Monte Carlo Eyes Rs 1,000 Crore Revenue By FY20

Monte Carlo Fashions Ltd. is eyeing Rs 1,000 crore in the next three years as it bets on expansion in the south and west India.

The company expects 15 percent of its revenue to come from these two geographies, Dinesh Gogna, executive director at Oswal Woollen Mills Ltd. the parent company of Monte Carlo Fashions, told BloombergQuint. Currently, only eight percent of the company’s revenue come from the southern and western markets.

Monte Carlo’s revenue declined six percent to Rs 584.1 crore in the financial year 2016-17.

The contribution of institutional sales to total revenue stood at Rs 25 crore in FY17 and the company plans to increase it to 7-8 percent by FY20.

The company is working on increasing its contribution of revenue from cotton apparel from 56.5 percent in the quarter ended September.

The apparel major also plans to ramp up its store count by adding 20-25 stores a year and expanding mostly through the franchisee route. The company currently has 240 stores all over the country.