Fabindia slips into losses in FY21, revenues drop 30% to Rs 1,059 cr

Mumbai: Fabindia slipped into losses after sales fell by a third during FY21, hurt by pandemic restrictions that forced the ethnic retailer to shut shop for several weeks followed by restricted timings throughout the year.

The retailer's performance mimics the overall trend in the apparel and lifestyle segment where rivals including Shoppers Stop, Tata-owned Trent, Aditya Birla Fashion & Retail and Lifestyle International saw their revenues shrink and losses widen during year.

Fabindia's revenues fell 30% to ₹1,059 crore during the year ended March 2021 with net loss of ₹116 crore. This is the first time the 60-year-old firm, popular for selling ethnic products sourced mostly from rural areas, posted a loss and sales decline in over two decades.