Major Brands plans to increase its online revenues over three years
Premier international fashion apparel, accessories and beauty brands retailer Major Brands is stepping up expansion plans to open more stores and grow its online presence. It has been in India since 2001 with 180 stores and is now planning to have over 500 stores in the next 3-3.5 years. Tushar Ved, President, Major Brands, says the online revenue is expected to grow from less than five per cent currently to over 25-30 per cent of overall revenue in this period. He further added the planned expansion comes on the back of new malls being opened by specialist shopping centre operators. Also, online retail market has matured in the last seven years.
Shubrangshu Pani, MD, Retail, JLL India, says that over the last three years, retail mall development has consolidated with a handful of specialist shopping centre operators, who among themselves had close to 10 properties. These mall developers have strong financial partners or funds backing them up and are now opening about 40-50 new properties in the next five years.