Clothing firm Go Colors is looking at doubling its retail network by 2016-17, and plans to invest Rs 30 crore over the next 6-9 months on footprint expansion.
Gautam Saraogi, co-founder and Deputy Managing Director of Go Colors told, "We are looking at aggressively increasing our footprint to double it across formats. We will be investing around Rs 30 crore over the next 6-9 months to achieve the set objective.”
“We plan to double our exclusive brand outlets to over 700 stores and 100 towns by the financial year 2016-17 from 340 stores, spread across 60 cities. On the Multi Brand Outlet (MBO) front, we are placed in over 1,500 stores in 50 plus cities. We plan to double this to 3,000 stores by 2016-17," he added.
With women and kids legwear focused product portfolio, Go Colors is also set to raise $25 million (about Rs 165 crore) early next year to support its aggressive growth and expansion plans.
"We will be initiating our Series B fund raising round of $25 million early next year. For the financial year 2015-16, we are on track to achieve a Rs 100 crore turnover and by financial year 2016-17 we would be clocking Rs 200 crore," said Saraogi.
Earlier this year, Go Colors had raised $10 million from Sequoia Capital to grow the brand.