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Hidesign to open 9 stores in 6 months, spend Rs 20 crore towards expansion

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, a brand that has become synonymous with high-quality leather accessories such as bags, belts, and wallets, is planning to expand the brand further after going slow on expansion in 2016.

Hidesign to open 9 new stores in next 6 months; to spend Rs 20 crore to aid expansion plans
What began as a hobby of entrepreneur Dilip Kapur in 1978 has seen its revenue grow from Rs 11.3 crore in fiscal year ended March 31, 2010 to Rs 100 crore in fiscal year ended March 31, 2016

In an exclusive interview, President, Hidesign, shares, “Hidesign was going slow on store expansion in 2016 in India due to the lack of new and quality shopping malls. Instead we managed to solely concentrate our resource on expanding internationally into six new markets this year including Kenya, Indonesia, Spain, UAE, and Canada.”

He further added, “We plan to invest around Rs 20 crore in brand expansion, international expansion, e-commerce and new stores.”

Currently, the brand has 74 stores and is planning to open 9 stores in next 6 months which includes Tier I and Tier II cities such as Kolkata, Cochin, Chennai, Pune, Lucknow, Goa and Ahmedabad, etc.

READ MORE: Hidesign forays into US; to create India-like success story

What began as a hobby of entrepreneur Dilip Kapur in 1978 has seen its revenue grow from Rs 11.3 crore in fiscal year ended March 31, 2010 to Rs 100 crore in fiscal year ended March 31, 2016.

Tapping Transit Retail

Hidesign has been exploring airport retailing from almost 5 years and more and it has shown growth over these years for the brand which is present at all major airports in India.

“We consider airports critical to the development of the brand internationally. We exclusively focus towards a well-informed, career oriented and cosmopolitan consumer both in India and internationally. The contribution has been around 7 per cent of the revenue in our last financial year 2016-2017,” revealed Kapur.

The brand is planning to open 3 outlets each at Delhi and Kolkata airport followed by one each in Kochi, Mumbai and Bengaluru airport. The brand will also be opening outlets in Seawoods mall in Mumbai, One Awadh in Lucknow and Pavillion in Pune in future.

The brand also plans to open outlets at international airports and international markets. The brand has expanded into six new markets last year including Kenya, Saudi Arabia and Canada.

“Hidesign is available in 23 countries across South Asia, Africa, Australia, North America and Europe, through distributors. International business contributes to around 15 per cent to our overall revenue as per our previous year i.e. 2016-2017,” concluded Kapur.