Monte Carlo Fashions has scaled down opening of its exclusive brand outlets (EBOs) to 30 by financial year’17 as against the earlier plan of 50 as an economic slowdown continues to bite.
Monte Carlo operates 226 outlets across the country and sells its products through 1,500 multi-brand outlets such as Shoppers Stop. It will open five stores in the current fiscal and 25 outlets in next financial year, its executive director, Sandeep Jain said.
He said the company will now focus on increasing presence in regions where it is not strong, particularly in the southern and western regions of the country.
Overseas, Monte Carlo is present in Dubai, Nepal and Bangladesh and is looking to enter more markets. It is mulling opening stores in Bhutan and Pakistan as well as tapping countries with large Indian diaspora.
Despite the slowdown, Jain was optimistic about Monte Carlo’s growth outlook with the company maintaining a guidance of 10-15 per cent for the current fiscal.
The brand which is primarily known as a winter-wear items, is also trying to change its image to ‘all-seasons apparel’ brand.
Jain said the company is also exploring the possibility of entering into a licensing agreement to bring in foreign brands in India, like its competitor Arvind Ltd., which has franchise agreements with international brands such as Gap, Calvin Klein and Aeropostale.
