Stori aiming for the Rs 100 cr mark

Stori and Red Flame, two brands from Stori Fashions are planning to open EBOs by 2012. The company also wants to diversify its portfolio by adding women’s wear to its line. “We will add women’s wear to our range, but before that in the next three

years, we want to reach the Rs 100 crores mark by focusing on menswear,” says Amit Jain of Stori Fashions. They were forced to shut down their EBOs earlier but by March 2012 they plan to start once more with 10 EBOs in south and east India. The cities on their radar are: Chennai, Coimbatore, Cochin et al. The new EBOs would come up through the franchisees.

Stori, the brand best known for its casual trousers, is also looking at adding jackets and formal suits to its range by next year winter. At present, it has four manufacturing units and plans to add a separate manufacturing unit for formals. In summer 2012, it will introduce a jodhpuri cargo range, narrow at the bottom and loose at the thighs giving it an Indian touch.

Launched 1998 Stori started as a formal wear brand, later they came up with another casual wear brand -- Red Flame. Red Flame now comprises of denims, casual shirts, capris, three-fourths and shorts catering to the age-group 25 to 45 years. Jain explains, “We are totally into men’s wear and offer value for money products. Our pricing is competitive. Our shirts are priced between Rs 899 and Rs 1,499 and denims are between Rs 1,099 to Rs 1,799. Red Flame doesn’t offer street fashion but follows styles from casual international brands. We focus on fabrics and keep the design subtle.”

Stori is currently strong in the south and the east where winter is mild, so the product line caters to all-seasons. The brand is present through Central throughout India. It’s also at Fashion Yatra. Stori is stocked in 800 MBOs across the country with a strong presence in Maharashtra and Uttar Pradesh. It has also penetrated the markets of Punjab, Delhi and Gujarat. Jain says that metros are not the only place where the brand is performing well they are also focusing on getting good results from Tier II, III cities.

Talking about the challenges being faced by the denim industry, he says “Procuring fabrics from mills, handling workers, getting payment on time from retailers/distributors are the major issues. But these problems are temporary. After a year or so, the cycle will be smoothen out because small players will exit the industry. So there will be players of just one level in the market, the transition from buyer’s market to seller’s market will soon change the existing scenario.”

International brands according to him have boosted the market. They have accustomed buyers to higher MRPs and have brought fashion to the market. Earlier, India was not ready to accept European fashion. But with the entry of international brands, Indians have accepted European fashion. Right now, the company doesn’t feel the need to outsource since their in-house capacity is enough to produce the quantity but once it crosses volumes, Stori may consider outsourcing from countries like Bangladesh, Sri Lanka and Nepal.