Monte Carlo plans to open up to 50 stores in FY24
Clothing brand Monte Carlo plans to open between 45 and 50 exclusive brand outlets across India in the 2024 financial year, which began this month. The business will expand with a mainly franchise-owned-franchise-operated model.
“We will continue to open 45 to 50 exclusive brand outlets in the current financial year FY24,” Monte Carlo Fashions’ chief financial officer RK Sharma told the Economic Times in an interview. “Since we go on franchise-owned-franchise-operated model, no major capex is required. We invest only where company-owned-company-operated is opened which is approximately Rs 40 lakh per showroom.”
In the 2023 financial year, Monte Carlo opened a total of 47 exclusive brand outlets, surpassing its target for the year of 40 to 45. The business counted 356 exclusive brand outlets at the end of the 2023 financial year on March 31.
Monte Carlo’s clothing offering caters to men, women, and teenagers and specialises in casual and semi-formal western wear, according to its website. The brand saw its business increase by 22% year-on-year in the 2022 financial year to total Rs 1,100 crore and had targeted 25% growth in the 2023 fiscal. This financial year, Monte Carlo will set its targets at its Annual Results Board Meeting which is scheduled for May, according to Sharma.
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