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Monday, 12 August 2019

Bombay Dyeing to open 100 new franchise stores! Focus on retail expansion

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Bombay Dyeing & Manufacturing Company has been looking at expanding its retail presence and portfolio in the country.

And it has already taken its first step in that direction!

The leading home furnishings and textiles company announced its foray into apparel sector with menswear brand ‘Cezari’.

With the aim to garner a revenue of Rs. 500 crores by 2020, the company has put forth countrywide expansion plans by setting up 100 franchise stores. The stores are set to encompass all the product offerings of Bombay Dyeing.

The flagship company of the Wadia Group currently has 27 company-owned stores, 3,000 multi-brand stores and over 400 franchise stores across India besides all the major e-commerce platforms.

The company’s retail strategies have been paying off as they saw a colossal 129 per cent rise in net profits amounting to Rs. 28 crores for the first quarter of 2019 as against a net loss of Rs. 94 crore it had posted in June 2018. Its revenue for the April-June period grew by 64 per cent to Rs. 649 crore as compared to Rs. 397 crore it had reported during the same period for the last fiscal.

The polyester segment contributed Rs. 341 crore to the company’s overall revenue while that from retail and textile was at Rs. 57 crore.

Bombay Dyeing’s earnings before interest tax depreciation and amortization (EBITDA) also witnessed a huge rise to Rs. 158 crore in June 2019, up 636 per cent from Rs. 21 crore reported in June 2018.