India Ratings and Research (Ind-Ra) has assigned the apparel retail sector an improving outlook for FY22. After a complete washout in 1QFY21, and the gradual store openings, rising footfalls and relaxations in the lockdown norms since then, the recovery in apparel segment has seen a quarter-on-quarter improvement with sales rebounding to near 80% of the pre-covid levels during 3QFY21. Ind-Ra expects the recovery to continue in FY22, on back of improving consumer confidence, resumption of store expansion by organised players and prospects of the vaccine rollout. Although the pressure on discretionary spending, possibility of a second wave of infection in certain states and subsequent travel restrictions continue to pose a threat to the recovery, improved cost structures, liquidity enhancement measures and omnichannel push should provide cushion to glide through the same.

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