Future Group firm Brand Factory is eyeing over three-fold jump in turnover to Rs 3,500 crore by fiscal 2020 as it expands its footprint across the country.
“We are expanding at a fast pace and looking at a turnover of Rs 3,500 crore by the financial year 2020. We are looking at presence nationally and are opening stores at a fast pace,” CEO, Brand Factory, Suresh Sadhwani was quoted by PTI as saying.
According to a PTI report: The company, which reported a turnover of Rs 950 crore in 2015-16, is looking at closing the current fiscal with net sales of Rs 1,500 crore.
Brand factory claims to be India’s largest fashion discount chain offering up to 70 per cent discount on more than 200 brands on all days round the year.
Elaborating on expansion, Sadhwani said, Brand Factory plans to invest Rs 150 crore over the next three years to open 40 new stores.
“We are expanding our presence in cities we operate in, and also new markets where we do not have a store,” he was further quoted by PTI as saying.
Brand Factory at present, operates 50 stores in 22 cities and plans to open another 10 outlets by end of the current financial year.
In order to attract customers, Brand Factory rolled out ‘The Free Shopping Weekend’ offer — through a combination of discount, gift voucher and cash back — from December 16 to December 18.