The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Aditya Birla Fashion and Retail Limited (ABRFL), reported a consolidated net profit of 58.55 crore rupees ($8 million) for the third quarter ending December. In the same period last year, the company posted a net loss of 37.64 crore rupees ($5.16 million).
Total income for the quarter fell almost 18 percent compared to a year earlier, but ABRFL said they had seen a significant pick-up of business in recent quarters, as Covid-19 infection rates in India started to decline and consumers began returning to stores.
Traditionally a giant in the men’s formalwear sector with brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England, ABRFL has recently diversified by introducing Forever 21 to India, and tapping the country’s huge bridal fashion market with a partnership deal inked with bridal couture brand Shantanu & Nikhil in 2020 and a 51 percent stake in Indian luxury brand Sabyasachi acquired just last month.
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Local streetwear brands, festivals and stores selling major global labels remain relatively small but the country’s community of hypebeasts and sneakerheads is growing fast.
This week’s round-up of global markets fashion business news also features Senegalese investors, an Indian menswear giant and workers’ rights in Myanmar.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstances kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.