Mumbai8 minutes ago
- copy link
Addressing shareholders at the company’s 74th Annual General Meeting (AGM) on Tuesday, June 23, Noel Tata said, “As you may be aware, this will be my last Annual General Meeting as Chairman.
Noel Tata’s resignation from the post of chairman of ‘Trent’, the Tata group company that operates big fashion brands like Westside and Judio, is a big decision. Under his leadership, the company has grown from a single store in Bengaluru to one of India’s leading fashion and lifestyle giants.
Noel Tata will turn 70 in November
Noel Tata (69) is going to turn 70 in November this year. He is also the chairman of ‘Tata Trusts’, the largest shareholder of Tata Sons. As per the rules of the Companies Act 2013, no managing director or whole-time director is allowed to continue in office or be re-appointed if he is 70 years of age or older.
However, any relaxation in this rule can be obtained as an exception by passing a special resolution with the approval of the shareholders or with the permission of the Central Government.
Expressed gratitude to shareholders and employees
Tata thanked its shareholders, employees and partners for the support they have received over the years. He said that I would like to wholeheartedly thank all my shareholders, associates and partners for the trust, confidence and cooperation that I have received over the years.
Revenue of ₹ 20,074 crore in financial year 2026
Under the chairmanship of Noel Tata, Trent has made a strong hold in the Indian market. The company entered 79 new cities and added 289 new stores in the financial year 2026 (FY26). With this, the total number of stores of the company increased to 1,286 in 321 cities, which are serving more than 12 crore customers. On a consolidated basis, the company’s total revenue stood at ₹20,074 crore and profit before tax was recorded at ₹2,259 crore.
Trent’s journey: 1998 to 2026
- 1998: First Westside store in Bengaluru.
- 2010: Noel Tata joins as director.
- 2014: Noel Tata took over as chairman.
- 2026: 1286 stores in 321 cities, revenue of ₹20,074 crore
Mother Simone Tata started Trent
Noel Tata joined the board of Trent as a director on 19 August 2010. This company was started by his late mother Simone Tata after selling the cosmetic brand ‘Lakme’ business to FMCG giant Hindustan Unilever.
Subsequently, after the retirement of FK Kavarna on 31 March 2014, Noel Tata took over as the chairman of Trent. Apart from Trent, he is also the Chairman of the Board of many other Tata companies like Voltas, Tata Investment Corporation Limited, Tata International Limited.
The journey started from a store in Bengaluru
Recalling the company’s journey, Tata said that Trent started in 1998 with a single ‘Westside’ store on Commercial Street, Bengaluru. Today, Trent has a network of strong brands like Westside, Judio, Samoh, Utsav and Burnt Toast. Apart from this, the company also runs stores of global fashion brands Zara and Massimo Dutti in collaboration with Spain’s Inditex Group.
The target of making the company 10 times bigger will soon be accomplished
Expressing confidence about the future, Noel Tata said that there are still huge opportunities for organized retail in India, due to people’s rising incomes and preference for branded products. He had expressed to the shareholders his desire to increase Trent’s revenue by 10 times in 2023. He said that since then the company’s revenue and profitability run rate have increased by more than 2.5 times. With this he is confident that this target will be achieved soon. He sees huge potential in taking Indian brands to the global level as well.
Source link
[ad_3]
