Apparel prices may rise 15% next fiscal

The prices of apparel may increase by 15% on the back of increased input cost and constant rise in labor wages. "We expect prices of apparel to rise by 15 per cent in the April-June quarter due to the overall increase in input costs," Shoppers Stop's President and CEO Govind Shrikhande told reporters here. "The apparel segment has already seen a 5-6 per cent increase in prices and the current quarter is also likely to see an increase in the same range", Shrikhande said. "The government must try to control this inflationary trend," he said. Riding on the expansion plan, the company will increase its store count from 36 to 60 over the three years period. After opening 4 stores till December last year the company is expected to open 4 more stores before the end of the fiscal. Operating large format of department stores, home stores and specialty stores like bookstores chain crossword and cosmetic stores, shoppers store is hoping to open 26 hyper stores from 8 in the coming four years. "Our growth plans are completely on track, which are being funded completely through internal accruals," Shrikhande said.

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