Stori’s Story: The shirt maker hopes to grow 30 per cent in FY16

India’s shirt market is huge and players are trying to carve a niche for themselves. Even as many have fallen out of the race, there are others who have managed to make a mark for themselves. Stori is one such successful label that has made a name for itself. A mid-segment brand for shirts, Stori is all about classic formals. For the next financial year, the company plans to have 40 Stori stores across the nation. Presently it has 12 EBOs. Also, the company is looking at a 30 per cent growth this financial year.

While Stori consists of classic formals, the other label, Red Flame, from the same company is only about casual wear. Red Flame contributes 65 per cent to the business whereas Stori contributes 35 per cent. Stori, which has a turnover of Rs 110 crores, is strongly into prints. In fact, 40 per cent of the label’s shirts are prints. Solids and checks have an equal share. This season the prominent colour is indigo. The shirts are priced around Rs 1,000.

Huge potential in the shirt market

“The shirt industry is believed to grow even more in the next 15 years. There will be a retail expansion, which will fuel manufacturing and buying. Besides, there is huge scope for growth. The reason is that there are lakhs of villages in India which lack shops. In the next 15 years, each will have at least one shop. So, if even one shirt is sold per day at each of these shops, a manufacturer can do a huge volume of business,” opines Manoj Kumar Bhaiya, Managing Director, Stori. Already, Stori’s inhouse production capacity is 1,00,000 pieces per month. So, there is no doubt that the market has a huge demand and an unlimited potential for growth. In such a situation, it will be necessary to spend on market R&D.

Middle segment, safe and sound

What is interesting is that today there are many players in the shirt category and many new ones – homegrown and international – are entering the market. The market has already reached a certain level and new ones want a share of the pie. So, most global brands will aim at high-end consumers, bothering little about middle and low end segments. As such, Stori doesn’t have to be too bothered about being beaten in the game. “It’s about affordability”, says, Bhaiya, “In fact I see the entry of international brands as an opportunity. They will make the market mature.”

Stori is present in about 4,000 MBOs in India. It works through distributors and has 31 of them. The label has 12 EBOs, which are mainly in Karnataka, two are in Tamil Nadu and Goa has one. A huge warehouse is coming up in Mysore, where the brand also has its factory. Stori is available on Jabong too.