Day: May 6, 2024

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Apparel Group kicked off 2024 with a robust expansion, unveiling the inauguration of 47 new stores across the Middle East and India in the first quarter

Apparel Group kicked off 2024 with a robust expansion, unveiling the inauguration of 47 new stores across the Middle East and India in the first quarter
Sima Ganwani Ved, Apparel Group Founder and Chairwoman emphasized on ‘Diversity, Equity and Inclusion’ and her unwavering dedication to fostering inclusive workplaces and promoting gender equality within the retail sector across the region.
  • Sima Ganwani Ved, Apparel Group Founder and Chairwoman emphasized on ‘Diversity, Equity and Inclusion’ and her unwavering dedication to fostering inclusive workplaces and promoting gender equality within the retail sector across the region.

DUBAI, United Arab Emirates, May 06, 2024 (GLOBE NEWSWIRE) — Apparel Group, a global leader in fashion and lifestyle retail, proudly announces a series of remarkable achievements in Q1 2024, solidifying its position as a leader in the industry.

January:

Apparel Group commenced the year with the prestigious 5-Star Award from the European Foundation for Quality Management (EFQM), recognizing its commitment to business excellence, strategic foresight, and fostering a culture of innovation and quality in the dynamic retail sector.

Additionally, the World Woman Foundation proudly announced Sima Ganwani Ved, Founder and Chairwoman of the Apparel Group, as a distinguished speaker for the World Woman Davos Agenda, held during the World Economic Forum week on January 18 in Davos. Sima Ganwani Ved’s participation highlights Apparel Group’s dedication to championing women empowerment and diversity on a global stage.

The month also witnessed the launch of Bliss Bites, a revolutionary gut-healthy food brand and café introduced by Apparel Group, catering to the growing demand for wellness-focused products among consumers.

February:

In February, Apparel Group was announced as Headline Partner for RLI MENA Awards and Lifestyle Partner for RLI MENA Connect in Riyadh, KSA. Additionally, Apparel Group was honored as the MENA Retail Partner of the Year at the prestigious RLI MENA Awards 2024, highlighting its continued success and influence in the region’s retail landscape.

Moreover, Apparel Group made significant strides in its retail partnerships and industry recognition. The company was unveiled as the Headline Partner for the 10th Retail Leaders Circle MENA Summit 2024 in Riyadh, KSA, reaffirming its commitment to driving innovation and excellence in the retail sector.

March:

March marked another pivotal moment for Apparel Group as it celebrated the grand opening of the inaugural Nysaa store in the GCC region, a joint venture setup with Nykaa, India’s largest omni-channel beauty retailer. This collaboration blends Apparel Group’s retail prowess with Nykaa’s expertise, offering consumers a world-class shopping experience in Dubai.

Additionally, Apparel Group expanded its luxury portfolio with the grand launch of Forest Essentials at Dubai Hills Mall. The event showcased an exquisite décor, immersing guests in the world of Luxurious Ayurveda. Vibrant-colored blooms and striking product displays highlighted the natural ingredients central to Forest Essentials’ ethos.

In a strategic expansion, Apparel Group extended its partnership with Crocs, bringing this iconic brand under its wing in Kuwait. This move broadens the company’s presence in the GCC, where it already operates 88 Crocs stores.

Complementing its expansion efforts, Apparel Group collaborated with Dubai Holding for the ‘Gift It Forward’ initiative, aiming to support over 8,500 Dubai residents during Ramadan. This initiative underscores the company’s dedication to social responsibility and community engagement.

The month also saw the return of the highly anticipated Great Online Sale by Apparel Group, offering exclusive Eid shopping deals with discounts of up to 80%. This sale further reinforced the company’s reputation as a leader in retail innovation.

April:

As the momentum continued into April, Apparel Group intensified its expansion efforts with the unveiling of 47 new stores across the Middle East and India in Q1 2024. These new openings exemplify the company’s commitment to providing exceptional shopping experiences and meeting the evolving needs of its diverse customer base. This expansion included the launch of Qatar’s first Forever New store, the fourth in the GCC, as part of a joint venture expansion plan to open 40 locations.

Moreover, Apparel Group proudly reaffirmed its commitment to excellence by becoming the Platinum Partner for The Retail Summit 2024, held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The partnership underscores Apparel Group’s dedication to driving transformative discussions and initiatives in the global retail arena.

The company also concluded its role as the Platinum Partner at The Retail Summit 2024, hosted at the renowned Atlantis, The Palm. The summit, held on April 23rd and 24th, brought together prominent figures in global retail, exchanging invaluable insights and strategies pivotal for the evolution of the retail sector. Neeraj Teckchandani, CEO of Apparel Group, participated in a panel discussing the strategic importance of market expansion in the GCC and the need for innovative approaches to redefine omnichannel experiences. Sima Ganwani Ved, Founder and Chairwoman, also honored the summit with her presence in a panel discussion on the vital topic of ‘Diversity, Equity and Inclusion – Inspiring the Next Generation of Retail Talent.’

Commenting on these achievements, Neeraj Teckchandani, CEO of Apparel Group, stated, “We are thrilled to announce our continued growth and success in Q1 2024. These milestones reflect our unwavering dedication to excellence, innovation, and making a positive impact in the communities we serve. As we look ahead, we remain committed to pushing boundaries, fostering partnerships, and delivering unparalleled value to our customers.”

For more information about Apparel Group and its latest initiatives, please visit the official website at https://apparelglobal.com/en/

About Apparel Group LLC

Apparel Group is a global fashion and lifestyle retail conglomerate residing at the crossroads of the modern economy – Dubai, United Arab Emirates. Today, Apparel Group caters to thousands of eager shoppers through its 2200+ retail stores and 85+ brands on all platforms while employing over 22,000+ multicultural staff.

Apparel Group has carved its strong presence in the GCC and expanded thriving gateways to market in India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt. Additionally, clear strategies are in place to enter emerging markets such as Hungary and Philippines.

Apparel Group has created an omni-channel experience, operating brands originating from the USA, Canada, Europe, Australia, and Asia. The brands include leading names in fashion, footwear, and lifestyles such as Tommy Hilfiger, Charles & Keith, Skechers, Aldo, Nine West, Aeropostale, Jamie’s Italian, Tim Hortons, Cold Stone Creamery, Inglot, and Rituals.

Apparel Group owes its amazing growth to the vision and guidance of its dynamic Founder and Chairwoman, Mrs. Sima Ganwani Ved, who has taken the company from strength to strength since its inception in the last two decades.

https://apparelglobal.com/en/

PR@apparelglobal.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6ed637-e72f-4bc7-af09-63a84fe85c57

GlobeNewswire Distribution ID 9110933

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Pakistan Stock Exchange Reports Positive Movements in Indices and Increased Market Activity

Karachi, The Pakistan Stock Exchange (PSX) displayed favorable developments in the first half of 2024, with increased market capitalization, trading volumes, and positive shifts in key indices. As of May 6, 2024, the total number of listed companies stood at 523, with a listed paid-up capital reaching Rs. 1,675,712 million. Market capitalization soared to Rs. 9,886,684.74 billion, accompanied by a traded volume of 578.39 million shares and a traded value of Rs. 24.52 billion.

In the market dynamics, the number of advancing stocks was 258, while 108 declined and 23 remained unchanged out of 389 total stocks traded. Additionally, PSX listed 13 public debt securities with a total issue size of Rs. 60 billion, and 22 privately placed debt securities totaling Rs. 502.59 billion. There were also nine listed open-end mutual funds.

The indices showed positive trends, with the KSE-100 Index rising by 1.20% to close at 72,764.24, moving from a low of 72,462.49 to a high of 73,060.74. The KSE-All Shares Index increased by 0.92% to 47,351.15. Other indices such as the KSE-30 and KMI-30 also reported gains of 0.77% and 0.70%, respectively. The PSX Dividend 20 Index marked the highest gain among them, climbing by 1.67% to 28,979.45.

Notably, the JSMFI index saw a substantial increase of 2.55% closing at 20,162.77, and the ACI index followed closely with a rise of 2.31% to 12,049.21. However, the OG Ti index showed a slight decline of 0.21%, closing at 17,361.49. Despite these fluctuations, the overall market sentiment remained positive, reflecting a robust trading environment on the PSX.

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Amreli Steels Posts Significant Gain

Karachi, Amreli Steels experienced a noticeable gain, closing at PKR 25.51 on May 6, 2024, up from an opening price of PKR 23.98. The stock saw substantial activity with 1,060,153 shares traded, peaking at PKR 25.51.

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HBL Growth Fund Announces Annual Dividend

Karachi, The HBL Growth Fund, listed under the non-commercial category on the Pakistan Stock Exchange, today declared a dividend of 12% for the year. The fund's earnings per share (EPS) stood at Rs. 9.45 for the period from January to April 2024. This announcement follows the previous year’s dividend distribution, aligning with the fund's performance in the market. The fund, established in 1980, saw its shares trade at a high of Rs. 7.00 during the day.

The trading volume for the HBL Growth Fund was notable, with 3,782,000 shares changing hands. This trading activity reflects investors' continued interest in the fund’s performance and future potential. The next book closure is scheduled for June 7, marking an essential date for investors regarding dividend eligibility.

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Tri-Star Mutual Fund NC Experiences a Downturn

Karachi, Tri-Star Mutual Fund NC recorded a challenging year with no dividends distributed and a negative EPS of Rs. 3.26. The fund’s share price today touched a high of Rs. 4.48. Despite the lackluster financial results, the fund saw a turnover of 252,000 shares during today's trading session.

Founded in 1994, the Tri-Star Mutual Fund has faced fluctuating market conditions, reflected in its recent performance metrics. The next book closure is scheduled for October 23, which will be crucial for investors following the fund’s developments closely.

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B.F. Modaraba Posts Negative EPS of Rs 0.80 in Recent Quarter

Karachi, B.F. Modaraba, established in 1989, reported a negative earnings per share (EPS) of Rs 0.80 for the first quarter of 2024. The company continues to maintain its market lot at Rs 10 par value without declaring any distributions. The financial activity resulted in a turnover of 33,000, indicating challenges in profitability.

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Amreli Steels Limited Faces EPS Decline Amid Market Challenges

Karachi, Amreli Steels Limited (ASL), listed as ASL NC, reported a negative EPS of Rs (2.28) for the period January to April 2024. The company's stock price was noted at Rs 25.12, reaching a high of Rs 27.80. With a turnover of 39,332,451 shares, Amreli Steels demonstrated significant market activity but did not announce any distributions to its shareholders. Operating since 2015, the company’s market lot size remains unchanged at 10 shares, with the previous book closure date set for October 17. This marks a challenging phase for ASL, reflecting the broader stresses within the steel industry.