Hit by the first and second waves of the pandemic, Indian Terrain Fashions Ltd. (ITFL) has realigned its business model and started focusing on digitalisation, e-commerce, children’s wear and sustainability, executive chairman Venkatesh Rajagopal said in the company’s annual report.
Digitalisation and e-commerce is going to be a way of life for the future and in keeping with this, the company had unveiled a direct-to consumer (D2C) business through its website, while continuing to build on the partnerships with leading marketplaces such as Amazon, Flipkart and Myntra, Mr. Rajagopal said.
The explosive growth of the D2C business is going to play a significant role in pivoting ITFL’s business model to ‘reach far and wide’.
Towards this, ITFL was investing resources on technology, people, digital and social media marketing and customer service, he added.
The fruition of such expansion plans would not only aid revenues for the future, but also improve the profitability profile which, in turn, would create value for shareholders, the branded apparel company said in its annual report.
In FY21, ITFL had 108 franchisee owned and franchisee operated stores that were operational. ITFL plans to widen its footprint and expand its exclusive brand stores to 400 from the present 200 by FY24.
At a time when many others were retreating, ITFL opened more than 30 EBOS especially in tier 3 and 4 cities. This momentum would continue even in this fiscal, he said.