Madura Fashion & Lifestyle, an Aditya Birla group firm, is eyeing annual revenue of Rs 550 crore within five years from its fashion brand People, says a PTI report.
In a bid to to expand the reach of the entry-level range of the company, which also sells brands like
Allen Solly, Van Heusen and Louis Philippe. Besides, Madura is all geared up to will tap tier II and III cities to have a pan-India store count of over 300 by 2020.
Commenting on the matter, MFL Chief Operating Officer (International Brands and New Business) R Satyajit told PTI : "Our target is people in 18 to 25 years age-group, who are aware of the latest fashion through digital and social media. The price range of the 'People' brand starts from Rs 500 to Rs 700, making it affordable for college going youth.”
Further he added: "We would be having annual revenue of Rs 500-550 crore by 2020.
"The People brand, which was originally a part of Peter England label, had clocked of around Rs 200 crore in the last 12 months. On the number of stores, Satyajit said: "We will add 15-20 by the end of March 2015. We have plans to triple the store count in next 4 to 5 years."
At-present, the People brand has around 100 stores in different cities across India. Besides, 40-45 per cent of revenue of People comes from tier I markets and the rest from tier II & III places, as per the PTI report.