Biba to unveil affordable apparel range, Rangriti

Ethnic wear player Biba Apparels plans to unveil an affordable range

called Rangriti, as a part of its expansion strategy. The brand is targeting a turnover of up to Rs 650 crores in the next one year. The company witnessed a growth of 35 per cent over last year.

On retail expansion front, after opening 39 stores last fiscal, the company plans to add 100 Biba stores in the next two years adding to its existing 140 exclusive outlets. Biba range is also present in 250 shops-in-shops in 61 cities catering luxury segment. With its new label having a starting price range of Rs 499, the company aims to reach out to young consumers based in Tier II, III markets.

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 per cent of the company’s overall sales, however, it is targeting the medium to contribute around 10 per cent in 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 per cent stake in the venture. It is looking to ink more such partnerships with designers in the future.