Trent Expands Business Portfolio to Include Beauty and Footwear

Trent Ltd Eyes Growth in Beauty, Footwear, and Innerwear Categories

Trent Ltd, a Tata Group company, is shifting its focus towards beauty, footwear, and innerwear as key growth drivers, as the retailer aims to expand beyond the apparel segment. In the fiscal year 2026 (FY26), these categories together contributed approximately 20% to Trent's revenue, according to the company's annual report. Sales from these categories rose to ₹4,015 crore in FY26 from ₹3,427 crore in FY25, a growth of nearly 17%.

The beauty segment has emerged as the fastest-growing category, with volumes surging from 5 million units in FY22 to 86 million units in FY26, resulting in a compound annual growth rate (CAGR) of 103%. Innerwear volumes grew from 6 million units to 58 million units over the same period, while footwear volumes increased from 5 million units to 29 million units. This growth underscores the increasing acceptance of Trent's non-apparel offerings by consumers.

Trent is enthusiastic about expanding StudioWest, its beauty and personal care business, into a "destination category" in retail. A destination category is a product category strong enough to make customers visit a store specifically for that category. The company has also identified footwear and innerwear as key growth opportunities in the years ahead.

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India's beauty and personal care market is estimated at ₹2.4 trillion and is expected to reach ₹3.8 trillion by FY30. The footwear market is projected to grow from ₹1.04 trillion to ₹1.6 trillion over the same period, while the innerwear market is expected to expand from ₹84,000 crore to ₹1.3 trillion.

Trent has spent over a decade building its non-apparel businesses. Westside launched StudioWest in 2009 and has since expanded the portfolio across fragrances, cosmetics, skincare, and bath products. The retailer also houses lingerie and loungewear brand Wunderlove under the Westside umbrella. Zudio, launched in 2016, has expanded beyond apparel through offerings such as Zudio Beauty, while footwear is sold through a portfolio of private labels across both Westside and Zudio.

However, some of Trent's international ventures are facing challenges. Spanish fast-fashion giant Inditex reported its weakest performance in India in five years, with revenue at its Zara joint venture declining 1.2% to ₹2,749 crore in FY26 and profit falling 32% to ₹204 crore during the period.

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Trent reduced its stake in Inditex Trent Retail India, which operates Zara stores in the country, from 49% to 34.94% through a buyback offer in FY25. It also cut its holding in the Massimo Dutti joint venture from 49% to 20%. Despite this, the company remains bullish on its international expansion, with chairman Noel Tata expressing his desire to build Indian brands that achieve relevance across international markets and generate material revenues from overseas markets.