India’s overall consumer market growth slipped to its lowest level in a decade in last fiscal, but top global fashion brands Zara, Marks & Spencer, Benetton, Levi’s and Tommy Hilfiger all posted anywhere between 14% and 42% year-on-year jump in their revenues. Their base is not too low either; except Tommy, all others are Rs 500-crore-plus brands in India.
On the down side, not all of them are making money, partly because they kept their rates affordable and offered discounts to woo the consumers despite a falling rupee and rising input costs. Marks & Spencer Reliance India, which operates M&S stores in India, saw its losses soar 400% to Rs 87 crore last fiscal, while Inditex Trent Retail India, which runs Zara brand in the country, reported a one-third fall in its profits.
“We continue to invest into our stores, creating an inspiring shopping environment to showcase our latest international trends at competitive prices for our customers in India,” Venu Nair, managing director of M&S Reliance said.
