31 October 2025, Mumbai 

Reliance Brands has signed a long-term master franchise agreement to introduce the fashion brand Max & Co to India. As part of this new partnership, the first Max & Co store in India is scheduled to open in Mumbai in early 2026.

Isha Ambani, Executive Director, Reliance Retail Ventures, emphasizes, Max & Co embodies a bold, modern expression of femininity - dynamic, joyful, and unapologetically individual - a spirit that deeply resonates with the evolving style and confidence of Indian women, she states.

Its distinctive fusion of Italian design heritage and youthful energy will have significant appeal for the Indian woman. Through the company’s partnership with Max Mara Fashion Group, it aims to shape a new chapter in contemporary women’s fashion.

Following the initial, single-brand store launch in Mumbai, Reliance Brands will begin a nationwide expansion, rolling out the brand in key metropolitan cities.

A part of the Max Mara Fashion Group, Max & Co specializes in contemporary Italian ready-to-wear and accessories. The full range of its offerings, along with seasonal ‘&Co.llaboration’ capsule lines, will be available in the upcoming Indian stores.

Maria Giulia Prezioso Maramotti, Divisional Director, Max &Co and Group Board Member, Max Mara Fashion, affirms, Reliance Brands’ strong experience in building and nurturing global premium brands makes them an ideal match for Max & Co in the region.

India represents a vibrant and forward-thinking market, one that shares our passion for creativity, style, and self-expression, adds Maramotti. The brand aims to inspire a new community of women who live with confidence, curiosity, and a cool, modern attitude.

This partnership aims to capitalize on the increasing consumer appetite for modern luxury and global fashion among Indian shoppers. Founded in 1986, Max&Co. currently operates in more than 400 stores worldwide and maintains a strong online presence.

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29 October 2025, Mumbai 

Karthik Balagopalan, Managing Director, Puma India has quit from his position in the company to focus on family priorities in Germany.

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His departure marks a leadership change at a critical time for Puma India, one of the company's fastest-growing markets.

Balagopalan had held the Managing Director position since August 2023, succeeding Abhishek Ganguly. He has a long history with Puma, joining the company in 2006.

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Before becoming the Managing Director for India, he served as the Global Director of Retail and E-commerce, leading the company's global Direct-to-Consumer (DTC) business.

Puma stated it will officially announce the successor soon. In the interim, core functions across the Indian business are expected to proceed as planned under the existing leadership structure.

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29 October 2025, Mumbai 

Global athletic brand New Balance has expanded its retail footprint in Telangana by launching its second store in Hyderabad. Located inside the Inorbit Mall, the new store complements its existing store at Sarath City Capital Mall.

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Radeshwer Davar, Country Manager, New Balance, says, the launch symbolizes New Balance’s commitment to fostering active, connected communities while offering consumers a premium experience that unites innovation, performance, and style.

Hyderabad’s growing enthusiasm for fitness and culture of community makes it the perfect city to continue our journey in India.

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The US-based brand celebrated the opening with an exclusive in-store preview event. Influencers, fitness enthusiasts, and media personalities attended, learning about the label's latest designs and its sport-inspired ethos.

Designed to offer a holistic brand experience, the new retail space aims to seamlessly blend functionality with fashion.

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3O ctober 2025, Mumbai 

Turning the runway into a festival ground, Myntra has just launched the Myntra GlamStream Fest 2025, positioning it as one of India’s first large-scale lifestyle and music festivals where the worlds of fashion, beauty, and pop culture will spectacularly collide.

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The event is set for November 16 at Mumbai’s MMRDA Grounds, marking Myntra's bold entry into hosting major cultural experiences. Headlining the debut edition is Bollywood music sensation Himesh Reshammiya, whose signature high-energy performance will anchor the evening.

Additional artists are expected to be revealed soon.

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Beyond the music, the festival promises a style-first playground featuring top brands, content creators, and celebrities. Attendees can expect major beauty launches, specially curated collections, and a variety of interactive experiences across the venue.

Rooted in Myntra’s creator-driven DNA, the GlamStream Fest is an evolution of the brand’s highly successful Creator Fest. It expands into a broader cultural platform designed specifically for India’s fashion-forward Gen Z audience.

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The creator-led event has now evolved into a large-scale cultural experience, says Sunder Balasubramanian, CMO, Myntra. It’s where fashion, music, and beauty collide - a reflection of how India experiences style and self-expression today.

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With a vibrant backdrop of fashion, food, and live acts, the GlamStream Fest aims to capture the global-meets-Indian spirit of creative freedom—a celebration best enjoyed with your closest friends.

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29 October 2025, Mumbai 

Diversified conglomerate, Raymond reported a 76 per cent Y-o-Y decline in its net profit for Q2, FY25 that ended September 30, 2025. This substantial drop occurred despite the company registering higher revenue and steady operational performance in its core business segments.

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The company's revenue increased by 11 per cent to Rs 527.7 crore from 473.5 crore Y-o-Y in the corresponding quarter last year while EBITDA increased by 12.3 per cent Y-o-Y to Rs 43.3 crore from Rs 38.5 crore.

Total income for the quarter rose by 10 per cent to Rs 564 crore, heavily supported by strong growth in its emerging industrial businesses.

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Raymond attributed the significant contraction in net profit largely to a decline in ‘other income.’ This suggests, while core business operations were sound (as reflected by steady EBITDA), non-operational income sources - such as gains on investments or exceptional items- did not contribute as much as they did the previous year.

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Raymond highlighted the impressive performance of its high-technology segments including Aerospace & Defence, Precision Technology & Auto Components, Exports to Sheets, noting, the growth reflects an ongoing shift in India’s manufacturing supply chain, where local suppliers are moving up the value chain toward complex, precision components.

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Raymond indicated it is capitalizing on China-plus-one opportunities and continues its expansion into new international markets and industrial sectors, focusing on integration synergies and operational efficiencies. The company maintains a strong financial footing, remaining net-debt free with a net cash surplus of Rs 27 crore.

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29 October 2025, Mumbai 

Global retailer H&M is significantly expanding its digital presence in India by launching its apparel and beauty collections on the Nykaa and Nykaa Fashion platforms this November. This partnership is a key move to make the brand's offerings more accessible to Nykaa's massive nationwide consumer base, estimated at over 45 million.

H&M's fashion lines will be available for purchase on Nykaa Fashion. This includes the upcoming Festive 2025 Collection, featuring partywear and outerwear in fluid fabrics with dramatic, metallic detailing.

The H&M Beauty range will launch simultaneously on the main Nykaa platform. This includes over 200 vegan make-up products, beauty tools, and fragrances. The collaboration aims to leverage Nykaa's deep understanding of Indian consumers and its digital reach to bring H&M’s ‘world-class style and beauty’ closer to millions of shoppers across the country.

To mark the debut, H&M will be taking over the Spotlight Stage at Nykaaland 3.0, India's beauty and lifestyle festival, which runs from November 7 to 9 in New Delhi.

This collaboration is viewed by both companies as a landmark moment that strengthens H&M's India expansion strategy and reinforces Nykaa's position as a gateway for major global fashion and beauty brands.

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28 October 2025, Mumbai 

Direct-to-Consumer (D2C) fashion brand Miss Mosa by Akanksha (formerly Alamode by Akanksha) has targeted revenues of Rs 110 crore for FY25–26. This follows a reported revenue of Rs 64 crore (approximately $7.7 million) in FY24–25.

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Founded in 2016 by Akanksha Sethi and Jayant Sethi in Uttarakhand, the Gurgaon-headquartered company shifted to a D2C model in 2020, maintaining close to 100 per cent Y-o-Y growth, escalating from Rs 11 crore in FY21 to Rs 64 crore in FY25.

The brand has successfully processed over 250,000 orders to date.

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The company achieved cumulative revenues of Rs 187.01 crore through FY 2024–25. Akanksha Sethi, Co-founder attributes this success to a customer-centric approach: According to her, the brand blends affordability with trend, and trust.

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 31 October 2025, Mumbai 

India’s retail story is undergoing a powerful transformation and it’s not happening in glitzy malls or luxury boutiques. Instead, it’s unfolding in the bustling lanes of Tier II, III cities, where value fashion chains are redefining organized retail through a mix of scale, speed, and sharp pricing.

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While Trent’s Zudio and Reliance’s Yousta often dominate the headlines, a deeper look reveals a far broader movement. From V2 Retail to Baazar Style, Vishal Mega Mart, and Cantabil Retail, a cohort of agile value retailers is quietly building an empire by mastering the economics of affordability and aspiration.

Table: Value retail revenue, growth and strategy

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V2 Retail: Speed, scale, and smart fashion for Bharat

In the value fashion segment, few names have shown as much velocity as V2 Retail. The company posted a 52 per cent year-on-year surge in revenue in Q1 FY26 to Rs 6.3 billion, continuing its streak of strong double-digit growth.

Its earnings per share (EPS) jumped 159 per cent YoY to Rs 20.83, underscoring how operational discipline can translate to profitability even in a price-sensitive segment.

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V2’s winning formula: Focused penetration across 165+ cities with 216 stores, primarily in Tier II, III clusters.

A striking 61 per cent of revenue now comes from private labels, up from 45 per cent in FY25, a shift that ensures higher margins and full control over fashion cycles. “Our growth engine runs on small-town aspirations and fast inventory turns,” said a senior company executive. “We don’t just sell clothes, we sell affordability with style.”

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Vishal Mega Mart, building the Walmart of value India

If V2 is sprinting, Vishal Mega Mart (VMM) is running a marathon. With 717 stores across 472 cities, VMM has evolved from a discount outlet chain to a diversified retail titan.

Apparel contributes 44 per cent of its sales, while FMCG and general merchandise provide balance, a structure that insulates it from fashion volatility. Over 70 per cent of its revenue originates from non-metro regions, where VMM’s model resonates most.

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In Q1 FY26, the company posted 21 per cent growth, with Gross Margins at 28.4 per cent and EBITDA Margins at 14.6 per cent, a testament to the power of its 75.8 per cent private brand mix. Analysts project Revenue/EBITDA/PAT CAGRs of 19/26/27 per cent respectively from FY25-28, signalling sustained momentum.

Baazar Style Retail, eastern India’s powerhouse

In India’s east, Baazar Style Retail has quietly become a formidable regional leader. The company’s Revenue from Operations soared 71 per cent YoY to Rs 5,319 million in Q2 FY26. Its Same Store Sales Growth (SSSG) hit 22 per cent, while sales productivity climbed to Rs 865 per sq. ft. per month one of the best in the value retail space.

With over 250 stores across nine states, Baazar Style’s cluster-based approach enables tight supply chains and strong brand recall. It’s also a case study in operational efficiency, running smaller, high-turnover stores averaging 8,976 sq. ft., allowing quick breakevens and nimble market entry.

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Cantabil Retail: Value meets efficiency in menswear

While many associate Cantabil with mid-market menswear, its balance sheet tells a value efficiency story. The company clocked a 20.3 per cent YoY rise in net profit to Rs 74.86 crore in FY25, with zero debt and a ROCE of 36.9 per cent exceptional figures in a capital-heavy retail sector.

Cantabil’s strength lies in a lean, asset-light expansion model, emphasizing owned brands and tight control on overheads. Its Return on Equity (20.8 per cent) far surpasses many premium retailers, proving that in the current market, financial prudence beats glamour.

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The economic logic behind the value boom

The government’s GST rationalization setting a 5 per cent tax on apparel up to Rs 2,500 has turbocharged consumption in the value and mid-market price bands. As per Crisil Ratings, this slab covers nearly 65 per cent of organized apparel sales, directly benefiting retailers targeting the price-sensitive mass consumer.

Add to this the demographic dividend: India’s emerging middle class, concentrated outside metros, is projected to drive over 60 per cent of new apparel demand in the next five years.

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Private labels the profit multiplier

Private labels are no longer mere fillers they are core business engines. VMM (76 per cent), V2 (61 per cent), and Baazar Style (45 per cent) all rely heavily on in-house brands, which enhance margins and allow faster product rotation. By owning design-to-shelf cycles, these chains maintain freshness while cutting dependency on third-party suppliers a crucial edge in high-turnover markets.

PORTFOLIO

Format innovation and capital discipline

Smaller store formats and cluster-based expansions are the backbone of value retail’s efficiency. Compared to department store giants like Shoppers Stop or Lifestyle, these players operate with lower Capex, faster breakeven times, and minimal debt, translating to better PAT conversion even at modest price points.

Premium retail’s struggle

In contrast, the premium apparel segment dominated by legacy names such as ABFRL, Shoppers Stop, and Arvind Fashion is facing headwinds. Higher GST at 18 per cent on apparel priced above Rs 2,500 has eroded discretionary demand. These players also battle high store Capex, rent, and depreciation, limiting profitability even amid strong topline growth.

As a result, the value segment has effectively flipped the traditional profitability equation where mass retailers now deliver higher returns on capital than luxury counterparts.

SUSTAINABILITY

Organized value retail vs. unorganized majority

India’s retail market remains a paradox 93 per cent unorganized, yet growing rapidly toward formalization. Small kirana and apparel shops continue to dominate by volume, driven by proximity and personal trust.

However, the winds are shifting. Organized value chains bring standardization, tech-enabled supply chains, and brand assurance that resonate with a new generation of consumers.

As per projections, the Indian retail market will grow at a 13.2 per cent CAGR to reach $3.4 trillion by 2033, with organized players expected to corner over 35 per cent share by 2030 up from around 15 per cent today.

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The greatest opportunity lies in Tier II, III India, where the migration from unorganized to organized is accelerating.

Hence, India’s value retail story isn’t just about cheaper clothes it’s about inclusive consumption and capital-efficient growth. By marrying affordability with aspiration, leveraging technology for agility, and capitalizing on favorable tax structures, these chains are reshaping the foundation of Indian fashion retail.

As premium players battle margin compression and slower demand, the real retail revolution is happening in Bharat, where value is not a compromise it’s the new currency of success.

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29 October 2025, Mumbai 

Once written off as a legacy departmental chain struggling to keep pace in India’s new-age retail arena, Shoppers Stop is quietly scripting one of Indian retail’s most notable turnarounds. With a deliberate focus on premiumization, deeper customer engagement, and seamless digital integration, the 30-year-old retailer is redefining its place in a market dominated by e-commerce juggernauts and value-fashion disruptors.

All about premium, personalized, and phygital

Shoppers Stop’s reinvention comes against the backdrop of a retail market that’s undergoing structural change. The rise of omni-channel commerce, the growing dominance of value players like Zudio, and fast-moving beauty chains such as Nykaa have forced legacy retailers to choose: scale down or level up. For Managing Director & CEO Kavindra Mishra, the choice was clear. “Premiumization is not just a strategy; it is the cornerstone of our future,” Mishra says. “We’ve delivered resilient performance underpinned by profitable growth and sharper execution across businesses.”

The company’s strategy rests on three interlinked pillars: premiumization, loyalty-led engagement, and digital transformation.

Premiumization, from departmental to destination retail

Once defined by its mass-premium mix, Shoppers Stop is now evolving into a destination for aspirational shopping, where curated luxury and experience trump discounts.

Curated brand portfolio: The retailer is increasing its assortment of premium and international brands while phasing out underperforming mid-market lines.

Beauty as a growth engine: The SSBeauty format and online beauty platform ss.beauty.in have emerged as the company’s fastest-growing verticals, recording over 100 per cent YoY growth in distribution.

Store revamps: Renovated stores now feature upgraded interiors, premium fixtures, and personalized services such as ‘Personal Shopper’ sessions. “We’re not chasing footfall alone we’re curating aspiration,” says Mishra.

Loyalty as the growth engine

The company’s First Citizen loyalty program remains the backbone of its business, contributing a majority of total sales. The focus is on deeper engagement, particularly among Premium Black Card members a high-value segment that drives repeat purchases.

Closing the physical-digital loop

Shoppers Stop’s third pillar is its most transformative a full-fledged omni-channel ecosystem that integrates in-store, online, and mobile touchpoints.

Unified product view: Whether a customer shops on the app, website, or in-store, the assortment, pricing, and offers are consistent.

INTUNE launch: The company’s new value-fashion format aims to tap India’s aspirational yet price-sensitive Tier-II, III shoppers.

Digital efficiency: Website order contributions rose 90 per cent, while marketing efficiency improved with a 13 per cent drop in website Cost Per Revenue (CPR).

GST Rationalization: A Double-Edged Sword for Premium Retail

While the recent GST rationalization has broadly benefited mid-market retailers by lowering taxes on clothing priced below Rs 2,500 (from 12% to 5%), it poses a challenge for Shoppers Stop’s premium-heavy model. Garments priced above Rs 2,500 now attract 18% GST, up from 12%.

The price band dilemma

This shift directly impacts the Rs 2,500-Rs 3,500 price bracket, a sweet spot for aspirational shoppers buying premium Indian wear or occasion outfits. Retailers face a tough choice: absorb part of the tax hike or risk volume declines. “We may see temporary margin compression as premium players tactically absorb part of the hike,” says a Mumbai-based retail analyst. “But Shoppers Stop’s beauty and accessories portfolio will likely buffer the impact.” As categories like beauty, home, and accessories accounting for nearly 40 per cent of total revenue remain unaffected by apparel GST changes. Meanwhile, the cut in GST on synthetic yarn and fibre to 5 per cent could reduce input costs for suppliers, improving margins over time.

Turnaround in motion

Despite macro headwinds, the company’s latest Shoppers Stop’s quarterly results reflect operational resilience and top-line momentum.

Table: Shoppers Stop financial results

Source: Shoppers Stop Q2 FY2026 Financial Results, Company Filings. Figures are approximate based on reported data.

The strategic initiatives are showing a tangible impact on key performance indicators (KPIs), as reflected in recent financial disclosures. The company is showing resilience with top-line growth and improved operating efficiency, even as net profits remain a work-in-progress due to high costs and current economic softness.

The premiumization payoff

The premium portfolio now contributes an estimated 67 per cent of total sales a clear marker of success in targeting affluent and aspirational consumers. Simultaneously, the beauty business has outpaced all other categories, emerging as the most profitable vertical.

Table: Sales and growth by category

Category Contribution to sales YoY growth Premium Portfolio 67% +12% Beauty (Retail + Distribution) 18% +100% Non-Apparel (Home, Accessories) 22% +9%

Industry analysts see Shoppers Stop’s growth path as a template for legacy retail adaptation in the digital age. “By choosing to be premium-first and data-driven rather than discount-driven, Shoppers Stop is rewriting its narrative,” says retail consultant Sushil Nair. “The next test will be scaling profitably without diluting the premium experience.”

The bottomline is hoppers Stop’s steady revival signals more than just a corporate comeback it underscores how India’s modern retail is maturing. As shoppers move beyond transactional buying toward experience-led, value-conscious spending, the company’s mix of premiumization, loyalty, and omni-channel depth places it firmly back in the competitive ring. The coming quarters will test its ability to balance margin pressures under the new GST regime with growth momentum in beauty, digital, and loyalty-driven sales. But for now, the message is clear: Shoppers Stop is no longer catching up it’s catching on.

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