Branded apparel makers whose business has been unsettled by e-commerce discounts and subdued consumer sentiments are a worried lot. There were no signs of revival in the July-September period. According to an Ambit Capital report, Aditya Birla Fashion and Retail reported consumer consumption remained muted and there was no evidence of revival in sentiments in the period. Shoppers Stop echoed the same views adding that their revenues are yet to see an impact of good monsoons. On the other hand, Zodiac Clothing says the industry downtrend is worse than the one seen in 2009-10.

On a positive side, companies said e-commerce discounts have reduced during the same period. While they are wary of the ongoing online sales campaigns, Aditya Birla Fashion foresees relatively low discounting in the rest of the year. This would be due to aversion to such strategy by brand owners, the report added.

Further, many apparel makers expect the business restructuring measures and festive season would lift sales in the second half of the fiscal year. This should please investors who otherwise are worried about the sliding industry fortunes.