21 September 2022, Mumbai:
Fabindia’s revenue rose 31 per cent in fiscal 2022 over fiscal 2021. The one-third increase in revenue significantly wiped out the adverse impact of the pandemic on sales. Following relaxation in pandemic-related restrictions from June 2021, improved customer sentiment, further aided by the festive season and expansion of the retail store portfolio, the trajectory of revenue continued to improve month-on-month till year-end.
The ethnic wear brand began reopening stores and FabCafes through a phased approach commencing in June 2020 and successfully completed the reopening process over the course of several months, as local conditions and regulations permitted. FabIndia is growing its online presence and the company’s revenues through online sales — its own website, app and third party websites — amounted to Rs 93 crores on a standalone basis during fiscal year 2021. This represents 16 per cent of its total revenue from sales compared to nearly Rs 46 crores during fiscal year 2019.
The ethnic apparel market in India was estimated at Rs 141 crores for fiscal year 2020. The branded ethnic apparel category is expected to grow at a higher rate of 15 per cent per annum between fiscal 20 22 and fiscal 2026 driven by increasing share of the branded segment in the overall ethnic apparel market.