Cover Story to expand product portfolio, enter accessories segment
Future Group’s fast-fashion brand Cover Story is looking to expand its product portfolio and enter the jewellery & accessories segment to tap the booming market in the country.
Cover Story currently offers around 450 SKUs per season under categories like dresses, tops, tees, trousers, skirts, shorts, jackets and sweaters. Dresses and tops are the fastest moving categories for the brand and contribute heavily to the overall sales.
Cover Story had reported sales of Rs 51 crore ($7.3 million) during FY18 with average sales per store at Rs 25 lakh. It is expecting its sales to double to Rs 100 crore during the current fiscal.
“Being just a 2.5-year-old brand, Cover Story has established itself as a formidable competitor in the fast fashion space to international players. Dresses and tops are our fastest moving categories because we provide a wide variety in both categories for all occasions. We also do footwear and bags and are planning to launch a jewellery and accessories line,” Manjula Tiwari, CEO of Future Style Lab, told Indiaretailing.com.
“We have been more than doubling the turnover every year and same-store sales growth has been in the healthy double digits. Currently online contributes 5 percent to the overall revenue and we see it growing significantly in the times to come,” Tiwari added.
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 design house, called Future Style Lab, is based in London.
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