Chennai, Nov 11 (IANS) City-based women’s legwear company Go Fashions India plans to expand its international and domestic footprint and also its product range, said a top company official.
Funded to the tune of $10 million by private equity Sequio Capital last year, the Rs.50-crore revenue earner Go Fashions that began retailing women’s legwears through its Go Colors kiosks in malls and standalone outlets is also looking at the franchisee model for expansion.
“We are planning to expand our presence in GCC (Gulf Cooperation Council) countries, Singapore and Malaysia. Currently, we have five outlets in Dubai. By the year-end, we will have 10 outlets in Dubai and Abu Dhabi,” Gautam Saraogi, co-founder and deputy managing director, Go Fashions, told IANS here.
In the domestic market, the company will increase its network reach through kiosks and stores by 35 outlets to 100 by the end of this fiscal and double that number in 2017.
According to Saraogi, the company is looking for franchisee model for high-street Go Colors stores while increasing the brand’s presence in multi-brand outlets.
The company is also exploring opportunities for establishing retail presence across complementary chains like beauty salons by way of innovative kiosks in India.
Queried about the brand’s online presence, Saraogi said his products are present in online market places like Flipkart, Myntra, Jabong, Amazon, Snapdeal and Paytm and is soon go live on other marketplaces like Craftsvilla and more.
Ruling out entry into the women’s top wear segment in a major way, Saraogi said the legwear segment itself offers huge potential for growth.
The company is cashing on the trend of women buying legwears in varied colours that would go with their tops.
“The maret for men’s and ladies top wear is well-organised. But not the legwear market. The estimated market size for women’s legwear is around Rs.6,000 crore,” Saraogi said.
Speaking about the Go Colors kiosks in malls, Saraogi said the format was novel one but many were sceptical as they did not have trial rooms.
“However, the kiosks were positioned just near outlets of a big brand women’s wear. It was a matter of time before people began stopping at our kiosks,” he said.
The other aspect that worked out in the company’s favour is its price point that is between Rs.300-1,000 which in turn resulted in impulse purchases by mall vistors and window shoppers.
Saraogi is hoping to close this fiscal with a turnover of Rs.100 crore.