Seven East, the Indian ethnic wear brand having a turnover of over Rs. 400 million, intends to become a Rs. 1 billion company by March 2015, promoter of the firm, Mr. Sanjay Bindra has said.
Targeting high-end customers, the brand presently features across 22 Planet Fashions, 48 Shoppers Stops, 17 self-owned outlets and 15 other multi-brand outlets (MBOs), and intends to grow its store count by 20 percent each year, as a part of its ongoing expansion drive, Mr. Bindra said in a statement.
Seven East was launched in May 2011 by Mr. Bindra after selling off his total stake in women’s ethnic-wear brand ‘Biba’ during the same year.
Mr. Bindra said their talks for raising capital from ICICI Ventures and Everstone Capital were underway, but realizing that they are not in need of any additional capital at present, the talks were suspended. However, in future if they look at raising money, they would not be considering a deal size below Rs. 300 million, he added.
He said it is the right time for them to firm up their product offering and for launching more outlets at preferable locations.
Of late the company has also inked a deal with International Indian Film Academy (IIFA) to launch a designer-led collection of Bollywood-inspired clothing.