Fashion brand Max, part of Dubai-based USD9 billion Landmark Group, is looking to double its turnover to Rs 5,000 crore in the next four years by expanding its sales network to 400 stores in 120 cities.
Max Fashion will invest around Rs 400 crore over the next four years to open new stores in tier I and II cities. It is also planning to expand its value apparel retail format ‘Easybuy’ and aiming to have a network of 180 stores by then catering tier III and tier IV towns.
Vasanth Kumar, Executive Director, Max Fashion India, said, "By FY20-21we would be Rs 5,000 crore company. This year we would close at around Rs 2,400 crore. Last fiscal, we were at Rs 1,800 crore."
He further added: "In the next four years, we would operate 400 stores in 120 cities. Every year, we would invest around Rs 100 crore for expansion. We invest around Rs 5 crore to open one store, of which Rs 2.5 crore is on capex and the rest is working capital."
Max has added 40 new stores so far in the current fiscal and has plans to open 40 more next fiscal.
Kumar said, "We are growing 35 per cent per year and we would maintain this growth for the next 2-3 years. Besides, we are also expanding our value apparel retail format 'Easybuy' and aiming to have a network of 180 stores by FY20-21. This is to cater tier III cities and below and it is operating at a price which is 40 per cent cheaper than Max. It is growing 20 to 30 stores per year now."