Fashion and lifestyle brands are offering steep discounts and pushing sales online amid an inventory pile up due to the closure of stores nationwide following the Covid-19 virus outbreak.
The spread of the pandemic has hurt fashion and lifestyle retailers after states introduced lockdowns and containment policies including closure of malls. Brands said sales have fallen by as much as 70% since fears over the virus intensified starting earlier this month.
Even online purchases – otherwise growing prior to the outbreak – have declined by 15% as consumers cut back on discretionary spending.
Given the scenario, brands such as Gap, Hummel, Adidas, Aeropostale and Asics, among others, are giving discounts of 30-60% on various products.
“While you’re indoors, we’re here to #KeepTheLoveAlive! Shoppers Stop is available online for all your fashion & beauty needs, on (online) and on the app,” a text message by the country’s largest listed department store chain said.
Shoppers Stop has lined up fashion and accessories on its sites with up to 70% rebates on a range of products.
Shoe companies Clarks and Liberty Shoes are already calling the discounting an end-of-the-seasonsale, a bi-annual sales event that generally happens in May-June. They are offering up to 70% discounts various products.
“More or less all the malls in the country are shut now,” said J. Suresh, MD of Arvind Fashion, which sells a raft of brands including Gap, US Polo and Sephora. “We may have to really focus on online until the (offline) market recovers.”
Companies are also reporting disturbances in servicing online clients as the lockdown in various cities is hampering operations.
“Of course, we were trying to push through e-commerce but there is difficulty as our warehouses are shut due to the lockdown,” said Siddharth Bindra, MD of Biba.
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