Madura opens multi-brand format Planet
Dec 18 2011 , Pune
“We are expanding our footprint in tier II and III cities and plan to launch a total of 15 Planet Fashion Grande stores by the end of financial year 2012,” Shoaib Farooqi, COO, Planet Fashion, International Business and Trade Sales, told Financial Chronicle.
At present, Planet Fashion is one of the largest retail chain with 145 stores with 1500 to 6000 sq ft space across 97 cities. “Planet Fashion is targeting sales revenues of Rs 240 crore till March 2012,” Farooqi said, adding that last year it clocked 25 per cent growth.
“Planet Fashion Grande is our new larger format store with 12,000–25,000 sq ft space offering a complete range of wardrobes for customers for all occasions under one roof,” Farooqi said. The first store with a 15,000 sq ft was opened in Bangalore last Friday. By the December–end it will launch its second 18,000 sq ft store in Karol Bagh, Delhi. The other cities include Surat, Indore, Dehradun, Lucknow, Varanasi, Allahabad, Ghaziabad, Gorakhpur and others. These stores will be company owned requiring Rs 2.8 crore to Rs 5.6 crore investments, he said.
Farooqi said positioned as move up in style, the stores will showcases four segments; international floor with Calvin Klein, Nautica, Esprit & EDC brands with international accessories such as fragrances and sunglasses. While the ceremonial floor will offer male wedding trousseau, the suit section will cater to formal as well as evening wear across brands like Louis Philippe, Van Heusen and Allen Solly.
“The stores will also have a male and female stylist with over 15 years of experience for customised tailoring. This is a made-to-measure service where the suits will be custom tailored at the company’s factory set up with Italian collaboration and delivered within 14 days,” Farooqi said. The suits will cost Rs 15,000 to Rs 50,000, he said. He said the stylist will personally advise customers on fabric, design, fits and style to match their body type, usage occasion and comfort preference.
Farooqi said the women section will sell exclusive collection from Ritu Kumar, Satya Paul and ethnic collection from Seven East, ethnic fusion range of Global Desi and footwear and handbags to go with it.
“Each store will be profitable within one year,” Farooqi said.