India’s apparel industry is on a strong growth path. The market was valued at about USD 115.7 billion in 2024 and is expected to grow to USD 171.6 billion by 2034. This reflects a steady compound annual growth rate (CAGR) of around 4% over the next decade.
One major reason for this growth is rising spending by Indian consumers. Per capita spending on clothing increased from ₹3,900 in 2018 to ₹6,500 in 2023, and is expected to reach ₹8,000 by FY26. At the same time, shoppers are moving away from unorganized retail toward branded stores and organized retail chains. This trend is giving established apparel companies an edge.
Monte Carlo Fashions Limited is one of the brands positioning itself to benefit from this shift. The company, officially incorporated in 2008, is known for its woolen and cotton apparel across men, women, and kids categories. It also sells home textiles such as blankets and quilts, and has diversified into accessories and footwear.
The brand has built a strong retail presence across India. It operates 470 exclusive brand outlets (EBOs) and 1,323 multi-brand outlets (MBOs). Monte Carlo also works with major e-commerce platforms like Amazon, Flipkart, and Myntra, alongside its own online store, which generated ₹328.5 million in FY25. The company has further strengthened its brand portfolio with labels like Rock.it (sportswear), Cloak & Decker (men’s wear), Luxuria (premium wear), Alpha (women’s wear), and Tweens (kids wear).
In Q1 FY26, Monte Carlo reported an operating income of around ₹139 crore, marking a 10% year-on-year growth. However, profits were under pressure, with the company posting an EBITDA loss of ₹6 crore and a net loss of ₹16 crore. Another filing noted revenue at ₹148.97 crore, up 11.8% YoY, but a loss after tax of ₹16.22 crore (−22.2% YoY). Management explained that seasonal product returns and margin compression weighed on the results.
Despite this, Monte Carlo’s leadership sounded confident. Order bookings for the upcoming festive and winter seasons have been strong. Executive Director Sandeep Jain said the company’s earlier guidance of 10-11% revenue growth and ~19% margins for FY26 may even be revised upward after the second quarter.
The company is also expanding its reach aggressively. In Q1 FY26, it opened 3 new Cloak & Decker stores, taking the total count for that brand to 15. By the end of the year, the company aims to reach 35 outlets under Cloak & Decker, while overall Monte Carlo plans to add 40-45 new stores with a focus on South and West India. This is a major push, as historically most of its network has been concentrated in the North.
Product diversification is another growth driver. Footwear sales doubled in Q1 FY26, and the company expects further gains as it strengthens this category. The home textiles segment is also expanding, with a new manufacturing plant planned in Jammu & Kashmir.
Digital and delivery partnerships are helping Monte Carlo stay competitive. It recently tied up with Blinkit, Swiggy, and Zepto to deliver select products within 30 minutes. At the same time, a collaboration with Salesforce is improving customer data integration, allowing seamless tracking of both online and offline sales.
Monte Carlo also continues to invest in marketing and brand visibility. From sponsoring shows on leading news channels to campaigns across print, outdoor, and digital media, the brand is reinforcing its image as a “Superbrand” in India.
With India’s apparel market projected to expand by more than USD 50 billion over the next decade, Monte Carlo is positioning itself as a major beneficiary. Its strong retail presence, growing product lines, and digital focus are aligned with rising consumer demand. Challenges remain in margins and seasonal returns, but the company’s growth strategy-expanding into new geographies, scaling footwear and home textiles, and leveraging e-commerce-sets it up to ride the wave of India’s apparel boom.
