Sports and fitness retailer Fitsoul,co-promoted by cricketer Mahendra Singh Dhoni,is looking at Rs 350 crore turnover from 350 stores it plans to open across the country within five years.
“Sports and fitness is huge growth potential industry and there are no organised players. We are looking at 350 Fitsoul outlets and turnover of Rs 350 crore in five years. We will also expand our product offerings,” Fitsoul Co-Founder and CEO Parvinder Singh told PTI.
He said the company expects e-commerce channels to contribute additional Rs 50-60 crore to the turnover.
The company,promoted by Dhoni along with Sajid Shamim,and Parvinder Singh began operations earlier this year and at present has six operational stores.
Singh however did not disclose total investment made by the company so far adding that the company is in talks with various investors and private equity players to pare minority stake in the company.
“Initially we will operate in the mass market but going forward we will also venture into premium sports equipments and gears such as golf equipments. We would need finance to support our growth plans,” Singh added.
The company is looking at taking the total store count to 50 this year with investment of Rs 10 crore.
“We will open 50 stores this year. Most of them will come up in non-metros and by will mix of company owned and franchise model,” Singh said.
Fitsoul is looking at opening 60 per cent company owned stores and rest will be franchised. The company is also in talks to open franchised stores in the US and Canada.
“Though we will have operations outside India but our focus market will remain India,” Singh added. Fitsoul has a store in Brisbane in Australia.
Fitsoul is also developing its private label and expects it to contribute about 40 per cent to total sales in two years time.
“At present,our private labels is just sports apparels but we will soon add shoes and fitness accessories too. As our product offering goes up,we expects private label to contribute 40 per cent to total sales,” Singh said.