June 19: Korean luxury brand Brand XIMI Vogue is mulling over garnering revenues of Rs 500 crore by launching 200 more outlets by the third quarter of 2020. XIMI Vogue is present in 77 countries with more than 1700 outlets across the world selling more than 10000 products ranging from household, health & beauty, digital accessories, and plush dolls.
A news report said that the brand’s global success has been because of its intelligent product strategy, superior quality products with innovative & attractive designs at a competitive price. XIMI Vogue is now investing heavily in its supply chain technology with state-of-the-art warehouses to further expand its growth in the Indian market.
On the expansion plan, XIMI Vogue India, said, that the fast fashion daily consumer goods industry in India has operated since long in an unorganized way and that its aim is to combine a variety of products under one roof ensuring the delightful customer experience.
The company plans to open more than 200 retail stores rapidly through COCO and FOFO model, focusing on tier 2 and tier 3 cities, apart from the metros. It has deployed a franchise model where micro entrepreneurs can start a XIMI Vogue store of 1000 – 1200 sq. ft. with a capex of approximately 65 lakh, including store setup, inventory, franchise fee, office equipment and consumables.” The company has a warehouse located in Jaipur and plans to launch more such regional warehouses in Bangalore, Mumbai and Kolkata.
In contrast to conventional retail stores, where sales are meagre, XIMI Vogue retail outlets observe an average income of Rs 3500 – Rs 5500, per sq. ft., with an average 55% conversion rate, owing to an expansive product range spanning across multiple categories. The brand is all set to launch 18 more outlets by next month.