Arvind Fashions plans to expand retail presence, open 500 new stores in three years
Arvind Fashions Ltd (AFL) has plans for massive retail expansion across the country, on the back of its latest fundraise, and plans to open around 500 new stores over the next three years.
The company had recently raised Rs 439 crore ($59.3 million) from various marquee investors including promoters to fuel its expansion plans.
Along with its offline expansion, AFL also plans to invest heavily to strengthen its online presence to boost its overall sales going forward.
Kulin Lalbhai director at Arvind Fashions in a statement said: “We have plans to open 500 stores across these six brands of ours over the next three years. So, I think short-term demand is looking good and I think the medium-term opportunity also is quite exciting.”
“Even though we are going to be focused on profitable growth, we believe that with the growth drivers that we have, which is digital, retail, and category expansion, the company should be able to clock a 15 percent cumulative average growth rate year-on-year,” he added.
AFL has a portfolio of both international and indigenous brands which includes U.S. Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale, and Ed Hardy, among others.
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