Kiaasa Retail to have a network of 250 stores in the next 3 yrs by FY’29

New Delhi, Mar 5 (PTI) Kiaasa Retail, an ethnic wear retail brand that was listed on exchanges earlier this week, plans to double its sales network by having 250 stores in the next three years.

The NCR-based company plans to utilise the proceeds from listing to open around 70 stores in a couple of years, as per its expansion strategy, its Chairman and MD Om Prakash told PTI.

"We plan to open another 67 to 70 stores in the next couple of years, for which we have raised this fund. However, we have a bigger vision for having a network of 250 stores by FY’29, expanding more deeply inside," he said.

Prakash further said this is the "first phase of our journey" and as part of its expansion, Kiaasa Retail is focusing mainly on tier II & III cities, which are our main customer base now.

The retailer raised Rs 69.7 crore through its IPO and was listed on the BSE SME platform on Monday. It currently has more than 122 stores across India.

Prakash said that the company has plans to raise funds further, as and when required, "for a better expansion, better management of the products that customer demands. So it's just the beginning of a journey".

Terming the listing of Kiaasa Retail as a milestone, he said it will support working capital requirements and expansion plans, enabling to further strengthen our presence in the women’s fashion segment.

"It's just a five-year-old company. Its a brand that has grown just because of customers' love," he said adding "There is a great roadmap ahead and we just need to follow step by step and execute, be loyal to the customers and to the stakeholders." When asked about the growth, he said Kiaasa Retail expects 10 per cent topline growth over the last year.

"We are also focusing on the bottom line by maximising the product portfolio and increasing the ASP of the products. So we are focusing more on increasing the bottom line than increasing the top line," he said.

The company has a presence in over 70 cities and 16 states.

"Now we just need to keep the momentum but work on the basic things. While we have to work on building the blocks more strongly so that we can sustain in any period of time," he said.

Besides physical retail, Kiaasa Retail is also focusing on online sales and the export market.

"That's another part where we will be focusing on the MBOs part. Online, we have just started, and we have not yet done much on this part. So there are many other verticals that we can focus on," he said.

Currently, 90 per cent of Kiaasa Retail stores are company-owned and company-operated. PTI UJN KRH MR