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Benetton closes 119 stores in India in FY 2016-17
23
Dec '17
Courtesy: Benetton Group
Courtesy: Benetton Group
Italian fashion retailer Benetton, which until four years ago was India’s largest apparel brand, posted a 5 per cent fall in revenue to Rs 699 crore with a net loss of Rs 49 crore and closure of 119 stores during fiscal 2016-17, according to data filed with the Registrar of Companies (RoC). This is the brand’s worst performance in India in more than a decade.

In its director's report filed with RoC, Benetton India attributed fall in its numbers to difficult market conditions, arrival of new fashion brands and pressure on cost, according to reports in Indian business dailies.

The company, which has 718 stores across the country at present, had seen sales of Rs 735 crore with a profit of Rs 2.3 crore in India in fiscal 2015-16.

Benetton India CEO Sundeep Chugh attributed the revenue loss primarily to demonetisation, especially at a time when the company was in consolidation phase and topline was not being driven by expansion.

A fire in a partner's warehouse destroyed inventory worth millions, contributing to about three-fourths of the loss in the last fiscal and a capital-intensive consolidation exercise added to that.

To improve its performance, the company has hired a reputed consulting firm and launched an aggressive advertising campaign.

New rivals such as Zara, H&M and US Polo are offering tough competition to established foreign fashion brands such as Levi's, Benetton and Marks & Spencer. (DS)

Fibre2Fashion News Desk – India


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