{"id":1705,"date":"2012-10-27T08:14:17","date_gmt":"2012-10-27T08:14:17","guid":{"rendered":"http:\/\/www.franchisemart.in\/franchise\/?p=1705"},"modified":"2012-10-27T10:48:20","modified_gmt":"2012-10-27T10:48:20","slug":"biba-to-take-its-ethnic-wear-collections-to-the-nri-customers","status":"publish","type":"post","link":"https:\/\/www.franchisemart.in\/franchise\/biba-to-take-its-ethnic-wear-collections-to-the-nri-customers\/","title":{"rendered":"BIBA to take its ethnic wear collections to the NRI customers"},"content":{"rendered":"

\"\"<\/a>Future Venture brand BIBA Apparels is pondering to introduce the collection of its Indian attire to the foreign land. Countries like UK, South Africa, Dubai, Singapore and even Bangladesh are turning into the lucrative future destinations for India\u2019s first ethnic wear brand.<\/p>\n

\u201cThere is a huge international market waiting for us and we would enter these after we complete 200 stores in India. We would like to take our brand to the Indian Diaspora abroad and are likely to rope in a local partner for it,\u201d said Siddharath Bindra, Managing Director, BIBA Apparels.<\/p>\n

to reach to the customer who are switching to online purchasing ,also the NRI community residing in these countries, BIBA is also planning to take its brand online with independent website. \u201cToday, we are selling through partners such as Jabong.com, but since e-commerce is picking up, we would be selling through our Web site as well,\u201d added Bindra.
\nAfter completing nearly 20 years, the brand is now segmenting the market by entering the luxury and bridal segments. It recently forged a joint venture with designer Manish Arora, picking up a 51 per cent stake. The new contemporary Indian wear collection would be known as \u2018Indian by Manish Arora\u2019.
\nIt plans to further segment the estimated Rs 90,000-crore ethnic market by entering the mass market with either a new brand or through an acquisition. \u201cWe would like to cater to women across incomes and geographies. There would also be a segment below the premium BIBA brand. We are looking at introducing a mass brand which can be sold at places such as Big Bazaar,\u201d he said.<\/p>\n

BIBA recently launched its 100th store in Udaipur and expects to launch another 100 within the next two years. While it claims to be adequately funded, there are chances of more private equity players being roped in apart from Future Ventures (which has picked up a 27 per cent stake). \u201cRetail is a capital intensive business and we could look at raising funds through more PE players. The funds would be used to open more stores and make acquisitions,\u201d said Bindra.
\nBIBA expects sales to reach Rs 500 crore by 2014, from the current sales turnover of Rs 350 crore.<\/p>\n