Taneira, an ethnic wear brand owned by Indian company Titan, has revealed plans to expand its store footprint in the current fiscal year, CNBC-TV18 reported.
In an interview with the television channel, the brand’s CEO Ambuj Narayan said that it plans to double its store count by the end of the present fiscal year.
Taneira currently operates a network of 45 stores across 23 cities in the country.
Narayan said: “We are trying to look if we can be more than 80 stores by the end of this fiscal year.”
The brand also expects its revenue to grow 2.5 times during the current fiscal year, with the aim of becoming an Rs.10bn ($122m) brand by the fiscal year (FY) 2027.
To achieve this target, Taneira aims to scale up its store network by reaching more than 200 stores by FY27.
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Narayan added: “We are not looking at profitability at the moment. This is our expansion and growth phase.”
In the fourth quarter of FY22-23, Taneira posted a 200% revenue growth compared to the same period in the previous fiscal year.
According to the company, sales were driven by new store openings and strong like-to-like growth from existing stores.
During FY22-23, Taneira doubled its store network and expanded the base from nine cities to 22. It also forayed into the new Indian cities of Siliguri, Coimbatore, Ahmedabad, Nagpur and Agartala.