will focus on luxury and premium brands, as well as place emphasis on its Pantaloons brand.

Treebo Hospitality FY24 revenue climbs 23%; loss widens by 15%

Economic Times

Economic Times · 7m ago

Treebo Hospitality FY24 revenue climbs 23%; loss widens by 15%

Treebo Hospitality Ventures (THV), parent of Treebo Hotels, saw a 23% revenue increase to Rs 109 crore in FY24, yet endured a 15% rise in losses totaling Rs 28 crore. Accommodation services generated 95% of revenue, climbing 23% to Rs 104.4 crore. The company’s costs also rose, including a 7.2% increase in employee benefits and a 70% surge in advertising expenses. THV continues to expand its portfolio in the competitive hospitality sector.

Decoding Naksh’s Formula To Stitch A Bed Linen Brand For New Age Indians

Inc42 · 1y ago

Naksh, a direct-to-consumer brand founded in 2021 by Shakeef Khan and Ajay Vaish, focuses on selling bed and bath linens with a minimalist design and consistent quality. Targeting the underserved mass premium segment in the bedsheet market, Naksh aims to reduce customer acquisition costs and cater to the growing niche of new-age homemakers. Despite tough competition from established players in the premium segment, Naksh reported total revenue of INR 4.8 Cr in FY24, although audited financials have not been disclosed. Nevertheless, the Indian market still offers opportunities for new brands to thrive.

Aditya Birla Fashion Shares Dips 66%, but Don’t Panic—It’s Just the Demerger Math

OutlookIndia

OutlookIndia · 2m ago

Aditya Birla Fashion Shares Dips 66%, but Don’t Panic—It’s Just the Demerger Math

Shares of Aditya Birla Fashion Retail fell over 66% due to adjusting for the demerger of its Madura Fashion and Lifestyle business into a new entity, Aditya Birla Lifestyle Brands. This steep decline is a technical adjustment reflecting the separation of the businesses. Shareholders will receive one share in Aditya Birla Lifestyle for every share held in Aditya Birla Fashion. The demerger is intended to reallocate debt and focus different brand portfolios under each entity.

Reliance Retail aims to double business in 4 yrs, enters luxury jewellery market | Mint

Livemint

Livemint · 11m ago

Reliance Retail aims to double business in 4 yrs, enters luxury jewellery market | Mint

Reliance Retail, India's largest retailer, aims to double its sales over the next few years by expanding into verticals such as grocery and lifestyle, according to Isha Ambani, the executive director of Reliance Retail Ventures. The company also plans to enter the luxury jewellery market, potentially competing with top global brands. Reliance Retail saw strong revenue growth in FY24, adding 1,840 stores and achieving a valuation of $100 billion. The company's growth is driven by its focus on smaller towns and the development of premium formats in larger cities.

Online lifestyle market to more than double to $40-45 billion by 2028: report

Economic Times

Economic Times · 1y ago

Online lifestyle market to more than double to $40-45 billion by 2028: report

India's online lifestyle market is projected to reach $40-45 billion by 2028, compared to its current size of $16-17 billion. The online penetration in the overall lifestyle market is set to increase from 13% to 18-22% by 2028. The growth will be fueled by expansion in tier 2 towns and beyond. Gen Z shoppers are driving the market with their frequent online purchases and preference for insurgent brands. Additionally, India is becoming a key market for global brands, with 90% of the top 50 brands already present in the country. An omnichannel approach combining online and offline channels will be crucial for further growth.

GlobalBees Bags $17 Mn Debt Funding From Avendus

Inc42 · 1y ago

GlobalBees Bags $17 Mn Debt Funding From Avendus

GlobalBees, a Softbank-backed ecommerce rollup startup, has raised INR 140 Cr ($17 Mn) in a debt funding round from Avendus. The funds will be used for working capital needs. GlobalBees invests in and acquires companies that sell products on platforms like Amazon India and Flipkart. With a gross revenue of INR 550 Cr in Q3 FY24, GlobalBees aims to partner with companies in niche categories like FMCG, sports, home organization, and lifestyle. It has raised a total of $175 Mn in funding and competes with Mensa Brands, Evenflow, and GOAT Brand Labs. The funding follows parent entity FirstCry's draft red herring prospectus filing for INR 1,816 Cr IPO.

Why storytelling matters in EV marketing?

Inshorts · 2m ago

Why storytelling matters in EV marketing?

In a segment where skepticism is common, storytelling humanises EV brands. Holistic marketing weaves together purpose-driven narratives around sustainability, innovation, and lifestyle fit. These stories go beyond features, helping customers see EVs as a reflection of their identity and values, turning consideration into loyalty.

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

Entrackr

Entrackr · 8m ago

DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

DailyObjects, a Direct-to-Consumer (D2C) tech accessories and lifestyle brand, achieved a 33.6% growth during the fiscal year ending March 2024. However, the Gurugram-based firm reported a modest loss of Rs 3.9 crore in the same period as compared to marginal profit in FY23. DailyObjects’ revenue from operations grew to Rs 84.4 crore in FY24 from Rs 63.2 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. DailyObjects is a direct-to-consumer (D2C) lifestyle accessories brand offering products such as bags, wallets, charging solutions and stationery, among others. The sale of products accounted for 98.8% of the total revenue which increased by 33.6% to Rs 83.38 crore in FY24. The rest of the income came from shipping and delivery charges. For the consumer tech and lifestyle brand, the cost of procurement formed 50% of the total expense. This cost increased by 40% to Rs 42.28 crore in FY24 from Rs 30.26 crore in FY23. Its employee benefits and marketing cum advertising costs grew by 24% and 46.5%, standing at Rs 11.34 crore and Rs 14.33 crore, respectively, in FY24. The firm's spending on shipping, delivery, legal, and other overheads pushed the overall costs up by 33.3% to Rs 84.2 crore in FY24. Note: Excluding the exceptional item cost of Rs 6.14 crore, related to the write-off of previous receivables in the fiscal year ending March 2024, from the calculation of losses and expenses. Increased marketing and employee benefits costs led DailyObjects to post a loss of Rs 3.92 crore for FY24, compared to a marginal profit of Rs 0.06 crore in FY23. Its ROCE and EBITDA margin stood at -43.98% and -4.3%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24. It reported current assets of Rs 20.76 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $14.4 million to date. Its leading investors are Roots Ventures and 360 One.

ABFRL proposes demerger of Madura Fashion into separate listed entity

Livemint

Livemint · 1y ago

ABFRL proposes demerger of Madura Fashion into separate listed entity

Aditya Birla Fashion and Retail Ltd (ABFRL) is considering a vertical demerger of its Madura Fashion & Lifestyle business into a separate listed entity, according to an exchange filing. The move aims to create two independent companies with distinct capital structures and growth opportunities. The Madura Fashion & Lifestyle segment, comprising brands such as Louis Philippe and Van Heusen, will be demerged into a separate entity. Post-demerger, ABFRL will focus on high-growth segments such as branded and luxury apparel. The proposed demerger is subject to approvals and will be implemented through a scheme of arrangement.

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