Trent looks beyond apparel to focus on beauty, footwear

Trent Ltd is investing in beauty, footwear and underwear as its next growth engine and aims to turn these businesses into “destination categories” for shoppers as the Tata Group company moves beyond ready-to-wear.

Beauty, footwear and underwear together contributed about 20% of Trent’s revenue in FY26, according to the company’s annual report. Sales in these categories are approximately ₹4,015 crore in FY26 ₹3,427 crore in FY25, up nearly 17%.

Beauty emerged as the fastest growing segment with volumes rising from 5 million units in FY22 to 86 million units in FY26, translating to a CAGR of 103%. During the same period, underwear volumes increased from 6 million units to 58 million units, while shoe volumes increased from 5 million units to 29 million units; This underlined the growing consumer acceptance of Trent’s non-apparel products.

The retailer said in its FY26 annual report that it was “eager” to expand its beauty and personal care business StudioWest into a “destination category.” In retail, a “destination category” is a product category that is strong enough to attract customers to visit a store specifically belonging to that category. Management also identified footwear and underwear as significant growth opportunities in the coming years.

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Trent’s passion for placing beauty in a destination category through differentiated and attractively priced products extends back at least to FY22. Four years later, the company is expanding that vision beyond beauty and positioning all three categories as independent growth drivers.

The company believes the opportunity is sizeable. According to the annual report, India’s beauty and personal care market is estimated to be: ₹It is expected to reach 2.4 trillion ₹3.8 trillion by FY30. The shoe market is predicted to grow ₹1.04 trillion ₹While it was 1.6 trillion in the same period, the underwear market ₹84,000 crore ₹1.3 trillion.

Trent spent over a decade building these businesses. Westside founded StudioWest in 2009 and has since expanded its portfolio to include fragrances, cosmetics, skin care and bath products. The retailer also houses lingerie and loungewear brand Wunderlove under the Westside umbrella. While Zudio, which launched in 2016, has expanded beyond clothing with products like Zudio Beauty, shoes are also sold through a portfolio of exclusive brands at both Westside and Zudio.

In an analyst note published in June 2026, Nuvama Institutional Equities said there were “signs of slowing” in Trent’s emerging categories business as the base catches up. However, the segment’s revenue share remains stable, indicating premiumisation, as value growth continues to outpace volume growth, he said.

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Slowing growth in international trade

The growing importance of these categories comes as some of Trent’s international ventures face challenges. Spanish fast fashion giant Inditex reported its weakest performance in five years in India; Revenue from the Zara joint venture fell 1.2 percent. ₹2,749 crore in FY26 and profit down 32%. ₹204 crore during this period.

In FY25, 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. It also reduced its stake in the Massimo Dutti joint venture from 49% to 20%.

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However, the company seems optimistic about international expansion. In a letter to shareholders, chairman Noel Tata said it would be “extremely satisfying” to build brands from India that have relevance in international markets and that the company should “aim to generate material revenue from overseas markets”.

Nuvama said he reiterated that management’s investments in Zara and Massimo Dutti were “purely a financial arrangement” and had “no impact on business operations.”