Bestseller India to continue expansion despite slowdown
Clothing retailer Bestseller India will continue with its expansion plan by adding 25 to 30 stores every year for its brands, despite the current slowdown in the Indian market.
The company has witnessed a drop in its overall sales over the last few quarters but is confident of a revival post the corporate tax cut by the government.
Bestseller has seen its sales pick up during the current quarter and expecting strong sales during the upcoming festive season aiming to close the fiscal with a double-digit growth.
"Cut in the corporate tax will improve the overall economy. Once things are good for the country it will improve the sentiment and we will see more customers in our stores. Despite the slowdown, the company has a target of opening 25-30 stores every year and is on track for FY20 as well,” Vineet Gautam, CEO at Bestseller India told Moneycontrol.
“The first quarter (Apr-Jun) of FY20 did witness a slowdown in business but the sales in the last 45 days of the current quarter (Jul-Sep) have been encouraging. We are bullish about the sales target and expect double-digit growth in the current financial year,” Gautam added.
Bestseller is a leading fashion company and its portfolio of brands includes Only, Vero Moda, Jack & Jones among many others. It sells through exclusive brand outlets, multi-brand outlets and various e-commerce platforms in India.
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