Zudio:7K-10K sq ft format

Westside: 18K-34K sq ft
FY23: Trent added just 26 Westside outlets even as it set up 100 Zudio stores.

Standalone GM contracted 479bps YoY to 44.5% (HSIE:

45%) as the revenue mix continues to tilt towards Zudio (low-GM business).
Revenuecontribution
revenue from Westside/Zudio (Calc.)categories
from emerging grew 36%/77%
(BPC,YoY to ~INR12.8b/
innerwear and INR12.5b, with strong 12% YoY LFL grow
footwear) at 19% (vs ~15-18% over previous four quarters) is healthy.
TRENT’s industry-leading revenue growth is mainly driven by: a) strong SSSG and productivity, b) strong footprin

28% footprint addition and healthy SSSG.

All fashion formats delivered 12% SSSG

Westside
1QFY24 4QFY23
Sales 12753 10443
Area (sq ft) 4000000
Stores 221 214
Revenue/sq ft 31882.5
Zudio
1QFY24 4QFY23
Sales in INR Cr 12492 10214
Area (sq ft) 3000000
Stores 388 352
Revenue/sq ft 41640

PAGEtoIndustries
due (1) general demand slowdown; (2) higher competitive intensity
(discount/offers by peers).

Raymond
with strong 12% YoY LFL growth in Westside and robust store adds. Westside/Zudio added 7/36 net new stores in 1QFY24

roductivity, b) strong footprint additions, and c) Zudio’s strong value proposition. It continues to outperform its peers and offers a huge
16% of total business
res in 1QFY24

its peers and offers a huge runway for growth over the next three to five years
The company now renovates its outlets every five-six years instead of its norm of once in nine-10 years until 2021. W
Beauty accounts for 16% of Shoppers Stop's revenue
30,000 square feet (sq. ft), compared to over 40,000-45,000 sq. ft until 2020. This allows the company to enter sma
average transaction value ~60% higher than Westside’s, Shoppers Stop has more to gain in making its stores feel pr
Private label for SS- 20%

Zudio competes not just with Reliance Trends, Landmark Group’s Max Fashion, and V-Mart Retail.
In the year ended 2016, Max contributed just one-third of the company’s revenue, while Lifestyle accounted for ov
Value fashion accounts for three-quarters of India’s apparel market, according to Centrum

Westside’s inability to make its stores work in small towns like Salem, in the southern state of Tamil Nadu, necessita

Zudio’s aggressive pricing strategy. Westside’s average selling price is just under 3X of Zudio’s
Westside’s likely geographical footprint may be capped at 150-200 cities, a limitation Zudio is free of
none of the 10 Zudio stores in the city is in the central or southern parts, where real estate is more expensive. On th

Zudio decided to get its stock replenished every eight weeks instead of the 12 weeks its rivals like the 16-year-old M
e in nine-10 years until 2021. With three-quarters of Shoppers Stop’s revenue coming from the 8.7 million members of its loyalty

ws the company to enter smaller cities such as Rourkela in eastern India and Dehradun in the northern region.
ain in making its stores feel premium

-Mart Retail.
hile Lifestyle accounted for over half. But five years later, their respective shares have almost reversed.
o Centrum

state of Tamil Nadu, necessitated the need for Zudio, says a former senior executive of Trent. “The company thought of taking Westside t

Zudio is free of
estate is more expensive. On the other hand, a quarter of Westside’s 13 outlets in Mumbai are in these areas.

its rivals like the 16-year-old Max opted for.

members of its loyalty

y thought of taking Westside to tier-III and tier-IV cities, but even tier II wasn’t working out