 Footwear specialist Mahtani Fashion, which sells 'Vi-Ga' brand of shoes, is setting sight on a major expansion to have a pan-India presence as it plans to add 35 additional stores by 2009-10.
Mahtani Fashion Chief Operating Officer B D Nathani said that the company operates 15 stores now. Out of the new stores to be added, 15 will be company owned and the rest 20 will be franchisee operated.
"The investment in the company-owned stores will be to the tune of Rs 8 crore," he said.
The Noida-based company is looking to move beyond the North Indian market and plans make the Vi-Ga brand present across the country.
"Besides, we are also seeking to broaden the number of sub-brands of Sportswear and kids' shoes collections by adding new merchandise, sizes and colours," Nathani said, adding the company would price its products keeping the middle class customer in mind.
"While the company-owned stores would be located in major cities, the franchisees would come up up in Tier I and II cities," he said.
With the expansion, the company expect to touch an annual turnover of Rs 50 crore in 2009-10, up from Rs 15 crore now.
Among the major cities where it is expanding include Mumbai, Pune and Ahmedabad in Western India, Bangalore, Hyderabad and Chennai in South, and Kolkata in East, while franchise stores would be in cities such as Patna, Ranchi, Jamshedpur, Guwahati and Imphal.
The company is also adding to its sourcing machinery for coping with the rise in demand likely to crop up after the news stores are established.
"We are in talk with factories in China and many Indian cities who are our sources," Nathani said. |