Fashion / Cosmetics / Jewellery
Trent to Open first Zudio store in Dubai next month
Retailer Trent, led by Noel Tata, is launching its first overseas Zudio store in Dubai next month, targeting the Indian diaspora. The store will be located in Silicon Oasis Mall. Following significant growth in India, Zudio now contributes over a third of Trent's total revenue. Expansion plans will depend on the store's performance.
India overtakes China in natural diamond consumption as De Beers partners with Tanishq
India is now the second largest market for natural diamond jewellery after the US, surpassing China. De Beers has partnered with Tanishq to promote natural diamonds in the country. The collaboration aims to boost consumer education and interest, driven by India’s vibrant economy, growing middle class, and significant potential for further growth in diamond jewellery consumption.
Tanishq in pact with De Beers to promote natural diamonds
India has surpassed China and is now the second-largest global market for natural diamond jewellery after the US. De Beers and Tanishq announced a partnership to promote natural diamonds in India. With growing demand and low penetration, this initiative aims to boost consumer awareness and confidence in natural diamonds.
Solitaire sales may sparkle this festive season on lower prices
Indians are indulging in diamond purchases thanks to a drop in solitaire prices since last Diwali. This price decline has raised expectations for strong solitaire sales during the upcoming festive season, according to jewellers. The cost of the most popular 1-carat solitaire diamonds has decreased from Rs 4.2 lakh last Diwali to Rs 3.4 - 3.5 lakh currently. This reduction has made these gemstones more accessible for consumers, especially for wedding rings.
Govt cuts drawback rates on exports of gold, silver jewellery
The drawback rates on gold and silver jewellery exports were notably reduced by the government. Gold jewellery rates dropped to Rs 335.5 per gram, and those for silver articles decreased to Rs 4,468 per kilogram. This adjustment correlates with a significant reduction in import duties on these metals as outlined in the Budget. Export figures during April-July showed a 7.
Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council
Gold prices rose by 10% domestically and 18% globally, driven by strong central bank purchases and expectations of a US Fed policy change. India's demand surged after a reduction in import duties, reflected in higher order bookings and gold ETF inflows. The Reserve Bank of India's gold reserves also reached a record high.
Reliance-owned Ajio expands its fashion portfolio with ASOS, marking British brand's India debut
Reliance-owned Ajio has launched British fashion brand ASOS on its platform, marking ASOS's entry into the Indian online retail market. The partnership introduces over 3,000 ASOS products, including lines like ASOS Design and ASOS Luxe. This move enhances Ajio’s collection of exclusive international brands and targets young Indian fashion enthusiasts, the company said in a press release on Friday.
British fashion brand ASOS exclusively launched at Ajio
Ajio, a fashion e-tailer under Reliance Retail, has launched the British fashion brand ASOS exclusively in India. Catering to the increasing demand for international brands, Ajio will initially offer 3,000 options, with plans to expand to 20,000 within a year, further enhancing its diverse portfolio of global fashion brands.
Gold loan market projected to double in 5 years to Rs 14.19 lakh crore: PwC India
India's organised gold loan market is forecasted to double to Rs 14.19 lakh crore by FY 2029, with a five-year compound annual growth rate (CAGR) of 14.85%, according to a PwC India report. The market, valued at Rs 7.1 lakh crore in FY 2023-24, faces moderated growth due to stricter regulations, including increased scrutiny on loan-to-value (LTV) ratios and auction procedures.
Bluestone bags Rs 900cr in pre-IPO round, to file draft papers this year
Jewellery retailer Bluestone has completed a Rs 900-crore financing round, increasing its valuation to $970 million. The Accel-backed firm plans to file for an IPO this year after closing a pre-IPO round. Investors including Peak XV Partners, Prosus, and Steadview Capital participated in the primary-plus-secondary share sale. Kalaari Capital made a partial exit, earning about ₹300 crore. Founders Gaurav Singh Kushwaha and Ganesh Krishnan own nearly 14% of the company.
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Gem, jewellery exports drop 23.28 pc to $1,665.4 million in July: GJEPC
In July, gem and jewellery exports fell by 21.93% to USD 1,665.4 million, mainly due to decreased demand from key markets like the US and China. Despite this downturn, the India International Jewellery Show 2024 generated business worth USD 12 billion, showcasing increased interest in gold jewellery.
Puma looks to be a sports & performance-first brand
Puma remains India's top sports and apparel brand, recording a 10% sales rise last year and achieving ₹3,274 crore in revenue. The company aims to enhance its credibility in sports by partnering with the Athletics Federation of India and the Indian Olympic Association. Despite slowing demand, Puma focuses on maintaining growth through sports and performance products.
Diamond houses strive to win back choosy Chinese buyers, plan $8-10 mn campaign with DeBeers
Last week, a meeting of natural diamond houses was held in Mumbai to discuss the road ahead. They have overcome the sudden crunch during the financial meltdown of 2008-09, but are sensing a different challenge this time around. Even De Beers, once a force to be reckoned with, is weighing new strategies.
Jewellers strike gold this rakhi
This Rakshabandhan saw a spike in gold purchases in India, thanks to reduced domestic prices from a recent import duty cut. Demand increased by up to 50%, with consumers buying more gold on average than last year. Despite rising international gold prices, Indian consumers' faith in gold investments remained steadfast amid market uncertainties.
Consumption to revive in coming qtrs, e-commerce to drive growth: Bata MD & CEO
Bata India expects a recovery in upcoming quarters driven by festive season demand, retail expansion, and e-commerce growth. The company planned store renovations and affordable new products for young buyers, alongside investments in technology and premiumization, despite a recent decline in revenue.
Gold rises $2,500 for first time on outlook for lower rates
Spot bullion climbed as much as 2.2% Friday, exceeding the previous record set last month, as a disappointing reading on the US housing market reinforced expectations of fast and deeper cuts by the Fed. Lower rates generally are positive for gold as it pays no interest.
