Fashion brand Max, part of Dubai-based US $9 billion Landmark Group, is looking at kids and occasional wear segment as one of the growth drivers for the coming years.
According to the company, which is aiming at Rs 5,000 crore turnover in the next four years, kids wear is an”unexploited” segment and would expand in the coming years.
“Kids wear has very high potential. It is an unexploited market and that’s why we are expanding into it,” Executive Director, Max Fashion India, Vasanth Kumar told PTI.
According to a PTI report: Presently, the company has a turnover of Rs 2,400 crore and 23 per cent is contributed from the kids wear segment, which is around Rs 500 crore.
On being asked whether kids wear ratio would go up, he told PTI: “Overall, we are growing at the CAGR of 34 per cent and we expect that to continue. We expect all the sections to grow and would retain similar contribution from them.”
Max is also witnessing an increase in western wear because of its growing acceptance in the family wardrobe and changing preferences of the people.
“Besides, occasional wear segment as yoga dress, fitness dress, casual wear, outdoor wear is also picking up very fast,” Kumar was quoted by PTI as saying.
Presently, men segment is contributing 24 per cent to the total sales while western wear is 20 per cent, and ethnic wear around 18 per cent, Kumar added.
The company is aiming to double its turnover to Rs 5,000 crore in the next four years by expanding its sales network to 400 stores in 120 cities.
As part of that, Max Fashion will invest around Rs 400 crore over the next four years to open new stores in tier I and II cities.
The company has recently re-launched a kid festival to promote the segment and is taking it to a pan India level through TV campaigns etc.