Indian fashion brand Cover Story is aiming to generate ₹100 crore (US$14.6 million) in sales in the ongoing financial year.
The brand has been trading in western womenswear since 2016, targeting young Indian women with fittings matching their own ethnic body types. It is currently focused on expanding its accessories offering.
Manjula Tiwari, the CEO of Future Group’s Future Style Labs, which owns the Cover Story brand, said, “We are looking to break even at the Ebitda level at the end of this fiscal year. We are growing at more than 100 per cent, witnessing 12 to 30 per cent like-for-like growth in our stores, indicating an increasing consumer base – consumers who are coming back to our stores.”
The fashion brand Cover Story has seen average sales per store at ₹25 lakh (US$36,430) a year, and achieved total retail sales of ₹51 crore (US$7.43 million) in the 2018 financial year. Around 7 to 8 per cent of sales were made on e-commerce platforms.
The brand’s stores are located in top national malls, often adjacent to international competitors such as H&M, Vero Moda and Zara to attract customers shopping in that market. It intends to open six new outlets and 50 shop-in-shop stores this year.