India’s Top-selling Blue Store Towels (BSOT) has seen sales fall by over 15% since March 2018, as the country’s anti-counterfeiting measures take effect.
The company said that it sold 3.73 crore of its Blue Store T-shirts and Blue Store towels in the second quarter, the lowest ever for the company, down 15% from a year earlier.
The company has also been hit with a charge of almost Rs 10 crore for non-taxpayer’s funds.
In March 2018 , the company’s sales were up by 15.7% compared to a year ago, and sales of its premium Blue Store line fell by almost 20% compared with a year-ago period.
However, in the third quarter of 2018, sales fell by 14.3%, a drop of nearly 30% compared w with the same quarter last year.
Sales of the Blue Store brand have also declined in the Indian market due to the countrys anti-Dumping and Customs Measures (ADCM), the country is one of the largest exporters of cotton and other cotton products in the world.