Clothing business Monte Carlo Fashions has seen sluggish growth recently but expects a demand rebound in the fourth quarter of the 2024 financial year. The business’ long-term outlook for the apparel industry remains positive and Monte Carlo Fashions has increased its store opening targets for the 2025 financial year.
“This year we expect flat to single-digit growth compared to 23% [growth] last year as retail demand was slow in H1 FY24 in the Indian economy,” Monte Carlo Fashions’ chief financial officer R K Sharma told the Economic Times. “It is a temporary phenomenon. It should rebound in Q4.”
Monte Carlo Fashions’ brick-and-mortar store total stood at 356 at the end of the 2023 financial year. The business runs 10% of its stores as company owned company operated outlets and the other 90% are franchise owned and franchise operated.
“We don’t see the demand hitting our store expansion trajectory as of now,” said Sharma. “We have plans to open 45 to 50 exclusive brand outlets this fiscal and we are on track. On the contrary, we have increased this target by another 10 stores to 60 stores next [fiscal] year.”
Copyright © 2023 FashionNetwork.com All rights reserved.