Hrithik Roshan-backed fashion brand HRX is eyeing Rs 500-crore turnover by 2020 from its apparels and footwear section, fuelled by expansion in product categories and offline presence this year.
According to a PTI report: Besides, the company, which is co-owned by Hrithik Roshan and Exceed Entertainment, is looking to foray into personal care, sunglasses and backpack categories.
HRX has an exclusive association with Myntra for its range of products and had a revenue of about Rs 100 crore last year.
“We are aiming at Rs 500 crore turnover in the next three years from the apparels and footwear section. We are in between plans to expand the product categories and offer more in the space of active wear,” Asfar Zaidi, Exceed Entertainment Managing Director and HRX Co-founder told PTI.
The company which sells its products online is chalking out its calendar to expand in the offline space through multi brand outlets (MBOs) and exclusive brand outlets (EBOs).
“The process of identifying the right retail partners for MBOs and availability of the right locations EBOs has begun. We are targeting the festive season of 2018,” Zaidi was quoted by PTI as saying.
The company recently launched HRX workout and MI HRX fitness band marking its entry into the physical fitness space and is exploring to enter into various new categories to augment its brand.
“As we progress, we are looking at personal care, sunglasses and HRX backpacks as categories to explore,” Zaidi further told PTI.
The company last year signed a Rs 100-crore deal with health and wellness startup Cure.fit, which included the actor’s stake in the company and HRX’s specialised workout plan introduced across Cult fitness centres operated by Cure.fit.
Zaidi said the company has received encouraging response to its Cult programmes and is looking to expand pan-India by setting up more than 500 Cult centers across 15 key markets. About seven will be launched by the end of this year.