1-India Family Mart sees 71% jump in revenue driven by Tier 3 & Tier 4 stores

The value fashion retailer is further aiming revenue worth Rs 2,300 crore with more than 350 stores in the next 5 years.
1-India Family Mart

1-India Family Mart, a leading value retail chain, has closed FY 2018-19 with a revenue of Rs 393 crore, seeing a revenue jump of 71% compared to the previous year. Owned by Nysaa Retail Private Limited, the company has successfully launched 41 new stores during this period.

The value fashion retailer is further aiming revenue worth Rs 2,300 crore with more than 350 stores in the next 5 years. It is committed to meet the fashion aspirations of individuals living in small towns.

Incorporated in 2013, 1-India Family Mart is started with an endeavour to make affordable and fresh fashion apparels, lifestyle products and general merchandise accessible to its customers.

Ravinder Singh, Co-Founder and COO, 1-India Family Mart, said, “The category of stores in Tier 4 cities has a profile different from Tier 3 in terms of the sustainable consumption, we are now aligning a relevant model for such stores which will make it easier for us to progress towards our ultimate vision of addressing the fashion needs of 75 percent of the country’s population. The company has attracted top leadership talent as part of capability building to match the growth plans and is also investing in processes and technology while maintaining high standards of corporate governance. This is all a build-up to an IPO in 2 years’ time.”

Deepak Sharma, CFO of 1-India Family Mart, added, “It has been a phenomenal growth this fiscal year in terms of revenue and expansion for 1-India Family Mart. Despite subdued consumption in our geographies and erratic weather conditions the company has managed good growth mainly driven by Tier 3 and Tier 4 stores. Products that are trendy and cater to the needs of young and youth contributed majorly to these growth numbers followed by the kids’ segment that too witnessed a healthy pace in demand.”

RECOMMENDED FOR YOU
TRENDING ARTICLE