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71	71	|(% style="width:245px" %)Massimo Dutti|(% style="width:133px" %)3|(% style="width:99px" %)2
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74		-Subsidiaries & Associate
	74	+== Subsidiaries & Associate ==
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76	76
77		-Zara and Massimo Dutti
	77	+**Zara and Massimo Dutti**
78	78
79		-The Company has two separate associations with the Inditex group of Spain with a shareholding of 51 percent (Inditex): 49 percent (Trent) – one entity to operate Zara stores and the other for Massimo Dutti stores in India. The entities essentially facilitate distribution of Zara & Massimo Dutti products in India through their respective stores. The entity for Zara Stores currently operates 21 stores in Delhi, Mumbai, Bangalore, Pune, Surat, Jaipur, Chandigarh, Chennai, Hyderabad, Kolkata & Gurgaon.
	79	+The Company has two separate associations with the Inditex group of Spain with a shareholding of 51 percent (Inditex): 49 percent (Trent) – one entity to operate Zara stores and the other for Massimo Dutti stores in India. The entities essentially facilitate distribution of Zara & Massimo Dutti products in India through their respective stores. The entity for Zara Stores currently operates 21 stores in Delhi, Mumbai, Bangalore, Pune, Surat, Jaipur, Chandigarh, Chennai, Hyderabad, Kolkata & Gurgaon.{{footnote}}https://trentlimited.com/pages/subsidiaries-associates{{/footnote}}
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81		-[[https:~~/~~/trentlimited.com/pages/subsidiaries-associates>>url:https://trentlimited.com/pages/subsidiaries-associates]]
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83		-
84	84	Including in the context of brand ownership and the arrangements for merchandise supply (with the majority partner entirely controlling these core customer propositions and the terms thereto), Trent views its related commitments as a financial investment.
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86	86
87		-Fiora Business Support Services Limited (FBSSL)
	85	+**Fiora Business Support Services Limited (FBSSL)**
88	88
89	89	FBSSL is a wholly owned subsidiary of the Company. It is engaged in providing business support and consultancy services relating to accounting, merchandising, human resources, payroll etc. to the Company & related businesses.
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91	91
92		-Fiora Hypermarket Limited (FHL)
	90	+**Fiora Hypermarket Limited (FHL)**
93	93
94	94	FHL (a subsidiary of Booker India Ltd), operates a few of the Star stores in the context of the applicable regulations with respect to FDI in Multi Brand Retail Trading.
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96	96
97		-Booker India Limited (BIL)
	95	+**Booker India Limited (BIL)**
98	98
99	99	BIL (formerly Booker India Private Limited) was acquired by the Company in FY20. BIL operates cash and carry stores under the Booker Wholesale banner. BIL presently has 6 stores in Maharashtra and Gujarat with products in categories across staples, processed foods, confectionery, personal care, home care, soft drinks, dairy, chilled & frozen foods, bakery, fresh fruits, vegetables etc. Its customers comprise kirana stores, traders, wholesalers, small businesses, hotels, restaurants and caterers. BIL served approximately 22,000 trade customers during FY20.
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102	102	BIL has undertaken an initiative that assists independent kirana stores upgrade and modernize their in-store layouts, offerings and supports inventory management. While these stores are independently run and owned, they carry BIL’s ‘Happy Shopper’ branding. BIL currently serves more than 230 such stores. It also offers private labels with quality and affordability proposition, helping improve margins for store partners.
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104	104
105		-Trent
	103	+**Trent Hypermarket Pvt Ltd**
106	106
107		-Trent Hypermarket Pvt Ltd
108		-
109	109	Star stores are primarily operated by Trent Hypermarket Private Limited (THPL) - a 50:50 JV between Trent Ltd & Tesco Plc UK. The portfolio comprises hypermarket and supermarket stores focusing on categories like food and groceries, home care, apparel, home décor, health and beauty products. Current portfolio of 52 stores comprise 9 Star Hyper and 43 Star Market stores primarily concentrated in Bengaluru, Hyderabad, Mumbai and Pune.
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112	112	Star Market is the anchor concept targeted to address complete needs of customers for groceries, fresh produce, FMCG products, personal grooming and general merchandise in around 7,000 - 10,000 square feet footprint.
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114	114
115		-<Img value mandi>
	111	+[[image:TRENT2.png]]
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117	117
118		-Industry Overview
	114	+= Industry Overview =
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120	120
121		-Retail in India
	117	+== Retail in India ==
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123		-Retailing is one of the pillars of the Indian economy. At an estimated size in the region of US$ 1 trillion, India is one of the top five retail markets globally. It is also one of the fastest growing retail markets in the world.
	119	+Retailing is one of the pillars of the Indian economy. At an estimated size in the region of US$ 1 trillion, India is one of the top five retail markets globally. It is also one of the fastest growing retail markets in the world.{{footnote}}https://cdn.shopify.com/s/files/1/0533/2457/8994/files/Sixty_Ninth_Anuual_Report_2020-2021_1.pdf?v=1623933933{{/footnote}}
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125		-[[https:~~/~~/cdn.shopify.com/s/files/1/0533/2457/8994/files/Sixty_Ninth_Anuual_Report_2020-2021_1.pdf?v=1623933933>>url:https://cdn.shopify.com/s/files/1/0533/2457/8994/files/Sixty_Ninth_Anuual_Report_2020-2021_1.pdf?v=1623933933]]
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127	127	FY21 was a challenging year for Indian retail with extended & intermittent lockdowns. Nevertheless, the sector is seen to be poised for strong growth over the medium to long term.
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129		-Fashion and lifestyle market
130	130
	124	+=== Fashion and lifestyle market ===
	125	+
131	131	Fashion retail market in India has witnessed various changes and challenges in recent years but has nevertheless been growing consistently. This growth is indicative of the country’s evolving fashion and lifestyle preferences.
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133	133	Value fashion is a promising segment in fashion retail with the potential of appealing to a wider customer base and reaching more addressable geographies. Popular and mass-priced products possibly constitute over 75% of the total fashion market in India.
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137	137	There is also a growing emphasis on enriching customer experience. Window displays, in-store ambience, coordinated product displays, lighting, music and communication help build brand presence and awareness. Exciting visual merchandising forms a key element in enhancing customer experience. Growing awareness, coupled with entry of international players in the industry is spotlighting visual merchandising as an integral proposition of retail.
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139		-Food & Grocery retail (F&G)
140	140
	135	+=== Food & Grocery retail (F&G) ===
	136	+
141	141	F&G in India is currently dominated by the unorganized segment which constitutes well over 90% of the market. Within the overall organized brick and mortar retail, F&G was expected to be the largest, with share in the region of 27% in 2020, aided by improved assortment of offerings, convenience and increased reach.
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143		-Increasing acceptance of technology/ digital
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	140	+**Increasing acceptance of technology/ digital**
	141	+
145	145	Pandemic related restrictions brought about a paradigm shift in consumer behaviour. Consumers staying at home hastened adoption of digital shopping methods. Ubiquitous access to internet at more affordable prices and higher penetration of digital devices are influencing consumer buying behaviour.
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147	147	Increasingly, store & online channels are integrating, with consumers leveraging access to compare products, prices, brand offerings and the feedback / opinions of fellow consumers before making their purchase decision. The Indian e-commerce market penetration is expected to increase as total gross merchandise value is expected to grow from US$ 60 bn in 2020 to US$ 99 bn by 20244 , driven by wider assortment and convenience.
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149	149
150		-Business Overview
	147	+[[image:TRENT3.jpg]]
151	151
152		-Westside
	149	+= Business Overview =
153	153
	151	+== Westside ==
	152	+
154	154	Westside contributes a majority of the Company’s revenues. The business has progressively evolved into a unique model with its aspirational & exclusive retail brands coupled with customer-pull led offerings. As of end March 2021, Westside had 174 stores across 90 cities with additional online reach across India exclusively through Westside.com and Tata Cliq.
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156	156	In the recent years, Westside has transitioned entirely to its exclusive retail brands across the spectrum of its offerings. Over 85% of merchandise is sourced from within India, enabling rapid access, proximate relationships and greater visibility. Westside’s business model allows active control across the value chain with respect to key aspects of design, branding, sourcing, logistics, pricing, display, promotion and selling. This enables quick conversion from concept to products in stores, delivering latest fashion trends through its portfolio of differentiated retail brands. This approach has been more sustainable than business models which retail third party brands, from various perspectives, including from a ‘return on capital employed’ context. Empirical evidence also seems to suggest that globally, retailers who control the entire value chain are relatively more resilient.
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162	162	The association of fashion with beauty is relatively seamless with its audience. As its beauty offerings continue to grow, Trent is enthusiastic about building this business further as a destination category by providing its customers with differentiated, high quality and yet attractively priced products.
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164	164
165		-Zudio
	164	+[[image:TRENT4.jpg]]
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	166	+
	167	+== Zudio ==
	168	+
167	167	Zudio addresses fashion needs of discerning customers at sharp price points, with backend functions entirely integrated with Westside. As at end of March 2021, Zudio was present through 133 stores, including 19 stores co-located with Star. Zudio’s category range now covers womenswear (western & ethnic), lingerie, kidswear, menswear, footwear, accessories and beauty. Zudio continues to present significant growth opportunities in value fashion retail.
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169	169	Zudio focuses entirely on exclusive branded offerings, curated in-house and in line with the latest fashion trends at sharp prices. The offerings are constantly refreshed with the aim to provide new and updated merchandise to customers on every visit. Apart from ensuring differentiated fashion and experience for customers, active control of value chain is integral to evolving a sustainable business model for this concept. Pitched at a younger audience, the company recognize it is critical to be fashion forward and closely synchronized with evolving trends. Hence, as with Westside, the emphasis is on minimizing lead times and landing fresh collections in stores as quickly as possible. The aspiration is to constantly shrink the time window between initial design concept to being available on shelf. Merchandise is almost entirely sourced from within India as a matter of choice affording access, speed & flexibility. The Zudio format is gaining traction and registered encouraging results in the second half of FY21, post resumption of operations.
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175	175	Zudio is now present across 148 locations (including 15 additional stores that were fitted out and ready). The fitted-out stores would open once Covid related restrictions are eased/ approvals are in place. With an average store footprint of 6,000-8,000 sq. ft., the concept affords expansion across numerous micromarkets. The capital employed for a new company leased and operated Zudio store is in the region of ₹ 3-4 Crores including capex, deposits and inventory
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178		-Star
	180	+[[image:TRENT5.png]]
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	182	+
	183	+=== Star ===
	184	+
180	180	Star stores are primarily operated by Trent Hypermarket Private Limited (THPL) - a 50:50 JV between Trent Ltd. & Tesco Plc UK. The portfolio comprises hypermarket and supermarket stores focusing on categories like food and groceries, home care, apparel, home décor, health and beauty products. Current portfolio of 52 stores comprises 43 Star Market stores and 9 Star Hypers primarily concentrated in Bengaluru, Hyderabad, Mumbai and Pune. In addition, Fiora Hypermarket Ltd. (FHL), a subsidiary of Booker India Limited, operates 6 Star Market stores and 2 Star Hypers primarily clustered in Ahmedabad and Surat.
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182	182	Star Market is the anchor concept targeted to address complete needs of customers for groceries, fresh produce, FMCG products, personal grooming and general merchandise in around 7,000 - 10,000 square feet footprint. THPL delivered total income of ₹ 1,206 Crores in FY21 vis-à-vis ₹ 1,235 Crores in FY20, a degrowth of 2.3%. The Star stores registered a corresponding marginal degrowth in LFL performance primarily on account of the Hyper stores located in malls and the pandemic related restrictions. The total comprehensive losses decreased to ₹ 97 Crores in FY21 from ₹166 Crores in FY20 on the back of emphasis on sharp pricing, moderation of marketing and other operating expenses. Revenues, especially for non-food categories, were adversely impacted by the pandemic related operating restrictions and sourcing constraints.
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194	194	The company's exclusive retail brands span more than 450 SKUs and have continued to witness encouraging offtake in FY21. In several sub-categories, its brands rank one or two in terms of sales and hence compete effectively with leading brands in its stores.
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196	196
197		-Landmark
	202	+=== Landmark ===
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199	199	Landmark is an entertainment & leisure concept that offers a striking range of curated lifestyle products including toys, frontlist books, stationery, latest gadgets and sports merchandise. Leveraging the strength of Westside’s backend operations, the format has been able to drive synergies and contain overheads. Landmark portfolio added 2 new stores during the year taking the total count to 6 standalone stores. In addition to standalone stores, Landmark merchandise is also retailed through select 9 Westside locations as a shop-in-shop model.
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205	205	The company collaborate with social media influencers to leverage their reach and amplify the brand and its offerings. Landmark’s positioning “For the child in all of us” has been backed by a belief to create extensive & exclusive customer engagement by creating Instagrammable moments through events on social media platforms (Facebook & Instagram) via collaboration and digital led activities. During the year, the company conducted series of digital events such as the first online edition of the Landmark quiz, Lego workshop, Bookmark making & DIY workshops etc. These online events helped it with high engagements on social media channels & ramp up follower base garnering over 4 million interactions across all age groups.
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	213	+[[image:TRENT6.jpg]]
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209		-Financial Highlights
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	216	+= Financial Highlights =
	217	+
211	211	On a standalone basis for FY21, the Company has reported total income of ₹ 2,251.77 Crores (₹ 3,334.35 Crores in FY20), loss after tax of ₹ 51.02 Crores (₹ 154.58 Crores profit after tax in FY20) and total comprehensive income of ₹ 52.42 Crores (₹ 152.04 Crores in FY20). Loss from operations was ₹ 61.9 Crores impacted by pandemic related temporary closures and trading restrictions. Profit/ Loss from operations is before other income, finance costs, exceptional items & tax and excluding impact of IndAS 116 accounting standard on various line items.
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213	213	As of 31st March ‘21, Trent has 174 Westside and 133 Zudio stores in the portfolio. Further, an additional 19 Westside and 15 Zudio stores were fitted out and ready to open. These 34 stores would open once Covid related restrictions are eased/ operating approvals are in place. Together with the fitted-out locations, in FY21, the portfolio of fashion stores expanded by over 80 stores.
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215	215	On a consolidated basis, the Company has reported total income of ₹ 2,794.56 Crores (₹ 3,635.40 Crores FY20), loss after tax of ₹ 181.13 Crores (profit after tax of ₹ 105.98 Crores in FY20) and total comprehensive loss of ₹ 74.03 Crores (total comprehensive income of ₹ 100.00 Crores in FY20). The Company registered degrowth of 26% in consolidated revenue from operations from ₹ 3,485.98 Crores in FY20 to ₹ 2,592.96 Crores in the year under review. The net effect of Ind AS 116 on the consolidated profit before tax for the year ended March 2021 was an adverse impact of ₹ 40 Crores.
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217		-Trent Consolidated June 2021
	224	+== Trent Consolidated June 2021 ==
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219		-[[https:~~/~~/www.moneycontrol.com/news/business/earnings/trent-consolidated-june-2021-net-sales-at-rs-491-99-crore-up-98-06-y-o-y-7311381.html>>url:https://www.moneycontrol.com/news/business/earnings/trent-consolidated-june-2021-net-sales-at-rs-491-99-crore-up-98-06-y-o-y-7311381.html]]
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221		-August 10, 2021; Reported Consolidated quarterly numbers for Trent are:
	227	+August 10, 2021; Reported Consolidated quarterly numbers for Trent are:{{footnote}}https://www.moneycontrol.com/news/business/earnings/trent-consolidated-june-2021-net-sales-at-rs-491-99-crore-up-98-06-y-o-y-7311381.html{{/footnote}}
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223	223	Net Sales at Rs 491.99 crore in June 2021 up 98.06% from Rs. 248.41 crore in June 2020.
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