One of the most prosperous periods in India’s organized retail history will come to an end with Noel Tata’s departure as chairman of Trent later this year. He will leave behind a company that has grown from a single-store experiment to one of India’s most valuable retailers when he stands down in November after reaching the Tata Group’s retirement age of 70.
Following the Tata Group’s acquisition of the UK-based department store chain Littlewoods International, Trent’s retail odyssey started in 1998 with the opening of its first Westside shop in Bengaluru. The sale of Lakmé to Hindustan Unilever for about Rs 200 crore made the transaction possible. The Littlewoods company later changed its name to Westside, which set the stage for Trent’s private-label approach.
Noel Tata made the decision to base Westside entirely on private labels from the beginning, in contrast to many competitors who stocked their shelves with a variety of third-party brands. The strategy allowed Trent to react swiftly to shifting consumer tastes while giving it more control over pricing, merchandising, and profitability.
The introduction of Zudio, a value-fashion brand aimed at budget-conscious consumers, in 2016 was his largest calculated risk. While some rivals pursued quick e-commerce growth, Zudio remained dedicated to an offline-first strategy and concentrated on smaller locations, offering fashion that was mostly priced around Rs 1,000.
The figures show how drastically Trent has changed. While net profit climbed from approximately Rs 130 crore in FY15 to approximately Rs 1,700 crore in FY26, revenue increased from approximately Rs 1,300 crore in FY14 to almost Rs 20,000 crore in FY26. While Zudio has grown from zero locations in 2016 to about 960 outlets now, Westside has risen from about 80 stores to over 300. Trent’s market capitalization increased from approximately Rs 3,400 crore to almost Rs 1.73 lakh crore during the same time span.
Trent’s aspirations for expansion are unwavering even as Noel Tata is ready to retire. According to the firm, Zudio has the potential to grow to 5,000 locations throughout India, while Westside can potentially reach 700 stores. As the company continues to work toward its long-term objective of generating a ten-fold rise in revenue, international expansion is also on the table.
| Milestone | Details |
|---|---|
| 1998 | Trent opened its first Westside store in Bengaluru after acquiring Littlewoods International’s India business. |
| Funding the Vision | The acquisition was financed using proceeds from the Lakmé sale to Hindustan Unilever (around ₹200 crore). |
| Unique Strategy | Noel Tata built Westside on 100% private labels, giving Trent greater control over pricing, merchandising, and margins. |
| 2016: Launch of Zudio | Introduced Zudio, a value-fashion brand targeting budget-conscious shoppers with an offline-first strategy. |
| Affordable Fashion | Zudio focused on trendy apparel, with most products priced around ₹1,000 or less. |
| Revenue Growth | Revenue surged from ~₹1,300 crore (FY14) to ~₹20,000 crore (FY26). |
| Profit Growth | Net profit climbed from ~₹130 crore (FY15) to ~₹1,700 crore (FY26). |
| Westside Expansion | Grew from around 80 stores to 300+ stores across India. |
| Zudio Expansion | Expanded from 0 stores in 2016 to approximately 960 stores. |
| Market Value | Trent’s market capitalization soared from ~₹3,400 crore to ~₹1.73 lakh crore. |
| Future Vision | Trent believes Zudio can scale to 5,000 stores and Westside to 700 stores, while pursuing international expansion and a 10x revenue growth ambition. |
| Leadership Legacy | Noel Tata retires as Chairman in November 2026, leaving behind one of India’s most valuable retail companies. |
