Apparel gives you a roundup of important news and events. Compiled by Namrata D’souza
Although net sales for the Kishore Biyani-owned Future Retail Ltd. rose at a rate of 5.3% to R 356 crores from the preceding quarter, the company faced its second consecutive quarter loss reporting a stand-alone net loss of R 9.8 crores in the three months ending September 30, 2013. The firm mentioned in its statement that the numbers for the September quarter cannot be compared with the year-ago figures due to the demergers of its lifestyle fashion businesses that included Central, Brand Factory and Pantaloons among others. Future Retail is in the process of merging its wholly owned subsidiary Future Value Retail Ltd. (FVRL) with itself and is awaiting regulatory approval for the same. Its stand-alone business primarily includes its home and consumer durables. During the September quarter, Big Bazaar also added a store each in Kolkata, Mumbai, Agartala and Kochi and opened eZone stores in Bengaluru, Ahmedabad, Mumbai and Mysore as well.