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 (ABFRL) reported a net loss of 195.86 crore rupees ($26.93 million) in the fourth quarter of India’s 2021 financial year, which ended March 31, widening from 146.59 crore rupees ($20.14 million) for the same period a year earlier. Net sales fell 0.6 percent to 1,821.58 crore rupees ($250.4 million) year-on-year.
Throughout the majority of this quarter, India was riding a wave of strong economic and consumption recovery, before localised shutdowns to control the spread of the country’s devastating second wave of Covid-19 infections began in March.
The company delivered a consolidated EBITDA of 253 crore rupees ($34.8 million) in the quarter, growing 51 percent year-on-year due to a strong sales recovery. Throughout the whole financial year, the group added 400 new stores to its portfolio, scaling up across city tiers and focusing on product categories, such as casual and activewear, that have received a boost thanks to the pandemic.
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.
From Viviano Sue to Soshi Otsuki, a new generation of Tokyo-based designers are preparing to make their international breakthrough.
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.