Geopolitical concerns and doubts about inflation may continue to impact consumer sentiment in the short term, said Bata India managing director and CEO Gunjan Shah.
Shah, however, remained positive about the growth and profitability outlook for the company in the latest annual report. He did not elaborate on this.
"We have made huge strides this past year. 2023 will be a great year for us. We will strengthen 'OneTeam' collaboration, focus on people development, invest in digitization, and improve efficiency. We are perfectly equipped to achieve future profitable growth," he said. Bata achieved several milestones in FY'23, including crossing the 2,000+ store milestone for the first time and expanding the Sneaker Studios concept.
"Expanding our footprint through a combination of franchisee and COCO models, we opened 200 plus franchise stores, shop-in-shop and company-owned-company-operated stores, and the overall store count crossed the impressive 2,000 milestone," Shah said.
In FY 2022-23, Bata also launched its first store on the "Red Label by Bata" concept with exclusive offerings to high-end fashion consumers. Additionally, 25 all-women stores were opened across India during the year.
To stay ahead of the demand for fast fashion in tier 3-5 cities, Bata expanded its physical and digital footprint to ensure easy access to its entire portfolio, Shah said. Bata India's net profit jumped to Rs 319 crore in 2022-23, up from Rs 100 crore in the previous year. Revenue for the year was Rs 3,451.5 crore.
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