Apparel retailers likely to offer huge discounts after lifting of lockdown
Apparel retailers are expected to offer large-scale discounts to clear old stocks and also perk up consumer sentiments once the lockdown is lifted, according to industry players.
A series of lockdowns around the world has severely impacted the fashion retail ecosystem as stores all over the world shuttered, resulting in cancellations of late Summer and Autumn merchandise and a build-up of unsold Summer 2020 within the business, they said.
Benetton India Managing Director and CEO Sundeep Chugh told PTI that although “there is certainly no specific discounting strategy post lockdown, as a brand we would want to uplift the sentiments of our consumers through a welcome-back strategy encapsulating season specific offers and engagements at our stores”.
Chugh further said,”We anticipate the lockdown would be lifted by/during mid-season, and that’s the time when generally mid-season offers prevail and we would mostly align with the same as per the market ecosystem.”
Moreover, he said,”Benetton is trying to fully adhere to government regulations and we want to take all decisions in tandem with the government’s instructions.”
Spykar Lifestyles CEO Sanjay Vakharia also said the situation would depend entirely on how long does the lockdown continue and when the restrictions would be eased.