Focusing on a sustainable business model, apparel brand Madame has trimmed expansion plans for this financial year and will open only seven new stores in FY21 against the previous plan of 22-25 stores in 2020. The brand also plans to enhance its back-end operations and improve the logistics segment. It will think more about profits than revenues now. The apparel major will open new stores in Ahmedabad, Itanagar, Bengaluru, among others this fiscal. Among the seven stores scheduled for launch this year, one was launched in Lucknow last month.
Akhil Jain, Executive Director believes demand for apparels may pick up by November on the back of the festive season. According to him, the market will fully recover in the second quarter of the next financial year and companies will be able to turn towards the expansion mode.