Biba aims for Rs 1,000 crores sales this fiscal

Biba is aiming at a sales target of Rs 1,000 crores by 2017-2018. The ethnic wear brand has been growing at 30 to 35 per cent CAGR in the last few years. It has a one per cent market share and hopes to push it up to five per cent in next three to four years time. Biba is expecting a lot of developments in the branded apparel section in the next four or five years and feels GST will accelerate it further.

Currently, Biba earns 15 to 17 per cent of its sales from online channels and its own site. However, from its own site, the sales percentage is between four to five per cent. Keeping focus on its core category, Biba plans to open about a dozen stores of Biba Girls in a year or so. Biba Girls exclusively caters to young girls aged two to 15 years.

The brand will keep adding new products in the category. Diwali will see the launch of Biba by Manish Arora, giving customers a wide variety of choices in the affordable designer wear section.

The ethnic wear industry is around Rs 70,000 crores, although 70 per cent of the market is dominated by unorganized players. The industry is expected to grow at a CAGR of nine per cent till 2019.