After having recorded 30% annual growth, mens apparel brand Peter England foresees a slight decline in the pace of its growth in the country for the current financial year due to macro factors.
"We have been trending a growth of 30% year on year, but due to current market situation, our growth rate this fiscal would moderately correct itself to 25% led by a lot of macro factors which are true for every industry segment," Kedar Apshankar, Chief Operating Officer, Peter England, told PTI today.
He said 25% growth is good considering the market scenario in the country and that mens wear apparel market across the segment is growing at just 10-12% annually.
Peter England has been expanding its presence for the last few years, and at present nearing 650 outlets across India, which are either company-owned or franchisees, he said. It is spreading with majority share of outlets being franchisee owned, he added.
Apshankar said that this is in addition to the brand's presence in 1,500 multi-brand outlets across India.
In Goa, the company had opened its first exclusive store six months back in Panaji and now intends to expand in Mapusa and Margao, which are tier-III cities, he added.
The COO said the largest share of the company comes from Southern region, where the brand has been accepted very well.
The company, he said, is also witnessing a remarkable growth in tier-II and III cities where the consumers are willing to accept the brand.
"Lifestyle of people changes as they travel a lot due to various reasons. Explosion of media is also another important driver for the growth," Apshankar said.
