Fabindia looks to add 40-50 stores every year

New Delhi, Dec 1 () Ethnic apparel brand

Fabindia

is expanding its business by adding 40-50 stores every year in existing as well as new markets, a senior company official said today. The company which recently opened a new retail format called the Fabindia Experience Centre, plans to have 10 such stores by the end of 2018. "We would continue to add 40 to 50 stores every year," Fabindia President Retail Ajay Kapoor told on the sidelines of

CII

retail summit. The company has around 268 stores, he said, adding that the expansion would be through mix of company-owned, company operated stores and franchise model. Kapoor said the company has plans to expand its presence in the overseas market too. "We would open stores in

Fiji

and Sri Lanka," he said. This would be in collaboration with local partners. Fabindia presently operates stores in overseas market such as Singapore, the UAE, the US, Malaysia and Mauritius. On Experience Centre, Kapoor said: "We would have six of them by March 2018." Fabindia is an over Rs 1,000 crore company and growing with a CAGR of around 22 per cent from last five years, he added. The company, whose 70 per cent revenue comes from the metro market, had recently opened stores at places such as Srinagar,

Port Blair

, Bhuj, Bhavnagar and Kovalam. "We are exploring new places, which has aspirations," Kapoor said. KRH MJH ADI MR
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