19 September 2022, Mumbai:
Fabindia sales are up 29 percent. This reverses the performance in the first year of the pandemic when revenues contracted.
Following relaxation in Covid pandemic-related restrictions starting June 2021, improved customer sentiment further aided by the festive season and expansion of the retail store portfolio, the trajectory of revenues continued to improve month-on-month till year-end. However, the relative operating performance for a few weeks during the period January 2022 to February 2022 got impacted due to temporary restrictions imposed in the wake of the Covid third wave, but thereafter resilience has been seen in revenues which resulted in significant improvement in overall performance.
Fabindia has more than 300 stores. Ethnic wear retailer Fabindia was founded in 1960 to market the craft traditions of India. It started out as an exporter of home furnishings and the first retail store came up 15 years later. In 2000, the company added the non-textile range, while organic foods and personal care products were launched a decade ago.
A few years ago, Fabindia launched four business units, Home and Lifestyle, Personal Care, Fabcafé, and E-commerce.
India is still a largely unorganized market for traditional and ethnic products but several retailers from leading department chains have been offering contemporary styling in the ethnic wear space.
