Indian Apparel Retail Channel Check - Future Looks Brighter Than The Past: Systematix
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Systematix Research Report
We interacted with the staff at retail outlets and shopping malls and the distributors of innerwear to gauge the level of recovery in Q2 FY22 and ascertain our view on the upcoming festive season.
Key takeaways are:
Stores witnessed a strong sales recovery (80-85% of pre-Covid-19 levels) during July-September 2021.
Recovery of standalone stores outpaced stores in malls; interactions indicate a higher recovery of ~90% for V-Mart Retail Ltd.
Store footfalls remained low but a better conversion rate led to strong sales recovery; store operating hours also improved during the quarter.
Fresh inventory hit stores at the end of September 2021 (common finding across companies); casual wear and home textile witnessed strong demand while formal wear demand remained muted.
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