1,400 per cent returns: This multibagger micro-cap company reveals its expansion plan via exclusive brand outlets after stock split!
The company's share capital was split from 10 shares with a face value of Rs 10 each to 5 shares with a face value of Rs 2 each. The stock split took effect on August 11, 2023.
Iris Clothings Limited (NSE: IRISDOREME), a readymade garment company engaged in designing, manufacturing, branding, and selling garments for kids’ wear, announces its expansion strategy through exclusive brand outlets (EBO). Ever since Iris launched its brand DOREME in 2005, the company has expanded its footprint through the retail distribution network.
Home textile brand Iris has a presence through 150 distributors across India. The brand has grown through word-of-mouth publicity and its own D2C e-commerce website. Now, it is expanding its offline presence with exclusive brand outlets (EBOs). The company will open its first EBO in September in Kolkata, followed by three to five more in FY24. It will also open more stores through the franchise model next year.
Commenting on this significant milestone Mr Santosh Ladha, Managing Director of Iris Clothings Limited said: “I am extremely excited to embark on this new path to grow our brand, DOREME through EBOs and digital marketing initiatives. Given that this is a new stage in the development of our company, we want to understand the dynamics and operations of running a store well enough to determine whether or not it meets our internal standards. Next year, we intend to open more stores in various Tier I locations, using the franchise model, after we have a thorough knowledge. We believe this strategy well aligns with our vision to make DOREME the most preferred brand in the kids’ segment.”
Want more insightful stories along with recommendations?
Get a 3-month subscription to experience the power of our flagship DSIJ Magazine (online edition) for just Rs 800/- Click here to subscribe now
Prior to the expansion news, the company's share capital was split from 10 shares with a face value of Rs 10 each to 5 shares with a face value of Rs 2 each. The stock split took effect on August 11, 2023.
On Friday, shares of Iris Clothings plunged 7.96 per cent to Rs 92.45 per share with an intraday high of Rs 100.45 and an intraday low of Rs 92.05. The stock gave multibagger returns of over 1,400 per cent in just 3 years and investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.