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Planet Fashion targets Rs 3.61bn revenue in FY'14
18
Jul '13
Planet Fashion, a retail venture of Madura Fashion & Lifestyle Retail Limited, forming a part of the Aditya Birla Group, is eyeing Rs. 3.61 billion in its earnings this fiscal.
 
Planet Fashion COO- International Business & Trade Sales Shoaib Farooqi told PTI that they expect their revenues to surge by 20 percent from last fiscal’s Rs. 2.97 billion to Rs. 3.61 billion by end of the current fiscal, Economic Times reported.
 
Eyeing to cater brand conscious men with comprehensive wardrobe solution, Planet Fashion retails India’s leading brands including Louis Philippe, Van Heusen, Allen Solly, Peter England and Levi’s.
 
The retailer presently operates over 170 stores across 110 towns of India, and is planning to take this number to 200 outlets by the end of the current fiscal year 2013-14. 
 
The company also intends to increase the number of Planet Fashion Grande outlets – a large format multi-brand retail store mainly focusing on wedding apparels and accessories – from the existing 3 to 10 by end of current fiscal and to 50 over the next three years. Majority of these outlets would be set up in Tier II and Tier III cities, Mr. Farooqi said.
 
Increasing demand for branded apparel in smaller towns and rising cost of real estate in cities are the main reasons for shifting focus to smaller towns, he added. 
 
Planet Fashion this season launched Colorband and Livelite, which are compilations of hand-picked merchandise across Louis Philippe, Van Heusen and Allen Solly. Livelite comprises fine linens and half sleeves, ideally suited for the sweltering summer heat, while Colorband brings together vibrant summer casuals, colourful t-shirts, sporty shirts and bottoms.
 
GS Rajesh, Brand Head, Planet Fashion said at present Planet Fashion contributes around 12 percent to the revenues of Madura Fashion & Lifestyle, which is growing at an annual rate of over 25 percent.
 

Fibre2fashion News Desk - India

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