Monte Carlo Fashions expands into home textile segment, eyes growth
21 April 2023, Mumbai
Monte Carlo Fashions is expanding into the home textile segment and has set a target of achieving peak revenue of Rs 250-300 crore from this segment. Monte Carlo Fashions plans to start home textile expansion in Q1 of FY25.
Despite the challenges posed by the COVID-19 pandemic, Monte Carlo remains optimistic about the future of the home textile segment and expects reasonable growth, driven by the increasing demand for high-quality and affordable home textiles.
One factor that is working in the company's favor is the growth of online sales, which have been growing in line with offline sales. This is an encouraging sign for the company's prospects, as it has been investing heavily in its e-commerce capabilities over the past few years.
Monte Carlo Fashions has reported its best quarterly sales numbers for the March-ended quarter with a 36 percent growth compared to a year-ago quarter, and its annual sales for FY2023 grew 22 percent over FY2022 and 51 percent over FY2020, which was the pre-COVID period.
The company will be investing heavily in the home textile segment over the next few years to establish a strong presence in the market.
