Hidesign plans to triple revenues by 2021 by expanding outside India
Hidesign plans to open 6 new outlets at airports in the next two months. The first one will open at the T3 terminal of the Delhi airport next week.February 17, 2017 | comments ( 0 ) |
Hidesign, the Pondicherry-based premium leather goods maker aims to triple revenues by 2021 by expanding network especially outside India. The company had reported revenue of Rs 100 crore and a profit of Rs 2.4 crore in FY16.
It plans to open 6 new outlets at airports in the next two months. The first one will open at the T3 terminal of the Delhi airport next week.
In the last few years, Hidesign has slowed down expansion in India that accounts for 80 percent of its revenue.
Dilip Kapur, Founder, Hidesign, said, "Expansion within India is becoming harder as not many malls are coming up. So this is us looking at solutions to the problem."
He added, "We are just starting arrivals with the idea that people coming out and maybe buy a gift or two. We are looking at three new stores in Delhi and three new in Kolkata."
The company currently operates 74 stores in India, of which 10 are at airports.
Hidesign had also expanded into six new markets last year including Kenya, Saudi Arabia and Canada. The company is also aiming at doubling its international business which currently contributes 20 percent to the company’s revenue with the remaining 80 percent coming from the domestic business.
They are building up their international team as well as looking to explore new markets in emerging countries. After Kenya the company is eyeing Nigeria and possibly Egypt if in his words 'we can get over the red tape there'.
Kapur said that they are looking at Africa as a huge opportunity for growth since they have as much chance as any other established player to do well.
He added, "We go to somewhere in Europe the old players are already so established and the cake is not growing so it becomes much tougher. But in a new market we are equal."
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