Khadim to open 80 new stores in FY22, expects sales to be at pre-Covid levels
Home-grown footwear major Khadim India is planning to expand its retail presence in the country with the addition of 80 new stores by the end of next financial year.
The company is expecting strong sales on the back of its retail expansion and expects sales to reach pre-Covid levels in the coming months.
“Business is currently at 80 percent of pre-Covid levels, but sharp recoveries are being witnessed across retail segments with changing demand trends. Demand trends at the retail end are back to pre-Covid levels. So, we are witnessing a demand for premium footwear, people are going out, the premumisation of our portfolio is also happening. So, if the trends continue, then by third quarter (December-end) or maximum by second half of this fiscal, business should be back at pre-Covid levels,” Namrata Ashok Chotrani, CEO of Khadim India, told BusinessLine.
“The company would look to add 80-odd new stores, mostly through the franchisee model in FY22. The idea primarily is to retain cash with focus on making profitable some recently set up company owned, company operated stores. Such stores take anywhere between one to two years to break-even,” Chotrani added.
During the July-September period, Khadim India had strengthened its retail presence in tier 2, 3 cities by opening 25 new franchise to take its overall tally to 555 franchise stores.
Copyright © 2022 FashionNetwork.com All rights reserved.