Trent Expands Focus on Beauty, Footwear and Innerwear to Drive Growth

Retailer reports rising contribution from non-apparel categories, with beauty emerging as the fastest-growing segment in FY26

Trent Ltd is increasing its focus on beauty, footwear and innerwear as it seeks to strengthen growth beyond its core apparel business. The Tata Group retailer reported higher sales contributions from these categories in FY26 and identified them as key areas for future expansion.

According to the company’s annual report, beauty, footwear and innerwear together accounted for about 20% of Trent’s revenue in FY26. Sales from these segments are estimated to have increased to about ₹4,015 crore in FY26 from ₹3,427 crore in FY25, reflecting growth of nearly 17%.

Beauty Leads Category Growth

Beauty emerged as the fastest-growing segment within Trent’s non-apparel portfolio. Volumes increased from 5 million units in FY22 to 86 million units in FY26, representing a compound annual growth rate of 103%.

Innerwear volumes rose from 6 million units to 58 million units during the same period, while footwear volumes expanded from 5 million units to 29 million units, indicating increasing consumer adoption of the retailer’s non-apparel offerings.

In its FY26 annual report, the company said it was “enthusiastic” about expanding StudioWest, its beauty and personal care business, into a “destination category”. In retail, a “destination category” refers to a product category that is strong enough to attract customers to visit stores specifically for that offering.

Management also identified footwear and innerwear as segments with significant growth potential in the coming years.

Expansion Beyond Apparel

Trent’s efforts to develop beauty as a destination category began in FY22 through differentiated and attractively priced products. The company has since broadened that strategy, positioning all three categories as independent growth drivers.

The retailer believes the opportunity remains substantial. According to the annual report, 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 expand from ₹1.04 trillion to ₹1.6 trillion over the same period, while the innerwear market is expected to increase from ₹84,000 crore to ₹1.3 trillion.

Trent has spent more than a decade developing these businesses. StudioWest was launched in 2009 and has since expanded its range across fragrances, cosmetics, skincare and bath products.

The retailer also operates lingerie and loungewear brand Wunderlove under the Westside umbrella. Zudio, launched in 2016, has extended beyond apparel through Zudio Beauty, while footwear is sold through a portfolio of private labels across both Westside and Zudio.

Analysts Note Growth Trends

In a June 2026 analyst note, Nuvama Institutional Equities said there were “signs of acceleration” in Trent’s emerging-category business as these categories expanded. The brokerage noted, however, that the segment’s share of revenue remained stable, suggesting premiumisation as value growth continued to outpace volume growth.

The increasing importance of these categories comes as some of Trent’s international ventures face challenges. Spanish fast-fashion retailer 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.

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 buy-back offer. It also reduced its holding in the Massimo Dutti joint venture from 49% to 20%.

In his letter to shareholders, chairman Noel Tata said it would be “enormously satisfying” to build brands from India that achieve relevance across international markets.