Max Fashion to invest Rs 100 crore to open 50 stores this fiscal

Eyeing a sales growth of 35%, fashion brand Max is lining up Rs 100 crore to open 50 stores across the country this fiscal.

"We will invest Rs 100 crore this financial year to open 50 Max stores across the country. We will focus on the top 50-60 cities in India. We are targeting about 35% increase in turnover at Rs 2,400 crore of the year," Max Fashion India MD Vasanth Kumar said.

The Dubai-based Landmark Group promoted company operates 145 stores in the country. It had reported a turnover of Rs 1,800 crore in the previous fiscal.

The firm is bullish on the under-penetrated kids wear segment which is growing at over 40% year-on-year for the company, he said.

"At present, kids wear is the fastest growing category for us followed by womenswear and menswear. Kids wear segment has been dominated by unorganised players. As kids wear is price sensitive segment, we entered with reasonable priced, high-quality products," Kumar added.

Kids wear contributes 25% to Max Fashions' turnover while womenswear and menswear 40% and 28%, respectively.

In order to cater to the demand of tier-III and tier-IV cities, Max has opened outlets under the Easybuy brand, Kumar said.