India’s vaccination efforts boost Arvind
Ahmedabad-headquartered denim and casualwear business Arvind Fashions, a division of Indian fabric maker and jeans manufacturer Arvind, recently reported its half-year results for fiscal 2022.
Revenues increased by 113% year-on-year to roughly $109 million for the period, according to the company, which largely attributed this to the easing of covid-19-related restrictions and the subsequent boost to retail footfall. E-commerce sales also showed continued growth, it said.
Chief executive and managing director, Shailesh Chaturvedi, commented: “We are happy to see rapid sales recovery across channels aided by a strong nationwide vaccination programme leading to positive consumer sentiment. The business has returned to normalcy towards the end of the quarter, thereby providing a strong start to the festive period.”
Mr Chaturvedi added that the business had raised just under $55 million over the three months leading up to September 30 (the end of the quarter), which he said had helped to strengthen its balance sheet and provide the company with sufficient funds for continued growth.
Following the completion of the sale of Arvind’s Unlimited value fashion retail brand to Gurugram-based V-Mart Retail, the chief executive described how focus on the business’ six high-conviction brands will now be “sharp”. He suggested that operational profitability would therefore improve “significantly” over the course of the second half of the company’s financial year.
The All Things Indigo exhibition at the Arvind Indigo Museum. Credit: Arvind Denim Lab via Instagram (@arvinddenimlab_amd)
