Future Style Lab to invest Rs 60 crore on retail expansion
Kishore Biyani-backed Future Style Lab has earmarked an investment of Rs 50 crore ($7.1 million) to 60 crore on its retail expansion as it looks to add around 70 stores over the next three years.
Future Style Lab which owns the fashion brands Cover Story and Ancestry will add 30 and 40 stores respectively. It is looking to take these brands to tier 2, 3 cities in its next phase of expansion and will be opening in Jaipur, Chandigarh, and Ahmedabad in the coming months.
The brands already have a strong presence in the metros witnessing strong sales across all platforms. Cover Story alone had reported sales of Rs 51 crore for the financial year 2018.
Future Style Lab is expecting to generate revenue of Rs 140 crore from both its brands during the current financial year.
"We are a small, agile and less-bureaucratic company. We are expecting to meet our revenue target of Rs 140 crore this year, between our two brands," chief executive officer at Future Style Lab Manjula Tiwari told the Economic Times.
“We are choosy and want our stores to become profitable as soon as possible and don’t just go for any mall space,” she added.
Future Style Lab was launched by Kishore Biyani’s Future Group in 2016 as an Indian alternative to international fast-fashion brands.
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