Monte Carlo Fashions partially resumes manufacturing at Ludhiana unit
Monte Carlo Fashions Ltd has partially resumed operations at its manufacturing unit in Ludhiana after receiving the required approvals from the concerned authorities in Punjab.
The company had decided to close its manufacturing facilities and its retail stores from March 23, 2020, following lockdown instructions from government authorities to control the spread of Covid-19 in the country.
With the extended lockdown until May 3, the government of India has given relaxation to some sectors and allowed the resumption of manufacturing units subject to fulfilment of certain conditions as laid down by the health ministry.
However, Monte Carlo’s retail stores are expected to remain shut till May 3. With e-commerce activities suspended, the company’s sales and profit for the fiscal are expected to take a beating.
The company had reported a net profit of Rs 72 crore ($10 million) for the third quarter ended December 31, 2019, with net sales of Rs 406 crore.
Monte Carlo has over 253 exclusive brand outlets, 2,500 multi-brand outlets, and 321 national chain stores. It also sells online through e-commerce firms like Flipkart, Amazon, Jabong, Myntra, and Kapsons.
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