With 225 stores across 176 towns in the country, men’s fashion MBO Planet Fashion — part of Madura Fashion & Lifestyle – is aiming to cross the Rs 430 crore-mark this fiscal and add over Rs 130 crores every year at consumer value on the net MRP.
The brand plans to open 300 new stores by 2018 by expanding its reach to tier III and IV markets of India.
Speaking to Indiaretailing, Rahul Jhamb, Brand Head, Planet Fashion says, “We plan to double our consumer value turnover, which means the net MRP value, to Rs 700 crore from the current Rs 300 crore primarily by doubling our reach and penetration in mini-cities of India. We will continue to work deep on improving like-to-like performance of each store through brand building and merchandise planning.”
Planet Fashion stands as a complete menswear destination, offering total solutions for all occasions, across all price points with an exhaustive range of shirts, trousers, accessories, knits, suits, and winter wear. The format currently offers merchandise from brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England, and recorded a compounded annual growth rate of 17 per cent over the last decade.
To optimise e-commerce opportunities on the digital platform, Planet Fashion aims to increase its presence on social media and video platforms. “Currently, Planet Fashion is not in e-commerce marketplace; however, we may look at future collaborative efforts with Trendin.com (Madura Fashions & Lifestyle’s e-commerce venture),” Jhamb informs.
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