Hyderabad: Planet Fashion, a retail venture by Madura Fashion and Lifestyle, a division of Aditya Birla Nuvo Limited, is targeting smaller cities to expand its retail stores as it sees major growth potential in these markets in comparison to metropolitans, which already have a lot of retail stores to cater to their needs.
“We already have about 225 stores in Tier-2 and 3 cities and have seen exponential growth in these cities, so keeping that in mind, we are planning to expand to tier-3 and 4 cities in the next three years by opening 300 more stores, with about 250 plus stores in a franchisee model.
For us venturing into these under-penetrated cities gives more scope for growth rather than being present in bigger cities which already have a lot happening,” said Rahul Jhamb, brand head, Planet Fashion.The firm also aims to increase its retail turnover to '700 crore by 2018.
