Cover Story, the fast fashion brand owned by Kishore Biyani’s Future Style Lab, is aiming to generate ₹130 crore in sales in the current financial year. Apart from introducing footwear and jewellery category last month, Cover Story has also partnered with the design team of the late German fashion icon Karl Lagerfeld to roll out its first premium special edition collection of women’s ready-to-wear apparel and accessories in India to drive growth.
“Karl Lagerfeld was an iconic figure in the fashion industry. This was the last collaboration of the creative director before his demise in January. We are privileged to have worked with him. Since Cover Story combines the needs of Indian consumers with international trends, the collaboration with brand Karl Lagerfeld seems like a right fit for us," said Manjula Tiwari, chief executive of Cover Story.
Cover Story will open 1,500 to 2, 500 square foot stores which will house Karl Lagerfeld collection in cities such as Ahmedabad, Bengaluru, Delhi and Mumbai. The brand, which reported retail sales of over ₹90 crore in FY19, is aiming to cross ₹130 crore in sales this year.
“2018 has been a good year for us. Currently, we are growing at compound annual growth rate (CAGR) of 60% and this collaboration is the next step in creating excitement and growth for the brand," Tiwari added.
The women’s western wear brand, launched in April 2016, targets consumers aged 22-40 years and differentiates itself from rivals H&M and Zara by designing clothes that suit an Indian woman’s body type.
Apart from brick-and-mortar stores, Cover Story also sells through e-commerce websites such as Myntra, Jabong, Koovs and the brand’s own website. “Currently 15% of our overall sales are coming from e-commerce platforms and we expect it to grow further in the next five years," Tiwari added.
Cover Story currently makes its products in India, China and Sri Lanka. Tight control over supply chain and inventory, along with product decisions based on consumer data, are spurring the brand’s growth. Priced between ₹790 and ₹4,000, the average product price stands at ₹1,700. Typically, the average cart size at a Cover Story store is two to three products, amounting to ₹3,500.
Retail consultancy Technopak Advisors estimates women’s casual wear market size to touch ₹8,894 crore in 2019.
