City-based women’s ethnic wear brand Span plans to invest Rs 100 crore over the next three years to ramp up its retail presence.
By 2020, the company plans to increase the number of large-format stores to about 600 and exclusive outlets to 100 from 250 and 25, respectively, at present.
“We are present in about 150 cities and towns cities, but looking at the growth of organised retail, and especially the audience we cater to, we believe there is tremendous scope for expansion. We want to strengthen our presence in major cities like Mumbai, Bengaluru, Chennai, Hyderabad, Pune, among others,” said Naman Khandhar, director, Span Apparels.
The company plans to invest the amount mainly for opening new outlets, creating back-end operation facilities, among others.
“We want to cover every big city in the country in the next three years,” Tapan Khandhar, director, Span Apparels, said.
According to Naman, funds for the investment would be raised through a mix of internal accruals and debt. The company is also open to strategic investors like venture capital and private equity firms.
Span Apparels will also set up a warehouse in Ahmedabad, which would be one of the largest warehouses for single-retail brand in the country.