“Go Fashion (India) Ltd Expands Reach and Optimizes Strategy for Future Growth”
Go Fashion (India) Ltd, the owner of the well-known women’s wear brand ‘Go Colors’, is planning to increase its stores by 120-150 in FY25, according to the company…
Go Fashion (India) Ltd, the owner of the well-known women’s wear brand ‘Go Colors’, is planning to increase its stores by 120-150 in FY25, according to the company CEO Gautam Saraogi. The company added 94 stores in the last financial year, bringing the overall count to 714.
The company is also exploring ‘omnichannel strategies’ by using technology to provide customers with both physical and online shopping experiences, which will expand its reach to consumers in various cities.
Moreover, the company reported a profit after tax of Rs 13.1 crore for the January-March 2024 quarter, compared to Rs 14.8 crore for the same period last year.
For the year ending March 31, 2024, the PAT remained unchanged at Rs 82.8 crore as compared to Rs 82.8 crore recorded during the same period of the previous year.
During FY24, the company achieved a 15% year-on-year growth in revenues to Rs 763 crore.
EBITDA stood at Rs 242 crore, witnessing a 14% year-on-year growth. The PAT for FY24 stood at Rs 83 crore, which was flat on a year-on-year basis, according to Saraogi.
The company has added a net total of 84 stores to its portfolio, bringing the total store count to 714 stores.
While these net additions are slightly lower than anticipated, it reflects the company’s strategic decision to close stores that did not rebound post the COVID-19 pandemic.
The company aspires to add 120-150 net new stores in FY25, according to Saraogi.
Regarding the retail industry, he stated that the sector had experienced a temporary decline in demand due to higher inflation and changing spending patterns among consumers.
With prices on the rise, consumers are becoming more cautious with their purchases, favoring essential goods over discretionary spending, leading several retailers to experience reduced footfalls.
Despite the near-term outlook for the industry seeming challenging, the underlying fundamentals remain strong for the long term.