Liberty Shoes expects to report 35 to 45 percent revenue drop this fiscal

Footwear firm Liberty Shoes is expecting up to 35-45 percent decline in its revenues in the current fiscal due to Covid-19.

“Amid coronavirus pandemic, footfall at stores has dropped significantly as customers are avoiding public places and encouraging social distancing,” said Liberty Shoes Executive Director (Retail) Anupam Bansal in a statement, adding, “The situation doesn’t allow us to compare the business with last financial year when our revenue was Rs 650 crores.”

The company expects business to pick up around the festive and marriage season in India.

“Post pandemic there is a notable change in the buying pattern of the customer. The inclination towards the relevance of shopping is more. The need-based product is getting more attention from the buyers. People are going for open sandals with washable feature. Due to the lockdown and limited access of going out, the premium leather category is getting a hit,” added Bansal.

Sales in premium leather category contribute approximately 20 percent in value for Liberty Shoes. It has de-grown by 75 percent, as customer preferences have changed due to the current pandemic situation.

At present, Liberty Shoes has approximately 500 stores out of which 70 percent stores are functional.

Picture:Facebook/Liberty Shoes Ltd.