Leading retailer Lifestyle International that runs the retail chain Lifestyle in India witnessed 37 per cent decline in its revenues for financial year 2020-21.
It reported a net loss of Rs. 243 crore during the fiscal, which widened to 166 per cent on year. Total expenses stood at Rs. 6,257 crore.
As per media reports, the data accessed from business intelligence platform Tofler showed that the company closed the year with revenue of Rs. 5,882 crore, while in FY19 the same was Rs. 9,306 crore.
The retailer offers apparels and accessories for men, women and children in addition to footwear and beauty products. It has around 80 stores across India.
Crisil, a leading ratings firm, suggested that the second wave of the pandemic was set to pull down the revenue growth of the organised apparel retail sector by 15-20 per cent this fiscal from its earlier expectation of 30-35 per cent.
As per a report of Boston Consulting Group, India’s apparel market was down 27 per cent to Rs. 3,022 billion in 2020 from Rs. 4,129 billion in 2019. It said it expects the apparel market to touch Rs. 5,781 billion by 2024.
