22nd September 2021, Mumbai:
Value fashion retailers such as V-Mart Retail, Cantabil Retail expect festive sales to surpass the pre-COVID levels.
As per a moneycontrol report, Shivendra Nigam, Chief Financial Officer, Cantabil Retai says, the company witnessed strong sales growth momentum in August and this will continue to grow in October and November.
V-Mart Retail too hopes for a good festive season. As per Vineet Jain, COO, the company’s same-store-sales grew 90 per cent of pre-COVID levels in July and August.
Both companies clock in about 35-40 per cent overall sales of the year during the festive months. V-Mart, operates 282 stores in the country, mostly in Northern and Eastern India.
Over 75 per cent of its stores are in Tier II cities and beyond.
The company recently acquired 74 stores of brand Unlimited from Arvind Lifestyle Brands in South and West India. Cantabil Retail has over 300 stores in the country.
According to a recent survey by the Retailers Association of India, retail sales recovered as much as 88 per cent of pre-pandemic levels in the country aided by festive shopping.
A recent report by Kearney projects the value fashion retail market will reach $215 billion market by 2030, driven by households earning less than Rs 10 lakh per annum, and predominantly from Tier II and beyond cities.