Globus turns to ecom to boost sales

Globus has failed to keep up with Shoppers Stop, Pantaloons, Lifestyle and others which entered the fashion segment around the same time or much later. With losses at Rs 24 crores in 2015-16, the accumulated losses at the fashion chain have now gone up to Rs 241.19 crores. The retailer’s sales were up just 2.7 per cent and consequently the loss before interest, taxes depreciation and amortisation widened to Rs 2.52 crores. Operating expenses in 2015-16 rose 2.9 per cent. Total debt of the company increased 11.9 per cent.