Planet Fashion unveils new look
The company will focus on tier II, III and IV cities and open 300 stores through franchisees in the next three years
Mumbai: Planet Fashion, a men’s clothing chain with 225 stores across India, unveiled a new brand identity on Wednesday along with plans to more than double its revenues in the next three years.
The change in identity is to cater to a younger consumer and offer endless fashion possibilities, said Rahul Jhamb, brand head, Planet Fashion, the apparel-retailing arm of Madura Fashion and Lifestyle, a division of Aditya Birla Nuvo Ltd, explaining that the new logo has an infinity symbol with a black accent added to it.
The change will also see the company focus on tier II, III and IV cities and open 300 stores through franchisees in the next three years. A majority of these stores will be 1,500-3,000 sq. ft in size. About 60 stores will be larger, 4,000-6,000 sq. ft.
“We are seeing growth come from the smaller towns and over the next three years see these (tier II, III and IV) towns contribute 70% of our revenues," said Jhamb, while sharing that currently it already gets 60% of its revenues from these towns.
Planet Fashion ended fiscal 2015 with revenues of ₹ 300 crore (at maximum retail price) and plans to grow this by 133% in the next three years to ₹ 700 crore, said Jhamb. He did not disclose the company’s profits.
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