Future Lifestyle Fashions announces shut down amid coronavirus outbreak
Future Lifestyle Fashions Ltd has announced that its fashion retail stores that include Central, Brand Factory, All and other exclusive brand stores have been temporarily shut down.
In the wake of novel coronavirus, the government of India has issued an advisory to shut stores and take preventive measures to stop the spread of the virus.
The lockdown across the country is expected to continue till March 31, after which the government and authorities will assess the situation and suggest the way forward.
“In view of the uncertainty created globally by this pandemic, the business of the Company is adversely affected by temporarily shut down of stores, de-growth of revenue, drops in footfalls and discretionary spending by the customer. The expected impact of Covid-19 as of now is hard to ascertain,” Future Lifestyle Fashions said in a statement.
Future Lifestyle Fashions portfolio consists of fashion brands that cover sub-categories including formal menswear, casual wear, active and sportswear, women's ethnic wear, women's denim wear, women's casual wear, footwear, and accessories.
For the financial year 2018-19, FLFL had reported profit of Rs 189 crore ($25 million) and revenue of Rs 5,728 crore.
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