Giordano, the leading global apparel and accessories brand, is reworking its strategy to tap the fast-growing Indian market and aims to double its revenue to ₹150 crore in the next three years.
The Hong Kong Stock Exchange listed company will also double its point of sale (POS) to 100 next year with major focus on tier-II and -III markets, and expects its revenue to touch ₹40 crore. Initially, the company entered the Indian market in 2008 targetting the premium sector by importing apparels from abroad. However, it had to quit the market in 2012 as the strategy did not work well.
In 2019, it made a re-entry into the domestic market with complete localisation of sourcing and reworking strategy to fit the domestic market needs. It currently generates revenue of ₹20 crore from apparels and ₹25 crore from accessories through 50 POS in 23 cities.
The price range for Giordano apparels range between ₹700 and ₹2,500, making it a ‘bridge to premium’ brand.
New avenues
Ishwar Chugani, member of the Management Committee of Giordano International, said the company will launch “Giordano Women”, a women’s casual wear line and Giordano Junior, a dedicated kids-wear brand besides expanding accessories category by the second half of next year in India.
The company is also sprucing up its direct-to-customer reach with an improved web site, he said.
Going ahead, he added the company plans to increase its sourcing for Gulf Cooperation Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE) to 40 per cent from 20 per cent while a quarter of the global sourcing will be routed to India.
While the company is bullish on growth in India and Africa, it has brought down the number of outlets in China to 900 from 1,200 due to sharp fall in demand.