Future Group's retail arm, Pantaloon Retail, has increased the prices of its branded apparel by 18% early this month, a top company official said today.
Pantaloon sells brands like John Miller, Indigo Nation, RIG, Honey, Annabelle, Umm and Chalk for men, women and kids.
"We have hiked prices on the fresh merchandise from this month (March). We will also add the additional 10% excise duty announced," Future Group's Managing Director and CEO Kishore Biyani told reporters here today.
The 10% excise duty in branded apparel would result in 10-15% increase in the prices of garments and made-up textiles.
"Food has become costlier, real estate prices were always high and now apparels. The excise duty will certainly affect sales," Biyani added.
The excise duty has come as a shocker to the retail industry, which has been reeling under high-cost of raw materials like cotton.
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