"Max Fashion Retail is present in India since the last eight years and over all we are growing at a rate of 38% CAGR and for the next two years too, we expect to operate at close to 40% CAGR", said a top official of the UAE based apparel retailer.
Vasanth Kumar, ED of Max Fashion Retail since February 2005, revealed this in an exclusive chat with fibre2fashion.
Max Fashion Retail, a division of Dubai based retail giant Landmark Group, was launched in May 2004 as a value-fashion brand for the Middle East market and caters to the mid-market segment. It has over 226 stores across the Middle East, North Africa and India and continues to expand its chain.
When quizzed on the retail growth rate at Max fashion, Vasanth Kumar said, Max Fashion Retail is present in India since the last eight years and over all we are growing at a rate of 38% CAGR and for the next two years too, we expect to operate at close to 40% CAGR.
Secondly, like-for-like sales of our stores have grown at around 18% per annum. 50% of the 38% CAGR comes from the newly opened stores and the remaining 50% comes from the already existing stores.
As of now, we have our stores in 43 Indian cities and we have recently launched a new store in Jammu and Kannur in Kerala and are opening one soon in Udaipur. On an average, Max is opening one new store every 12 days.
The organised retail sector has grown rapidly in India and share of organised retail sector in India has doubled from 15% to 30%, within the past 10 years, he added.
Vasanth Kumar is of the opinion that loyalty programs are very important for any brand as there is so much of competition in the market.
Click here to read the whole interview.
