Brands
Aditya Birla Fashion Q3: revenue up 8 per cent, loss widens to Rs 137 crore
Ebitda rises 13 per cent as store expansion continues
MUMBAI: Aditya Birla Fashion and Retail Limited reported a wider consolidated net loss in the third quarter of FY26, weighed down by the impact of new labour codes, even as revenue and operating performance improved.
Net loss from continuing operations rose to Rs 137 crore in the December quarter, compared with Rs 103 crore a year earlier. Excluding the labour-code impact, the normalised loss stood at Rs 115 crore. Revenue from operations grew 8 per cent year on year to Rs 2,374 crore from Rs 2,201 crore in Q3 FY25.
Ebitda increased 13 per cent to Rs 370 crore, up from Rs 328 crore in the year-ago quarter, reflecting tighter cost control and a stronger mix. Revenue for the nine months ended December rose 10 per cent year on year to Rs 6,187 crore.
The ethnic wear portfolio delivered another strong quarter, growing 20 per cent on year and continuing its run of sustained double-digit expansion. The segment has now crossed an annualised sales scale of over Rs 2,000 crore. Digital-first platform TMRW posted 29 per cent year-on-year growth, while the luxury business grew 27 per cent, aided by the recently opened Galeries Lafayette store.
ABFRL added around 50 gross stores during the quarter, taking its total retail footprint to more than 7.7 million square feet.
Pantaloons reported quarterly sales of Rs 1,276 crore, reflecting the shift of festive demand into Q2 and the deferral of the end-of-season sale into Q4. Adjusted for these calendar effects, like-to-like growth stood at 3 per cent. The format opened six stores and closed three, ending the quarter with 406 outlets.
Ownd delivered a standout performance, posting 54 per cent year-on-year growth and expanding its network to 67 stores. The Collective and Mono Brands business grew 16 per cent, with improving profitability, and now operates 49 stores after adding three during the quarter.
In a regulatory filing, the company said its diversified portfolio across categories and price points provides a strong base for long-term growth. While investments in select businesses will continue, the focus remains on scaling operations, improving efficiency and strengthening profitability.
Brands
Adobe CEO Shantanu Narayen to step down after 18 years in role
Board begins CEO search as Narayen prepares to move to chair role
SAN JOSE: After nearly two decades at the helm, Adobe’s long-serving chief executive Shantanu Narayen is preparing to pass the baton.
The company announced that Narayen will transition from his role as chief executive officer once a successor is appointed, ending an 18-year run that reshaped Adobe from a boxed software seller into a global cloud and AI powerhouse. He will remain chair of the board following the leadership transition.
Adobe’s board has formed a special committee to oversee the succession process, led by lead independent director Frank Calderoni. The committee will evaluate both internal and external candidates.
“Shantanu’s leadership has been instrumental in Adobe’s transformation and in positioning the company for the AI-driven era,” Calderoni said in a statement. “As we begin the next phase of succession planning, our focus is on identifying the right leader for the company’s next chapter while ensuring a smooth transition.”
In a note to employees, Narayen described the moment not as a farewell but as a pause for reflection after a long journey with the company.
“I love Adobe and the privilege of leading it has been the greatest honour of my career,” he wrote, adding that he will continue to work closely with the board over the coming months to ensure a seamless leadership change.
Tributes from the technology industry quickly followed the announcement. Microsoft chairman and chief executive officer Satya Nadella congratulated Narayen on what he described as a “legendary run” at Adobe.
“Congrats Shantanu, on a legendary run at Adobe! You’ve built one of the most important software companies in the world, and expanded what’s possible for creators, entrepreneurs, and brands everywhere,” Nadella wrote on LinkedIn.
“What has always stood out to me is the empathy you’ve brought to the creative process and the example you’ve set as a leader. Grateful for your friendship, mentorship, and for all you’ve done for Adobe and for our industry.”
Narayen’s career at Adobe spans nearly three decades. He joined the company in 1998 as vice president and rose steadily through the ranks before becoming chief executive officer in December 2007.
During that time, he orchestrated one of the most significant reinventions in the software industry. In 2013, Adobe made the bold decision to abandon traditional boxed software sales and move its flagship creative tools such as Photoshop to a subscription-based Creative Cloud model. The shift initially rattled investors but ultimately transformed Adobe into a predictable recurring revenue business and a case study in digital reinvention.
Narayen also pushed Adobe beyond creative tools into the world of marketing technology and data-driven customer experience, spearheading acquisitions such as Omniture and Marketo. Those moves helped build Adobe’s digital experience division and broaden its reach far beyond designers and photographers.
The numbers tell the story of that transformation. When Narayen took over in 2007, Adobe generated roughly $3 billion in annual revenue. Today the company reports more than $25 billion. Over the same period, its workforce expanded from around 3,000 employees to more than 30,000.
In recent years, Narayen has steered Adobe into the generative AI era with the launch of Adobe Firefly, aiming to keep the company ahead in a rapidly evolving creative technology landscape.
Born in Hyderabad in 1963, Narayen studied electronics and communication engineering at Osmania University before moving to the United States for a master’s degree in computer science from Bowling Green State University. He later earned an MBA from the Haas School of Business at the University of California, Berkeley.
Widely regarded as one of Silicon Valley’s most steady and effective leaders, Narayen has earned multiple honours during his career, including India’s Padma Shri in 2019.
For Adobe, the upcoming leadership change marks the end of a defining chapter. For Narayen, however, the story is far from finished. As he told employees, the company’s next era of creativity, powered by AI and new digital workflows, is only just beginning.
