Trent Ltd is a leading player in the thriving Indian retail market. Founded in the year 1998, it is a subsidiary of the Indian multinational giant, Tata Group. The company operates on a multi-format retail model, specialising in numerous product categories, including fashion, lifestyle, beauty and grocery products. Trent’s brand-led approach means you get access to either wholly-owned branded products on the company’s numerous retail channels or products by third-party sellers. Hallmarks of the company include a focus on sustainability, responsible sourcing and digital integration to reach customers across regions and demographics. Let’s explore the business model and revenue streams of Trent Ltd.
How Does Trent Ltd Operate?
Trent Ltd operates through a mix of physical stores and online retail channels. The company has a network of more than 1,000 retail stores across 46 cities in India, with a focus on Tier 1 to Tier 3 cities to tap into diverse consumer segments. It is also present in the e-commerce retail segment through online platforms like Tata Cliq, Tata Neu, StarQuik and Westside.com. Trent integrates a number of innovative practices in its operations. These include vendor assessment for responsible sourcing, full waste traceability in 200 stores and IoT-enabled resource efficiency in over 100 stores.
| Company/Brand | Trent Limited |
| Establishment Year | 1998 |
| Headquarters | Mumbai, Maharashtra, India |
| Founder/Owner | Tata Group |
| Industry | Retail |
| Net Worth | $16.81 billion (November 2025) |
| Total Revenue In 2024 | $1.90 billion |
How Trent Ltd Makes Money?
1. Retail Sales
Trent Ltd earns the majority of its revenue from direct retail sales of apparel, footwear, accessories, beauty and home products across own brands and private labels through both physical and online retail stores. Profit margins are high to very high, primarily due to private labels. Revenue contribution by retail sales is staggeringly high at 85-90%.
2. International Partnerships
Trent Ltd has joint ventures with multiple international brands, including Zara and Massimo Dutti . The company earns revenue through these international partnerships in the form of revenue shares and royalty or franchise fees. Overall contribution to the company’s revenue stands at 12-15%.
3. Grocery and Essentials
Trent Ltd sells food, non-food grocery, daily essentials and FMCGs through hypermarkets. This revenue stream contributes 8-10% to the total earnings of the company.
4. Wholesale Distribution
Trent Ltd is involved in business-to-business or B2B supply of products to small retailers, kirana stores and hospitality businesses. Wholesale distribution accounts for 2-4% of the total revenue.
5. Other Income
Trent Ltd earns fees from licencing trademarks, designs and curated fashion to third-party manufacturers and retailers. Rental income, e-commerce commissions, export incentives and minor services also come under other revenue stream. Altogether, these are minor revenue sources, contributing just 1-2% to the company’s income.
What Are The Key Brands And Formats?
Trent Ltd owns and operates a number of retail brands and formats. Let’s have a look at the some of the major ones.
Westside is a chain of premium department stores offering mainly private labels across categories like apparel, footwear, furnishings, home decor and accessories. It is particularly strong in western and ethnic wear for women.
Zudio is an affordable fast-fashion chain of retail stores for men, women and children. It primarily covers Tier-2/3 cities and is the major revenue growth driver with high store turnover.
Utsa is a specialised Indian ethnic wear brand. It doesn’t have standalone stores and currently present in all Westside stores.
Star Bazaar is a chain of hypermarkets and supermarkets for groceries, fresh produce and household essentials.
Zara is a global chain of fast-fashion stores. Trent holds 34.94% stakes in its joint venture with Zara.
Massimo Dutti is an international premium clothing retailer which runs multiple stores in India in partnership with Trent.
Latest Updates
Trent’s subsidiary, Nahar Retail Trading, has established Netria Property Holdings to invest in real estate acquisition, development, leasing and sales. This move is in line with the company’s asset-light expansion involving deployment of internal funds to real estate in order to optimise store real estate costs.
Trent has added 150-180 stores so far in the financial year 2025. The company’s flagship brand, Westside, introduced “Young New Game-changer” initiative in September 2025 to empower and celebrate young talent in fashion.
Trent has reduced its stake in the joint venture with Zara from 49% in 2024 to 34.94% presently.
