Van Heusen eyes up to 20 pc growth in turnover this fiscal
New Delhi, Jun 5 (PTI) Madura Fashion and Lifestyle''s premium brand Van Heusen is targeting up to 20 per cent increase in its turnover in the current financial year on the back of network expansion and new product lines.
In order to support the growth, Van Heusen will focus on new categories and plans to open 10 exclusive womenswear outlets and 4-5 accessories only outlets this fiscal with an estimated investment of Rs 10 crore.
The expansion will be in addition to the planned 50 exclusive Van Heusen stores that the company will open this year, mostly in non-metros. About 70 per cent of these stores will be set up under franchise model.
"Despite the sluggish demand in the operating market we will grow due to our expansion plans and product innovations.
We are looking at 18-20 per cent growth," Van Heusen (Brand Head) Vinay Bhopatkar told PTI.
The brand had posted 10 per cent increase in sales in 2012-13 at Rs 1,000 crore, he said.
While the menswear continued to be the brand''s primary growth driver, the womenswear segment is also expected to grow fast, he said.
"Womenswear is a small but fast growing market. We see it as big growth opportunity. We are focusing more on premium fashion in womenswear," Bopatkar said.
The womenswear segment is likely to grow by 30-40 per cent this year and accessories segment, including footwear, and belts, by 50-60 per cent, he added.
At present, womenswear contributes about 8-10 per cent to overall sales. Van Huesen''s womenswear stores will come up in metros.
Currently, Van Heusen has 200 exclusive stores and seven womenswear outlets. The company will open its first accessories only outlet in Cochin next month.