TRENT

By Dhwani Pandya and Manvi Pant

Sept 16 (Reuters) - Indian retailer Aditya Birla Fashion and Retail ADIA.NS launched affordable fashion brand "OWND!" on Tuesday, aimed at capturing Gen Z shoppers in a move that pitches it against Trent's TREN.NS fast-growing budget apparel chain Zudio.

The brands focus on young adults who regularly shop for trendy yet affordable styles.

The push pits Aditya Birla Fashion's "OWND!" brand directly against Zudio, which has yielded a compounded annual revenue growth rate of more than 35% in the past five years for Trent.

Sangeeta Tanwani, chief executive at Aditya Birla Group's Pantaloons, told Reuters in an interview that the products under the brand would largely be sold at prices below 1,200 rupees ($13.63) and the company was looking to open about 400 outlets in the next three to five years.

Global giants including Sweden's H&M have expanded their basics range and lowered price points in India. Japan's Uniqlo is rolling out compact stores and value-focused assortments as well.

Aditya Birla Fashion said it plans to convert its existing "StyleUp" stores, currently operational at about 49 locations around the country, into OWND! stores.

"By the end of the financial year, we will have about 100 stores," Tanwani said.

Aditya Birla Fashion's current portfolio includes international brands such as Louis Philippe and Van Heusen as well as Indian luxury designer brands such as Sabyasachi and Tarun Tahiliani.

Its lifestyle brands contributed to about 87% of the company's revenue in the last quarter of financial year 2025, reporting a 5% year-on-year rise.

($1 = 88.0660 Indian rupees)

(Reporting by Dhwani Pandya and Manvi Pant; Editing by Pooja Desai)

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Aug 11 (Reuters) - Trent Ltd TREN.NS:

• TRENT LTD - LAUNCHES NEW FASHION BRAND BURNT TOAST IN BANGALORE

Source text: ID:nBSE2CgPpc

Further company coverage: TREN.NS

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Aug 7 (Reuters) - ** Indian apparel retailer Trent TREN.NS posted its slowest profit growth in at least 10 quarters on Wednesday, as muted urban demand and early monsoons hit in-store shopping

** Shares trading flat in broader weak market .BO

BEAT DRIVEN BY LOW COSTS BUT GROWTH CONCERNS PERSIST

** Macquarie ("outperform," PT: 7,200 rupees) says lower employee costs supported Q1 EBITDA but slower ramp up in new stores, especially in newer cities across tier 1 and tier 2 markets is concerning

** Goldman Sachs ("neutral," PT: 5,600 rupees) says Q1 beat was led by lower operating expenses but like-for-like sales growth moderated to low single pct, with contribution to sales growth from new stores also moderating

** Jefferies ("hold," PT: 6,000 rupees) says margins surprised positively despite softer revenue

** Brokerage flags drop in employee costs is "difficult to understand" due to lack of adequate disclosures

(Reporting by Kashish Tandon in Bengaluru)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

** Apparel retailer Trent TREN.NS rises 0.67% to 5,353 rupees ahead of Q1 results

** Three analysts expect 'Zudio' brand owner's net profit up nearly 14%, a multi-quarter slowdown

** Q1 standalone revenue growth of 20% is slowest since March 2021, below co and analysts' expectations amid muted urban demand, early monsoon rains

** Average rating from 22 analysts still "buy", with avg PT of 6,061 rupees implying a nearly 13% upside to current price

** Analysts note growth moderation is expected after almost 40% CAGR over past 5 years.

** Antique Stock Broking and Motilal Oswal say Trent well-positioned to expand Zudio, its affordable fashion chain and biggest contributor to revenue, in FY26

** YTD, Trent is down ~25%

(Reporting by Ananta Agarwal in Bengaluru)

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** Indian fashion retailer Trent TREN.NS falls 3.4% to a two-month low of 5,176 rupees

** TREN down ~17% so far in July, on course for its third-worst month in a decade

** Goldman Sachs downgrades stock to "neutral" from "buy", reduces PT to 5,500 rupees from 6,970 rupees, as per multiple news reports

** Says pace of market share gains could be slower than anticipated amid cannibalization concerns

** Tata group company earlier said that growth in Q1 is expected to be underwhelming

** Analysts on avg recommend “buy” on TREN; median PT 6,151.5 rupees, as per data compiled by LSEG

** YTD, TREN down ~27%, biggest loser among Nifty 50 .NSEI stocks

(Reporting by Vivek Kumar M)

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July 4 (Reuters) - Trent Ltd TREN.NS:

• TRENT LTD - REPORTS Q1 FY26 STANDALONE REVENUE OF 50.61 BILLION RUPEES

Source text: ID:nNSE1DHbV7

Further company coverage: TREN.NS

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** India's Trent TREN.NS, Titan TITN.NS, Dabur DABU.NS are among companies that will benefit from reported indirect tax cut plan, says Goldman Sachs

** Broadcaster India Today reported, citing sources, that the government plans to cut 12% GST on certain items to 5% or eliminate the 12% tax slab altogether

** GST council did not immediately respond to Reuters' request for comment

** GST is the abbreviation for Goods and Services Tax, an indirect tax implemented in 2017

** 12% GST applies on apparel priced above 1,000 Indian rupees ($11.7), footwear priced below $11.7, confectionery, fruit drinks, jam, toothpowder and eyewear, among others - GS

** Brokerage also adds Bata India BATA.NS, Nestle India NEST.NS in beneficiary list

** Says reported tax cut plan could help improve consumer demand for branded products, potentially accelerating volume-led growth

** NEST up 0.5%, DABU rises 0.4%; TREN, TITN and BATA down 0.8%, 0.2% and 0.15% respectively

($1 = 85.6820 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of fashion retailer Trent TREN.NS rise 2% to 5,740.5 rupees apiece

** TREN is the second-highest pct gainer on Nifty 50 index .NSEI, which is down 0.25%

** Morgan Stanley reiterates "overweight" rating, expects TREN to achieve 10x FY23 revenue by FY32

** Says strong cash flows, improvement in return ratios and profitability augur well for future earnings growth

** Citi retains "buy" and notes growth opportunity for TREN in value retail segment

** Average rating of 21 analysts tracking TREN is "buy"; median PT is 6,224 rupees - data compiled by LSEG

** YTD - TREN down 21%, underperforming 4.8% rise in Nifty 50

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of fashion retailer Trent Ltd TREN.NS climbs 3.3% to 5,868 rupees

** Stock on track to snap four-day losing run; among top gainers on Nifty 50 .NSEI index

** TREN management tells Morgan Stanley it plans to add a brand or two that can scale

** Customers are willing to pay a premium for "aspirational" products

** Analysts tracking stock rate it "buy" on avg - data compiled by LSEG

** Morgan Stanley rates it "overweight"

** Stock trims YTD losses to ~20%, but remains biggest loser this year on Nifty 50

(Reporting by Nandan Mandayam in Bengaluru)

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** India's Bharat Electronics BAJE.NS and Trent TREN.NS gain 1% and 2.3%, respectively

** BAJE and TREN to replace IndusInd Bank INBK.NS and Nestle India NEST.NS on BSE Sensex BSESN, effective June 23, exchange operator said on Thursday

** Sensex inclusion to result in inflows worth $304 million for TREN and $354 million for BAJE, IIFL Securities estimates

** NEST and INBK to see outflows worth $220 million and $134 million on exclusion - IIFL

** INBK and NEST trading flat

(Reporting by Kashish Tandon in Bengaluru)

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April 7 (Reuters) - Indian fashion retailer Trent's shares TREN.NS slumped nearly 18% on Monday, set for their worst day since March 2020, after the company's fourth-quarter business update underscored a continuing trajectory of moderating revenue growth.

The retailer's stock was the top loser on the blue-chip Nifty 50 index .NSEI, which was down about 4% amid a global sell-off on fears that a trade war would spark a recession. .BO

While Tata Group-owned Trent's revenue growth has been slowing since the second quarter of fiscal 2025, the 28% drop in the latest quarter was the slowest since January-March 2021 when it faced pandemic-induced operational disruptions.

"In our view, after delivering strong double-digit like-for-like growth ... the high base effect is beginning to moderate Trent's growth momentum," said Abhijeet Kundu, equity analyst at Antique Stockbroking, in a note.

Trent's quarterly revenue grew at a breakneck pace in fiscal 2023 and 2024 as the retailer tapped into the appetite of Gen Z shoppers, who regularly refresh their wardrobes with affordable but trendy designs.

The stock more than doubled in value in 2023 and then again in 2024.

However, with Trent's sales momentum faltering, the stock has fallen about 36% in 2025, making it the worst-performing stock on the blue-chip Nifty 50 index.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Savio D'Souza)

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** Shares of Trent TREN.NS rose 6.6% this week; fifth straight weekly gain

** Earlier this week, the fashion retailer had crossed a portfolio of more than 1,000 large box fashion stores, including 757 stores of its flagship brand Zudio, which are set to boost revenue

** Stock eyes best week since Feb. 3

** 19 analysts covering the stock on avg. have a "buy" rating; median PT is 6,245 rupees - LSEG data

** Stock shed 20.3% so far this year, vs a 3% drop in benchmark Nifty 50 index .NSEI

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Trent TREN.NS gains 4.6% to 5,572 rupees; second biggest gainer on Nifty 50 index .NSEI

** Fashion retailer crosses portfolio of more than 1,000 large box fashion stores, including 757 stores of its flagship brand Zudio, which are set to boost revenue

** Milestone represents an increase of more than 200 Zudio stores since Q4 FY24, in line with or exceeding what analysts expected

** Current store count implies more than 100 new Zudio store openings in Q4 FY25

** Stock set for biggest one-day pct gain in 2 months

** TREN is down 21.5% YTD over concerns of growth slowdown

(Reporting by Ananta Agarwal in Bengaluru)

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March 27 - ** Macquarie initiates coverage on Indian fashion retailer Trent TREN.NS with 'outperform', citing leading growth and returns

** Says Trent's 45% sales CAGR, steady margin expansion and a 3x return on capital employed (ROCE) expansion over FY23-25 among the best in Asia

** Macquarie sees current weakness in consumer sentiment as an attractive entry point for stock

** Trent's shares, up 1.5% at 5,402 rupees on the day, have fallen ~24% YTD

** Brokerage's PT of 7,000 rupees, implies a nearly 30% upside

** Sees scope for flagship brand Zudio's expansion, whose store count of ~700 trails Reliance's RELI.NS Trends, which exceeds 2,000

** Adds concerns over Shein's entry in India "overblown", as replicating its China cost advantage with an Indian supply chain would be difficult

(Reporting by Ananta Agarwal in Bengaluru)

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March 19 (Reuters) - Trent Ltd TREN.NS:

• BOOKER INDIA TO ACQUIRE 100% EQUITY OF TSSL FROM THPL

• DEAL WORTH 1.66 BILLION RUPEES

Source text: ID:nBSE3H0ZJH

Further company coverage: TREN.NS

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** Shares of retail stores operator Trent TREN.NS fall 3.6% to 4,819.2 rupees

** Stock among top pct losers on Nifty 50 index .NSEI, which is down 0.43%

** Kotak Institutional Securities cuts PT to 5,150 rupees from 5,550 rupees, maintains "reduce" rating

** Continue to see pressure on co's revenue on account of its densely-located newer Westside and Zudio stores, brokerage says

** Lowers its revenue estimates for Westside for FY2026-27, which it says will result in ~0.3%-1.0% rev cut for Trent

** Rev reduction affects margins, leading to a 1%-5% cut in EPS - Kotak

** Avg rating of 18 analysts is a 'buy;' their median PT is 6,123.5 rupees - LSEG

** TREN has shed 30% so far this year vs a 5% drop in Nifty 50

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Apparel retailer Trent TREN.NS set to be the top monthly loser in India's benchmark Nifty index .NSEI

** Stock on track to lose more than 11% in value in Feb

** TREN fell 8.2% on February 6, its biggest one day pct decline in 2 years, after posting its lowest qtrly revenue growth since March 2021

** Analysts have expressed concern that stores of the co's flagship brand Zudio are in locations too close to each other, leading to decline in same store sales growth y/y

** TREN closed lower in 13 out of 20 trading sessions in the month

** On the day, stock down 1.12% at 4750.5 rupees

(Reporting by Ananta Agarwal in Bengaluru)

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Adds analysts' comments, background and shares

By Ananta Agarwal and Ashna Teresa Britto

Feb 6 (Reuters) - Shares of Trent TREN.NS plunged 9% on Thursday after analysts raised concerns about the Indian apparel chain's slowing revenue growth and ability to meet its annual store opening target.

The company, home to brands such as Westside, Zudio and Utsa, has been one of India's fastest-growing clothing chains. Its Zudio brand, known for its affordable merchandise, has been especially popular with the masses.

Trent's revenue in the October-December quarter rose 34.3% to 46.57 billion rupees ($531.9 million), its slowest pace since the quarter ended March 2021.

"Trent's revenue came in around 35% for the second straight quarter, which is not the trend for the company which has posted revenue growth above 40% continuously in previous quarters," Centrum India analyst Soham Samanta said.

Karan Taurani, equity analyst at Elara Securities, said that the stock has declined due to higher growth expectations.

The company has added 90 Zudio stores so far this financial year, indicating it might not meet analyst expectations on that front, according to Samanta, who expected it to open 150 to 170 stores in fiscal year 2025.

Trent's profit rose about 34% to about 5 billion rupees, while analysts, on average, expected 4.46 billion rupees, per data compiled by LSEG.

($1 = 87.5370 Indian rupees)

(Reporting by Ananta Agarwal and Ashna Britto in Bengaluru; Editing by Sonia Cheema, Mrigank Dhaniwala and Dhanya Skariachan)

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** Shares of Tata-owned Trent TREN.NS rise 2% to 5,865 rupees

** Shares of TREN slipped 6% on Tuesday after reports flagged concerns on the impact of re-launch of Shein India app by Reliance Retail, Goldman Sachs analysts said

** The brokerage says it would take several years of supply chain investments to see meaningful scale up of a value fast-fashion business

** Zudio still has potential to gain market share with a low competitive risk and the scale up of any new competitor likely to be gradual and not disruptive - Goldman Sachs

** Adds that unit economics of online-only value fashion retail is weak

** Goldman Sachs reiterates its "buy" rating on TREN with a PT of 8,300 rupees

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Kotak double downgrades apparel retailer Trent TREN.NS to "sell" from "add"

** After stock more than doubled in value in 2023 and 2024, TREN down ~13% so far in Jan

** Says future growth priced in and "may be time to book profits"

** Kotak's analysis of top 10 cities by store count for co's Zudio chain reveals stores are in similar locations and could cannibalize each other

** Adds, while co may still close year with ~180 store additions, incremental rev per store growth may be slow

** Trims FY2025-27E rev by 1%-2% and EPS by 9%-14%

** Lowers stock's fair value to 5,850 rupees from 6,800 rupees, 5.8% below last close

** Trent up 0.7% at 6,255 rupees on Friday

** Stock rated "buy" on avg, peer Aditya Birla Fashion and Retail ADIA.NS "sell", V-Mart Retail VMAR.NS "buy" - LSEG data

(Reporting by Ananta Agarwal in Bengaluru)

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** Shares of Tata Group-owned Trent TREN.NS rise 4.8% to 6,453.1 rupees, eyes best one-day pct gain since Oct. 8

** TREN top gainer on benchmark Nifty 50 index .NSEI, which is up 0.22%

** Elara Capital initiates coverage on TREN with "buy" rating, sets PT of 8,500 rupees ($98.30)

** Expects TREN brand Zudio to continue to be largest player in fast fashion and grow ahead of the industry - Elara

** Adds, differentiated product offerings, full reliance on private labels key pull for Zudio

** Estimates 27% revenue CAGR over FY24-FY28

** 18 analysts covering the stock on avg have a "buy" rating; median PT is 6,900 rupees - data compiled by LSEG

** Trent, which surged over two-fold in 2024, is set to report Q3 results in Feb

($1 = 86.4710 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Trent Ltd TREN.NS drop 4.3% to 6,300 rupees

** Fashion retailer and grocer down for 7th straight session, dropping 14% in that period, its longest losing run since May 2022

** Reuters could not immediately verify reason for day's move

** Stock biggest percentage loser on Nifty 50 .NSEI index that is down 0.9% currently and has dropped in five of last seven sessions

** Analysts expect TREN to report lower margins in Q3, with Jefferies highlighting moderation in demand environment

** TREN rated "buy" on avg by analysts tracking stock vs "hold" for Shoppers Stop SHOP.NS and "sell" for Aditya Birla Fashion ADIA.NS - data compiled by LSEG

(Reporting by Nandan Mandayam in Bengaluru)

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** Shares of Trent Ltd TREN.NS are up 1.8% at 6,412 rupees

** More than 1.3 mln shares of the clothing retailer changed hands in block deals at a 2.75% premium on co's last closing price, NSE data shows

** Total value of the deals at 8.43 billion rupees ($99.9 million)

** Stock among top five gainers on the benchmark Nifty 50 index.NSEI, which is 0.1% up

** TREN has doubled so far in 2024

($1 = 84.4200 Indian rupees)

(Reporting by Nishit Navin)

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** Clothing retailer Trent's shares TREN.NS drop 2.3%, most on benchmark Nifty 50 .NSEI

** Trent's Q2 rev growth slowest in 14 quarters

** Jefferies notes 16 Zudio stores shut in Q2 (vs 10 in full FY24) and second straight quarter of net decline in Westside stores

** Centrum Broking says rising competition, weakening demand remain concerns; chop FY25/FY26 profit estimates by 19.2%/21.4%

** Still avg rating of 18 analysts is equivalent of "buy" -LSEG data

** With only one PT cut, per LSEG data, median PT is 6,616 rupees vs current price of 6,361 rupees

** TREN is down for the fifth consecutive session

** It has shed 11% so far this week, set to be its worst since Jan 2022

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 7 (Reuters) - Trent Ltd TREN.NS:

• TRENT Q2 CONSOL NET PROFIT 3.39 BILLION RUPEES

• TRENT Q2 CONSOL REVENUE FROM OPERATIONS 41.57 BILLION RUPEES

Further company coverage: TREN.NS

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Oct 9 (Reuters) - Trent Ltd TREN.NS:

• TRENT - CLARIFICATION ON MEDIA REPORTS ON ZUDIO BEAUTY

• TRENT - BPC CATEGORY PORTFOLIO IS EXTENDED THROUGH SELECT ZUDIO BEAUTY STORES ON A PILOT BASIS

Further company coverage: TREN.NS

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** Shares of Trent Ltd TREN.NS rise as much as 7.4% to a record high of 7,999 rupees

** TREN's fast-growing fashion retailer Zudio is foraying into mass-priced beauty products, The Economic Times reported, citing two executives aware of the development

** Morgan Stanley maintains the food and fashion retailer's stock rating at "overweight" and a PT of 8,032 rupees – the third highest on Street

** Brokerage notes Trent's beauty and personal care business has built scale, while commenting on a

** Analysts tracking TREN rate it "buy" on avg vs "hold" for DMart operator Avenue Supermarts AVEU.NS and "sell" for Aditya Birla Fashion and Retail ADIA.NS - LSEG data

** TREN stock up 2.6x YTD vs ADIA's 49% rise and AVEU's ~11% growth

(Reporting by Nandan Mandayam in Bengaluru)

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** Bernstein starts coverage of supermarkets operator Dmart AVEU.NS, fashion retailer Trent TREN.NS, Jubilant FoodWorks JUBI.NS, Devyani International DEVY.NS with "Outperform"

** Says Dmart has "clear value positioning"; Trent benefiting from private label portfolio

** Dominos India franchisee Jubilant and KFC India operator Devyani to see boost from revival in fast food demand, menu innovation, expansion

** Consumers beyond the top 10% of income pyramid and outside the top 40 cities to boost retail, restaurant sectors: Bernstein

** Brokerage however rates fashion retailer Aditya Birla Fashion & Retail ADIA.NS and McDonald's operator Westlife Foodworld WEST.NS "Underperform"

** Rigid cost structure to weigh on WEST profitability; debt overhang and weak growth in legacy brands to hurt ADIA - brokerage

** Starts Pizza Hut operator Sapphire Foods SAPI.NS with "Marketperform", citing high valuations

** FMCG index .NIFTYFMCG is up 10.14% in 2024, underperforming the 15.3% rise in Nifty 50 .NSEI

** TREN up 6%, DEVY up 1.2% while AVEU is trading 0.2% lower; ADIA, JUBI, WEST, SAPI down 0.3%-1.6% - Exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of fashion retailer Trent TREN.NS climb ~3% to a record high of 6,750 rupees

** Stock on track for third straight session of gains

** Reuters could not immediately ascertain a reason for the stock move

** TREN reported two-fold jump in Q1 profit on August 9; stock hit record high then

** Trent's Q1 results an outlier among apparel retailers, says Morgan Stanley

** TREN only company among consumer retailers which has not seen downward revision in earnings estimates in last three months, says Morgan Stanley

** Analysts' avg rating on TREN, rival Shoppers Stop SHOP.NS at "hold", while Nykaa FSNE.NS rated "buy" - LSEG data

** TREN records more than two-fold YTD climb, while FSNE and SHOP gain 11% and 12%, respectively

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of apparels retailer Trent TREN.NS up as much as 2.5% to a record high of 6,434 rupees, extending gains from last session post Q1 results

** Stock has risen ~13% in the two sessions, at current price

** Brokerage Morgan Stanley upgrades to "Overweight" on improved profitability from Zudio stores, led by scaling benefits

** Hikes PT to 7,400 rupees from 4,812 rupees - implying a 17% upside

** Adds co continues to outperform peers, expect fashion segment to report 46% revenue growth in FY25

** Over 1.8 mln shares traded of TREN, 2.1x the 30-day avg

** At least 8 brokerages hike PT on stock post results, per LSEG data

** Analysts' avg rating on stock is "Hold", median PT is 5,750 rupees

** Stock last up 1.6%, adding to YTD gains of ~109%

(Reporting by Manvi Pant in Bengaluru)

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