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Fashion retailers record a dip in sales for second consecutive quarter

Fashion retailers record a dip in sales for second consecutive quarterIts slowdown for some of the biggest fashion retailers in India as retail giants like Pantaloons, Brand Factory, Shoppers Stop, Central and V-Mart reported less than 7 per cent same store sales growth (SSG) during the first quarter of FY 2019-20. In Q1, SSG was lower than the 9 per cent reported in Q4 of last financial year. Sector experts attribute this decline in two straight quarters to a sustained market slowdown. However, they believe though sales have declined over the last few months, it will definitely recover in the upcoming festive season. To capitalise on this growth potential, retailers have introduced several new schemes. Future Group, for instance, has launched its Independence Day sales across all formats. The group hopes customers will benefit from these schemes and discounts.

New launches to attract consumers back to stores

Other brands too have lined up key launches coinciding with theFashion retailers record a dip in sales for second consecutive upcoming festive season. These include Shoppers Stop, whose business largely depends on such festivals and special occasions. For the upcoming season, they plan to re-launch celebrity collections such as Rheson, promoted by Sonam and Rhea Kapoor. Rajiv Suri, Managing Director and CEO believes these launches will help retailers attract consumers back to stores. He hopes private brands start registering an improvement in business from Autumn/Winter (October-December) 2019 season.

Having acquired ethnic labels such as Jaypore and Shantanu & Nikhil last month, Aditya Birla Fashion is now investing in the new brands. The company, which aims to expand its presence in the men’s and women’s ethnic wear segment, will also add exclusive stores of these two brands in the next few months.

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