Arvind Retail Ltd is counting on foreign brands to boost apparel sales in the next financial year, says Livemint report. The brand adds more outlets to sell GAP, Sephora and Aeropostale merchandise in the big cities.
Last year the brand sold foreign labels such as Tommy Hilfiger, Nautica and Ed Hardy, while added four more brands to its portfolio—GAP, Aeropostale, Sephora and The Children‘s Place (TCP).
J. Suresh, Managing Director and Chief Executive of Arvind Retail and Arvind Lifestyle Brands Ltd. told Livemint, “You will see good expansion in these brands, so a large part of growth will come from these newer formats. We will not grow because the market will grow significantly, but only because we will open newer stores.”
Arvind also plans to open 200 stores in 2016-17 across its value, lifestyle and foreign brands, taking aim at 25 per cent growth in the year. The company expects to close the financial year 2015-16 with an 18 per cent increase in sales. For the nine months ended 31 December, revenue grew 11.3 per cent to Rs.1,966 crore. For the quarter ended 31 December, revenue moved up 11.9 per cent to Rs.737 crore.
In 2016-17, GAP and Sephora each will add six more stores, while Aeropostale and TCP will get another 10 stores each. GAP currently has eight stores in India.After signing up with four large foreign retailers in 2015, the company is now focusing on consolidating its portfolio across markets.
