BIBA, the fashionable ethnic brand was started by Meena Bindra. This label is worth Rs 70,000 crore and are aiming for sales of Rs 900- 1000 crore by 2017- 18. The next 6- 12 months will see the launch of 10-12 stores under BIBA Girl’s brand.
BIBA holds 1- 1.5% of the ethnic wear market. The market share is expected to rise to 5% in the coming three- four years. The country’s ethnic industry is worth Rs. 70,000 cr, the unorganised sector dominating 70% of the market.
“We are expecting a lot of developments in the branded apparel section in next four-five years and hope the implementation of GST will accelerate it further. But we have no plans to venture into western wear segment,” said Siddhartha Bindra, the managing director of BIBA.
15- 17% of BIBA’s sales come from online channel- including their own website and marketplaces. The approximate sales from their sites are between 4- 5%.
“We will keep adding new products category within the brand. In Diwali, we are planning to launch Biba by Manish Arora, thus giving our customers a wide variety of choices in the affordable designer wear section,” he added. The brand plans to open 10-12 stores in the coming 6-12 months under BIBA Girls’ brand which exclusively caters to young girls in the age group of 2-15 years, Bindra said.