Cantabil Retail to more than double topline growth rate this year: Deepak Bansal
Driven by increasing demand, rising online sales and ongoing expansion of brick-and-mortar stores, apparel brand Cantabil Retail is set to more than double its topline growth rate this fiscal year, notes Deepak Bansal, Director.
Having added 86 new stores in fiscal 2023-24, the New Delhi-based retailer plans to open another 80-90 stores this fiscal year. These stores will be added in the ratio of 1:3 between Tier I and Tier II/III cities across India.
The company expects business to grow by 25 per cent this year, says Bansal. He attributes this to sales growth at existing stores, increased online transactions, and the addition of new outlets.
A manufacturer of a part of its product line in-house, Cantabil Retail aims to enhance its production capacity by 25 per cent. Additionally, the brand plans to strengthen its workforce by 800 employees.
In FY 2023-24, the company recorded a 12 per cent Y-o-Y growth in its revenue to Rs 616 crore. However, its bottom line took a 7.4 per cent hit, falling to Rs 62 crore from Rs 67 crore in the previous year, due to subdued demand.
Currently, the apparel segment accounts for 95 per cent of Cantabil’s total revenue, with accessories contributing the remaining 5 per cent. With the company having expanded its accessories segment including footwear, activewear, and luggage items last year, Bansal expects performance to improve in these areas in FY25.
