Biba not to open separate stores of Rangriti

Instead of opening its own stores of new value fashion brand Rangriti, Biba Apparels has collaborated with strong local retailers such as Joyalukkas,

Biglife Ritu Wears to retail the brand. The collection priced between Rs 399 and Rs 499, is available at about 200 local retailers in Delhi, Punjab, Chhattisgarh, Kerala and some Northeastern states.

The company targets expanding its presence in up to 400 touch points till Autumn/Winter season. The aim behind launching the new label was to achieve a turnover of up to Rs 650 crores in the next one year. The company witnessed a growth of 35 percent over last year.

With the Rangriti brand getting a positive response, Biba expects to rake in Rs 50-60 crores revenue this financial year. The aim is to make Rangriti the fastest growing Rs 100 crores brand at net sale value in the next two years.

Biba is sold on e-commerce platforms Jabong, Flipkart and Myntra and expects revenues from the online segment to grow further. In the financial year ended March 31, 2014, online sales contributed less than 5 percent of the company’s overall sales. However; it is targeting the medium to contribute around 10 percent in the next two to three years.

Biba, founded by Meena Bindra three decades ago, also formed a joint venture with fashion designer Manish Arora last year, to market his premium ethnic wear brand ‘Indian’. The company owns 51 percent stake in the venture. It is looking to ink more such partnerships with designers in the future.