Trent Limited: A Comprehensive Company Profile

Trent Limited, a prominent player in India’s branded lifestyle and retail sector, has established itself as a dynamic force in fashion and grocery markets. With a vision to touch lives across choice markets through a portfolio of fashion and lifestyle brands, Trent is driven by a commitment to delivering fresh, responsible, and joyful customer experiences.

Company Profile

Trent Limited is a leading retailer in India, operating in the branded lifestyle space with a focus on fashion and grocery retail. Headquartered in Mumbai, the company is part of the Tata Group, a conglomerate known for its commitment to excellence, integrity, and societal development. Trent’s operations are guided by its vision to build brands that resonate with diverse consumer audiences through quality, affordability, and enhanced experiences.

Vision

To touch lives across choice markets with a portfolio of fashion and lifestyle brands.

Mission

To build brands that are fresh, responsible, and bring joy to all.

Values

Integrity: Upholding ethical standards in all operations.
Unity: Fostering collaboration within teams and stakeholders.
Responsibility: Committing to sustainable and socially responsible practices.
Pioneering: Innovating to stay ahead in a dynamic market.
Excellence: Striving for superior quality and performance.

Key Operational Highlights (FY25)

Stores: 1,043 stores, with 295 added in FY25, including 2 in Dubai.
Retail Area: Over 13 million square feet, with 3 million added in FY25.
Cities Covered: 242 cities, with 64 added in FY25.
Customers Served: Over 100 million annually.
Suppliers: 27,800+.
Shareholders: 405,000+.
Employees: Not explicitly quantified, but a significant focus on employee engagement.

Strategic Approach

Trent emphasizes delivering fresh and desirable products, credible quality, and compelling value propositions. The company adapts swiftly to market dynamics, drives innovation, and pursues disciplined growth. Its strategic choices include a customer-first approach, balancing expansion with sustainability, and leveraging in-house design for exclusive offerings.

Trent Limited A Comprehensive Company Profile

Business Segments

Trent operates in two primary business segments: Fashion and Lifestyle, and Food and Grocery. These segments cater to diverse consumer needs, with a focus on accessibility, quality, and value.

1. Fashion and Lifestyle

This segment includes Trent’s apparel and lifestyle retail brands, which focus on delivering contemporary, aspirational, and affordable fashion for men, women, and children. The segment is characterized by in-house designed products, premium occasion wear, and a strong presence in micro-markets across India.

Key Brands: Westside, Zudio, Samoh.
Revenue Contribution: While exact percentages are not provided, this segment is the primary driver of Trent’s revenue, with significant growth in FY25 (39% overall sales growth to ₹17,624 crore).

2. Food and Grocery

This segment operates under the Star banner, offering a curated assortment of food and grocery products. It focuses on fresh produce, quality staples, and own-branded products, which contribute significantly to its revenue.

Key Brand: Star.
Revenue Contribution: Own-branded propositions under Star contribute over 70% of the segment’s revenues, indicating a substantial share within the grocery segment.

Revenue Breakup (Estimated)

Based on the report, the total gross sales for FY25 are ₹17,624 crore. While exact segment-wise percentages are not specified, the prominence of fashion brands (Westside, Zudio, Samoh) suggests they dominate the revenue mix, with Star’s contribution being significant due to its 70% own-brand revenue. A conservative estimate, based on the emphasis on fashion brands and store expansion, is:

Fashion and Lifestyle: ~80% (₹14,099 crore).
Food and Grocery: ~20% (₹3,525 crore, with Star’s own brands contributing ~₹2,467 crore).

This estimation aligns with the report’s focus on apparel as the core growth driver and Star’s growing sales density.

Products and Services Offered

Trent’s product offerings are tailored to meet diverse consumer needs, with a focus on fashion, lifestyle, and grocery retail. Below is a comprehensive list of products and services by brand:

1. Westside

Category: Fashion and Lifestyle.
Offerings: Premium and contemporary apparel, accessories, and lifestyle products for men, women, and children. Westside is known for its curated, in-house designed collections that blend quality with modern aesthetics.
Unique Selling Proposition (USP): Focuses on aspirational yet accessible fashion, with a strong emphasis on quality and style.
Details: Offers a wide range of clothing, footwear, and home décor, appealing to urban consumers seeking premium products.

2. Zudio

Category: Fashion and Lifestyle.
Offerings: Contemporary fashion for women, men, and children at sharp price points. Products include casual wear, activewear, and accessories, all designed in-house.
USP: Accessibility and compelling value, making trendy fashion affordable for a broad audience.
Details: Zudio’s rapid growth reflects its appeal to aspirational consumers, with exclusive product offerings that balance function and fashion.

3. Samoh

Category: Fashion and Lifestyle.
Offerings: Premium occasion wear for men and women, blending traditional Indian designs with modern aesthetics. Products include luxurious apparel inspired by Indian motifs, suitable for special occasions.
USP: Luxe, modern take on Indian designs, catering to consumers seeking sophistication.
Details: Launched in 2023, Samoh operates stores in Singapore, Hyderabad, Lucknow, and Mumbai, targeting a niche market for premium ethnic wear.

4. Star

Category: Food and Grocery.
Offerings: Curated assortment of food and grocery products, including fresh produce, quality staples, and own-branded processed foods. Over 70% of Star’s revenues come from own-branded products.
USP: Sharp pricing, proximate supply chain, and a focus on fresh and quality offerings.
Details: Star is evolving into a high-density, repeat-customer model, appealing to consumers seeking value and convenience in grocery shopping.

Services

Retail Experience: Trent emphasizes an enhanced customer experience across its stores, with a focus on accessibility, quality, and value.
E-Commerce: While not detailed extensively, Trent’s brands likely leverage online platforms to complement physical stores, aligning with market trends.
Sustainability Initiatives: Trent integrates responsible practices into its offerings, such as sustainable sourcing and community engagement, particularly in the Star supply chain.

Company History

Trent Limited’s journey reflects its evolution from a modest beginning to a leading retail player under the Tata Group’s umbrella. Below is a comprehensive timeline based on available information:

1952: Founded as Lakmé Limited, initially focusing on cosmetics and personal care products.
1998: Transitioned into retail with the establishment of Westside, marking its entry into the fashion and lifestyle segment. This shift laid the foundation for Trent’s current business model.
2000s: Expanded Westside’s footprint across India, establishing it as a premium fashion brand known for quality and contemporary offerings.
2010s: Launched Zudio, a value-driven fashion brand targeting a broader demographic with affordable, trendy apparel. Zudio’s rapid store expansion began, capitalizing on the growing demand for accessible fashion.
2017: Strengthened its food and grocery segment with the Star banner, focusing on fresh produce, staples, and own-branded products to cater to urban consumers.
2023: Introduced Samoh, a premium occasion wear brand blending Indian heritage with modern aesthetics, marking Trent’s entry into the luxury ethnic wear market.
2024–2025 (FY25): Achieved significant milestones, including:
Expansion to 1,043 stores, adding 295 stores, including 2 in Dubai, marking its first international foray.
Grew retail area to over 13 million square feet, with 3 million added in FY25.
Covered 242 cities, adding 64 new cities.
Recorded gross sales of ₹17,624 crore, a 39% increase, with Operating EBIT of ₹1,822 crore (56% growth) and PBT of ₹2,077 crore (56% growth).

Trent’s history is marked by strategic diversification, from cosmetics to a multi-brand retail powerhouse, driven by innovation, customer focus, and disciplined expansion.

Brands

Trent’s brand portfolio is a cornerstone of its success, with each brand catering to distinct market segments. Below is a detailed list of brands:

1. Westside

Category: Fashion and Lifestyle.
Description: A premium retail chain offering contemporary apparel, accessories, and lifestyle products for men, women, and children. Known for in-house designed collections that combine quality, style, and accessibility.
Target Audience: Urban consumers seeking aspirational yet affordable fashion.
Store Presence: A significant portion of Trent’s 1,043 stores, with widespread coverage across 242 cities.
Key Features: Curated collections, focus on quality, and a premium shopping experience.

2. Zudio

Category: Fashion and Lifestyle.
Description: Offers contemporary fashion at irresistible prices for women, men, and children. All products are designed in-house, emphasizing function and trendiness.
Target Audience: Broad demographic, particularly young, aspirational consumers seeking value-driven fashion.
Store Presence: Rapidly expanding, contributing significantly to the 295 new stores added in FY25.
Key Features: Sharp pricing, accessibility, and a commitment to aspirational yet affordable fashion.

3. Samoh

Category: Fashion and Lifestyle.
Description: Launched in 2023, Samoh offers premium occasion wear with a modern take on traditional Indian designs. It caters to consumers seeking luxurious apparel for special occasions.
Target Audience: Affluent consumers looking for sophisticated ethnic wear.
Store Presence: Stores in Singapore, Hyderabad, Lucknow, and Mumbai.
Key Features: Luxe designs, Indian-inspired motifs, and a focus on premium aesthetics.

4. Star

Category: Food and Grocery.
Description: A supermarket chain offering fresh produce, quality staples, and own-branded processed foods. Over 70% of revenues come from own-branded products.
Target Audience: Urban consumers seeking value, quality, and convenience in grocery shopping.
Store Presence: Growing presence, with a focus on high sales density and repeat customers.
Key Features: Sharp pricing, proximate supply chain, and a strong own-brand portfolio.

5. Studio West

Category: Fashion and Lifestyle (Sub-brand).
Description: Likely a specialized offering under Westside, focusing on premium or niche fashion products (details limited due to truncation).
Target Audience: Urban, fashion-conscious consumers.
Key Features: Enhances Westside’s premium offerings with a focus on style and exclusivity.

Geographical Presence

Trent has a robust presence across India and has begun international expansion. Below is a detailed breakdown:

India

Cities Covered: 242, with 64 added in FY25.
Store Count: 1,041 stores (excluding 2 in Dubai).
Retail Area: Over 13 million square feet, with 3 million added in FY25.
Key Markets: Urban and semi-urban micro-markets, with a focus on accessibility and density. Major cities include Mumbai, Hyderabad, Lucknow, and others.

International

Dubai: 2 stores opened in FY25, marking Trent’s first international expansion.
Singapore: Samoh has a store presence, catering to the premium ethnic wear market.

Revenue Breakup by Geography (Estimated)

While exact geographical revenue splits are not provided, India dominates due to the scale of operations (1,041 stores vs. 2 in Dubai). A conservative estimate is:

India: ~99% (₹17,447 crore).
International (Dubai, Singapore): ~1% (₹177 crore), reflecting early-stage expansion.

The focus on Indian micro-markets and the addition of 64 new cities in FY25 underscore Trent’s strategy to deepen domestic penetration while cautiously exploring international markets.

Financial Performance

Trent’s financial performance in FY25 reflects strong growth and operational efficiency. Below are the consolidated financial statements in tabular form.

Consolidated Profit and Loss Statement (FY25)

Particulars	Amount (₹ Crore)
Gross Sales	17,624
Operating EBIT	1,822
Profit Before Tax (Before Exceptional Items)	2,077
Earnings Per Share (EPS, Standalone)	44.58

Key Financial Metrics

Operating ROCE: 37.2%.
Dividend: 500%.
Growth Rates:
Sales: 39%.
Operating EBIT: 56%.
PBT: 56%.

Subsidiaries, Wholly-Owned Subsidiaries, and Associates

The report mentions that financials cover subsidiaries, associates, and group companies but does not list specific entities. Below is a general structure based on the context:

Subsidiaries and Wholly-Owned Subsidiaries

Not Explicitly Named: The report refers to consolidated financials for subsidiaries but does not provide a detailed list.
Estimated Entities: Likely include entities managing Westside, Zudio, Samoh, and Star operations, as well as potential logistics or supply chain units.
Ownership: Wholly-owned subsidiaries are 100% owned by Trent Limited.

Associates

Not Explicitly Named: The report mentions associates but lacks specific details.
Estimated Entities: May include joint ventures or minority stakes in retail or supply chain partners.

Details

Scope: Consolidated financials for FY25 (₹17,624 crore in sales) include contributions from subsidiaries and associates.
Assurance: Financial statements audited by Deloitte Haskins & Sells LLP, ensuring compliance with Indian Accounting Standards.

Due to the lack of specific names, further details on subsidiaries and associates are not available from the provided excerpt.

Physical Properties

Trent’s physical infrastructure supports its extensive retail network. Below is a detailed overview:

Retail Stores

Total Stores: 1,043 (295 added in FY25, including 2 in Dubai).
Retail Area: Over 13 million square feet, with 3 million added in FY25.
Locations: 242 cities across India, plus Dubai and Singapore (Samoh).
Brands: Westside, Zudio, Samoh, Star, and Studio West.

Registered Office

Location: Bombay House, 24, Homi Mody Street, Mumbai – 400001.
Details: Serves as the corporate headquarters, housing key administrative and strategic functions.

Other Properties

Warehouses and Distribution Centers: Likely exist to support the proximate supply chain for Star and fashion brands, though not explicitly detailed.
Store Formats: Vary by brand (e.g., large-format Westside stores, compact Zudio outlets, premium Samoh boutiques, and high-density Star supermarkets).

Founders

Jamsetji Nusserwanji Tata (1839–1904)

Role: Founder of the Tata Group, which includes Trent Limited.
Contribution: Laid the foundation for the Tata Group’s ethos of community-centric business. His vision of a free enterprise serving the community remains a guiding principle.
Legacy: Known for pioneering industrial and social initiatives, his philosophy shapes Trent’s commitment to integrity and societal impact.

Simone N. Tata

Role: Chairman Emeritus of Trent Limited.
Contribution: Played a pivotal role in Trent’s early years, particularly when it operated as Lakmé Limited. Her leadership helped transition the company into retail with the launch of Westside.
Legacy: Recognized for her strategic vision and contributions to building Trent’s retail presence.

Board of Directors

Trent’s Board of Directors comprises experienced leaders who guide its strategic and governance framework. Below is a detailed list:

Noel N. Tata (Chairman)

Role: Provides strategic leadership, emphasizing growth and sustainability.
Contribution: Under his chairmanship, Trent doubled its revenue run rate and expanded to 1,043 stores.

Harish Bhat

Role: Director, with involvement in multiple committees (e.g., Audit Committee Chairman at Lenskart Solutions, Risk Management Committee).
Contribution: Brings expertise in governance and risk management.

Bhaskar Bhat (Until August 29, 2024)

Role: Former Director, with significant contributions to strategic oversight.
Contribution: Played a key role in Trent’s growth until his tenure ended.

Jayesh Merchant

Role: Director, involved in committees at Lenskart Solutions, Nexus Select Mall Management, and Voltas (e.g., Risk Management Committee Chairman).
Contribution: Provides financial and operational expertise.

Susanne Given

Role: Director.
Contribution: Contributes to strategic and governance decisions.

Mayank Sood

Role: Director.
Contribution: Supports board initiatives with a focus on growth strategies.

Hema Ravichandar

Role: Director.
Contribution: Brings expertise in human resources and governance.

Johannes Holtzhausen (Until August 9, 2024)

Role: Former Director.
Contribution: Contributed to strategic planning until his tenure ended.

Kiran Mazumdar Shaw

Role: Director.
Contribution: Offers insights from her extensive experience in business and innovation.

Venkatesalu Palaniswamy (Managing Director)
- Role: Oversees day-to-day operations and strategic execution.
- Contribution: Drives Trent’s operational success, with FY25 sales growth of 39% and strong performance despite market challenges.

Key Personnel

Chief Financial Officer: Neera Basur.
Company Secretary: Krupa Anandpara.

Shareholding Details

Total Shareholders: 405,000+.
Dividend: 500% for FY25, reflecting strong financial performance and shareholder value focus.
Shareholder Engagement: The report emphasizes stakeholder engagement, with e-voting facilities for the AGM via NSDL’s platform.
Ownership Structure: While specific shareholding patterns are not detailed, Trent is a publicly listed company (CIN: L24240MH1952PLC008951) under the Tata Group, with a mix of institutional and retail investors.

Parent Company

Parent Company: Tata Group.
Details: Trent Limited operates as a subsidiary of the Tata Group, one of India’s largest conglomerates, known for its diverse portfolio spanning steel, automotive, IT, and retail. The Tata Group’s ethos of integrity, innovation, and community focus shapes Trent’s operations.
Influence: The Tata Group provides strategic oversight, financial backing, and brand equity, enabling Trent’s expansion and adherence to high governance standards.

Investment Details

The report does not provide specific details on passive investments. However, key investment-related insights include:

Store Expansion: Invested in opening 295 new stores in FY25, including 2 in Dubai, and expanding retail area by 3 million square feet.
Brand Development: Investments in Samoh (launched 2023) and Star’s own-brand portfolio (70% of revenues) reflect a focus on new concepts and product innovation.
International Expansion: Initial investments in Dubai and Singapore stores indicate a strategic move toward global markets.

Estimated Investment Allocation

Store Expansion: Significant capital expenditure for 295 new stores and 3 million square feet.
Supply Chain: Investments in Star’s proximate supply chain to enhance grocery operations.
Product Development: In-house design for Zudio, Samoh, and Westside, requiring R&D and inventory investments.

Future Investment Plans

Trent’s future investment plans are inferred from forward-looking statements and strategic priorities:

Continued Store Expansion: The Chairman’s vision of Trent becoming “ten times bigger” suggests aggressive store openings, both in India and internationally.
International Growth: Building on the Dubai and Singapore presence, Trent plans to explore additional global markets.
Sustainability Initiatives: Investments in sustainable practices, such as responsible sourcing and energy-efficient operations, to align with long-term goals.
Digital and E-Commerce: Likely to invest in enhancing online platforms to complement physical stores, responding to evolving consumer preferences.
Brand Innovation: Continued focus on developing new brands or sub-brands (e.g., Studio West) and expanding own-brand offerings under Star.

Conclusion

Trent Limited exemplifies retail excellence within the Tata Group, with a robust portfolio of fashion (Westside, Zudio, Samoh) and grocery (Star) brands. Its FY25 performance, with ₹17,624 crore in sales and 1,043 stores across 242 cities, underscores its market leadership. By blending innovation, accessibility, and sustainability, Trent continues to touch millions of lives while pursuing ambitious growth plans. With a strong governance framework, experienced leadership, and a customer-centric approach, Trent is poised to redefine retail in India and beyond.