Women’s ethnic wear brand Biba Apparels is set to add up to 200 new stores under its flagship brand Biba across the country over the next three years, a senior company executive said.
According to a PTI report: The company’s is also looking to triple business from its value fashion brand Rangriti, launched in 2015, from the current Rs 100 crore to Rs 300 crore.
“Biba is our flagship brand, and we are looking to nearly double the stores from the present 246 stores,” Siddharth Bindra, Managing Director of Biba was quoted by PTI as saying..
The company typically opens about 30-40 Biba stores a year.
“We currently have about 44 stores under Rangriti, and are looking to triple this business to Rs 300 crore over the next few years,” he was further quoted by PTI as saying.
Rangriti was started as a value fashion brand, and its standalone stores have doubled in the last two years, with a clear focus on tier II and tier III cities. It is also sold through online platforms and multi-brand outlets.
Biba has also launched standalone kidswear stores under Biba Kids and has about five stores.
“We will increase this to about 15-20 stores in the next three years,” Bindra told PTI.
The firm is also looking for an entry into fashion jewellery, to be retailed at the Biba stores, later this year.
Bindra however, did not put a figure to the investments the company is making into these brand extensions and expansions.
The company is growing its revenues annually at 30-35 per cent, and is expecting to close this year with revenues upwards of Rs 600 crore Bindra said. He further said that the expansions will further help it maintain growth momentum.
Biba counts private equity firms Warburg Pincus, and Faering Capital among its investors.