Kidswear brand 612 League is looking to raise up to Rs 100 crore over the next year as part of its strategy to clock a turnover of Rs 300 crore by 2021 and take leadership position in the market.
“We will initiate the process of fund-raising… we would need funds to support our expansion plans… We are looking at raising between Rs 50-100 crore in the next 6 months to 1 year timeframe,” 612 League Founder and CEO Manu Indrayan told PTI.
In 2014, 612 League had raised Rs 50 crore from PE fund private equity firm ASK Pravi.
The company reported a turnover of Rs 100 crore in the previous fiscal. “We are looking at Rs 300 crore turnover by 2021. We are aiming at leadership position in the kidswear segment,” he was further quoted by PTI as saying.
Elaborating on expansion, Indrayan told PTI: “In the first phase of growth, we were selling our brand through multi branded retailers. We are now focusing on opening our exclusive brand outlets (EBOs). We are looking at opening 200 exclusive stores in four years.”
At present, 612 League sells its products through 48 EBOs and 450 points of sales in India. “We will also increase our points of sales to 800 in four years,” he was quoted by PTI as saying.
The company is expanding its product portfolio by adding categories such as ethnic wear, accessories and shoes.
It is also looking to increase the contribution of online sales to 15 per cent in three years from the current 9 per cent.