Aditya Birla Nuvo Ltd's Madura Fashion & Lifestyle is looking to double revenues from its apparel brand Allen Solly in the next three years on the back of wider distribution, new marketing initiatives and focus on women's range.
For Allen Solly, the company registered sales of Rs 500 crore at retail price for the year ended March 2011.
"In the next three years, we are targeting to double Allen Solly brand's revenue with a CAGR of 30%," Allen Solly Brand Head Sooraj Bhat told PTI.
He said in the last three years, the brand's revenue has grown three times with a Compound Annual Growth Rate (CAGR) of 40%.
The targetted growth will come on the back of store expansion, new marketing initiatives and more revenues from women's wear range, Bhat said.
He said, currently Allen Solly range is sold at 100 exclusive stores (a mix of franchise-owned and company-owned) across India, and the plan is to add 40-50 new stores each year.
The average cost of setting up one store is around Rs 40 lakh, he added.
For Allen Solly, the company has announced a new positioning -- Friday Dressing -- that advocates the need to lighten up the workplace with upbeat, relaxed and effortless spirit.
"Our range of Friday Dressing is vibrant, colourful and stylish connecting brilliantly with our brand thought," Bhat said.
The company is spending about Rs 4 crore across media to promote the brand's new message, he added.
