Nandani Creation Limited, women ethnic wear company, announced that it is planning to invest approximately Rs 10 crores for offline expansion.
Eyeing the next phase of expansion, the NSE-listed fashion firm is geared up to take the count of its stores total to 20-25 by the end of the year 2023, it said in a press statement. The company has already opened two offline stores in the past few months.
Key cities in the state of Rajasthan have already been finalised for the offline expansion including Kota, Sikar, Jodhpur, Udaipur, Bhilwara, Ganganagar, Neemrana and Alwar. For the FY 2022-23, Nandani Creation will be focussing on big cities like Pune, Gurgaon, Indore and Delhi as well.
The firm will be hiring more than 250 professionals to work in the domains of logistics, ground staff, designing, production, sales, marketing and other relevant departments.
It is also is in the process of moving to the main board of NSE. The development is expected to be very soon, it said.
Anuj Mundhra, Chairman & MD of Nandani Creation, said, "Offine expansion plans have already taken shape in some cities and are under process for many other cities."
In FY 2020-21, on a standalone basis, the Nandani Creation total revenue, profit before tax (PBT) and Profit After Tax (PAT) stood at Rs 4609.48 lakhs, Rs 241.68 lakhs, Rs 178.01 lakhs respectively. However, on a consolidated basis, total revenue, PBT and PAT stood at Rs 4826.52 lakhs, Rs 258.08 lakhs, Rs 190.43 lakhs respectively for the FY 2020-21.