MUMBAI: Trent Ltd is preparing for a leadership transition after nearly three decades under Noel N. Tata, even as the retailer delivered another quarter of double-digit revenue and profit growth, powered by store expansion and demand across its fashion brands.
The company on Thursday appointed Bahram Vakil as chairman, succeeding Tata, who will retire from the role and as a director on 11 November. Vakil is the co-founder and senior partner of law firm AZB & Partners and one of India’s leading lawyers in restructuring, insolvency, infrastructure and project finance.
Tata, who has been associated with Trent since 1997, will become chairman emeritus from 12 November, marking the end of a nearly three-decade association with the retailer he helped build into one of India’s leading fashion businesses.
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Bahram Vakil has been appointed chairman of Trent, effective 12 November 2026. Noel Tata will retire as chairman and director after 11 November.
Vakil is the co-founder and senior partner of AZB & Partners. He specialises in restructuring, insolvency, infrastructure and project finance, and holds an LLM from Columbia University.
Tata is retiring in line with the Tata Group’s policy for non-executive directors, which calls for them to step down from board positions at age 70.
From 12 November 2026, Tata will become chairman emeritus in recognition of his contribution to the company. He has been associated with Trent since 1997.
Trent appointed Rajiv Dube as an additional non-executive, non-independent director and Kalpana Merchant as an additional independent director. Both appointments are subject to shareholder approval.
Trent also appointed Rajiv Dube as an additional non-executive, non-independent director and Kalpana Merchant as an additional independent director, both effective 30 October, subject to shareholder approval. Merchant’s three-year term will end on 29 October 2029. Dube brings more than 40 years of experience across the Tata and Aditya Birla groups, while Merchant has more than 45 years of experience in the legal profession, including commercial property matters.
The appointments come as Trent continues to expand its retail footprint amid an inflationary environment and a shift in the festive calendar.
Consolidated revenue from operations rose 22% year-on-year to ₹5,873 crore in the September quarter of fiscal year 2027 (Q2FY27), in line with Bloomberg estimates. Consolidated net profit increased 25% to ₹468 crore, also matching estimates.
“Our brands experienced solid traction during the quarter. It was encouraging to witness a more robust consumer sentiment despite the relatively inflationary backdrop,” Tata said in the company’s earnings press release.
“We are increasingly expanding our presence across diverse markets, including in many Tier 2 and Tier 3 locations. The compelling reception we are witnessing gives us the conviction to double down into more hinterlands,” he said.
Expansion beyond metros
Trent opened 10 Westside stores and 19 Zudio stores during the quarter, while consolidating two Zudio outlets. As of 30 September, the retailer operated 311 Westside stores, 999 Zudio stores, including seven in the United Arab Emirates, and 32 stores across other lifestyle concepts. Its fashion retail footprint covered more than 18.5 million sq. ft across 339 cities, including three in the UAE.
About 85% of Zudio stores opened during the quarter were in peripheral growth markets or Tier II cities and beyond, underscoring the company’s push into markets outside larger urban centres.
The company said its annual pace of store openings should remain broadly consistent, although quarterly additions could vary depending on property development, fit-outs and regulatory approvals. Inflation across several cost items remains elevated, while geopolitical uncertainty, interest rates and supply-chain disruptions continue to shape the operating environment.
Like-for-like growth across Trent’s fashion portfolio was in the mid-single digits during the quarter. The company said consumer sentiment remained broadly positive despite inflationary pressures and the shift in the festive window. It is seeking to maintain relative stability in its value proposition while using its sourcing capabilities and supplier relationships to navigate inflation.
Newer categories gain ground
Emerging categories, including beauty and personal care, innerwear and footwear, contributed more than 21% of revenue. Westside’s online business, which operates through Tata Neu, continued to grow profitably. Online revenue rose 20% in the first half of FY27 and accounted for more than 6% of Westside’s revenue.
Trent’s grocery business, Star, recorded revenue growth of more than 20% during the quarter and added one store, taking its network to 87 stores across 13 cities. Its own brands and products accounted for more than 74% of revenue, supporting the company’s confidence in the business model and its growth potential.
“The food and grocery opportunity is significant, and the Star model is differentiated,” Tata said. The company said it would continue investing in expanding its footprint and strengthening its position across markets.
In his statement, Tata said he was pleased with Trent’s transformation from a fledgling entrant in the fashion sector into one of its leading players, distinguished by growth, profitability and capital efficiency.
He said he believed the company’s best days lay ahead, citing opportunities to strengthen its lifestyle businesses, expand in food and grocery, and emerge as a meaningful exporter of Indian brands.
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