Allen Solly, the apparel brand of the Madura Fashion & Lifestyle, said that it is planning to add 30 stores by end of this year. The expansion will be a combination of own stores and franchisee-based ones.
The company also said it expects around 5% of revenue from its new initaitive called Colour Lab.
Speaking at the newly renowated Allen Solly store at Express Avenue Mall, Chennai, Sooraj Bhat Ullal, Brand Head, Allen Solly said that at present the company has 170 stores and expects to add 30 more stores this year. Currently, 50% of the stores are franchisee owned and this ratio will continue.
He noted that the total investment to set up interiors for these stores would cost around Rs 6 crore.
Speaking about company's growth, he said that the company expects to report around 40% growth in revenue during the current fiscal to around Rs 650 crore, up from around Rs 470 crore it clocked last year.
"First half we grew as expected and we are confident of achieving our expansion and revenue target for the fiscal," said Ullal.
He said the the brand has launched a new feature called Colour Lab, wherein a customer can choose a colour not available in the store, for an additional charge of around Rs 400. This feature, which was introduced for Men's wear will also be introduced for women's wear and kids, and the company expects this feature to contribue around 5% of the sales during this fiscal.
