India’s ethnic wear brand BIBA is aiming for sales of Rs 900-1000 crore by 2017-2018. The brand plans to open 10-12 stores in next 6-12 months under BIBA Girls’ brand and intends to increase its market share to five per cent in three-four years from the current one to one-and-half per cent. The country’s ethnic wear industry is worth around Rs 70,000 crore.
“As a company we are growing at a rate of 30-35 per cent CAGR in the last 7-8 years and we are targeting sales of 900-1000 crore for financial year 2017-2018,” said Siddharth Bindra, managing director, BIBA, according to a leading daily report.India's ethnic wear brand BIBA is aiming for sales of Rs 900-1000 crore by 2017-2018. The brand plans to open 10-12 stores in next 6-12 months under BIBA Girls' brand and intends to increase its market share to five per cent in three-four years from the current one to one-and-half per cent. The country's ethnic wear industry is worth around Rs 70,000 crore.#
The ethnic wear industry is worth around Rs 70,000 crore with 70 per cent of the market being dominated by the unorganised sector. The industry is expected to grow at a CAGR of nine per cent and reach Rs 1,26,210 crore by 2019. BIBA currently holds one to one-and-half per cent of the ethnic wear market and intends to increase it market share to five per cent in the next three-four years.
“We are expecting a lot of developments in the branded apparel section in next four-five years and hope the implementation of GST will accelerate it further. But we have no plans to venture into western wear segment,” he said.
“We will keep adding new products category within the brand. In Diwali, we are planning to launch Biba by Manish Arora, thus giving our customers a wide variety of choices in the affordable designer wear section,” he added. The brand plans to open 10-12 stores in the coming 6-12 months under BIBA Girls’ brand which exclusively caters to young girls in the age group of 2-15 years, Bindra said.
BIBA’s 15-17 per cent of sales comes from online channel including marketplaces and their own site. The sales from its own site are only between four and five per cent. (SV)
Fibre2Fashion News Desk – India
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