Fabindia witnesses 30 percent jump in sales from experience centres
Ethnic lifestyle retailer Fabindia is betting big on its experience centres for future growth in the Indian market and plans to invest around Rs 30 crore ($4.3 million) to add 10 experience centres this fiscal.
Fabindia has seen 25 to 30 percent jump in sales from its experience centres and looking to acquire new customers especially the millennials with its new format stores.
The company nearly doubled its net profit for the financial year 2018-19 reporting Rs 116 crore with a revenue of Rs 1,148 crore for the year on the back of strong sales which can be attributed to its experience centres.
Fabindia also plans to expand its retail presence by adding regular company and franchise stores across the country.
Talking about the experience centres, Ajay Kapoor president retail at Fabindia told Economic Times, “We are presenting a very young brand now and not only catering to the loyal customers but also to the millennials to see how they can move over to Fabindia. If I have to quantify it between a normal store and an experience centre, we are seeing a 25-30% jump in the sale from the latter.”
“For the fiscal, the brand plans to open 72-75 stores which will be a mix of company-owned stores, franchise stores and experience store, a mix of all the three,” Kapoor added.
At present, Fabindia operates around 320 stores out of which 25 are experience stores.
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