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Gen-Z fashion-favourite Urbanic kicks off to a roaring start on Myntra

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London-based digital fashion brand and Gen-Zs chosen marque, Urbanic, opened to a thumping reception from young shoppers on day 1 of its launch on Myntra. This is among the biggest-ever opening day for a brand on Myntra catering to Gen-Z fashion. Urbanic was the second highest-grossing brand on the first day of its launch on Myntra. Myntra had announced the launch of Urbanic on its platform over a week ago, creating frenzy and excitement among the young, fashion-forward shoppers in the country, evident from the behemoth wishlists created starting 6 days before the brand went live on Myntra.

About 23,000 items were sold within the first 12 hours of going live and over 51,000 by the end of the day on September 1, the launch day, largely from the tops, dresses, and jeans categories, with pink, orange, purple, black and brown as the most sought-after colours. Shoppers started early so as to not miss out on their favorite styles, colors, and sizes to the dash, picking up 6.9k items through 2.8k orders within the first one hour of the opening day.

Key Highlights:

1. Top 3 categories — Tops, Dresses, and Jeans

2. Geography — ~55% of purchases were recorded from non-metro cities

3. Non-tier 1 cities that shopped the most — Imphal, Jaipur, and Lucknow

4. Number of shoppers on day-1 — ~22k

5. Number of orders placed in the first 12 hrs — 9k

6. Number of items sold on day 1 — Over 51K

7. Over 80% of styles from the collection wishlisted even before Urbanic went live on Myntra

8. Basics & floral print in tops; floral & ruched in dresses; and regular & distressed in denims among the most in-demand trends on the opening day

Myntra’s collaboration with Urbanic, one of the favorites among fashionable Gen-Z shoppers in India for its chic, trendy, and flexibly priced fashion has brought the brand very close to one of the largest cohorts of such shoppers globally. With this partnership Myntra has ramped up its Gen-Z portfolio, adding over 2000 latest styles and designs from Urbanic onto its platform, hugely complementing the trendy selections Myntra is known for. An increasingly important cohort for the fashion, lifestyle and beauty major, Gen-Z fashion has taken over the digital space and has boosted the comeback of Y2K fashion whilst defining new trends. Their definition of fashion transcends the rulebook and embraces differences, gender fluidity, and individuality. Urbanic’s offerings and designs capture the essence and spirit of this generation.

Over 50% of the offerings from Urbanic on Myntra will be priced under Rs. 999, which will further help establish unparalleled access to a plethora of bold, experimental, and stylish range of clothing and accessories throughout the country for shoppers. This addition to the portfolio further enhances Myntra’s stronghold among the fashion-forward as the ultimate Fashion destination, offering the most stylish fashion in trend choices to the young shoppers ahead of the festive season.

Commenting on the successful launch, Ayyappan Rajagopal, Chief Business Officer, Myntra, said, “We are elated to witness this level of response and are grateful to our customers for this tremendous reception as we gear-up for the festive season. The consumer-centric ethos and progressive concepts of both Urbanic and Myntra have clearly resonated with the youth in India, especially young women, evident from the sales on the first day of the launch, which has surpassed our expectations by a huge margin. Our collaboration with Urbanic will provide Gen-Z a shorter route to express themselves and stand apart as we look forward to serving them with chic, trendsetting outfits.”

Celebrating the phenomenal reception of the brand on Myntra, Rahul Dayama, Head of Marketing, Urbanic India said, “We are surely delighted by the overwhelming response Urbanic has received on Myntra. Grateful to be able to make Urbanic more accessible to fashion-conscious Indians and scale the brand to newer heights through this unparalleled partnership.”

Business

‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless

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The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.

Adani Denies Charges

The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”

Committed to Highest Standards

The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.

US Court Indicts Adani and Co.

The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.

The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.

Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.

The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.

This in turn led to misleading American investors and global financial investors.

The court reportedly also issued an arrest warrant against Gautam Adani and seven others.

Adani Shares Tank

In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.

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Business

Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx

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The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.

Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.

The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.

The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.

Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.

Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.

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Business

Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know

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The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.

The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.

Market Snapshot

By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.

The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.

However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.

Reasons behind the sharp decline

One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.

As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.

Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore

The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.

The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.

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