The Tata Group's retail chain, Trent is planning to set up its own apparel empire like its partner Zara. But, unlike Zara, it will retail apparel at half the price. Trent has been Inditex SA’s partner running its flagship store Zara in India.
Trent has now fine-tuned its local supply chain to deliver extremely fast fashion which can get runway styles to customers in just 12 days, the same compressed timeline that’s turned Inditex into a $90 billion empire, reported Business Standard.
Trent is planning to open 40 outlets of its flagship Westside chain every year and hundreds of its mass-market Zudio stores, where nothing costs more than $15 across India, the report said quoting Noel Tata, chairman.
Trent started hiring employees to grab the upcoming trends and launch 300 new styles across its stores each week, said a report in Express Journal.
Last week, Trent had announced plans to raise up to Rs 1,550 crore in the current financial year through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options, to fund its expansion.
The company said the total amount to be raised from the issuance of shares to the promoter is about Rs 950 crore.
Trent Ltd said it is witnessing positive traction for its lifestyle retail concepts and consequently pursuing a substantially accelerated growth programme across the Westside, Zudio and Star formats.
On Monday, Trent Ltd said it was seeking shareholders approval to allot up to 2.46 crore equity shares to Tata Sons.
Trent plans to raise funds through preferential allotment of shares to promoter Tata Sons to finance expansion and reduce debt.
The shareholders are requested to "record their assent (for) or dissent (against) in the postal ballot form and return the same" by Wednesday, 24 July 2019, Trent Ltd said in a BSE filing.
According to the Tata Enterprise owned firm, the company will utilise the proceeds from the preferential issue to fund the various related growth plans, projects and future investments.
— With PTI inputs
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Updated Date: Jun 25, 2019 12:56:36 IST