The spring/summer end-of-season sales have been advanced by a week with brands having high inventories due to weak demand in May because consumers avoided shopping in the hot month.
No marriage dates, along with the Lok Sabha elections, was another reason why sales were weak.
Retailers say while April was just about fine, like-for-like (LFL) growth was in the negative in May.
The mid-year end-of-season sales start typically mid-June and go on till the end of July. A few pieces go on heavy discounts towards the Independence Day weekend.
However, discounts remain the same despite the rise in inventories.
"Demand has been slow. April was fine, but May was bad. LFL growth was negative," Manish Kapoor, chief executive officer (CEO), Pepe Jeans India, told Business Standard.
He said discounts offered by the denim brand this sales season were up to 50 per cent and it intended to end sales by the third week of July.
"We are now witnessing single-digit (LFL) sales growth in June."
Denne historien er fra June 26, 2024-utgaven av Business Standard.
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Denne historien er fra June 26, 2024-utgaven av Business Standard.
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