Mumbai, The second wave of coronavirus infections reported from various pockets of the country has come as a "strong headwind" to fashion retailers , and is expected to delay the recovery back to pre-COVID-19 levels till FY23, domestic rating agency ICRA said on Sunday. "A sharp spike in the number of new COVID-19 cases since March 2021 throws up strong headwinds for the sector. "Its Sector Head Sakshi Suneja said industry players adopted to several cost-saving measures by fashion retailers , including rental negotiations, salary and overheads rationalisation in FY21 to protect the businesses. They are expected to continue the same in FY22 also pending a revival in discretionary demand. The credit profiles will remain weaker than the pre-COVID-19 levels, Suneja added.

Source: Economic Times April 26, 2021 02:15 UTC