Liberty Shoes expects 35%-45% drop in revenue
India-based footwear firm is expecting up to 45% decline in its revenue 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
“Amid coronavirus pandemic, footfall at stores has dropped significantly as customers are avoiding public places and encouraging social distancing. The situation doesn’t allow us to compare the business with last financial year", commented Liberty Shoes Executive Director (Retail) Anupam Bansal.
According to the same source, sales in the premium leather category contributing approximately 20% in value for Liberty Shoes revenue, has shrank by 75%, as customer preferences have changed due to the current pandemic situation.
“Post pandemic there is a notable change in the buying pattern of the customer. The inclination towards the relevance of shopping is more. The need-based product is getting more attention from the buyers. People are going for open sandals with washable feature. Due to the lockdown and limited access of going out, the premium leather category is getting a hit”, concluded Bansal.
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