Fabindia to build new product portfolio for new international markets
24 February 2022, Mumbai:
Fabindia plans to build a new product portfolio to penetrate into the ‘non-diaspora’ international markets. The retail chain plans to expand its physical network across geographies besides expanding its omnichannel and direct-to-customer operations.
In FY19, FY20, FY21, and the six months ended September 30, 2021, the company’s revenue from operations from outside India amounted to Rs 10.58 crore, Rs 10.35 crore, Rs 7.2 crore, and Rs 4.4 crore, representing 0.94 percent, 0.91 percent, 1.24 percent, and 1.29 percent, respectively, of the company’s total revenue from operations in such periods.
International markets contributed approximately 55.61 percent and 54.34 percent sales in FY21 and in the six months ended September 30, 2021, respectively, and will continue to remain the focus areas.
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Fabindia also plans to expand its physical retail network in new and existing domestic markets, says Vinay Singh, Managing Director. The company has 55 percent of its stores in metros and mini-metros.
The others are in Tier-I, II, and III cities. Fabindia also plans to broaden lifestyle offerings including fusion wear and accessories to target the younger audience.
It plans to add new products that are contemporary, can be used daily, and are more affordable, adds Singh.
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