ICICI Securities: Branded Apparel 2021 Outlook - Cautiously Optimistic
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ICICI Securities Report
Apparel retail companies are likely to see gradual demand recovery in CY21 with concerns around Covid-19 may recede by mid-CY21.
After sharp more than 40% YoY decline in CY20, revenues may inch towards CY19-levels in CY21.
Companies have partially resumed purchases for spring/summer-21 collections, given demand optimism seen during recent festive sales.
Most companies strengthened their balance sheet in CY20 via equity raise and are likely to resume aggressive expansion in CY21 as the market is still hugely unpenetrated.
Online/e-commerce sales seem poised to continue the growth momentum seen in CY20
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