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Aditya Birla Fashion and Retail Ltd on Friday reported widening of its consolidated net loss to Rs 188.22 crore for the second quarter ended September 30, 2020, impacted by the COVID-19 pandemic.
According to a PTI report: The company had posted a net loss of Rs 2.35 crore in July-September quarter a year ago, Aditya Birla Fashion and Retail Ltd (ABFRL) said in a BSE filing.
Its total income declined 49.60 percent to Rs 1,171.32 crore during the quarter under review from Rs 2,324.35 crore in the corresponding quarter of last fiscal.
Following an almost washout quarter in June in the wake of the COVID-19 pandemic, September quarter showed signs of swift recovery across businesses, ABFRL said.
“Most of the stores opened with footfalls rising gradually…The (quarterly) performance was in a constrained environment with sporadic lockdowns and restrictions and continued consumer reluctance to visit stores. Most of the recovery was driven by an agile and innovative mindset, exhibited through the creation of new products and channels,” the company said.
On the outlook, ABFRL said, “The company is confident of consistent recovery in business over the next two quarters and is on track to restore normalcy of operations by Q4 FY21”.
The company remains steadfast in its commitment to delight customers through innovative products, fresh assortment of categories, and unconventional routes to market.
This, along with an unwavering focus on optimising cost and conserving cash and meticulous execution of capital raising initiatives, will enable ABFRL to emerge stronger on the other side of this global crisis, it added.
Last month, ABFRL had announced Rs 1,500 crore capital infusion by Flipkart.
Flipkart will hold 7.8 percent stake in ABFRL upon successful completion of this transaction.
“We are opening the second store of the brand on December 28, 2017 at Phoenix Mall in Mumbai. Moving forward we are looking at 15 more EBOs by December 2018. These all will be company-owned and company-managed stores. We are getting proposals for franchisee outlets also and soon we will be venturing into the same,” revealed Batra.
The latest Fall-Winter collection is all about new trends from the European market in affordable competitive price. The collection offers a wide range of checks in blazers and suits with an assortment of colours, patterns and weaves. Callino also introduced knitted blazers in its latest range.
Komal Kumar Jain quickly turned his passion for quality and design into the business of making casual wear. Gradually and in due process he realized that in India there was a huge market for knitted T-shirts and that the scope of growth was unlimited. He then planned a knitting unit in which he could manufacture quality clothes influenced by foreign trends, mainly British. In 1981, he started selling these shirts under the brand name Duke. The brand quickly expanded and is now present not only pan India, but abroad as well.
Neeru’s is also going strong on a sub-brand expansion, with the most prominent being Neeru’s Mix & Match—an exclusive collection of tunics, kurtis and bottoms. This is led by the Signature Neeru Kumar collection. Then there is Neeru’s Menz which is an exclusive collection for men.
Fashion at Jack & Jones is constantly evolving as per the tastes and preferences of consumers. Being an international brand, trends at Jack & Jones are always at par with global standards. For SS-17, the brand offered an array of distinctively styled varsity, bomber and trucker jackets. Whereas for the winter collection, focus is on functionality, and hence the brand is offering a range of highly durable parka and leather jackets.
“We are looking towards expansion in new markets. Currently we are working with major e-portals including Amazon, Flipkart, Snapdeal, Myntra, Jabong, Limeroad, Paytm and others. To expand our online business, we have also started our own website www.dukeindia.com, where we offer free home delivery and CoD and online payment support services,” said Jain.