Cover Story by Future Group eyes Rs 100 crore sales this fiscal year

By

Isabelle Crossley

Published
Jul 31, 2018

Future Group’s fast-fashion brand Cover Story aims to generate Rs 100 crore ($15 million) in sales during the current fiscal year (FY19) which would be almost double last year’s figures.

Cover Story reported sales of Rs 51 crore during FY18 with average sales per store at Rs 25 lakh. This financial year, the brand estimates that it will double its sales total to over Rs 100 crore and break even at Ebitda level (earnings before interest, tax, depreciation, and amortisation).

“We are looking to break even at the Ebitda level at the end of this fiscal year,” Manjula Tiwari, the Chief Executive of Future Style Labs, told Mint.

“We are growing at more than 100%, witnessing 12-30% like-for-like growth in our stores, indicating an increasing consumer base—consumers who are coming back to our stores.”

These positive results are driving growth and the brand will open six new exclusive brand outlets (EBOs) during the remainder of the year. This will take the brand’s total of EBOs to 26 along with 50 shop in shops at multi-brand outlets (MBOs).

Cover Story was launched by Kishore Biyani’s Future Group in April 2016 as an Indian alternative to international fast-fashion brands such as Zara and H&M.

The brand’s target audience is aged between 22 and 40 years old and uses international trends as inspiration, as well as tailoring its clothing to an Indian body type.