Eyeing to capture a larger share of Indian luxury market, Madura Fashion & Lifestyle, a Aditya Birla Group company, is looking to invest around Rs. 1 billion to increase the number of outlets of its multi-brand retail chain 'The Collective' from the existing 7 to about 20 by 2015.
The firm is also aiming to achieve a revenue target of more than Rs. 1 billion by end of current fiscal, Economic Times reported.
Madura Fashion & Lifestyle Chief Operating Officer (International Brands and New Business) R Satyajit told PTI that there are few luxury multi-brand stores in India to cater to the gradually rising demand for luxury brands.
Hence, to tap this growing demand they are planning to launch over 14 new company-owned retail chain outlets over the next two-three years.
The company plans to launch three outlets, one each in NCR, Hyderabad and Chennai, by end of current fiscal, and would then focus on North India, he said. Going ahead, they would also focus on expanding in Mumbai, which has a very strong luxury market, he added.
Involving an investment of around Rs. 70-100 million, each of the new outlets would spread on an area of about 15,000 square feet for which the company would acquire the space on lease.
The funds earmarked for the purpose would primarily be used for designing the interiors of each of the outlets, as per the company’s standards, Mr. Satyajit said.
The proposed expansion would add over 150 new jobs to the retail chain’s existing workforce of 150, he added.
The retail chain currently offers around 60-70 brands, including McQ Alexander McQueen, True Religion, Paul & Joe, Jacob Cohen and Love Moschino.
Fibre2fashion News Desk - India