Hello,
Want premium fits in your wardrobe? That’ll cost you even more now.
With the new GST reforms, it’s been a case of ‘you win some, you lose some’.
The tax overhaul stands to make everything from daily consumer goods to luxury SUVs cheaper, but global fashion brands such as Zara, Levi Strauss and Lacoste have been slapped by higher levies on all apparel priced above Rs 2,500.
For Gen Z and younger consumers, it’s a delicate balance between aspirational purchases and price sensitivity. And apparel retailers are now spooked about the impact of higher taxes on their wafer-thin margins.
Auto stocks, however, are popping open the champagne after share prices jumped as much as 3.7% to the highest level in nearly 11 months.
Speaking of fashion, though: it’s the end of an era for haute couture today.
Giorgio Armani, the billionaire designer who established one of the world’s most revered fashion labels, has died at the age of 91.
Through labels such as Armani Exchange and Emporio Armani, his namesake company earned revenue of $2.7 billion in 2024 and garnered him a personal net worth of around $9.5 billion, making him one of Italy’s richest people. Now, the future of his luxury empire lies in the hands of his heirs.
To work in the shadow of a legend is no easy task.
In today’s newsletter, we will talk about
- GST cuts and healthcare
- Bridging language gaps with AI
- BlueStone narrows YoY loss
Here’s your trivia for today: Robert De Niro and Al Pacino acted together for the first time in which film?
Tax
GST cuts and healthcare
India has reduced taxes on medicines, medical devices, and health insurance in one of the most sweeping healthcare tax reforms since the introduction of the Goods and Services Tax in 2017, a move industry executives say will make treatment more affordable but may not address deeper structural challenges.
Key takeaways:
- The government eliminated the 12% GST on 33 life-saving medicines, including some of the world’s most expensive therapies.
- The changes address a critical pain point in Indian healthcare, where out-of-pocket expenses account for nearly two-thirds of total healthcare costs—among the highest rates globally.
- While healthcare companies and hospital operators cheered the reforms, many cautioned that implementation challenges could limit their effectiveness.
<figure class="image embed" contenteditable="false" data-id="580293" data-url="https://images.yourstory.com/cs/2/d99b1110116911ed9e63f54395117598/FMImages2WithoutLogo7-1738503550012.jpg" data-alt=" Finance Minister Nirmala Sitharaman" data-caption="
Credit: Nihar Apte
” align=”center”> Credit: Nihar Apte
Funding Alert
Startup: FirstClub
Amount: $23M
Round: Series A
Startup: Reveal HealthTech
Amount: $7.2M
Round: Series A
Startup: House of Zelena
Amount: Rs 7 Cr
Round: Seed
Startup
BlueStone narrows YoY loss
BlueStone Jewellery and Lifestyle posted a narrower year-on-year loss in the June quarter, though profitability weakened compared to the March period, as costs continued to run ahead of revenue.
For the quarter ended June 30 (Q1 FY26), the jeweller reported a consolidated net loss of Rs 51.3 crore, compared with Rs 59.2 crore a year earlier.
Lacklustre:
- Revenue from operations rose 32% year-on-year to Rs 461.3 crore, up from Rs 348.2 crore in the June quarter of FY25.
- Expenses climbed to Rs 533.6 crore in the June quarter, a 27% increase from Rs 418.4 crore a year earlier, though marginally lower than the Rs 538.5 crore reported in the March quarter.
- Revenue grew 41% year-on-year, driven by same-store sales growth and the expansion of BlueStone’s omni-channel footprint, Chief Executive Gaurav Singh Kushwaha said.
Startup
Bridging language gaps with AI
India’s internet user base has grown rapidly since 2016, driven by cheap data and wider smartphone access. Yet even today, a large section of society struggles to use digital services, either because they lack the skills or because the internet remains largely English-first.
Navana.ai aims to change this by allowing people to access apps and services in their own language.
<figure class="image embed" contenteditable="false" data-id="580291" data-url="https://images.yourstory.com/cs/2/727115006d2011f09259ebc21ca89457/NavanaAIFeatureImage1-1756807218209.jpg" data-alt="Navana.ai: Conversational AI for every Indian" data-caption="
Raoul and Jai Nanavati founded Navana.ai to make digital services accessible in India’s many languages through voice technology.
” align=”center”> Raoul and Jai Nanavati founded Navana.ai to make digital services accessible in India’s many languages through voice technology.
News & updates
- AI browser: Atlassian will acquire New York-based startup The Browser Company for $610 million in cash, moving into the fast-growing market for AI‑driven browsers. Startups and incumbents are racing to embed agentic AI features in browsers.
- Crypto policy: The US Securities and Exchange Commission has unveiled its rulemaking agenda for the upcoming months, which could see broad proposals to revamp cryptocurrency regulations and reduce rules that Wall Street has decried as being overly burdensome.
- Privacy: A US federal court has told Google to pay $425 million for breaching users’ privacy by collecting data from millions of users even after they had turned off a tracking feature in their Google accounts.
Robert De Niro and Al Pacino acted together for the first time in which film?
Answer: Heat.
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