The company's is also aiming an increase in business from its value fashion brand Rangriti, launched in 2015, from the current Rs 100 crore to Rs 300 crore.
Women's ethnic wear brand Biba Apparels has planned to open 200 new stores under its flagship brand Biba, across the country over the next three years.
The company's also aiming an increase in business from its value fashion brand Rangriti, launched in 2015, from the current Rs 100 crore to Rs 300 crore.
Siddharth Bindra, the managing director of Biba said the company typically opens about 30-40 Biba stores a year. "Biba is our flagship brand, and we are looking to nearly double the stores from the present 246 stores."
He added, "We currently have about 44 stores under Rangriti, and are looking to triple this business to Rs 300 crore over the next few years.”
Rangriti was started as a value fashion brand, and its standalone stores have doubled in the last two years, with a clear focus on tier II and tier III cities. It is also sold through online platforms and multi-brand outlets.
Biba has also launched five standalone kidswear stores under Biba Kids and has about five stores.
Bindra Said, "We will increase this to about 15-20 stores in the next three years.”
The firm is also wanting to venture into fashion jewellery, to be retailed at the Biba stores, later this year.
He added the company is growing its revenues annually at 30-35 per cent, and is expecting to close this year with revenues upwards of Rs 600 crore. He further said that the expansions will further help it maintain growth momentum.
Biba counts private equity firms Warburg Pincus, and Faering Capital among its investors.