The Hong Kong-headquartered company, is set to close 2023 with a revenue of Rs 20 crore from the apparel business
Mumbai: Retailer Giordano is targeting to double its revenues from the apparel business in India in 2024, top officials said on Thursday.
The Hong Kong-headquartered company, which re-entered the Indian market almost after a decade, is set to close 2023 with a revenue of Rs 20 crore from the apparel business.
Ujjval Saraf, the director of Brandzstorm India Marketing, the company’s partner in India, said in 2024, the revenue from Giordano’s apparel sales are to go up to Rs 40 crore and the points of sale to double to 100.
Giordano International’s member of management committee, Ishwar Chugani, said the company has 108 points of sale in Myanmar and it sees India as a promising market.
Saraf said the target is to book a revenue of Rs 100 crore from apparel sales in 2026 with a corresponding increase in distribution which includes exclusive stores, shop-in-shop and selling at online marketplaces.
At present, about a fifth of its sales are coming from marketplaces like Myntra and Ajio, and the company is also looking to launch a dedicated website to handle product sales directly to consumers, Saraf said.
It is mulling adding the women’s wear and kids’ wear categories to its offerings in 2024, Saraf said, adding that both present a big opportunity.
All the products sold under the brand are sourced locally by Brandzstorm, and the company is also looking to increase its dependence on India for global sourcing, Chugani said.
Traditionally, the company has been dependent on Vietnam and China for sourcing its products, he said, adding that Bangladesh and India are getting added lately to the sourcing destinations.
Chugani said in the next two years, the group will source a fourth of its overall units from India and added that for the Gulf Cooperation Council countries, the same will increase from the present 25 per cent to 40 per cent.
Asked about the re-entry into India – the company was present in India from 2008 to 2012 Chugani said it has had very “expensive” learnings from the experience which are being avoided now.
In its first outing, the company had chosen to have its own stores in premium locations without a local partner, and also had a local unit head who was not in India, Chugani said.
A partnership with Brandzstorm was forged in 2019 but it could get off only in 2021, Saraf said, adding that it now has 50 points of sales across 13 states and 23 cities.