COVID-19: Liberty Shoes expects 35%-45% fall in revenues this fiscal
Footwear firm Liberty Shoes is expecting up to 35-45 percent decline in its revenues in the current fiscal due to COVID-19.
Amid coronavirus pandemic, footfall at stores has dropped significantly as customers are avoiding public places and encouraging social distancing, Liberty Shoes Executive Director (Retail) Anupam Bansal said.
"...The situation doesn't allow us to compare the business with last financial year... yet we will be 35-45 percent down in comparison with the last financial year results. Our revenue in fiscal 2019-2020 was Rs 650 crore," Anupam Bansal.
Bansal, who also is one of the promoters of Liberty Shoes, said the company has "expectations that business will uplift around the festive and marriage season (the autumn and winter season)".
"Post pandemic there is a notable change in the buying pattern of the customer. The inclination towards the relevance of shopping is more. The product which is need-based is getting more attention from the buyers... people are going for open sandals with washable feature more. Due to the lockdown and limited access of going out, the premium leather category is getting hit," Bansal said.
Sales in premium leather category contribute approximately 20 percent in value for Liberty Shoes.
Bansal said it has de-grown by 75 percent, as customer preferences have changed grossly due to the current pandemic situation, washable products are on the rise.
At present, Liberty Shoes has approximately 500 stores out of these 70 percent stores are functional.