The Hindu Business Line : Fabindia to enhance presence

New Delhi, Feb. 21 Backed by its mission of creating sustainable employment for craftsmen and artisans in rural India, craft-conscious enterprise Fabindia will soon introduce a line of handcrafted accessories. The company is also going aggressive on its retail expansion and has lined up Rs 240 crore towards the capital expenditure.

With 78 stores in the country currently, and one each in Rome, Dubai, Guangzhou (China) and Bahrain, the company is adding close to 250 stores in the next three years, Mr Willam Bissell, Managing Director, Fabindia, said.

The ethno-chic apparel brand, which provides jobs to about 15,000 artisans, said it is also hopeful of bringing another one lakh people under its umbrella.

“Of the 611 administrative districts in India, 350 have the potential to be our suppliers, but currently we have a presence in about 150 of them. We are in the process of strengthening it,” Mr Bissell added.

By the next year, the company plans to open 80 new stores at an estimated investment of Rs 70 crore.

On the new accessories line, Mr Bissell said it would be introduced by September this year. The Rs 450-crore company also has a home furnishing division.

Fabindia had, last year, raised $11 million by diluting six per cent of its equity to WCP Mauritius Holdings.

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