News: Indian apparel brand Stori on expansion spree

(BL 24/07/2006) Mumbai - The Rs 22-crore apparel brand, Stori is on an expansion spree. Not only is the company planning to expand its retail network, it is also going to foray into the women's (western formals) wear segment. Subsequently, it would also be getting into kid's apparels, but under a different brand name. On the retail front, the company is planning an investment of Rs 15 crore in the next one year. Chandra Prakash Bhutra, Manager (Marketing), Stori, said that the next few months would see six more standalone stores in cities such as Mumbai, Noida and Kolkata. It already has exclusive Stori stores in Chennai, Hyderabad, Ahmedabad, Pune, Delhi and Kolkata. It is also looking at increasing its presence in the smaller markets through multi-brand outlets. "We already a have presence in 100 outlets and we plan to step it up to 200 this year," said Bhutra. He said that the company plans to set up separate stores when it launches the women's wear brand. Also on cards is the launch of Stori winter wear for men and accessories such as wallets and belts. The company, according to Bhutra, also has an Rs 10-crore marketing and media budget. He said that apart from print and outdoor campaigns, the company is also planning to invest heavily on below-the-line activities. "We want to make our presence felt in the corporate space. We have recently tied up with a Bangalore-based band, Aukro, which has been formed by marketing and IT professionals." When asked how the company plans to raise money to fund its expansion plans, Bhutra said, "At present we have enough resources to generate funds, but we are toying with the idea of an IPO two years from now."