New Delhi: Textile and apparel manufacturing company Mandhana Retail Ventures Ltd, which sells the Being Human brand of clothing, is planning to expand its footprint across smaller towns and cities for the next phase of growth.
The company is planning to open 100 exclusive Being Human stores in the next four years across tier-II and tier-III cities like Raipur, Bikaner, Guwahati and Vapi.
“The focus is on tier II and tier III because these are the growing cities with good disposable income. The aspirational value of our brand is much higher in these cities," said Manish Mandhana, managing director at Mandhana Retail Ventures.
Currently, the company operates 60 exclusive stores across 40 cities, including Ahmedabad, Ambala, Amritsar and Bengaluru.
Mandhana Retail has the global licensing arrangement with Being Human (The Salman Khan Foundation) to design, manufacture, retail and distribute textile products. The royalties from the clothing line support education and health care initiatives of the Salman Khan Foundation.
Priced between Rs699 and Rs9,999, Mandhana sells Being Human clothing through exclusive stores, multi-brand outlets like Central and Shoppers Stop and online marketplaces like Myntra, Jabong and Flipkart. All combined, the company has 600 sales points, including international stores (125 in the Middle East and 75 in Europe).
“20% of our revenue comes from exports and online marketplaces contribute 8% to our overall sales. We have been growing at the compounded annual growth rate of 65% over the last three years," Mandhana added.
In September 2014, Mandhana Industries had announced the demerger of its retail business and trading operations to Mandhana Retail Ventures, which took place in April 2016.
Earlier in September 2016, the Being Human brand also ventured into the jewellery segment and launched an independent line of diamond jewellery in collaboration with Style Quotient Jewellery Pvt. Ltd.
Style Quotient is the exclusive global licensee of Being Human jewellery.
According to a March survey by consulting firm AT Kearney, the Indian fashion and lifestyle market is expected to touch Rs3,94,000 crore over the next five years, growing at a compounded annual growth rate of 12%.
Currently, the market is estimated at Rs2,21,000 crore.