Contemporary ethnic wear firm TCNS Clothing, which owns the W brand, aims to double its sales to Rs 1,000 crore by 2017 fiscal on the back of new stores, innovative product offerings and increase in online sales.
"We are looking at 50 per cent increase in our top-line growth and Rs 750 crore sales in the current fiscal. We have set a target of achieving Rs 1,000 crore turnover by financial year 2017. We are also working on new innovative products to achieve our sales targets," TCNS Chief Executive Officer Anant Daga told PTI.
The company had reported consumer sales over Rs 500 crore in the previous financial year. On e-commerce boom and impact on TCNS' sales, Daga said: "We have not seen any major negative impact on our sales. In fact, online visibility has added to our brand persona. We have also launched omni-channel experience for our customers."
At present, online channel accounts for 10 per cent of its total sales. Daga said the company is also in the process of revamping its website to keep pace with fast growing e-commerce market. The company is also looking at 125 new outlets of its brands 'W' and 'Aurelia' this year.
"We will add 100 outlets this year. It will be a mix of company-owned and franchise outlets. We will open 60 'W' stores and 65 'Aurelia' outlets," Daga said.
At present, there are 200 'W' and 90 'Aurelia' outlets. The company is also looking at opening three stores in Mauritius, Nepal and Sri Lanka by end of this month to tap Indian Diaspora.
"We are also in advance stages of talks to open our outlets in the Middle East."
"We first do pilot, see how these stores perform for the first six months, learn from challenges and then you can see aggressive expansion next year. We will target all leading Indian Diaspora geographies," Daga said.
