Shares of Go Fashion (India) hit an all-time high of Rs 1,373.90 as they rose 6% in intraday trading on the BSE on a positive outlook. The stock surpassed the previous high of Rs 1,341 set on November 30, 2021. It has outperformed the market over the past month, surging 23%, while the S&P BSE Sensex fell 2%.

The market price of Go Fashion has almost doubled from its issue price of Rs 690 per share. The company had listed on the stock exchange on November 30, 2021.

The lifestyle retailer showed strong revenue growth in the April-June quarter (Q1FY23), aided by a strong wedding/festival season and a normal quarter after a two-year hiatus.

Go Fashion (India) is one of the leading women’s bottoms apparel companies in India, selling products under the “Go Colours” brand. The company is designing, sourcing, developing, marketing and retailing women’s bottoms. Its bottoms include leggings, dhotis, churidars, harem pants, Patiala, palazzos, trousers, culottes and jeans, sold in different categories such as western, fusion, ethnic, athleisure, denim for all groups and sizes.

Due to the large size of the overall women’s pants market, the company is optimistic about the overall retail atmosphere. With a market share of just 8%, the company intends to continue to focus on trousers, adding new trouser styles in ethnic, western, fusion and casual wear.

The company plans to expand its business by adding 120-130 exclusive brand stores (EBOs) in the next financial year, targeting healthy same-store sales growth from its existing network. Additionally, the company will seek to strengthen its online presence by providing a seamless omnichannel experience between the company’s stores and online channels.

Analysts at ICICI Securities said in a sector report: “Stronger consumer confidence, wardrobe updates have driven retail sales, and increased spending on discretionary items as consumers’ wallet share for discretionary items has declined over the past two years. The industry appears to be on track to achieve strength”.