Retailers are set to end a prolonged period of sluggish sales as the end-of-season sales (EOSS) coincide with the upcoming long weekend. Apparel and lifestyle retailers have faced challenges since the festival season last year. However, with EOSS, which began in June, sales have started to recover, showing noticeable improvement in July and August.
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.
Sales of apparel were a mixed bag this festive season while those of consumer durables saw an uptick with mobiles, laptops, and air conditioners being in demand. In apparel, Tier-2 and -3 markets did better for some brands, because these have been witnessing an uptick for the past 18-20 months compared to metros. "The past two weeks have been good, and we saw a 13 per cent increase in value sales, and volume sales have also been similar," Manish Kapoor, managing director (MD) and chief executive officer (CEO), Pepe Jeans
At least half a dozen such applications, including those from Celio, Gruppo Coin and Artsana, are in the works and are expected to be sent to the government in a few weeks.
Five Brazilian athletes training in Germany for this month's world championships have failed out of competition doping tests and will return home, the Brazilian Athletics Confederation (CBAt) has said.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
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