January 2020 Edition Apparel January 2020 issue | Page 20

MARKET WATCH
In March 2017, the ethnic fashion retailer started
experimenting with experience centres. Two years
now, it is betting big on its large format retail
stores for its next leg of growth. They want to
take its number to 30 by end of this fiscal, says
Ajay Kapoor, President, Retail, Fabindia.
“We want to add a new line of customers and
offer them an experiential retail experience,” he
adds.
By March 2019, Fabindia had ten experience
centres. Since its business case is established,
the firm is looking at expanding it faster. In the
last six months, the firm opened five more stores.
“We have a strong pipeline now as the spaces
have been leased and are getting prepared,” says
Kapoor. They will be launching one in Panchkula
in Haryana in December 2019, followed by
another in Bangalore in January 2020.
In 2021–2022, Fabindia plans to open 20 more
experience centres in India.
Fabindia closed FY19 with sales of R1,148
crore and a net profit of R116 crore. It is targeting
sales of R1,500 crore in FY21. Seventy per cent
of its revenue comes from metros.
Excerpted from Business Today
Fabindia Targets R1500
Crore Sales Mark in
FY21; to Open 20 More
Experience Centres
in India
You Can Shop Till Wee
Hours in Karnataka Soon:
All You Should Know
Soon it would be possible to shop till the wee hours
in Karnataka. Retailers are more bullish about the
ease of doing business and increase in sales as the
government has permitted shops and commercial
establishments to be open on a 24x7 basis.
Retailers Association of India (RAI) on Tuesday
said the move by the government would enable an
increase in employment by up to 9 per cent and
grow sales by at least 3 per cent in the retail sector
in Karnataka in the next three years.
RAI said the retail community is pleased with
the Karnataka government notification permitting
all shops and commercial establishments in the
state, employing ten or more persons, to be open
on 24x7 basis on all days of the year for a period of
three years, subject to the conditions mentioned in
the notification. Though the notification was issued
recently, RAI said it wanted to assess the impact
and sentiment related to it among the retailer
community in the state.
The Central Government introduced ‘The
Model Shops and Establishment (Regulation of
Employment and Condition of Services) Act 2016’
which has been one of the key asks of the Retailers
Association of India for the overall benefit and the
growth of the Indian retail sector. RAI has been
pursuing all the State Governments to adopt the
Model Act for enabling Ease of Doing Business.
Excerpted from Business Standard
Adidas and Beyonce to Launch Gender-neutral Collection
Adidas will start selling a new collection designed with singer Beyonce on January 18 in a relaunch of her Ivy Park brand
that includes shoes, clothes and accessories, mostly in maroon, orange and cream. Adidas described the collection,
which features on the cover of January’s Elle magazine, as gender-neutral. It includes jumpsuits, cargo pants, hoodies and
cycling shorts, mostly featuring signature Adidas triple-stripes.
The German sportswear brand announced it was teaming up with the singer in April to relaunch the Ivy Park brand
Beyonce started in 2016 together with British fashion chain Topshop. The company did not give financial details.
The partnership comes as Adidas seeks to attract more female customers, an area where it has lagged bigger rival Nike
and German competitor Puma, which saw its sales boosted by a collaboration with singer Rihanna that ended last year.
Excerpted from Fashion Network
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I APPAREL I
January 2020