March 5, 2010News for the Retail industry
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News: Apparel, Specialty, CDIT ...
Gitanjali Group eyes Rs 10K cr turnover in two years
Business Standard
The Gitanjali Group said its topline is likely to cross Rs 10,000 crore in the next two years, buoyed by a 50 percent increase in retail space to 15 lakh sq ft in the country. "Retail is our focus. We are expanding retail presence to 15 lakh sq ft area in India by next year. This will help us to reach our Rs 10,000 crore revenue target in the next two years, from Rs 6,000 crore now," Gitanjali Group Chairman and Managing Director, Mehul Choksi said.
Aditya Birla Retail looking to raise PE funds
Hindu Business Line
The Rs 1,450-crore Aditya Birla Retail is open to offloading between 10 and 15 percent stake in its company to private equity players to boost its retail operations. Currently the retailer, which runs the retail chain More, is funded by debt, but going forward there is a likelihood of raising funds through private equity or even finding a strategic partner who could infuse fresh equity into the still unprofitable venture.
Max to spend Rs 400 crore on store expansion
Daily News & Analysis
Max Hypermarket India, which runs Spar brand of large-format hypermarket and supermarket chains, is looking to reach 25 stores by 2012, Viney Singh, managing director said. The company will invest Rs 400 crore on store expansion over three years and expects to reach a turnover of Rs 1,250 crore from Rs 150 crore now.
Cartier to ramp-up retail presence in 'millionaires' economy
Business Standard
With a view to cashing in on the country's growing preference for big brands, luxury watch maker, Cartier, plans to ramp-up its distribution network and launch more models in India, a top company official said. Presently, Cartier has boutique in New Delhi and 15 retailers in 8 other major cities.
Celebrity Fashions to demerge Indian Terrain
Financial Express
Celebrity Fashions Limited (CFL), owner of Indian Terrain brand retail outlets and manufacturer and an exporter of readymade garments to the US and Europe, is in a rejig mode. The company has decided to hive off its bottom's division into a separate entity called Celebrity Clothing Limited (CCL) and demerge its domestic business under Indian Terrain Fashions Limited (ITFL), to put greater focus on the core business of each of the units.
India is not an easy market: La Prairie
Economic Times
Dick Trappmann, president, La Prairie, was in India recently, as the brand is still looking to make a mark in the Indian market. India is a difficult market and lacks high-end retailers such as Harrods and Nieman Marcus, he said in an exclusive interview.
Raymond to recast garment biz, pull out weak brands
Economic Times
Apparel major Raymond has initiated a revamp exercise in its garment business that includes extending the reach of its flagship brand Raymond, while pulling out one of its non-performing brands from major cities. The Singhania family-owned company has decided to withdraw its Notting Hill brand, basically catering to the affordable segment, from larger cities, COO Deepak Khetrapal said. "We will be pulling out the Notting Hill brand from tier-I and tier-II cities, due to low demand. However, that price point is available at the Raymond Shops in smaller cities."
Jewellery arm of Citizen Co wants to launch pearl jewellery in India
Diamond World Magazine
Citizen Jewellery, the jewellery arm of Citizen Co is intending to launch its pearl jewellery brand Citizen Pearl in India. Citizen has yet to study the Indian market and consumer, to determine pricing and other product strategies for its Indian venture.
News: Food & Grocery, QSR ...
Metro Group seeks nod for commodities trading
istockAnalyst.com
German wholesale giant Metro Group is yet to get the APMC (Agriculture Produce Marketing Committee) nod to trade in commodities in Karnataka, said Mr Vishal Sehgal, Head, Corporate Relations, Metro Cash & Carry India. Currently, the company is allowed to trade only in fruits, vegetables and branded FMCGs in Karnataka, with the state yet to grant the APMC licence for commodities trading here.
Exclusivity is key for Minute Maid's new Nimbu Fresh
afaqs!
Coca-Cola recently unveiled a new lemon variant of Minute Maid, the drink that was launched in a 'Pulpy orange' flavour in 2007. The Nimbu Fresh variant was launched on February 19 but interestingly, the product was made available exclusively at the Future Group's Big Bazaar and Food Bazaar hypermarket chains. This was done under the chain's 'Shubh Muhurat' programme. Under this programme, Big Bazaar introduces new products each month and new brand launches are carried out exclusively in its outlets.
Retail Trends
India Inc set to hike pay by 11.4% this year
Economic Times
Double-digit salary hikes are likely to be back this year in India with employees expecting an average hike of 10.6% in 2010, the highest in the Asia Pacific, according to a survey conducted by HR consulting firm Hewitt Associates. The biggest recoveries are expected in IT, banking, financial services & insurance (BFSI), engineering, procurement & construction (EPC) and the retail sector, which had given marginal increments of about 4-5% last year.
Textile & clothing units' profitability likely to improve as demand picks up
Financial Express
Sales and profitability in the textile sector are likely to improve from the 2008 lows, as units highlight a recent pick-up in domestic and international demand. While India's apparel exports have also been affected by the removal of US quotas on Chinese products and domestic exporters lowered prices in 2009, India is still in direct competition with China.
Retail Insight
Shrinking Shrink: Best Practices for Managing Shrink
Park City Group
The key to managing shrink is a combination of employee awareness and training, industry best practices, and the use of technology. Hiring honest employees can reduce shrink by 13%. Things like background checks, previous employment verification, and written integrity surveys help ensure a more honest employee.
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