Launched in the UAE in 2004, Fashion retailer Max Fashion – which offers apparel, footwear and accessories for women, men and children – is planning to expand its footprint with 400 new stores in 120 Tier-I and Tier-II cities in India. The brand is also expanding its value apparel retail format ‘Easybuy’, a 40 per cent cheaper format than Max, with an objective to have a chain of 180 retail stores catering to Tier-III and Tier-IV cities.
“Every year, we would invest around Rs. 100 crore for expansion. We invest around Rs. 5 crore to open one store, of which Rs. 2.5 crore is on capex and the rest is working capital,” explained, Max Fashion India’s Executive Director Vasanth Kumar. The brand has opened 40 new stores in the present fiscal year and targeting the same for the next fiscal year too.
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The fashion retailer is aiming to double its turnover in next four years to Rs. 5,000 crore. “By FY 2020-21 we would be Rs. 5,000 crore company. This year we would close at around Rs. 2,400 crore. Last fiscal, we were at Rs. 1,800 crore,” revealed Kumar, who added that the company is growing at the rate of 35 per cent per year and wants to maintain this growth for the next 2-3 years.”
