Indian ethnic wear brand BIBA aims to achieve a sales target of Rs 900-1000 crore by financial year 2017-2018.
Siddharth Bindra, Managing Director, BIBA, said, "As a company we are growing at a rate of 30-35% CAGR in the last 7-8 years and we are targeting sales of 900-1000 cr for financial year 2017-2018."
Currently, BIBA earns 15-17% sales from online channel including marketplaces and from their own site. However, from its own site, the sales percentage is between 4-5%.
He said, "We are expecting a lot of developments in the branded apparel section in next 4-5 years and hope the implementation of GST will accelerate it further. But we have no plans to venture into western wear segment."
Keeping a focus on its core category, BIBA said, the brand plans to open 10-12 stores in the coming 6-12 months under BIBA Girls’ brand which exclusively caters to young girls aging between 2-15 years.
He further added, "We will keep adding new products category within the brand. In Diwali, we are planning to launch Biba by Manish Arora, thus giving our customers a wide variety of choices in the affordable designer wear section."