20 November 2023, Mumbai
Monte Carlo Fashions is anticipating a rebound in demand for branded apparel in the fourth quarter from January-March 2024. R K Sharma, CFO says, this year, the brand foresees demand remaining flat compared to the 23 per cent growth observed last year, primarily due to a lack of demand in H1FY24. However, this subdued demand is not expected to impact the company's ongoing retail expansion plans.
Sharma points out Monte Carlo Fashions plans to open 45-50 exclusive brand outlets (EBOs) this year, and the count is set to increase to 60 next year. Notably, approximately 90 per cent of Monte Carlo's stores operate under the franchise-owned-franchise-operated (FOFO) model, providing cost savings for the company. Only 10 per cent of its stores are owned and operated by the company, with each showroom costing around Rs 40 lakh.
As of the end of FY23, Monte Carlo had a total of 356 stores. During the fiscal year, its business witnessed a growth of 22 per cent to approximately Rs 1,100 crore.
