Max targets Rs 3,000 cr revenue by FY18
Dubai-based retail and hospitality conglomerate Landmark Group's Value fashion brand Max, is targeting a revenue of Rs 3,000 crore by 2017-18 and plans to add around 100 stores in India in the next three years, a top company official said.
"We are growing at 35 per cent CAGR. This year we will be crossing Rs 1,800 crore. We are planning to become Rs 3,000 crore company in the next two years (FY18)," Max Fashion India Executive Director Vasanth Kumar told PTI.
Max, mostly a family-format store, is a $1.6 billion brand across 17 countries. It operates 140 stores across 50 cities in India and plans to take the total to 250 stores by 2018-19.
"We are expanding at the rate of one every two week, around 25 to 30 stores per year. We added 30 stores this year. We should be around 250 stores in the next three years," he said.
The average size of a Max store is 10,000-12,000 sq ft and each store entails an investment of around Rs 5 crore. Max operates in a mid-market industry which is estimated to be around Rs 80,000 crore, largely dominated by organised players.
This is the fastest growing segment in the apparel industry, growing at 10-12 per cent.
In Bengaluru, Max is opening 60 per cent of the stores in high-street and 40 per cent in malls. High-street stores account for a third of the brand's business, Kumar said.
Twenty five per cent of the revenue comes from men's wear, 20 per cent western wear (women), 18 per cent ethnic women's wear, 25 per cent kids wear and 12 per cent footwear and accessories.
The brand gets 30 per cent of business from the youth in its regular store format. (SH)
Fibre2Fashion News Desk – India