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H&M revenue rises by 14 per cent to 1700 crores

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In 2019, fashion retail chain H&M reported revenue of Rs 1,700 crore, 14 per cent higher year-on-year,  from Rs 1,490 crore a year earlier. The Swedish brand has continued to expand its market in India by double digits since its entry in 2015. In 2019, however, its growth dropped dramatically from the previous year. Its top line increased to 43 per cent in 2018.

Recently also the H&M added a new member discount in India. With the pandemic of Covid-19 and lockdowns seriously affecting on-floor shopping. On its short-term ambitions, the effect was also felt. Although it launched eight and 12 stores in 2018 and 2019, it only opened two outlets in Bhubaneswar and Lucknow this year. This will bring the shop count to 50, distributed across 25 Indian towns.

“We experienced a revenue loss of 31 per cent during the first nine months. Our activities here are actually at the 50 per cent mark. I don’t think we’re going to be able to hit last year’s 2020 revenue estimates”, ‘said Janne Einola. H&M uses a schedule for the financial year from December to November.

In 2019, the Myntra marketplace and its own online store received about a quarter of their revenue from the two online platforms. “For the moment, the share of online providers will remain high until the situation normalises,” Einola said.

Retail

Gujarat to set-up 2 mega textile parks as part of union budget announcement

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March 05: The Gujarat government will be setting up 2 mega textile parks to ‘enable forward and backward integration’ in the sector. This was revealed while the state budget was presented yesterday. This project will be done as a part of the union budget announcement of setting up 7 textiles parks of such kind. This move ensures a long way for the industry to compete globally.

A top English language daily quoted Chintan Thaker, co-chair, ASSOCHAM Gujarat state council, as saying, “Mega Investment Textile Parks will make the industry more competitive at a global level and this will not just boost exports but at the back-end, it will also help generate more employment. At the same time, a single cluster will definitely help bring in more investments in the textile sector.”

He further stated, “This will give an impetus to MSMEs in the textile sector, which is the highest employment generator after agriculture. It will help ancillary units in textiles in a big way. Moreover, the plug-and-play model for the park will aid employment generation and also give an ecosystem to exporters and domestic manufacturers.”

Also read: Bhumika Group continues to sign brands for Udaipur Mall Project; Van Heusen, Louis Philippe among other

Vijay Purohit, president, Gujarat Garment Manufacturers’ Association (GGMA), said, “A cluster approach not just brings in investments but instead it also helps build an entire textile value chain, which is currently very segregated in different geographical locations. This will help the industry grow, scale-up and innovate while being more competitive.”

Referring to the state government’s announcement over the Rs. 1,500 crore outlay to provide subsidy to the industries under the textile policy, Industry stakeholders said that the help will go a long way in boosting the competitiveness of the domestic manufacturers.

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Fashion

Timex Group brand Helix launches its first smartwatches ‘Helix Smart’ in India

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Helix smartwatches, March 03: Helix that is a Timex Group brand has recently launched its first smartwatch in India titled Helix Smart. This addition aims for Timex to further strengthen its presence in the smartwatch segment.

With Helix smartwatches, Timex is observing the millenials to witness their newly launched product and drive growth for their segment. Timex also expects strong sales for the segment given the affordable price range of the product.

A cherry on the top news is that the newly launched watch is available in three different colours: blue, black and pink and is priced at Rs. 3,995. Also, as of now, the smartwatch will be sold at the authorized Helix retailers store or through the brand’s official website.

Also read: Fossil Group launches virtual watch try-on feature without an additional app

Timex Group already has a well-established market in traditional watches as they contribute largely towards the brand’s sales. Now, the company is focusing to make a landmark in the digital platform and smartwatches segment for future growth in the country.

Sharing his excitement over this new launch, head marketing and e-commerce at the Timex Group, Ajay Dhyani expressed, “We are pleased to announce the launch of Helix’s first-ever smartwatch, Helix Smart. The all new Helix smartwatch embodies the Timex Group’s standard of quality and precision combined with new age technology. We believe that these smartwatches will be well received by the youth.

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Retail

L Catterton backed by LVMH nearing deal to acquire German brand Birkenstock

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ARIZONA from Birkenstock

March 01: L Catterton is nearing an agreement to acquire the German footwear brand Birkenstock as the deal might get final by this week. This information was bestowed by the people aware of the development.

The people also claimed that the investment firm and the family who is behind the German brand might announce the deal this week. However, the identity of the informers cannot be revealed since the information is private.

They also said that the transaction could bring a revenue value to Birkenstock of about 4 billion euros. At the same time, the representatives for both Birkenstock and L Catterton denied claiming the viral information.

Also read: German brand Birkenstock launches a first mono-brand store in Bengaluru

The informers also said that since the conversations are advanced, the agreement might get delayed or even fall apart. L Catterton is a private equity firm that is backed by luxury French fashion house LVMH.

The people aware of the matter also claimed that L Catterton has been competing with the buyout firm CVC Capital Partners in acquiring the German brand as the former were close to sealing the deal earlier this year, however, failing in the process when Birkenstock chose L Catterton’s exceptional track record along with its ability to expansion in Asia, as claimed in Bloomberg News reports of this month.

Birkenstock has been planning its expansion in India for quite a long time and has already launched its brand stores and mono-brand stores in several Indian states like Delhi, Chennai, Hyderabad, Mumbai, and Bengaluru.

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