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Celebrity’s net loss at Rs 1.7 crores

By FashionUnited

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Celebrity Fashions has registered a net loss of Rs 1.7 crores for the first quarter of the

current financial year against a loss of Rs 9.06 crores in the year-ago period. Income from operations for the quarter ended June 30 declined by 24 per cent to Rs 36.15 crores. The garment exporter, reeling under Rs 170 crores loan, is trying to restructure its debt and is focusing more on premium customers who can give fair prices. It’s also focusing on reducing costs through lean management. With the US and Europe market under economic pressure, the group is not getting a fair price from its foreign customers. Unlike earlier the group was doing great volumes.

Celebrity Fashions which has its own national premier menswear brand, Indian Terrain, is a garment exporter and manufacturer of trousers. In 2010, the company announced it would hive off Indian Terrain into an independent entity while the bottoms division would be merged into its unit Celebrity Clothing. In 2008 the company launched its women’s wear and accessories range to widen its portfolio which till then was confined to menswear.
Indian Terrain