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Second wave to impact fashion retailers, revenue to hit pre-pandemic levels only in FY23
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Last Updated: Apr 25, 2021, 04:21 PM IST
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Synopsis
ICRA says the industry was recovering well till the second wave hit and sales had touched over 70 per cent of pre-COVID-19 levels by the December quarter of 2020. A sharp spike in the number of new COVID-19 cases since March 2021 throws up strong headwinds for the sector.
The second wave of coronavirus infections reported from various pockets of the country has come as a strong headwind to fashion retailers, and is expected to delay the recovery back to pre-COVID-19 levels till FY23, domestic rating agency
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