Biba plans retail expansion, will open 200 stores in three years

Women’s ethnic brand Biba is looking to expand retail across India. In this context it plans to open 200 EBOs across the country over the next three years. The brand has 246 stores at the moment. Typically the brand opens about 30 to 40 stores annually. Biba has five standalone children’s wear stores under Biba Kids. This will be increased to about 15 to 20 stores in the next three years.

Later this year, Biba stores may also retail fashion jewelry. Currently, Biba earns 15 to 17 per cent of its sales from online channels and own site. However, from its own site, the sales percentage is between four to five per cent. India’s ethnic wear industry is worth 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.

Biba’s revenue is growing annually at 30 to 35 per cent and is expecting to close this year at around Rs 600 crores. Rangriti, a value fashion brand from the same company, launched in 2015, is looking to triple its business from Rs 100 crores to Rs 300 crores. There are about 44 Rangriti stroes. The brand focuses on Tier II and III cities and is also sold through online platforms and multi-brand outlets.