Monte Carlo cut down store opening plan to 30

"At the time of IPO in December 2014, we had indicated that we will have 275 EBOs by FY'17. However, due to economic slowdown, we will expand at a slower pace than we had earlier planned. We plan to open 30 EBOs by fiscal 2017," Monte Carlo Fashions Executive Director Sandeep Jain was quoted as saying in a PTI report.

The company operates 226 outlets across the country and sells its products through 1,500 multi-brand outlets such as Shoppers Stop. It will open five stores in the ongoing fiscal and 25 outlets in the next financial year.

Amid the slowdown, he stated, the focus of expansion will be to increase presence in regions where it is not strong. "Over 90 per cent of our exclusive stores are concentrated in northern, central and eastern regions of the country. Now, we are looking at expanding our footprint in southern and western regions," Jain added.

Monte Carlo also has stores in Dubai, Nepal and Bangladesh. "We are looking at expanding our presence in these three overseas markets and also enter more geographies. We may look at opening stores in Bhutan and Pakistan. We are looking at tapping countries with higher Indian diaspora," he further told PTI.

Known mostly as winter-wear brand, Monte Carlo is also working hard to change its image to 'all-seasons apparel' brand. The company is exploring the possibility of entering into a licensing agreement to bring in foreign brands in India.