India-based Future Group firm Brand Factory is expecting a three-fold jump in turnover to Rs. 3,500 crore by fiscal year 2020 as it is increasing its reach across the country. The company, which reported a turnover of Rs. 950 crore in 2015-16, is looking at closing the current fiscal with net sales of Rs. 1,500 crore.
Suresh Sadhwani, CEO, Brand Factory told a leading Indian daily, “We are expanding at a fast pace and are looking at presence nationally. Additionally, Brand Factory plans to invest Rs. 150 crore over the next three years to open 40 new stores across the country.”
At present, the company operates 50 stores in 22 cities and plans to open another 10 outlets by the end of current financial year. It claims to be India’s largest fashion discount chain, offering up to 70 per cent discount on more than 200 brands round the year.
In order to attract customers, Brand Factory rolled out ‘The Free Shopping Weekend’ offer – through a combination of discount, gift voucher and cash back – from December 16-18. This was the first time when the company came out with this sort of sales and further plans to make it a yearly property in future.