Fabindia forays into western wear market with `Fabels`
New Delhi: Ethnic lifestyle retailer Fabindia has forayed into the contemporary western wear market with the launch of brand `Fabels` and it expects the segment to contribute 10 per cent to its turnover in the coming years.
Initially `Fabels` would be available in 10 stores in shop-in-shop concept and it would be increased to 18 by the this year-end.
"This segment has a great opportunity... `Fabels` would contribute 10 per cent to our turnover," Fabindia CEO Subrata Dutta said.
"We are targeting the youth segment, which is educated and know the different cultures," he added.
The company is also expanding its 175-store network by adding 50 new stores in the domestic market this fiscal.
"We would add 50 new stores this financial year in the domestic market. The new stores would be a mix of company-owned and franchise model," said Dutta.
"Fabindia is growing at 28 per cent," he added.
Fabindia, which has presence in Singapore, Dubai and Rome would expand its overseas network also.
"We would open a new store in Hong Kong," he added.
"Singapore would be our base for expansion in the Eastern side and Dubai would cater the Middle East. We would add some more stores in Singapore and Dubai".