planets fashion eyes 20% growth in sales

  Planet Fashion, retail initiative of Madura Fashion & Lifestyle, announced today that it expects 20 percent revenue growth in the current year to Rs 361 crore.

"We expect that our revenues by 20 percent to 361 crore Rs to grow this year ... Last year our turnover was Rs 297 crore," Planet Fashion COO, International Business & Trade Sales Shoaib Farooqi told PTI here.

Aditya Birla Group company Planet Fashion operating system on a franchise basis has 180 branches across the country and plans to expand to 200 by the end of this year.

"As of now we have 180 branches in 110 cities. At the end of this year we have more than 200 branches," he said.

With Planet Fashion, the exclusive distributor of Madura as Louis Philippe, Van Heusen, Allen Solly and Peter England, the company also operates Planet Fashion Grande stores a large multi-format, they plan to extend their protection to ten by the end of the year.

"Ten stores are likely to arrive at the end of this year, we have three stores currently. Two in Bangalore and Delhi is an all-stores owned by the company to be," Farooqi said.

Affirming that the major expansion is likely to occur at level II and III cities, he said, "There is an increasing demand for designer clothing from small towns, especially during the wedding season."

"As high rents in metros makes us focus our efforts," he added.

GS Rajesh, Brand Head, Fashion Planet said that the contribution of "Planet Fashion Madura Fashion & Lifestyle sales about 12 percent.