Libas is an Indian ethnic fast fashion brand. Credit: Dollar Gill on Unsplash.

Indian digital-first ethnic fast fashion brand Libas has revealed plans to open more than 300 exclusive brand outlets (EBOs) in the next four years, the Economic Times Retail (ET Retail) reported.

As part of the plan, the retailer is targeting 25–30 EBOs by the end of this fiscal year, which will take its presence across 650 multi-brand outlets (MBOs).

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Currently, Libas operates a network of 12 EBOs and has 400 MBOs.

The new Libas stores will be located in malls as well as the high street, according to the company’s founder and CEO, Sidhant Keshwani.

The company will initially open stores in the northern region of the country followed by south, east and west.

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Sidhant Keshwani was quoted by ET Retail as saying: “Initially, we are targeting metro cities like Delhi, Bangalore, Mumbai and Chennai, and after penetrating the metro cities, we will be entering Tier II and beyond.”

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Each store will cost around Rs13m ($158,450) and range from 1,200–1,800ft² in size.

To facilitate the offline expansion for the next two years, the company considered raising the first round of funding worth Rs1.5bn–2bn.

Keshwani added: “We will be following a company-owned, company-operated (COCO) model for all the EBOs that we are planning to open.”

“Till [until] two years back, 75–80% of the revenue was coming from metros and tier I cities, but post-covid the majority of the growth now is happening in tier II and tier III cities. So today, 48% of the total revenue is contributed by tier II and tier III cities and the remaining 52% comes from metro and tier I cities.”