Gloom for Myntra, Pepperfry, others as sales fall by 20%, Retail News, ET Retail
In some cases, the decline has been as high as 35%, they said.
The downturn is expected to continue as people defer discretionary spending and companies cut marketing costs and discounts to increase runway in order to survive the Covid-19 pandemic, people in the industry said.
“Discretionary spending has taken a hit,” said Ambareesh Murty, CEO of Pepperfry. “Right now, on a week-on-week basis, we are holding steady, but we do expect that in the next 2-4 weeks consumer spending will come down further,” he said.
Expansion plans are also on hold for the next two months, Murty added. Offline retail constitutes about 30% of Pepperfry’s business. “These retail studios have seen footfalls drop by a third,” he said.