Formal wear brand Arrow is targeting over 20 per cent year-on-year sales growth in the next 4-5 years, and plans to open 55 exclusive brand outlets this fiscal to expand its footprint in tier II and tier III cities.
“We will continue to see growth upwards of 20 per cent in the next 4-5 years. We don’t see this growth slowing down,†Arvind Lifestyle Brands Chief Operating Officer – Heritage Brands Division Sumit Dhingra said. He, however, did not disclose its financial numbers.
Dhingra expects demand for work wear as a category to continue to grow in the foreseeable future. “However, the way people dress up for work is changing so we have three sub brands within Arrow to meet that need,†he said.
“We plan to open 55 exclusive brand outlets (EBOs) and 250 shop-in-shops this fiscal. One of the big initiative of this year is to enter tier II and tier III markets,†he said.