Pantaloon Retail yesterday announced a hike in prices, effective from the current month, for new merchandise.
Considered the biggest retailer in India, Mr Kishore Biyani led – Future Group yesterday said, it would be hiking prices by 18 percent at its clothing retail group company; Pantaloon Retail.
Mr Biyani who is also Managing Director of the listed – Pantaloon Retail said, “We have raised prices of new merchandise hitting the store shelves in March”.
He added by saying, “The 10 percent central excise duty announced in the budget will be additional, which will affect demand as well as volume growth”.
Pantaloon Retail had net sales of Rs 58.12 billion for the six months ended December 2010.
Indian retailers have been troubled by a flare-up in cotton prices and the proposed excise duty on branded clothing could be double trouble for the beleaguered retail community.
Fibre2fashion News Desk - India
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