Forever New to close loss-making stores, enter malls for growth
Australian women’s fashion brand Forever New is planning to close its loss-making stores and open new ones over the next 12 months to overcome the disruptions caused by the Covid-19 pandemic.
The brand is also planning to strengthen its digital landscape and expects sales to completely recover by November 2021, on the back of its retail and e-commerce expansion.
“We are gradually seeing a surge in our customers visiting the stores. We have also strengthened the digital landscape for the brand, especially during the festive season. With innovation, digitization, and efficiency at the forefront, we are going to rebuild the industry,” Dhruv Bogra, country manager in India for Forever New, told FashionNetwork.com.
“We are going to snap our tail, loss-making stores, and re-invest in making better choices on location and foray into key malls where we are not currently present over the next 12 months. The business will recover to pre- Covid levels hopefully by November 2021 as it will take a lot to inspire consumer confidence in a recession caused by the pandemic,” he added.
Founded in Melbourne, Australia, Forever New currently has over 250 stores in 12 countries. Apart from its exclusive stores in India, the brand is also available in Shoppers Stop, Iconic, Kapsons, and other stores.
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