Agenda-setting intelligence, analysis and advice for the global fashion community.
The Indian fashion retailer recorded 2875 crore rupees ($361 million) in revenue for the quarter ended June 30, surging 254 percent year on year and 39 percent compared to pre-Covid levels.
The company said the growth was attributed to the “aggressive store expansion, accelerated e-commerce and omnichannel” and expected to continue in upcoming quarters.
In contrast to the net loss of 352 core rupees in the same quarter last year, net profit for the quarter reached 94 crore rupees, more than treble pre-Covid levels. EBITDA jumped to 500 crore rupees from a loss of 145 crore rupees. E-commerce sales increased 56 percent year on year.
As of June 30, the company has a network of 3487 stores and a presence in 30,787 multi-brand outlets along with 6,381 counters or concessions in department stores across India.
ADVERTISEMENT
Last May, Aditya Birla Fashion and Retail Limited secured an investment of 2,195 crore rupees ($282.8 million) from Singapore’s sovereign wealth fund GIC, following the acquisition of a 51 percent stake in House of Masaba Lifestyle Private Limited and a long-term licensing agreement to exclusively sell Reebok products in India and other ASEAN countries.
In recent years, the firm has also invested in Sabyasachi, Shantanu and Nikhil, Tarun Tahiliani and traditional Indian fashion retailer Jaypore. Its portfolio includes traditional Indian fashion brand Pantaloons and partnerships with international labels such as Ralph Lauren, Ted Baker and Fred Perry.
Learn more:
Why Billionaire Industrialists Are Snapping Up India’s Fashion Brands
Mega-conglomerates Reliance Industries Limited and Aditya Birla Group have invested in more than a dozen Indian designer brands. There is more to the deals than meets the eye.
