India’s leading apparel retailer Pantaloons Fashion and Retail Ltd. is planning to invest up to Rs 1.75 billion in the next 12 months time for store expansion in small towns of the country.
The company that has recently undergone a change in ownership from Future Group to Kumar Mangalam Birla-led Aditya Birla Nuvo Ltd has plans to open minimum of one store per month, although the target is to open 15 retail stores in the coming 12 months.
The opening of each new outlet would cost around 150 million, Shital Mehta CEO of the company told PTI, according to an Economic Times report.
Mr. Mehta said the company, which is involved in the entire design-to-delivery chain, will focus its new investment plan on the smaller cities and towns of India. With a wide range of affordable fashion and ethnic wear, Pantaloons will target the young customers in India, he added.
Pantaloons has recently launched its first store under the new investment plan in the north Indian city of Chandigarh. Dehradun, Pune and Kalyan are among the cities that are in the pipeline for opening of new retail stores.
Speaking on the change in ownership, Mr. Mehta said the plan is to work on the inherent qualities of Pantaloons to turn it into a brand with modern store format.
Pantaloons Fashion and Retail Ltd. is India’s retail pioneer catering to the entire Indian consumption space with 71 stores across 35 cities in India.
Source:
http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=146967
