Key Points
Page Industries, India's biggest innerwear firm, said the market has seen an accumulation of excess inventory with many companies sitting on nearly a year's worth of excess stock, forcing them to create unsustainable business practices...
"Our industry has witnessed an accumulation of excess inventory, which has had repercussions on the overall ecosystem, resulting in certain unsustainable business practices which are happening in the marketplace," said VS Ganesh, managing director at Page Industries that runs the Jockey and Speedo stores in India..
"Many of our peer companies have even eight to 12 months of inventory and that's why we are seeing a lot of interventions happening in the market by way of discounting and schemes and other things," he said during the earnings call after posting a 7.5% sales decline during June quarter...
"The athleisure part of the business, after almost two years of rapid growth and a lot of consumption during work-from-home environment, is beginning to slow in the last two or three quarters," Aditya Birla Fashion and Retail managing director Ashish Dikshit told analysts..
"Last one-and-a-half years, the industry witnessed steep volatility in raw material prices and is now witnessing a disruptive pricing strategy. Tough pricing strategies adopted in the market are a short-term phenomenon and will put pressure on margin in near short term," Ramesh Agarwal, director, Rupa & Company, said at its earnings call...
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