Ethnic Indian apparel brand Fabindia plans to expand its business by adding 40 to 50 stores every year in existing as well as new markets, a senior company official has stated.
The company which recently opened a new retail format called the Fabindia Experience Centre, plans to have 10 such stores by the end of 2018, he said, adding that the company would have six of them by March 2018.
"We would continue to add 40 to 50 stores every year," Fabindia President Retail Ajay Kapoor said.
The company has around 268 stores, he said, adding that the expansion would be through a mix of company-owned, company operated stores and franchise model.
Kapoor said the company has plans to expand its presence in more overseas markets like Fiji and Sri Lanka in collaboration with local partners.
Presently, Fabindia operates stores in overseas market such as Singapore, the UAE, the US, Malaysia and Mauritius.
Fabindia is an over Rs 1,000-crore company and growing with a CAGR of around 22% since five years, he added.
The company, whose 70% revenue comes from the metro market, had recently opened stores at places such as Srinagar, Port Blair, Bhuj, Bhavnagar and Kovalam.
"We are exploring new places with aspirations," Kapoor said.