Vedant Fashions, the owner of leading ethnicwear brands Manyavar, Mohey and Mebaz, is planning to double the retail floor space to 2 million square feet in the next few years.
Arif Raza, Chief, Retail Business Development & Projects of the company said that as of now the company is at 1.1 million square feet and is targeting 2 million square feet in next few years.
He added that going forward, the company would try to maintain the 60:40 ratio in terms of retail area between Tier-I and smaller cities and towns.
So far, it has over 300 franchisees and a total of 537 EBOs (including 55 shop-in-shops and 12 international stores) spread over an aggregate retail floor space of approximately 1.1 million square feet in 207 cities and towns in India and eight cities internationally.
In the last one year, the company opened has 65 stores, with 100 stores planned for next year.
While the sales per square feet differ hugely between Tier-I and the smaller cities, Raza pointed out that the cost in the smaller towns and cities was also much lower. “So, it works,” he said.
The company is also focusing on data and Raza is of the opinion that the company has now almost become a tech company and looks at data more closely.
Notably, the wedding season has been panning out well for the company, which was due to pent-up demand and a move towards organised retail.
