Thursday: Span Appeals, the popular city-based women's ethnic wear brand is likely to invest Rs. 100 crore over the coming three years to ramp up its retail presence.
The company has planned to hike the numbers off large-format stores to about 600 and exclusive outlets to 100 from 250 by the end of 2020.
As per the Naman Khandhar, director, Span Apparels, "We are present in about 150 cities and towns cities, but looking at the growth of organized 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."
However, Span Appeals plans to invest the amount for creating back-end operation facilities, opening new outlets and much more.
According to the Tapan Khandhar, director, Span Apparels, "We want to cover every big city in the country in the next three years."
'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', further Naman added.
The company also planning to set up a warehouse in Ahmedabad, Gujarat. It is said that this new warehouse would be one of the largest warehouses for the single-retail brand in the country.
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