Mumbai, Sept. 16 -- Aditya Birla Fashion and Retail Ltd (ABFRL) is rebranding its value fashion format Style Up to appeal to younger, fashion-savvy Gen Z shoppers as competition intensifies in the apparel and footwear market.

The retailer will gradually convert its existing 49 Style Up stores to OWND! over time. It plans to open 100 stores by the end of this fiscal year and expand to 400 outlets over the next 3-5 years, Sangeeta Tanwani, chief executive officer, Pantaloons and OWND!, said in an interview with Mint on the sidelines of MAPIC, a retail-focused event in Mumbai.

The company has already opened five new OWND! stores in markets such as Ahmedabad, Bengaluru and Aurangabad.

"This brand is very sharply targeted to Gen Z. It's a b...