Go Fashion (India) to expand; plans to open 120-150 new stores in FY25

Go Fashion (India) Ltd which owns the popular women's wear brand 'Go Colors' has drawn up plans to add 120-150 net new stores in FY25, a top official has said.

The company added a total of 94 stores last financial year taking the overall count to 714, company CEO Gautam Saraogi said.

Go Fashion was also exploring 'omnichannel strategies' leveraging technology to offer physical and online shopping experiences, expanding reach to consumers in various cities.

Meanwhile, the city-based company reported a profit after tax of Rs 13.1 crore for the January-March 2024 quarter as compared to Rs 14.8 crore registered in the same period of last year. For the year ending March 31, 2024, the PAT remained unchanged at Rs 82.8 crore as compared to Rs 82.8 crore recorded during the same period of last year.

"During FY24, our company achieved a growth of 15 per cent year-on-year in revenues to Rs 763 crore. EBITDA stood at Rs 242 crore witnessing a growth of 14 per cent year-on-year. Our PAT for FY24 stood at Rs 83 crore which was flat on a year-on-year basis," Saraogi said.

"We have added a net total of 84 stores to our portfolio bringing our total store count to 714 stores. While these net additions are slightly lower than anticipated, it reflects our strategic decision to close stores that did not rebound post the COVID-19 pandemic. Looking ahead, we aspire to add 120-150 net new stores in FY25," he said in a company statement.

On the retail industry, he said the sector witnessed a temporary decline in demand due to higher inflation and changing spending patterns among consumers. With prices on the rise, consumers are becoming more cautious with their several purchases, favoring essential goods over discretionary spending and has led several retailers to experience reduced footfalls.

"Although the near-term outlook for the industry seems challenging, the underlying fundamentals remain strong for the long term," he said.