Globus stores, the retail entity of Raheja Group, is planning to return to the Indian market with improved line of products, along with separate stores for men and women. The brand which started its journey in 1998 by opening its first store in Indore, gained popularity among the youth, particularly in the age group of 18 to 35. But, it was forced to pull its horses back due to high cost of real estate. It faced a backlash in the market which resulted in shutting down many of its mammoth stores in some of the prominent locations such as Fort in South and Hill Road in Bandra.
Speaking about the company's revamp strategy, Vinay Nadkarni, MD & CEO, Globus Stores said that scalability was an issue so company had to shut down the department store formats. But now, it plans to have only smaller stores with different stores for men and women apparel along the lines of what Zara and Gap has been doing in the global markets.
Currently, company operates from 40 stores across the country; these outlets generate revenue of around Rs 250 crore. Being a complete private label brand, it has in-store labels like Globus and F21 across its product portfolio which includes apparel, bags and accessories.
As the part of its new policy, it will be revamping its products as well to target the millennial generation which is always been the target audience since its inception. Since the brand is writing a new chapter, it will now be having a complete overhaul of the product range, apart from having category-specific stores to cater to men and woman, which it plans to implement in the next two months.