05 March 2022, Mumbai:

Nike Inc said on Thursday it would temporarily close all its stores in Russia, joining a slew of Western brands that have suspended their businesses in the country following Moscow's invasion of Ukraine.

The U.S. sportswear maker had made merchandise purchases on its website and app unavailable in Russia earlier this week and directed its customers in the country to brick-and-mortar stores instead.

The latest decision covers both Nike-owned and -operated stores.

ALSO READ: Lucy Rouse has been named the new leader of Nike's SNKRS program

The company also said its foundation would be donating $1 million to the United Nations Children's Fund and the International Rescue Committee to support relief efforts.

Earlier in the day, U.S. off-price chain TJX Cos Inc (TJX.N) said it would sell its 25% stake in Russian low-cost apparel retailer Familia, with two of its executives also resigning from their director and observer positions.

RELATED ARTICLE Nike & Hermès File Lawsuits for Trademark Infringement: non-fungible tokens (NFTs)

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CREDITS:Reuters.

04 March 2022, Mumbai:

Fourth-quarter 2021 net sales of $4.5 billion increased 2% year-over-year and were down 3% compared to 2019;

Comparable sales were up 3% year-over-year and increased 3% versus 2019 the Fiscal year 2021 net sales of $16.7 billion increased 21% year-over-year and were up 2% compared to the fiscal year 2019;

ALSO READ: Gap signs up Reliance Retail as new 'India franchise'

Comparable sales were up 6% year-over-year and increased 8% versus 2019 the Fiscal year 2021 reported diluted earnings per share was $0.67 with adjusted diluted earnings per share of $1.44 Returned over $400 million to shareholders in fiscal 2021 through dividend program and share repurchase plan Fiscal year 2022 reported diluted earnings per share is expected to be in the range of $1.95 to $2.15 with adjusted diluted earnings per share in the range of $1.85 to $2.05

Gap Inc. (NYSE: GPS), a portfolio of purpose-led, billion-dollar lifestyle brands including Old Navy, Gap, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S. reported its financial results for the fourth quarter and fiscal year ended January 29, 2022.

RELATED ARTICLE: Gap signs up Reliance Retail as new 'India franchise'

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*CREDITS: gapinc.com.

04 March 2022, Mumbai:

Available across most popular e-commerce platforms, Cloth Haus has been created with a vision to deliver apparel designed for the Indian sensibility, of superlative quality, and in a reasonable price range.

Aloka Exports, the 35-year old textile manufacturer, launched its maiden venture in the domestic apparel space with a sustainable brand, Cloth Haus.

ALSO READ: Kitex Apparel Parks Limited is a new subsidiary of Kitex Garments, an Indian company

Available across most popular e-commerce platforms, Cloth Haus has been created with a vision to deliver apparel designed for the Indian sensibility, of superlative quality, and in a reasonable price range.

Cloth Haus will be launching collections that rest on digital printing, pleating, burnouts, printing on non-conventional fabrics, woven jacquards, embossing, and styling.

The brand is, thus, all set to present the modern face of the Indian textile industry before the world.

Aditya Agarwal, Director of Cloth Haus said, “Cloth Haus is our tribute to the rich textile legacy of India.

Through our robust experience of working with various global brands, we have developed an in-depth understanding of the Indian buyer’s mind and technology.

RELATED ARTICLE: Texport Inds looks at investing in Sircilla Apparel park

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CREDITS: Indian Retailer.

03 March 2022, Mumbai:

Wrangler brand global revenue was $444 million, a 1 percent decrease over the same period in the prior year on a reported and constant currency basis.

ALSO READ: Lee, Wrangler to increase focus on online channels in India

Wrangler U.S. revenue decreased 2 percent compared to the same period last year, with strength in Digital, Western and Outdoor offset by a 5-point headwind from the 53rd week in 2020.

Wrangler international revenue increased 8 percent over the same period in the prior year on a reported basis and 9 percent in constant currency.

RELATED ARTICLE: For its 75th anniversary, Wrangler introduces the first-of-its-kind NFT

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*CREDITS: Kontoor.

02 March 2022, Mumbai:

Myntra’s new Style Squad will help strengthen its influencer marketing and social commerce footing, says Achint Setia, Head- Marketing and Social Commerce. The Style Squad comprises content creators on the Myntra app.

The style squad will be the ambassador of Myntra’s social commerce play, conversations on social media and will represent the platform in its entirety, adds Setia.

It is a mix of creators from different geographics, age groups, and other demographics with varied expertise The Style Squad will follow combined model f on-demand content and Live commerce content.

ALSO READ: With the opening of a new store in Mumbai, Guess is expanding its retail reach

In the on-demand case, the influencers will ideate a set of formats and topics around which they want to build content. There will be a monthly calendar on which Myntra will align these topics.

While there will be many other influences on the platform, the share of voice that the Style Squad generates will increase. Secondly, training and investment will help the style squad, improve the quality of content and the knowledge they impart on fashion and beauty.

It will also provide more opportunities to consumers to talk one-on-one with members.

RELATED ARTICLE: Guess plans to open 50 new stores in India

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03 March 2022, Mumbai:

Lee brand global revenue was $233 million, a 14 percent increase over the same period in the prior year on a reported and constant currency basis.

Lee U.S. revenue increased 13 percent compared to the same period last year, driven by improving sell through of new programs and increases in Digital.

Lee international revenue increased 14 percent over the same period in the prior year on a reported and constant currency basis. Other global revenue declined to $5 million driven by impacts from the strategic actions related to VF Outlet operations.

Gross margin increased 30 basis points to 42.8 percent of revenue, compared to the same period in the prior year. Adjusted gross margin decreased 60 basis points to 42.6 percent of revenue, compared to the same period in the prior year. 

ALSO READ: Lee, Wrangler to increase focus on online channels in India

Structural margin improvements increased 80 basis points driven by favorable customer and product mix, as well as business model changes, which more than offset the impacts of inflation, inventory adjustments, and higher distressed sales.

Additionally, in support of strong demand, transitory expenses, which include air freight for expedited shipments, negatively impacted gross margin by 140 basis points in the quarter.

Compared to the fourth quarter of 2019, adjusted gross margin increased 170 basis points.

RELATED ARTICLE: For its 75th anniversary, Wrangler introduces the first-of-its-kind NFT

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*CREDITS:  Kontoor.

02 March 2022, Mumbai:

*Sunder "Ashok" Genomal is an Indian businessperson, billionaire, and MD of Page Industries, a Bangalore-headquartered garment company, founded in 1994.

He has recently put in his papers from the post of Managing Director and is to continue with his services as Non-Executive Director.

Sunder Genomal has gladly acknowledged having expressed his keenness to continue to contribute to the Company's progress and be a party in its long-term enduring growth in the capacity of Non-Executive Director.

ALSO READ: Page Industries (Brand Jockey) reports Q2 results

*The Board has entrusted the responsibility of appointing the successor with the Nomination and Remuneration Committee (NRC) in line with the succession plan of the Company and in this regard, the NRC and Board meetings is being convened on 01st March 2022 with a shorter notice.

Shares of Page Industries Limited was last trading in BSE at Rs. 42246.40 as compared to the previous close of Rs. 41535.75.

The total number of shares traded during the day was 679 in over 503 trades.

The stock hit an intraday high of Rs. 42496.35 and intraday low of 40501.20. The net turnover during the day was Rs. 28118190.00.

RELATED ARTICLE: Jockey India expands 'offline footprint' despite 3X growth in online sales

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*CREDITS: Equity Bulls.

01 March 2022, Mumbai:

A sustainable athleisure wear brand for women Aastey plans to expand product categories, R&D operations, marketing and scale up its presence in India’s athleisure market by using the $1.3 million raised through seed round funding from CXXO, a Kalaari Capital initiative.

Jeevika Tyagi, Co-founder & CEO says, the funding will help the brand build supply chain while allowing it to market the brand.

ALSO READ: Kunal Avanti teams up with 'Sunny Leone' for an athleisure label

R&D will focus on continuously focus on innovating with sustainable fabrics and making original blends to offer customers the best experience” Vani Kola, Managing Director, Kalaari Capital adds, technological innovations in fabrics and the body-positivity movement are spurring demand for athleisure products in India.

Through this expansion Aastey will create a vibrant lifestyle brand and community centered on sustainable fashion.

Founded in 2021 by Kanupriya Mundhra and Jeevika Tyagi, the brand is targeted by millennials and aims to cater to all Indian body types. It has launched eight different sizes for each of its designs and claims to be a 100-percent sustainable brand.

RELATED ARTICLE: Renewable Carbon as a Guiding Principle for Sustainable Carbon Cycles

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