BANGALORE: Planet Fashion, a retail initiative of Madura Fashion & Lifestyle, today said it expects 20 per cent growth in revenue during the current fiscal to Rs 361 crore.
"We expect our revenue to grow by 20 per cent to Rs 361 crore during the current fiscal... last year our revenue was Rs 297 crore," Planet Fashion COO- International Business & Trade Sales Shoaib Farooqi told PTI here.
Aditya Birla Group firm Planet Fashion that operates on franchise basis has 180 stores across the country and plans to expand it to 200 by the end of this fiscal.
"As of now, we have 180 outlets in 110 cities. By the end of this fiscal, we will have more than 200 stores," he said.
Along with Planet Fashion, an exclusive distributor of Madura brands like Louis Philippe, Van Heusen, Allen Solly and Peter England, the company also operates Planet Fashion Grande- a large format multi-brand retail stores, which they plan to, expand to ten by the year end.
"Ten stores are likely to come up by the end of this fiscal; we have three stores at present: two in Bangalore and one in Delhi. All stores will be company-owned," Farooqi said.
Stating that major expansion is likely to happen in tier II and III cities, he said, "There is growing demand for branded apparel from smaller towns, especially during the wedding season."
"Also high rental in metros is making us to shift our focus," he added.
G S Rajesh, Brand Head, Planet Fashion said "Planet Fashion's contribution to Madura Fashion & Lifestyle revenue is approximately 12 per cent.