Mumbai, 13th October, 2020: Women’s fashion retailer, Madame, expects 75% business recovery by the third quarter of 2020. So far, year-on-year business recovery amidst COVID-19 stood at 65% and is steadily growing to the previous year’s third-quarter figures giving the brand reasons to feel positive. Madame also opened three new stores across India since April 2020 and will launch three more in this quarter, reiterating its faith in a full recovery of buying sentiment. Madame as a leading fashion retailer with over 500+ retail touch-points, selling though large format stores, standalone exclusive stores, third-party and own official shopping website, glamly.com.
Speaking about this enhanced business sentiment experienced the brand, Mr. Akhil Jain, Executive Director, Madame said, “We are seeing a spurt in sales from Large Format Retail stores (LFR), where 70% of customer footfalls have returned by this September. The high safety precautions taken by LFRs have also encouraged customers to shop without worries. The online sales through Large Format Stores have also witnessed a 25% growth over the last year. The eCommerce extensions of LFRs like Shoppers Stop online are seeing high growth, and others like Lifestyle have recreated a new shopping experience for online buyers.” With the government’s decision to allow cinema halls to operate though in a restricted format, will certainly see more shoppers heading for the shopping malls in Q-3.
Akhil Jain further added, “COVID-19 had an impact on the buying sentiment, but with festivities around the corner and relaxation during Unlock 5.0, customers are expected to be back to regular shopping.
He elaborated on the customer buying patterns, “After the Unlock 3.0, we have seen an upward trend in the fashion category, which was earlier not preferred during lockdowns. With Puja around the corner in the East, Diwali festivities combined with Madame’s expansion plans, we should see a further spike in this category. Madame has a nearly 55% sales contribution from its winter collection. We expect this year will have appreciable business this winter season, considering that customers might foray into revenge buying.” Foreseeing a spike in sales Madame has also doubled the touch points with Reliance Trends stores.