Trent surged 7.67% to Rs 8021 after the company launched its new lab-grown diamond (LGD) brand 'Pome' in Westside stores.
Pome offers a range of LGD jewelry, including earrings, rings, necklaces, and bracelets, all crafted with the same expertise as natural diamonds. Lab-grown diamonds are chemically identical to natural diamonds but are created in a laboratory instead of being mined.A domestic broker noted that Pome's LGD jewelry is competitively priced, making it more affordable and accessible to a wider audience. The broker also mentioned that Trent may expand the Pome brand with Exclusive Brand Outlets (EBOs) in the future. The broker believes that Pome has the potential to disrupt the LGD jewelry market, similar to the success of Trent's Zudio brand in the fashion retail space.
The launch of Pome comes at a time when the demand for lab-grown diamonds is increasing due to their ethical and sustainable appeal. Trent's entry into the LGD jewelry market is expected to further drive growth and innovation in this segment.
Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner. Trent's new fashion concepts include Samoh, a differentiated & elevated occasion wear offering and Misbu that offers a curated & compelling range of beauty, personal care and fashion accessories.
As of 30 June 2024, the companys portfolio included 228 Westside, 559 Zudio and 36 stores across other lifestyle concepts. During the quarter, the firm added 6 Westside and 16 Zudio stores across 12 cities.
On a consolidated basis, net profit of Trent rose 126.29% to Rs 392.57 crore on 56.16% surge in net sales to Rs 4104.44 crore in Q1 June 2024 over Q1 June 2023.
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