05/11/2025
The expansion of retail chains across price points is boosting demand.
For example, Arvind Limited, which owns brands such as Calvin Klein, US POLO ASSN and Tommy Hilfiger in India, plans to add 150,000 sq. ft. of retail space in FY ’26, up from 120,000 sq. ft. in FY ’25. Aditya Birla Fashion and Retail Ltd., which owns Pantaloons and brands like Louis Philippe, Van Heusen and Allen Solly, will open 300 new brand stores and 20 Pantaloons outlets this year. Shoppers Stop plans seven new stores and 60 value fashion stores, while V-Mart Retail Ltd. targets 55-58 new stores in FY ’26.
Major value fashion retailers are also expanding rapidly. Affordable fashion has become the dominant force in the industry, with value fashion making up 56% of the total apparel market.
Trent’s Zudio crossed US $ 1 billion in revenue in FY ’25 with 765 stores nationwide. Reliance Retail’s Yousta has 55 stores across 27 cities and plans to scale to over 1,000 in the next 2–3 years. ABFRL’s Style Up currently runs 46 stores and aims for 250 globally. Shoppers Stop’s InTune has 50+ stores and plans 60 more in 2025.
Citykart operates 127 stores across 89 cities and targets 150 by year-end, adding at least 15 more next year. V2 Retail runs 150+ stores and plans to reach 250. Baazar Style has 222+ stores in 9+ states and is continuing its expansion. Vishal Mega Mart operates 645 stores, while V-Mart opened its 500th store and plans 50–60 more annually. Max Fashion runs 510+ stores across 200 cities, with more growth planned.
Direct-to-consumer (D2C) brands are also expanding into physical retail, leasing 595,000 sq. ft. in shopping centres and high streets in India between January and June 2025. CBRE reports that D2C brands now account for 18% of total retail leasing, up from 8% last year. Fashion and apparel brands are leading this trend, taking up 60% of all D2C retail space leased.
No wonder, a lot of vertically integrated manufacturers as well as yarn and fabric makers are buoyed by these positive macro indicators.
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