Mumbai-based premium brand of bags Baggit targets a turnover of Rs 50 crore on the back of its expansion plan of opening 50 stores in the next three years, a top company official said.
"At present, we have a turnover of around Rs 15 crore, with eight stores operational," Baggit promoter Nina Lekhi said, adding "we will have 50 stores across the country in the next three years and expect to have a turnover of Rs 50 crore."
Baggit is also planning another manufacturing unit at Khatar Kadak near Pune in the next two years, she said. "We will be investing around Rs 2.5 crore."
"We are also planning to raise money through the banks for our expansion plans. However, she declined to give the exact figures, saying "we keep raising money from the banks as and when needed".
In the next one month, three more stores will be coming up in Bangalore, Delhi and Mumbai, she said.
The size of the stores varies from 450 sq ft to 600 sq ft, she added.
