As intense cold wave grips India, winter apparel manufacturer Monte Carlo Fashions sees its sales rising and expects growth in revenue.
“The winter is particularly becoming harsh in northern India. The sales are picking up despite the slowing economy and we expect that we should close at least more than 10 percent in revenues compared to last year,” said Sandeep Jain, executive director of Monte Carlo Fashions.
Talking to CNBC-TV18, Jain said that company's large variety of winter wear contributes around 75 percent of its sales.
“In Q3 we expect more than 15 percent growth compared to last year,” Jain added.
Monte Carlo maintained capex target at Rs 20-25 crore for FY20.
The company expects to benefit from lower cotton yarn prices which were lowest in last two-three months.
"As far as Monte Carlo is concerned, we are equally protected from the wool prices and the cotton prices because wool prices have also gone down. So we will be benefited from the low prices in this financial year,” Jain further mentioned.
Speaking about the store addition, he said, “We have planned 30 store additions in this financial year and among these, 27 stores have already been added. So we are planning three-four more stores to be added in this financial year.”