Cantabil Retail, one of the leading Indian retailers, opened eight new stores last month.
The company announced that these stores have been opened at different locations across India. Now the retailer, also having its own manufacturing, has a total of 375 stores.
The Indian retailer offers clothing mainly for middle to high-income segment through a pan-India network of EBOs (exclusive brand outlets).
Notably, it’s been planning since last 3 years to expand in Tier-II and Tier-III cities and beyond, along with Tier-I cities.
The company had reported a net profit jump of 134 per cent to Rs. 23.7 crore on a 35 per cent increase in net sales to Rs. 131.72 crore in Q3 FY 22 over Q3 FY 21.
It is worth mentioning here that some of the Indian retailers are continuously opening new stores. Just a few days back, Shopper Stop had also opened 5 stores last month. Shoppers Stop stores retail more than 500 international and national brands such as Vero Moda, Cover Story and Only, along with few exclusive brands.
According to a report by brokerage Edelweiss Securities, the Indian domestic retail market is recovering, and in December, India’s top retailers reported a strong recovery in sales with overall revenues up 30 per cent.
