Go Fashion (India) to boost store count with 120 new stores this year

Parent company of the renowned women’s wear brand,’Go Colors,’ Go Fashion (India) aims to take its total store count to 714 by opening 120-150 new stores this year. The brand had opened 94 stores in the previous financial year.

Go Fashion plans to explore omnichannel strategy to respond to evolving consumer preferences and market dynamics. It aims to leverage new technologies to integrate physical and online shopping experiences.

Despite facing some challenges, such as a slight dip in profit after tax for the Jan-Mar’24 quarter compared to the previous year, Go Fashion remains steadfast in its commitment to growth, says Gautam Saraogi, CEO. In FY24, the company recorded a 15 per cent Y-o-Y rise in revenues to Rs 763 crore. The company’s EBITDA also grew at a healthy rate of 14 per cent to Rs 242 crore.

Explaining the strategy behind the store additions, Saraogi emphasises a strategic decision to close underperforming stores post-COVID-19 pandemic. Though resulting in slightly fewer net additions than anticipated, this move underscores the company's focus on maintaining a robust and sustainable retail footprint.

Reflecting on the broader retail landscape, Saraogi acknowledges the challenges posed by higher inflation and shifting consumer spending patterns. With prices on the rise, consumers are displaying greater caution in their purchasing behavior, prioritising essential items over discretionary spending. This trend has led to reduced footfalls for several retailers, necessitating adaptability and innovation within the industry.