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As the nation grapples with the spread of the Covid-19 pandemic through the lockdown, LimeRoad, a fashion platform, has launched a new “financial clinic” to provide assistance to thousands of seller partners who are currently facing financial challenges as a result of the uncertainty.
The company said that it would help seller partners set long-term goals as markets recover from this crisis.
Limeroad informed that the launch was accelerated given the current distress. The clinic will focus squarely on the company’s small and medium-scale sellers, essentially manufacturers.
The fashion platform assured that it will provide them with solutions around a variety of issues including operational and fixed cost management, inventory and working capital management, access to short term credit, among others.
The financial clinic was launched on April 3, with a seller partner who had quarantined himself at his warehouse. “When there is an outside expert working on the financial books of any company, it helps in getting a different perspective with a clear scope of improvement. We are delighted that LimeRoad is offering us this help,” said the first Seller Partner who availed the services.
Commenting on the financial clinic, Suchi Mukherjee, Founder CEO, LimeRoad said, “This pandemic will reshape our industry. It will impact consumer behaviour, encouraging more and more people to move from offline to online, as was seen post-SARS in China.”
She added that “globally, all industries will divide up into winners and losers, and it is our belief that our seller partners, along with us, will be on the winning side. In a recent briefing, Bain & Co. projected that online fashion is one of the few sectors which will see a huge surge in demand between 3-6 m, reflecting pent-up demand, stabilizing at higher levels by 12 m, after a deep cut in the first 3 months.”
She further mentioned that the next 3 months would be painful for everyone, and the fashion company will try to be as helpful as possible to their seller partners.
Recently, the Clothing Manufacturers Association of India (CMAI) reported that the global impact of Covid-19 will negatively impact exports thereby resulting in potentially 50 lakh jobs in the apparel sector.
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