Blackberrys to open 100 stores, eyes Rs 1500 crore revenue by 2020
Menswear brand Blackberrys is planning to open 100 exclusive stores for the brand for the current financial year and is aiming to generate sales revenue of Rs 1500 (approx $ 229 million) by fiscal 2020.
Blackberrys had reported revenue of 720 crore rupees (approximately 108.2 million US dollars) for the past financial year.
The company expects its sales to grow 60 percent on the back of its retail expansion across India. Blackberrys has said that out of the 100 stores 35 will be exclusively owned by the company while the other 65 will be on the franchise model.
The company is looking to foray into newer markets with its new stores especially in South India where it has a very low presence.
“Our biggest focus is South India, which is a large market for the industry. Our participation is there low right now,” Mohan told PTI, adding that the company had created logistics infrastructures to help growth in the region.
“Blackberrys expects contribution from accessory products to grow up to 10 percent of its total stores’ sale from the present 7 per cent. Online sales contribute around six per cent of the total sales”, Mohan added.
Blackberry’s which owns two brands ‘Urban and Casual’ presently operates 240 brand stores in which 185 are the company operated stores and rest are franchise operated.
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