Manyavar, the ethnic wear brand for men, launched 69th and 70th company owned company operated exclusive brand outlet in Meerut and Dehradun recently. The stores occupy an average area of 800 square feet.
“Our stores are situated at prime high-street locations. The towns are doing extremely good and there is a lot of untapped potential here. But people do not have access to modern retail experience. There are a lot of multibrand outlets but the brand experience is new to the customers. We want to reach out to these cities giving the customers an exposure of ‘Manyavar’ experience,” says Mohit Tikmany, CEO, Vedant Fashions Pvt Ltd.
The brand plans to reach 100 stores by March 2010. While in FY 2008-09 the brand registered a turnover of Rs.70 crores; it expects to post a turnover of Rs.125 crores in the current financial year. Tikmany reveals, “We want to reach 200-store mark by 2011 and 500 stores by 2015. We are also targeting a turnover of Rs.500 crores by FY 2014-15.”
— Piasi Sinha