The September quarter will be a poor fit for apparel retailers following the economic downturn

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Mumbai, Ta. October 10, 2019, Thursday

Branded apparel retailers' profit margins are expected to remain under pressure in the second quarter of the current fiscal year. This situation is being witnessed due to shifting customer preferences and higher discount offers.

The situation seems to have changed in September when the June quarter for branded apparel companies was good in terms of margins. Looking at the figures, it seems that during the April-June quarter, well-known branded apparels companies achieved a profit margin of 5 to 8 percent, up from 5 to 5 percent in the same period last fiscal.

According to industry sources, both manufacturers and retailers have begun to reduce their production and inventory. Considering the economic downturn, retailers have started end-of-season sales from the first week of June this year, which lasted until August. Even though inventory levels are not falling as expected, retailers are being forced to offer huge discounts during the recent festive season.

The impact of the economic downturn in India is also being seen on garment and readymade garments, the sector said. Considering this fact, the apparel retailers' profit margins are expected to remain under pressure even in the September quarter.

Apparel retailers are also facing strong competition from online retailers. In addition, after the implementation of GST, largely unorganized units in apparel retailing have shifted towards organized units, which has also increased competition.

This year, the monsoon-long kharif crop harvesting process in the country has also been prolonged, which is causing farmers to miss money during festivals, which has resulted in suspicion against the outbreak of Diwali in rural areas.

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