Go Fashion (India) Ltd, the parent company of the well-known women’s wear brand ‘Go Colors‘, is planning to add 120-150 new stores in FY25, as stated by a senior official. According to the company’s CEO, Gautam Saraogi, 94 stores were added in the last financial year, bringing the total count to 714.
Go Fashion was also exploring ‘omnichannel strategies,’ utilizing technology to provide both physical and online shopping experiences, thus expanding its consumer reach across various cities.
Meanwhile, the city-based company reported a profit after tax of INR 13.1 crore for the January-March 2024 quarter, down from INR 14.8 crore registered in the same period of the previous year. For the year ending March 31, 2024, the PAT remained unchanged at INR 82.8 crore compared to INR 82.8 crore recorded during the same period of the prior year.
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“In FY24, our company experienced a 15 percent year-on-year revenue growth, reaching INR 763 crore. EBITDA amounted to INR 242 crore, marking a 14 percent year-on-year increase. Our profit after tax (PAT) for FY24 remained unchanged from the previous year, standing at INR 83 crore,” stated Saraogi.
“We have added 84 stores to our portfolio, bringing the total to 714. While these new additions are slightly lower than our initial plans, they reflect our strategic decision to close stores that were unable to recover following the COVID-19 pandemic. Moving forward, our goal is to open 120-150 net new stores in fiscal year 25,” he said in a company statement.
Regarding the retail industry, he noted a temporary downturn in demand attributed to increased inflation and shifting consumer spending habits. As prices escalate, consumers are exercising caution in their purchases, prioritizing essential items over discretionary spending. Consequently, numerous retailers have observed a decrease in foot traffic.
“While the industry faces near-term challenges, the foundational elements remain robust for the long haul,” he remarked.
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