Monte Carlo Fashions has finalised plans to venture into the overseas market. With this move they aim at increasing their visibility globally. Target countries span across the globe with Africa, Middle East, Australia, New Zealand on their list. The international story will begin with the opening of a flagship store in Dubai and in the rest of the Middle East gradually. Shop-in-shop model is what they shall be taking up in several African countries like Cameroon and Nigeria. They have also tied up with stores in Australia and New Zealand. The company is planning to raise Rs 330-380 crore through a mix of private equity and initial public offer (IPO).
An increase in disposable incomes of people and the resulting change in their aspirational values is what urged them to diversify. Also independent research findings which estimate the organised small appliances market to grow at a CAGR of 12 to 13 per cent in value terms fanned the decision.
S B Khedkar, Vice President-Appliances at Orient Actus, says, “Since the market is in the growth phase and current penetration levels are low for most categories, therefore, there is enough opportunity and room for new brands with better aesthetics and value proposition coupled with a very efficient services setup. We will be present in all the Tier 1, 2 and 3 cities (Approx 100 cities) by the end of 2012-13.”