The Bombay Store will focus on mid-size stores (about 3,000-4,000 sq ft) to grow the brand in the country. “This size has worked well for us as we can be more focused and become destination stores,” says Asim Dalal, Managing Director, The Bombay Store.
The company posted revenues of Rs 24 crore in the financial year 2008-09 and expects to close this year with a turnover of Rs 30 crore.
In 2008, the company raised equity to the tune of $4 million (Rs 17 crore) through Fidelity Multitrade and may look for fresh infusion of funds in about 18 months, says Dalal. “We want to open 28-30 stores by then and would need about Rs 30 crore,” he said.
The company would also eye joint venture partnerships with international retailers for a foray abroad. “About 40 per cent of our sales at our Mumbai stores and 20 per cent of our average sales comes from tourist shopping,” he says.