Fashion / Cosmetics / Jewellery
Tanishq, Malabar Gold and other jewellery giants put their hallmark on small towns
As much as 70% of Tanishq's 436 stores are outside large cities - 38% in places with 200,000-plus population and 32% in smaller towns - with the remaining 30% in metros and mini-metros, chief executive Ajoy Chawla said. Some of these are located in places such as Kudal in Maharashtra's Sindhudurg district, Bhawanipatna and Angul in Odisha, and Mirzapur and Balia in Uttar Pradesh.
Malabar Gold Diamonds announces to invest Rs 1,000 cr and generate 4,000 jobs in Maharashtra by FY25
Jewellery retailer Malabar Gold & Diamonds has announced plans to invest Rs.1,000 crore ($138 million) and create 4,000 jobs in Maharashtra by 2025. The investment and job creation will be made possible through the launch of its centralised base of operations, Malabar National Hub (M-NH), in Mumbai. Spread across 50,000 sq ft, M-NH will house various operations including retail, procurement, e-commerce, and digital marketing.
Myntra expects 8 million customers to shop during its upcoming festive sale
Myntra is anticipating over 8 million customers during its upcoming festive sale, "Big Fashion Festival." To handle the expected surge in traffic, the fashion e-retailer has scaled its systems to accommodate approximately 1 million concurrent users. Myntra has also added over 5 lakh new styles from popular brands, with emerging categories such as home products, luggage, and footwear expected to witness increased demand.
Indian traders to stop rough diamond imports for 2 months as demand dips
The Indian diamond trade has decided to halt imports of rough diamonds from major mining companies for two months starting from October 15. This decision comes as the demand for cut and polished diamonds in the US and China has been slowing down. The move aims to reduce the industry's polished stock inventory, protect its financial health, and save jobs for approximately two million workers.
Reliance Brands introduces global luxury label AFEW Rahul Mishra
Reliance Brands Ltd has launched a new luxury label called AFEW Rahul Mishra in collaboration with Indian designer Rahul Mishra. The collection, which includes women's clothing, jewelry, bags, and shoes, was presented at the Palais de Tokyo in Paris. AFEW Rahul Mishra will be available online and in flagship stores, followed by exclusive stores in key fashion cities.
India's export of cut, polished diamonds may fall by 22 pc in FY24 on sluggish demand: Icra
India's export of cut and polished diamonds is expected to decline by 22% to USD 17.2 billion in the current fiscal year, according to rating agency Icra. The decline is attributed to weakened demand from key consuming nations such as the US and Europe, as well as limited demand from China. Additionally, competition from lab-grown diamonds and elevated prices of rough diamonds have further impacted exports.
Amid record high prices, gold buyers take a shine to monthly schemes
Despite the high prices of gold, retail chains are experiencing an increase in jewelry purchases through deferred or monthly payment schemes. Tanishq, a jewelry retailer owned by the Tata Group, saw a 44% rise in purchases through its deposit scheme. Reliance Retail also reported an increase in purchases through such schemes. Even regional chains, like PNG Jewellers and Senco Gold, have seen significant growth in deposits. The popularity of these schemes can be attributed to the discounts offered on installments and the ability for consumers to pre-plan their purchases.
Sencoverse: D-St's new kid gives India its first virtual jewellery showroom on metaverse
Senco Gold & Diamonds has launched Sencoverse, India's first virtual jewelry retail space within the metaverse, aiming to engage with digitally adept millennials and Gen Z shoppers. The virtual showroom offers an immersive shopping experience, allowing customers to view jewelry items in 360 degrees, zoom in for intricate details, and virtually try on items.
Profit margins of 11 listed retail entities to moderate by 120 bps to 5.2% in FY2024 : ICRA
Post the pandemic, fashion retailers focused on rapid expansion of their store networks in FY2023, given the muted store expansions during the pandemic period in FY2021 and FY2022. Overall, the retail space area increased YoY by 27% (aided by a low base), with retailers in ICRA’s sample set spending Rs 1,460 crore towards capex in FY2023, despite the demand slowdown in the value fashion segment.
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Senco Gold & Diamonds launches virtual showroom 'Sencoverse' on metaverse
Indian jewellery retailer Senco Gold & Diamonds has launched its first virtual showroom, called Sencoverse, on the metaverse. The platform aims to offer customers a more personalised and seamless shopping experience by bringing the brand's exquisite jewellery to life in the virtual realm. Customers can access Sencoverse from anywhere by visiting the platform and entering basic information. The virtual showroom provides a 360-degree view of jewellery items, interactive features for zooming in on details, and a try-on feature.
Current law stifles innovation: Separate law needed for cosmetics products, says HUL
At present, the making of cosmetics is regulated under a system of inspection and licensing by the state licensing authorities, and products including soaps, skin care and cosmetics are treated to the highest levels of regulatory control like drugs under the Drugs and Cosmetics Act.
Indian diamantaires seek pause on rough stones' supply
The overall gross exports of cut and polished diamonds between April and August of FY24 was $ 7028.31 million - a decline of 30.27% from $10079.94 million in the year-ago period. The import of rough diamonds has also dipped to $6428.13 million during the period from $7865.40 million during the same period of the previous financial year.
JCPenney India appoints Kaushik Das as new Managing Director
JCPenney India has appointed Kaushik Das as its new Managing Director (MD). The new MD will be based out of the Bengaluru office and will drive innovation and lead the transformation strategy for the center. He has held senior roles such as director of operations and analytics at Giant Eagle.
World Gold Council bats for enhanced transparency in the gold supply chain
All members have also committed to joining the Gold Bar Integrity (GBI) platform and supply, on a confidential basis, “core data” on the gold they have produced to their refining partners. This ensures gold enters the Gold Bar Integrity platform “at source” and is a major step in the digitalisation of gold across the supply chain.
Amid higher scrutiny from G7: Diamond trade in rough, exporters looking to China
India's diamond exporters are expecting demand from Chinese buyers for the country's cut and polished diamonds at the Hong Kong Jewellery & Gem Fair, which is being held from September 20-24. Exporters are all set to negotiate prices with Chinese buyers as they want to clear the inventories, said industry executives.
