Monte Carlo bets on its new home textile segment for Rs 250-300 cr revenue
Monte Carlo Fashions, the popular clothing and apparel brand in India, has been making headlines due to its expansion plans into the home textile segment and is looking to achieve peak revenue of Rs 250-300 crore from its home textile segment.
Monte Carlo Fashions, the popular clothing and apparel brand in India, has been making headlines due to its expansion plans into the home textile segment and is looking to achieve peak revenue of Rs 250-300 crore from its home textile segment.
In an interview with CNBC-TV18, Sandeep Jain, Executive Director of Monte Carlo Fashions said that the home textile expansion should be operational from Q1 of FY25 and the company expects Rs 250-300 crore of revenue from the segment. This is a significant target, but he believes that the company's strong brand recognition and customer loyalty will help it to achieve this goal.
He said, “Home textile is one segment which is growing faster than the rest of the business and I hope that it should continue its growth. Once the Jammu and Kashmir (in Kathua) expansion is complete, we can go for Rs 250-300 crore of revenue by FY25.”
The company will be investing heavily in this segment over the next few years in order to establish a strong presence in the market. However, despite the challenges posed by the COVID-19 pandemic, Monte Carlo remains optimistic about the future of the home textile segment. Jain expects reasonable growth from this sector, driven in part by the increasing demand for high-quality and affordable home textiles.
Also Read | Cotton prices could rise to Rs 75,000 per candy by mid-2023, says Cotton Association of India
One factor that has been working in the company's favour is the growth of online sales. Jain noted that online sales have been growing in line with offline sales, which is an encouraging sign for the company's prospects. The company has been investing heavily in its e-commerce capabilities over the past few years, and this is now paying off as more and more customers turn to online shopping for their clothing and home textile needs.
The company also reported the best quarterly sales numbers for the March-ended quarter with a 36 percent growth compared to a year-ago quarter. Its annual sales for FY2023 grew 22 percent over FY2022 and 51 percent over FY2020 which is the pre-COVID period.
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