 "Zudio sold 90 t-shirts, 17 lipsticks each minute in FY24, entered 46 cities")
Tata Group’s fashion chain Zudio sold 90 t-shirts and 17 lipsticks every minute in the financial year 2023-24 (FY24), said parent company Trent in its annual report.
It sold 20 denims, 19 fragrances each minute, a mark of its appeal among the younger audiences. Full Report
Zudio significantly contributed to Trent's quarterly profit, which grew five-fold, the firm said in a stock exchange filing on Monday. This is the third straight quarter of triple-digit profit growth for Trent.
Trent’s consolidated profit before exceptional items and tax rose to $36.1 million for the fourth quarter ended March 31, from Rs 601.7 million a year earlier.
Zudio’s cost-effectiveness is a key factor for its appeal among young consumers looking to refresh their wardrobes on a tight budget. Keeping up with the demand, the brand entered 46 cities in FY24 and added to existing presence in 48 cities, the report said. During the year, Zudio added 203 new stores to its portfolio and consolidated 10 stores.
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“Pitched at a younger audience, we recognise it is critical to be fashion-forward and closely synchronised with evolving trends. The emphasis is on minimising lead times and landing fresh collections in stores as quickly as possible. Merchandise is almost entirely sourced from within India as a matter of choice, affording access, speed and flexibility,” Trent said, offering some key business highlights about Zudio.
As of March 2024, Zudio has 545 stores across 164 cities, including stores co-located with Star, according to the report. The Star stores are operated by Trent Hypermarket in a joint venture with British retail major Tesco.
The highest number of Zudio outlets is in Maharashtra at 86, followed by Gujarat at 82. Zudio has 58 outlets in Karnataka and 14 in Delhi, said the report released on May 18. Himachal Pradesh, Nagaland, Meghalaya, and Sikkim have one store each.
(With inputs from Reuters)