MUMBAI: Indian ethnic wear brand Seven East is aiming revenues of Rs 100 crore by March, 2015, promoter Sanjay Bindra said today.
"The brand Seven East launched in May 2011 is in expansion mode. It is available across 48 Shoppers Stops, 22 Planet Fashions, 17 self-owned stores and 15 other MBOs (The Multi Brand Outlet) and we are looking at increasing the store count by 20 per cent year-on-year," Bindra said in a statement.
After selling his entire stake in women's ethnic-wear brand 'Biba' in 2011, Sanjay Bindra had launched a new brand 'Seven East', targeted at premium customers.
The brand already has a gross realisation in excess of Rs 40 crore and targets Rs 100 crore in revenues by March 2015, Bindra said.
On funding plans, Bindra said, "Funding at the right valuation is always welcome. However, currently retail is going through a major churn and we don't want to raise money right now.
"This is a good time for us to consolidate our merchandise offering and add more stores in good locations. We will not be looking at a deal size less than Rs 30 crore, whenever we decide to raise money."
The company was in talks with Everstone Capital and ICICI Ventures, but suspended the talks, as it doesn't want additional capital right now, he said.
Seven East has recently tied up with International Indian Film Academy (IIFA) to bring a range of designer-led, Bollywood inspired clothing to the market.