DFI Retail Group has sold its 22.2 per cent stake in Robinsons Retail Holdings Inc (RRHI) for US$270 million as the company refocuses investment on its core operating businesses across Asia.

The transaction was completed via a special block sale on the Philippine Stock Exchange and involved 315.31 million shares priced at $0.90 per share – a 36.2 per cent premium to RRHI’s current market price.

GCH Investments, a wholly owned subsidiary of DFI Retail Group, first became a shareholder in RRHI in 2018 following the Philippine retailer’s acquisition of Rustan Supercenters.

Scott Price, Group CEO of DFI, said the divestment would enable the company to redeploy its capital more effectively.

“This transaction represents a step in our evolution as an operating company, enabling us to redeploy capital to support growth and enhance shareholder returns across our subsidiary businesses,” said Price.

DFI Retail Group operates a broad portfolio of banners across Asia, including Wellcome, Food World, and Cold Storage supermarkets; 7-Eleven convenience stores; and Mannings and Guardian health and beauty outlets.

Founded in 1980, RRHI operates a wide range of retail formats in the Philippines, including supermarkets, department stores, drugstores, and DIY chains.

The company said in a recent filing that the buyback aligns with its capital allocation strategy and reflects confidence in its long-term prospects.

“The ongoing share repurchase program reflects the company’s belief that current market prices do not fully reflect the underlying financial strength and long-term growth prospects of RRHI.”

RRHI CEO Stanley Co credited DFI with supporting the group’s expansion into new categories.

“Our acquisitions of Rustan Supercenters in 2018 and Rose Pharmacy in 2020 enabled us to enter the premium food retail segment and strengthen our drugstore network,” said Co.

“The partnership also allowed RRHI to become the exclusive distributor of DFI’s private-label brands, Meadows and Guardian. We are deeply grateful for the partnership we have forged with DFI.”

Despite DFI’s exit, RRHI will continue to exclusively distribute Meadows and Guardian products in the Philippines.

Author Credits- Kaycee Enerva
Inside Retail

Meesho, an e-commerce startup, has emerged as India’s third-largest online retail platform by GMV, positioning itself for a potential public market debut.

Backed by a sharp focus on small towns and low-cost sellers, e-commerce startup Meesho has emerged as the country’s third-largest online retail platform by gross merchandise value (GMV), positioning itself for a potential public market debut.

According to a recent report by brokerage firm CLSA, Meesho has reached a GMV run rate of $6.2 billion for FY25. The report projects Meesho’s market share will climb from 8.5% to 10% over the next six years, even as larger rivals Amazon and Flipkart see marginal declines.

Founded in 2015, Meesho carved a unique path through India’s crowded e-commerce landscape. Instead of targeting premium urban customers, it targeted price-sensitive consumers in Tier 2, Tier 3, and rural regions. This differentiated approach has built strong traction among first-time Internet shoppers and small-scale sellers. Today, Meesho boasts over 187 million annual transacting users and has achieved profitability—an uncommon milestone for horizontal e-commerce players.

Meesho began its journey as Fashnear, a hyperlocal fashion discovery app. However, it quickly pivoted upon recognising the dominance of unbranded goods in e-commerce. It then launched a platform enabling informal resellers—often homemakers and small entrepreneurs—to sell products via WhatsApp and Facebook, bypassing the need for inventory or capital investment.

“What struck us was their hands-on insight that 90% of fashion commerce in India involves unbranded goods, a massive reality that Amazon and Flipkart were ignoring,” said Arjun Malhotra, general partner at Good Capital, an early investor. “Indian commerce is fundamentally relational, not transactional,” he said.

In 2021, Meesho eliminated commission fees, making it the lowest-cost platform for online sellers. This seller-first model attracted over 400,000 transacting sellers annually. On the buyer side, the company built a lightweight app with regional language support, optimised for low-end smartphones and patchy mobile data—key to driving adoption in rural India.

“Over a third of Meesho’s user base comprises first-time online shoppers,” noted Lavanya Ashok, Partner at Trifecta Capital, which invested in the company through its growth equity fund. “Their tech-led approach—AI-driven cataloguing, personalised interfaces, and vernacular support—has been crucial to onboarding new buyers and retaining trust among sellers.”

To support its low-cost operations, Meesho has also developed its own logistics network. Its delivery arm, Valmo collaborates with 6,000 regional partners to deliver across more than 15,000 pin codes. Valmo now manages over half of Meesho’s deliveries.

This model—enabling rather than replacing existing networks—has allowed Meesho to keep customer acquisition costs significantly lower than its peers. “We saw other startups burn through millions trying to build marketplaces from scratch,” said Malhotra. “Meesho’s model of enhancing existing behaviour was not only more capital-efficient but more culturally aligned,” he added.

The company’s disciplined execution is beginning to reflect in its financials, too. In FY24, Meesho generated ₹197 crore in free cash flow and cut adjusted losses by 97% year-on-year. Annual order volume crossed 1.3 billion, with home & kitchen and beauty & personal care emerging as key growth drivers.

Despite this scale, Meesho’s growth potential remains vast. Only 5% of India’s 63 million micro, small and medium enterprises, or MSMEs, are fully digitised, pointing to a large untapped market. “Maintaining trust at scale is hard,” said Malhotra, “but Meesho’s engagement-led model creates a strong moat.”

The broader market backdrop is also favourable. A January 2024 report by Wazir Advisors projects India’s value retail market—excluding food and groceries—will grow from $111 billion in FY23 to $170 billion by FY26. Meanwhile, Bain & Company analysts noted early this year that hyper-value commerce has expanded from 5% of India’s e-retail GMV in 2021 to over 12% in 2024.

With profitability, scale, and a differentiated model, Meesho is poised to become a defining force in India’s next wave of digital commerce.

Author Credits- Ayanti Bera
FINANCIAL EXPRESS

The company expanded its store network to 137 stores and now serves over 15 million customers across India

Citykart has raised INR 538 crore in Series B funding round, co-led by TPG NewQuest, a secondary private equity platform for Asia within TPG, and A91 Partners, a homegrown investment firm specialising in growth investments.

Investcorp, an early backer of Citykart, has made a full exit, while India SME Fund continues to hold a minority stake. EY India acted as the exclusive financial advisor to the transaction.

Of the total funding, about INR 120 crore is primary capital, with the remaining INR 418 crore being towards secondary transactions. The primary infusion will enable the company to accelerate expansion in both footprint and product assortment.

“This new round of funding is a significant milestone in our journey. We are delighted to welcome TPG NewQuest and A91 Partners as long-term partners who believe in our vision of making affordable fashion accessible to Bharat. The capital infusion will help us grow deeper and wider, invest in innovation, and build a strong, future-ready organisation focused on scale and operational excellence. We’ve been fortunate to have had the support of Investcorp and India SME Fund in our earlier stages, their belief in our model helped us build a strong foundation,” said Sudhanshu Agarwal, Co-founder Citykart.

The company expanded its store network to 137 stores and now serves over 15 million customers across India. Growing at more than 40 per cent, the company is now targeting revenue of INR 1300 Cr.

“Citykart has demonstrated an exceptional ability to scale profitably in one of the most challenging and underserved segments of Indian retail. Their deep customer understanding, disciplined execution, and strong leadership team make them well-positioned to drive value fashion retail across India. We are excited to partner with them in this next phase of growth,” said Bharati Agarwal, TPG NewQuest.

News Credit: Entrepreneur

Snitch, a swiftly emerging menswear brand, is about to raise ₹278.93 crore (approx. $33 million) in a Series B funding round, bringing its valuation to roughly ₹2500 crore according to Entrackr’s valuation. The round is led by 360 One Asset Management Fund, along with returning investors SWC Global and IvyCap Ventures.

This is Snitch’s second biggest funding round after its Series A round in December, 2023 when the brand raised ₹108 crore ($13 million) at a valuation of ₹500 crore. With this investment, Snitch’s valuation has just about quintupled and demonstrates the brands growth and acceptance in the Indian fashion market.

Funding Information

Regulatory filings with the Registrar of Companies (RoC) show that Snitches’ board approved the issuance of 1,755 Series B shares at an issue price of ₹15.89 lakh each to raise the capital.

• 360 One is investing ₹220 crores (about $25.9 million)
• SWC Global and IvyCap Ventures are investing ₹29.4 crores (about $3.5 million)

After investment, 360 One will be 9.67% owners of Snitch, while IvyCap Ventures and SWC Global will be 10.39% and 10.17% owners, respectively.

About Snitch

Founded in 2019 by Siddharth Dungarwal, Snitch is a direct-to-consumer (D2C), fast fashion brand designed for men with a focus on affordable and stylish clothing. Snitch offers a wide range of modern wardrobe essentials from athleisure, loungewear, and shorts to shirts and jackets, through its e-commerce website, app, and offline retail stores.

For now, the brand has 58 physical stores in India, and is located in major cities such as Bengaluru, Delhi, Mumbai, and Gujarat. Snitch plans on fundamentally investing in expansion, targeting an ambitious growth strategy to operate 100+ offline stores by the year 2028.

Snitch became a national sensation during Shark Tank India Season 2 when they raised ₹1.5 crore in funding from six prominent investors (Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, Amit Jain) at ₹100 crore valuation. This exposure allowed Snitch’s public image to grow significantly and establish greater consumer trust in its endeavors.

Company Performance

Snitch has run a tight ship and produced tremendous fiscal results. For FY March 2024, Snitch turned over ₹241 crore, up 100% on FY23. The company also delivered a profit of ₹4.39 crore. Overall, the current findings show not only an increase in sales, but increases in operational efficiency.

The Snitch FY25 results will be out soon and the new funds will be used to further product innovation, marketing, and in-store rollout.

Author: Syed Afsha Ali
Business Outreach

The wave of leadership changes across luxury fashion houses continues. Christian Dior Couture has officially announced the departure of Maria Grazia Chiuri, its artistic director for women’s collections. The news comes just one day after Dior’s latest runway show in Rome, ending months of speculation about her planned exit. Since taking the reins in July 2016, the Italian designer has led Dior’s women’s ready-to-wear, haute couture, and accessories lines. Known for her feminist perspective, Chiuri played a key role in revitalizing the flagship LVMH brand. Between 2018 and 2023, Dior’s revenue quadrupled under her direction.

This announcement follows Dior’s earlier confirmation in January of the exit of British designer Kim Jones, who led Dior Men for seven years. Jonathan Anderson, formerly creative director at Loewe, another LVMH label, replaced him in April. Earlier this year, speculation circulated that the Irish designer might also assume creative leadership of Dior’s women’s lines.

Chiuri’s next professional chapter remains unclear. She was previously rumored to be in discussions to lead Fendi’s women’s collections, though those talks now appear unlikely to move forward.

Born to a seamstress who ran a small atelier, Chiuri has long been drawn to fashion. Now 61, she studied at the Istituto Europeo di Design in Rome and began her career at Fendi, an LVMH brand, in 1989. There, she focused on handbag design and contributed to creating the iconic Baguette—one of the defining “it bags” of the 1990s.

Chiuri’s career took off when she partnered with longtime collaborator Pierpaolo Piccioli. The pair caught the eye of Valentino Garavani and, in 1999, were entrusted with designing accessories for Valentino. Following the brand’s acquisition by investment firm Permira in 2007 and the retirement of its founder, Chiuri and Piccioli stepped into the roles of co-creative directors for accessories. By late 2008, they were promoted to oversee all of Valentino’s fashion collections. Their tenure saw the rise of the Rockstud pump, which became a global sensation.

Under their leadership, Valentino experienced renewed energy, capturing the attention of younger consumers and gaining critical acclaim. When Qatari investment firm Mayhoola acquired the brand in 2012, Chiuri and Piccioli continued modernizing the house. By 2015, Valentino was nearing €1 billion in annual revenue.

In 2016, Chiuri made history as the first woman appointed as artistic director of Dior. From her debut, she used fashion as a vehicle for feminist expression. Her runway shows regularly featured bold slogans such as “We Should All Be Feminists” and “Sisterhood Is Powerful.”

While honoring Dior’s storied heritage, Chiuri infused the brand with a contemporary edge, designing refined, wearable pieces that resonated with younger audiences. As she explained after her first show, her mission was “to be attuned to the world and to create fashion that reflects today’s women. Fashion that supports them through change, helping them break free from stereotypes.”

In 2019, Chiuri received the title of Chevalier of the French Legion of Honor—one of several accolades that mark her influential career.

Author Credits- Dominique Muret
FASHION NETWORK

John Hoke, a longtime top design executive at Nike Inc., is retiring after over three decades of shaping new products at the world’s largest sportswear company.

Hoke is stepping down as Nike’s chief innovation officer, according to an internal memo seen by Bloomberg News. In that role, he had been charged with speeding up the pace of product development.

According to the memo, he’ll stay on board through October to finish some projects, and Nike plans to name a successor for the position soon.

A representative for Nike confirmed Hoke’s departure. Hoke didn’t immediately respond to a request for comment.

The top ranks of Nike’s management have shuffled significantly in recent months under chief executive officer Elliott Hill, who came out of retirement last year to try to turn around a sales slump. This month, Footwear executive Phil McCartney was named Nike’s new executive vice president and chief innovation, design and product officer.

Hoke, an architect, started at Nike in 1992, working on stores and fixtures before becoming involved in footwear. He went on to become Nike’s chief design officer for 15 years, overseeing more than 1,000 employees globally, before being put in charge of innovation in 2023. Nike’s executive chairman and former CEO Mark Parker worked closely with Hoke over the years to develop new prototypes and products.

Hill told employees in the memo that Hoke had a meaningful effect on Nike’s growth throughout his tenure, and that his design influence will be seen at Nike for years to come. He credited Hoke with designing the first Niketown New York and the Serena Williams Building at company headquarters in Beaverton, Oregon.

In an interview with Bloomberg News last year, Hoke said that his teams had a “very aggressive agenda” developing a suite of underfoot cushioning technology, including new ways to use Nike’s proprietary Air system.

News Credits- FASHION NETWORK

South Africa’s SPAR Group (SPPJ.J), plans to sell its retail businesses in Switzerland and in the United Kingdom after completing a strategic review of its European operations, the retail and wholesale group said on Thursday.

The group, which owns several SPAR country licences of the Dutch SPAR group, has been trimming its international operations in order to “maximize the return on capital allocated”. Last year it sold its loss-making Polish business.

The group said it was in exclusive talks with an established UK-based business over the sale of its UK operation Appleby Westward Group. The potential buyer, which SPAR did not name, was “well positioned to develop and grow AWG in South West England,” it said.

In Switzerland, SPAR has been engaging established parties with extensive business interests in the region and experience in European food retail and distribution, it added.

“The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers,” SPAR said.

The Swiss business, with 300 stores, contributes 16 billion rand ($899 million) to group turnover, while the South West England unit contributes 6 billion rand.

Internationally, SPAR will be left with Ireland, its biggest overseas business, and a joint venture in Sri Lanka.

($1 = 17.7956 rand)

News Credits- Reuters

Costco Wholesale (COST.O), missed analyst expectations for third-quarter revenue on Thursday and said it had pulled forward shipments of some goods it had planned to import this summer to lower the impact of U.S. tariffs.

The membership-only retail chain said raising prices would be a “last resort”, unlike larger rival Walmart (WMT.N), which has said that it would have to start raising prices later this month.

Target (TGT.N), opted not to raise prices, but slashed its annual outlook.
Companies, especially retailers, are grappling with higher costs involved in moving supply chains away from China, which has borne the brunt of U.S. President Donald Trump’s tariffs.

That, coupled with muted consumer spending in an uncertain environment, has hit bottom lines. U.S. consumer sentiment slumped to a nearly three-year low in May.

Costco said on the post-earnings call that it had re-routed many goods sourced from countries with large exposure to Trump’s tariffs to its non-U.S. markets.

The popularity of Costco’s private label products, which tend to undercut higher-priced branded alternatives, and consumers stocking up on essential goods, helped the company beat expectations for comparable sales in the quarter.

“As inflation and supply chain concerns drive more consumers to buy in bulk, warehouse clubs like Costco are gaining traction,” said eMarketer analyst Zak Stambor.

Same-store sales, excluding gas, rose 8% for the quarter ended May 11, compared to an estimate of a 6.96% increase, according to data compiled by LSEG.

The company’s quarterly revenue rose 8% to $61.96 billion, missing analysts’ average expectations of $63.19 billion.

Excluding items, Costco earned $4.28 per share, slightly above analysts’ estimate of $4.24 per share.

Shares of the company, which have risen about 10% this year, were flat in extended trading.

Author Credits- Neil J Kanatt
Reuters

Australian retail sales slipped unexpectedly in April as warm weather hit spending on winter clothing, data showed on Friday, while department stores suffered from a dearth of discounting events in further evidence of a cautious consumer.

The weakness came despite lower borrowing costs and a cooling in inflation, supporting investor wagers for a further cut in interest rates when the Reserve Bank of Australia next meets in July.

Data from the Australian Bureau of Statistics showed retail sales fell 0.1% in April from March, confounding analyst forecasts for a 0.3% increase and ending three months of gains.

Sales of A$37.2 billion ($23.91 billion) were up 3.8% on a year earlier, a slowdown from 4.3% in March and historically sluggish given annual population growth is running around 1.7%.

Food, clothing and department stores all saw falls, while household goods and eating out had a better month due in part to catch-up spending in Queensland following widespread floods.

“Clothing retailers told us that the warmer-than-usual weather for an April month saw people holding off on buying clothing items, especially new winter season stock,” said Robert Ewing, ABS head of business statistics.

Retail sales account for around 35% of household consumption, so the data point to a soft start to the second quarter. Consumption made almost no contribution to economic growth last year, a miserly result usually only seen during recessions.

That weakness was a major reason the RBA cut interest rates by a quarter point to 3.85% this month, and why markets expect at least three more easings this year to 3.10%.

Its first rate cut in February seemed to have little impact on consumers, with retail sales flat in volume terms over the March quarter and broader spending only inching ahead.

The frugal outcome led the RBA to again downgrade its forecasts for consumption this year, though it still hopes a combination of past tax cuts, slower inflation and falling borrowing costs will embolden consumers over time.

Not helping the mood has been the wild swings in financial markets of recent weeks as U.S. President Donald Trump’s tariff plans darkened the global economic outlook.

Surveys showed a slump in consumer confidence in April that was only partly repaired by a pullback in sky-high U.S. tariffs on China, Australia’s single-biggest trading partner.

($1 = 1.5557 Australian dollars)

Author Credits- Wayne Cole
Reuters

Walmart Inc is betting on India, Mexico, and China to drive the next phase of its international expansion, with a particular focus on scaling up ecommerce and omnichannel capabilities in these fast-growing markets.

The retail giant sees these regions as strategic priorities within its global portfolio, according to Kathryn McLay, president and chief executive, Walmart International. The division oversees the Bentonville-based retailer’s operations outside the United States (US), including its global online platforms.

McLay noted India, home to 1.4 billion people, represented a major opportunity in ecommerce. India’s internet economy is estimated to reach $1 trillion by 2030, primarily due to ecommerce. Yet online penetration remains relatively low, at just 9 per cent, highlighting the headroom for growth. To tap that opportunity, Walmart is continuing to build its Flipkart business, with ongoing investment in both established channels and newer retail formats.

“We see huge opportunities in that market, and we have been growing the Flipkart business,” said McLay during a fireside chat with Bernstein analyst Zhihan Ma at the Bernstein 41st Annual Strategic Decisions Conference 2025 in the US on Wednesday.

Walmart entered India in February 2018 through its $16 billion acquisition of ecommerce firm Flipkart, which operates as a pure-play online 3P (third-party) marketplace.

The original premise for Flipkart was to bring branded items to Tier-II and -III cities, where access to such products was earlier limited. Consumers in these areas would often travel to Tier-I cities for items like Levi’s products. Flipkart initially focused on categories such as mobile phones, electronics, and apparel, and these core categories have since reached profitability. As the business matured, McLay said Flipkart had been expanding both its assortment and its overall offering to meet evolving customer needs.

In recent years, McLay said quick commerce had emerged as a major trend in India, defined by delivery times of 15 minutes or less. Recognising this shift, Flipkart has developed what it calls its “Minutes business”, specifically designed to enable delivery within this new, accelerated time frame. The company has established 250 fulfilment centres to support this model, marking a significant transformation from its previous one-to-two day delivery promise just a year ago. Today, Flipkart can deliver some orders in as little as three minutes, showcasing remarkable operational speed and agility.

“It was a one- to two-day promise. Now we have a 15-minute promise, and sometimes we can deliver in as short as three minutes,” said McLay. “Those capabilities are insane for me. They’re kinda mind blowing.”

Quick commerce now represents about 20 per cent of the ecommerce market in India and is experiencing a 50 per cent annual growth rate.

While Flipkart continues on its path to profitability with its core business, McLay said the firm was investing in emerging areas like quick commerce as part of its broader growth strategy.

Walmart views this expansion not as a linear path to profitability but as one that is supported by strong international proof points across markets and channels, reinforcing confidence in the long-term trajectory, according to McLay.

Flipkart is also incorporating global best practices into its operations. When the rise of quick commerce became evident, McLay said Flipkart Chief Executive Officer (CEO) Kalyan Krishnamurthy referred to Walmart’s operations in China, specifically the cloud-based fulfilment model used by Sam’s Club, where 1,000 SKUs (stock-keeping units) are delivered in less than one hour.

Flipkart sent a team to China to study this model, which provided insights into optimising fulfilment for speed. Based on the experience, Flipkart aimed to improve on the model by scaling up to 6,000 SKUs delivered in less than 15 minutes.

“When we saw the rise in quick commerce, our CEO of Flipkart asked me, where can I learn across Walmart Enterprise about speed? And I pointed him to China,” recalled McLay.

These adaptations are now being shared with other markets, including China, showcasing how learning flows both into and out of India within Walmart’s global network.

McLay also shared insights about Flipkart’s growth and profitability. In contrast to Walmart’s China operations, which are largely first-party and do not include digital advertising, she said Flipkart’s business model included digital advertising as a revenue stream and as part of its overall profitability profile.

“One of the hidden gems, I think, in the Flipkart business is Myntra,” said McLay.

One of the standout elements within Flipkart is Myntra, its dedicated app and brand for beauty, apparel, and accessories. Myntra has built capabilities around customisation and hyper-personalisation, and is regarded as a leader in the use of generative AI within Walmart International. For example, Myntra enables users to enter personalised prompts such as “I’m going to a wedding in Kerala in the summer with guests mostly in their twenties, and it will be semi-formal”, in response, the platform generates four different outfit looks

Flipkart’s broader business strategy continues to focus on the core ecommerce model, Myntra’s advanced personalisation capabilities, and the expansion of quick commerce. Walmart confirmed that the business was on the right growth trajectory and that while profitability was a goal, the company would not sacrifice market share and long-term growth to achieve it prematurely.

Author Credits- Peerzada Abrar
Business Standard