Max Fashion opens 200th store, eyes 5,000 crore status in three years
On November 20, Max Fashion opened its 200th store in Chennai and brand heads announced that they aim to become a 5,000 crore rupee (approximately 752 million dollars) brand in the next three years.
Max Fashion’s Chennai store was opened on Monday by the brand’s COO Raghu Rajagopalan and the actress Andrea Jeremiah. This year has seen Max Fashion double its growth rate in India and open 50 retail outlets and the growth rate has no signs of slowing down as 50 more stores are planned for 2018.
The Executive Director of Max Fashion, Vasanth Kumar, said about the brand’s expansion plans: “We expand cautiously, in a manner that our store failure rates are kept under one percent. In addition to that, all our 200 stores are profitable when compared to other retailers. Underlining the fact that we are a 97 percent private label brand and have a 99 percent penetration success rate, this serves as testament to the confidence our industry stakeholders have in our business. They are assured about the success of Max in their property.”
“The last five years have been a growth phase, which entailed associating with brand properties, putting systems in process, supervising cross functioning of teams and delivering the best solutions to the consumers. We are also eyeing a growth of Rs 5,000 crore by 2020,” said Rajagopalan. The fashion brand has big plans for India and their primary way of increasing their net worth will be through opening brick and mortar stores in the country.
Max Fashion was launched in May 2004 in the UAE and the brand has gone on to become the largest fashion retailer in the Middle East’s value section of the market. The brand entered India 11 years ago and current figures place 70 percent of their customers under 30 years old.
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