Several PARFOIS Stores are Closing

Several PARFOIS stores are closing, Zura Adeishvili, Commercial Director of ICR Group, told BM.

The case concerns a store that did not have financially good results even before the pandemic.

According to Adeishvili, the company was going to introduce new brands and add stores this year, but due to the current situation, the plans were changed.

As for expectations, Zura Adeishvili predicts low demand in autumn and winter and, consequently, a 30% reduction in sales.

"This year we were planning to introduce new brands and open stores, which we stopped completely because it was an uncertain situation - we still don't know what will happen. Compared to the same period last year, we have a lag of 10% in sales, here I am talking about the period June-July-August, and if we compare in annual terms, there is a 30% decrease. To be honest, we had more pessimistic expectations, we even expected a halving. If the trend we had was maintained, then we will start introducing new brands," Adeishvili said.