Chennai: With the signing of Indian cricket icon Mahendra Singh Dhoni as its brand ambassador, men's wear major Indian Terrain Fashions Ltd plans to double its retail network to 300 outlets as it looks at a turnover of Rs 650 crore in three year's time, a senior company official said.
The listed company also aims to double its revenue from boy's wear to Rs 80 crore within three years.
"We have not signed up with Dhoni at the fag end of his career. He will be there for a couple of more editions of Indian Premier League. Our brand logo signifies the spirit of a man and Dhoni fits into that very well," Venky Rajagopal, Chairman, Indian Terrain Fashions, told reporters here on Monday.
According to him, the agreement with Dhoni is for two years and the boys adore him which augurs well for the company.
Rajagopal's views were echoed by brand expert Harish Bijoor.
"A brand ambassador has a shelf life even beyond the game. For example, Sachin Tendulkar has enjoyed a long shelf life even after his retirement. Dhoni has that tail effect. He is a solid cricketer," Bijoor, founder of Harish Bijoor Consults Inc, told IANS.
Bijoor added that a cricketer can take different avatars -- player, captain, commentator and others. So it is a long tail.
He also said that such players are effective and may come at a lesser cost than what a cricketer at his peak would charge for brand endorsement.
Queried about the firm's expansion plans, Charath Narsimhan, Managing Director at Indian Terrain, said: "The company will be expanding its retail footprint to 300 outlets from the current 150 outlets. The bulk of the expansion will be through the franchisee route. The company will expand into markets in north, east and west. We will also expand our presence in the southern states."
Narsimhan said the company closed the last fiscal with a turnover of about Rs 422.37 crore and net profit of Rs 25.71 crore as against a turnover of Rs 401.45 crore and a net profit of Rs 25.44 crore recorded in the year-ago period.
Ruling out an entry into the women's wear segment, Rajagopal said there is great opportunity for growth in the men's and boy's wear segments.