Enthused by the rising demand for luxury brands in India, Germany-based women's fashion brand Marc Cain plans to open five more stores during the current fiscal.
Marc Cain currently operates two stores in Mumbai and plans to open another one to cater to the niche clientele.
"We plan to open five more premises this financial year. The first store will be in South Mumbai, two will come up in Delhi and one each in Hyderabad and Bangalore," Marc Cain Franchise Stores owner in India and the UAE, Punit Agarwal said.
On estimated investments, he said, "every store will take an investment of at least Rs 3-4 crore, so we have set aside Rs 20 crore for the five stores."
The luxury market in India, estimated to be Rs 3,000 crore, is growing at 22-25 per cent a year.
The German company has posted 100% annual growth for the last five years and Agarwal expects Rs 30 crore worth sales from the new stores within a year. "Every store should do sales of Rs 5-6 crore in the first year itself."
The company also plans to open stores in Kuwait and Qatar.
"We are already present in Dubai and plan to get into Qatar and Kuwait. That will be a good opportunity. Right now we are in talks with the parent company to enter these countries. I expect that to happen this financial year or early next year," Agarwal said.
The investment in the two countries should be $2 million each because of higher costs, he added.