Rangriti to expand retail presence, add 60 stores every year
today Nov 9, 2018
Women’s ethnic wear brand Rangriti owned by Biba Apparels Pvt Ltd is planning massive expansion in the Indian market and will be adding 60 stores every year across the country.
The company will be expanding aggressively with focus on tier 2 and tier 3 cities in the coming years. Rangriti is expecting to grow at 70 percent for the next 3-4 years on the back of its retail expansion.
Biba Apparels had launched Rangriti as a cheaper priced subsidiary in 2015 and the brand’s current turnover is Rs 100 crore ($15 million).
“The brand is currently growing at a rate of 70 percent and expects the same growth rate for the next three to four years. We will continue to have the same growth rate because our base is small and we are aggressive about the brand. So we expect these numbers to go on for years and not just quarters,” Sanjeev Agrawal, CEO, Rangriti, told Exchange4media.
“We will be adding 15 stores every quarter across India. We want to be present in every location where we see opportunity and a hunger for fashion. Consumer desires for brands and there’s an explosion at the value end of the market. And this is where the big shift from unorganized to organized is happening,” he added.
Rangriti currently has 59 standalone stores and also sells its products through both online platforms and multi-brand outlets.
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