India could get to see more stores of Ancestry and Cover Story in the years to come!
Kishore Biyani’s Future Style Lab (FSL), the fashion retail arm of Future Group that operates fashion brands Ancestry and Cover Story, has plans to infuse Rs. 50-60 crore over the next 3 years to open about 70 stores across the country.
Currently present in only Tier 1 towns, the company will expand to other cities like Jaipur, Chandigarh and Ahmedabad.
The newer ethnic Indian fashion brand, Ancestry, launched a year ago, currently has 7 stores and will see 40 more stores coming up in next 3 years.
The remaining 30 stores will be for the Cover Story brand.
FSL makes a pre-store investment of Rs. 60 lakh to Rs. 1 crore on each of its Cover Story stores, inspired by London high-street fashion.
The brand’s design office is located in London, while its major production and sourcing are done from India and parts of Asia.
Notably, FSL’s turnover was almost Rs. 100 crore in fiscal 2018-19, with 80 per cent of it coming from Cover Story, which is positioned in the category of Zara and H&M.