Geopolitical concerns and doubts about inflation could continue to affect consumer sentiment in the near term, said Gunjan Shah, Managing Director and CEO of Bata India.
However, Shah continued to be positive about the company’s growth and profitability prospects in the latest annual report. He didn’t elaborate on that.
“We made great progress in the past year. 2023 will be a great year for us. We will strengthen ‘OneTeam’ cooperation, focus on human resources development, invest in digitization and improve efficiency. We are perfectly positioned to deliver future profitable growth.” he said. Bata achieved several milestones in fiscal 2023, including exceeding 2,000 stores for the first time and expanding the Sneaker Studios concept.
“By expanding our footprint through a combination of franchisee and COCO models, we have opened over 200 franchise stores, shop-in-shop stores and company-owned stores, and the total number of stores has surpassed the impressive 2,000 mark,” said Shah.
In fiscal year 2022-23, Bata also opened its first store under the “Red Label by Bata” concept with exclusive offers for high-end fashion consumers. In addition, 25 women-only stores opened across India during the year.
To stay ahead of the demand for fast fashion in Category 3-5 cities, Bata has expanded its physical and digital presence to ensure easy access to its entire portfolio, Shah said. The net profit of Bata India increased to 319 crore rupees in the period 2022-2023 from 100 crore rupees in the previous year. Annual turnover was Rs.3,451.5 crore.
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