Monte Carlo to continue expansion with technology as a key focus
26 April 2023, Mumbai
Monte Carlo aims to open 45-50 exclusive brand outlets in the financial year 2023-24.
Monte Carlo Fashions has been expanding rapidly in recent years, with the number of its EBOs increasing from 212 in FY19 to 356 in FY23. It surpassed its yearly guidance by opening 47 new outlets last year. The company operates on a Franchise-Owned-Franchise-Operated (FOFO) model, meaning no major capital expenditure is required.
Monte Carlo has also been focusing on building its online presence and experiencing a positive trend in online channels.
The company's strong growth in FY23 was driven by factors such as rising disposable income among the Indian middle class, an increasing number of fashion-conscious e-commerce millennials and Gen Z consumers, and the growth of trends and online fashion retail.
Monte Carlo plans to continue its expansion in the coming years, and its focus on driving technology for business will be key to its future success. The company's business grew by 22% over FY22 to approximately Rs 1,100 crore in FY23.
