On October 7, 2025, the Income Tax Department conducted a search operation at the offices, warehouse, and retail stores of Go Fashion (India) Ltd, the company behind the popular women's wear brand 'Go Colors'. The company confirmed the operation through a regulatory filing but stated that the details of any alleged violations could not be ascertained at that time. Go Fashion assured stakeholders that its business operations remained unaffected and continued as usual. The company also noted that the financial impact, if any, could not be quantified at that point.
Details of the Search Operation
Go Fashion (India) Ltd reported that the Income Tax Department had conducted a search on October 7, 2025, at its offices, warehouse, and stores. The company clarified that it was unable to ascertain the specifics of any violations or alleged violations at that time. Despite the search, Go Fashion emphasized that its business operations remained unaffected and continued as usual. The company also mentioned that the financial impact, if any, could not be quantified at that point.
Company's Financial Overview
Go Fashion (India) Ltd, listed on the stock exchanges since November 30, 2021, reported a revenue of Rs 848.17 crore for the fiscal year 2024–25. The company specializes in women's bottom wear and operates the 'Go Colors' brand, which offers a wide range of products in various styles and colors. The company's stock is traded under the symbol GOCOLORS.NS on the National Stock Exchange of India.
Expansion Plans and Market Position
In the fiscal year 2024–25, Go Fashion added a net total of 84 stores to its portfolio, bringing the total store count to 714. The company plans to add 120–150 net new stores in FY25, reflecting its strategic decision to close stores that did not rebound post the COVID-19 pandemic. Go Fashion is also exploring omnichannel strategies, leveraging technology to offer physical and online shopping experiences, thereby expanding its reach to consumers in various cities.
Conclusion
The Income Tax Department's search operation at Go Fashion's premises has raised questions about potential tax-related issues within the company. However, Go Fashion has assured stakeholders that its business operations remain unaffected and that any financial impact cannot be quantified at this time. As the company continues with its expansion plans and omnichannel strategies, it will be important to monitor any developments related to the ongoing investigation and their potential impact on Go Fashion's market position and financial performance.
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