Contemporary ethnic wear firm TCNS Clothing, which owns W brand, is looking at tapping the Indian diaspora by opening its outlets in countries like Singapore, Mauritius and Sri Lanka.
"We are in advance stages of talk to open our exclusive brand outlets in markets like Singapore, Mauritius and Sri lanka... I can't talk about it but by end of this year we might to able to make decisions (to close the deal)," TCNS chief executive officer Anant Daga told PTI.
When asked for the reason why the company is looking overseas markets, he said: "W range has a very international feel. There is a huge demand for our products from Indian diaspora. It will give more growth in future. In fact, 15 per cent of orders on our in-house website comes from international customers."
Daga said the company is also in the process of revamping its website 'ShopforW' to keep pace with the fast growing e-commerce market.
"Sales from our own website is small right now. We are in process of rebuilding it...Reference points have changed in three years when we launched the website. We have seen brilliant traction in online space. It (website) will also drive brand image," he said. TCNS is targeting 5 per cent sales from its website in three years time.
Online sales from its own sites along with other e-commerce companies contributes 10 per cent of total sales.
The company is targeting seeing over 80 per cent sales growth this year as against 40 per cent growth last year.
TCNS does not disclose its financials.
The company is also looking at 100 new outlets of its brands W and Aurelia.
"We will add 100 outlets this year. It will be a mix of company-owned and franchised outlets. We will invest Rs 25 crore in adding more outlets," Daga said.
At present, there are 160 W and 50 Aurelia outlets.
