Online lingerie brand, PrettySecrets, is set to take the brick and mortar route. The brand launched two stand alone stores in Mumbai on Sunday.
The company also plans to launch additional 30 stores by 2017 and 300 stores by 2019.
Karan Behal, founder & CEO, PrettySecrets said , “We are opening our exclusive stores in Mumbai tomorrow. We also have plans to make 30 stores operational by November 2017 and 300 stores by 2019.”
The first two stores that the brand launched on 2nd April would be company owned stores and for the rest 28 stores, the brand would follow franchising business model.
Behal said, “For company owned stores, the average investment is around Rs 50 lakh. However, for the franchise stores, the investment range would be between Rs 35 lakh to 60 lakh, depending on the size and location of those stores.”
He added,“Twenty of these stores would be located in Mumbai and rest of the stores can be pan India. The stores are expected to contribute 25% to the company's revenues in the next 3 years and by 2020, we hope to capture a market share of 3-5%.”