FabIndia to open 250 stores by 2010 investing around Rs 200 cr

NEW DELHI: Ethnic retail chain FabIndia is embarking on a pan India expansion to take its total number of stores to 250 by 2010, which could entail an investment of around Rs 200 crore.
    
"Our current number of stores is 78, which we plan to increase to 250 by 2010," FabIndia Managing Director William Bissel said here on the sidelines of Technopak Retail Summit here.
    
By next year the company plans to open 80 new stores at an estimated investment of Rs 70 crore
    
When asked about the total investment for its overall expansion, Bissel declined a direct reply but said per store required about Rs 30 lakh on interiors and another Rs 50 lakh on inventory.
    
The overall investment, however, could be to the tune of Rs 200 crore.
    
On the funding of the investments, Bissell said it would be through internal accruals. Last year the company had raised $11 mn by selling 6 per cent stake to WCP Mauritius Holdings.
    
The company, which runs in partnership with its suppliers (artisans from villages), has already started operating 18 community owned companies and another 23 are likely to be operational in the next 24 months.
    
"Out of the 611 administrative districts in India, 350 have the potential to be our suppliers but currently we have presence in about 150 of them, which we are in the process of strengthening," Bissell added.