The new format spread across 12,000 square feet to 25,000 sq ft would house garments and accessories from around 35 homegrown and international brands.
"We have opened the first store in Bangalore and identified 40 locations across India for future roll out. In the next one year, we plan to open at least 15 such stores in the country with a focus on small towns and cities," Madura COO Shoaib Farooqi told PTI.
He said the investment on opening new stores would be made by the company.
"The average per square feet cost per stores is around Rs 2,500," he said but declined to comment on revenue target set by the company from the new format.
Madura already operates 145 'Planet Fashion' stores across 97 cities in the country.
'Planet Fashion' stores are much smaller compared to the newly launched format and caters to menswear and focuses on its in-house brands.
It has a retail turnover of Rs 240 crore and last year registered a growth of 25%.
"We will continue to expand Planet Fashion as well," Farooqi added.
The government today said it has granted Maharatna status to Bharat Heavy Electricals Ltd and Gas Authority of India Ltd.