Business & Finance

Noel Tata’s Trent Turns Private‑Label Vision into Retail Giant

By Dipali Banka, Ayaan Kartik

When the Tata Group entered apparel retail 27 years ago, an investor asked, “Are you going to sell fabric cut‑pieces?” The question reflected the scepticism of a time when modern retail was unheard of in India. Noel Tata, who led Trent as managing director from 1999 and as chairman from 2014, recalled that early doubt at the Hindustan Times Leadership Summit in New Delhi. He said the first Westside shop opened in Bengaluru when only two other significant retail outlets existed in the country.

Tata stepped down last month at age 70, in line with the Group’s retirement policy for non‑executive directors. Under his leadership, Trent grew from four Westside stores in 1999 to more than 1,286 stores across 321 cities today, covering over 17.7 million square feet of retail space—over 200 times its original footprint. The company’s FY 2025‑26 report shows revenue rising 17.2 % to ₹20,074 crore and net profit for shareholders up 11.2 % to ₹1,719.65 crore.

Trent’s portfolio now includes Westside, Zudio and Star Bazaar. Zudio, launched in 2016, has expanded to 963 stores in 313 cities, including six in the UAE, and is expected to generate about ₹15,000 crore in sales this year by selling nearly 400 million units. Westside operates 300 stores and has grown its revenue by roughly 50 % annually since FY 2022.

The company’s success stems from a deliberate choice to develop and sell its own private‑label brands instead of stocking established labels. This decision required Trent to design products, source fabrics and manage the entire supply chain, giving it a direct‑to‑consumer model long before it was common in India. The strategy has paid off: Star Bazaar’s grocery division now derives 73 % of its revenue from its own labels and runs 84 stores in 12 cities.

Tata explained that the private‑label approach allowed Trent to control product quality and pricing, offering aspirational products at affordable prices—store sizes starting at about 6,000 sq ft and price points ranging from ₹199 to ₹999. Zudio has eschewed e‑commerce and advertising, relying on its physical network and product quality to drive growth.

The growth of Trent has been fueled by India’s expanding consumption base, especially in tier‑II and tier‑III cities, and the broader economic expansion that has lifted demand across socio‑economic groups. Tata said the company could become ten times its current size, though he did not specify a timeline.

Trent’s market capitalisation reached ₹1,68,501 crore at the end of Friday, making it the fourth most valuable Tata Group company after Tata Consultancy Services, Tata Steel and Titan.

The story of Trent’s rise—from a small Westside shop to a retail powerhouse—illustrates how a focus on private labels, affordable fashion and a deep understanding of India’s consumer market can defy early scepticism and drive sustained growth.