Inside Retail Asia breaking news, supplier information, product launches and consumer campaigns within the India retail sector.

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H&M soars in first quarter

H&M says global sales in its first quarter – to February 28 – soared 15 per cent year-on-year in local currencies.

Crocs India terminates franchise deal

US shoemaker Crocs has cancelled its exclusive franchising agreement in India with Chogori Retail.

India, China drive Forevermark growth

Diamond brand Forevermark boosted its global store network by 20 per cent in 2014.

Lowe’s opens India innovation centre

US hardware giant Lowe’s has opened an innovation centre in Bangalore, India.

Mobile internet will top $1.55 trillion

A Google-commissioned report shows mobile internet is growing at 23 per cent annually across major economies.

The shrinking ranks of Mumbai malls

More than 10 Indian shopping malls have been shuttered or converted into office space in the last two years – most of them in Mumbai. And more – like the Nirmal Lifestyle Mall in Mulund, central Mumbai, and Centre One, the oldest mall in Vashi, New Mumbai – have announced its imminent closure. Nirmal, which opened in 2003, employed 5000 people at its peak. Today it is a shadow of its former self, most retail spaces empty, apart from some foodcourt tenancies. Dharmesh Jain, head of Nirma…

Hungry Foodpanda eats up rivals

Online food delivery service Foodpanda.com has gobbled up six rival services across Asia. The Rocket Internet subsidiary recently secured US$60 million in a capital funding round and his wasted little time investing in rivals to boost its market share. The businesses bought, with business descriptions provided by TechInAsia.com,  are: Just Eat in India – This deal pertains only to the Indian segment of UK-based Just Eat. Along with Foodpanda’s recent TastyKhana buy-up, Foodpanda n…

Indian giant posts solid growth

Indian retail group Shoppers Stop has reported solid growth as it continues to gradually expand its retail store network. The company reported a gross retail turnover of Rs.844.77 crore for the quarter to December 31, compared with Rs.787.49 crore in the corresponding period last year. Net Profit for the quarter stood at Rs.13.77 crore. (A conversion to USD was not available at the time of going to press). Shoppers Stop operates 321 stores in all – large format department stores, hyperstor…

Pure Gold plans Indian focus

Dubai-based jeweller Pure Gold Group plans to invest US$150 million on store roll-outs and expanding manufacturing facilities in India. Middle and upper class Indians love gold – to the point India’s government places restrictions on imports into the country to prevent cash outflow. As the per capita income of India’s population grows, more and more people are entering the middle class and see gold as both a status symbol and a safe investment. Pure Gold Group currently has 25 jewel…

Indian retail giant plans bank

One of India’s largest retail conglomerates has applied for a banking licence. Future Group said in a statement it has lodged an application for a Payments Bank Licence with the Reserve Bank of India through its founder, Kishore Biyani. “The group proposes, subject to the grant of the license and the other regulatory approvals, to name the entity, NuFuture Payments Bank. The proposed Payments Bank will work towards extending the Reserve Bank of India’s mandate of financial inclusion …

Asics to go it alone in India

Japanese sportswear brand Asics has received Indian government approval to operate as a single brand retailer. As a result, the company will end its exclusive distribution arrangement with Indian retail powerhouse Reliance Retail and appoint its own retail partners. However, it said Reliance would be its preferred retail partner, demonstrating the companies remain on good terms. The company has already formed an Indian subsidiary Asics India Pvt Ltd. “We have an exclusive distribution a…

Van Heusen to target women

The Indian business of Van Heusen is planning a network of stores targeting solely women. Van Heusen, owned by Madura Fashion & Lifestyle, also plans to focus on repositioning its essentially denim-based youth fashion range Vdot. Brand head Vinay A Bhopatkar says the company will open up to 25 stores annually exclusively for women. It also plans another 50 stores annually for its menswear collection as it moves to target tier 2 and 3 cities, currently underserved and home to people wit…