Financial Daily from THE HINDU group of publications
Saturday, May 14, 2005
Financial Daily from THE HINDU group of publications Saturday, May 14, 2005 |
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Marketing
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Retailing Footwear chain Loft plans Rs 50-cr expansion Our Bureau
Hyderabad , May 13 LOFT, the footwear store chain with presence in Mumbai and Hyderabad, has firmed up expansion plans to roll out five more stores in all metros by 2006-07. Speaking to newspersons, Mr Susil Dungarwal, CEO, said that the first phase of expansion was estimated to involve an expenditure of around Rs 50 crore and opening of 10 stores. The company has not yet firmed up its investment plans for the second phase, which involves spreading into `B' cities and towns, he added. Mr Dungarwal was in town to announce the launch of the DAKS brand at the store.
Having already acquired the required land at Pune, the company proposes to unveil its store by mid-July. In Bangalore it is at an advanced stage of acquiring land while in New Delhi and Mumbai it would finalise space soon. In the metro stores, the company plans to display over one lakh pairs of over 130 brands of footwear. Loft plans to open a store at Secunderabad and is currently scouting for space. In its `B' cities launch plan, it wants to enter Indore, Jaipur, Coimbatore, Vijayawada, and Mysore, among others. With a business size of over Rs 25 crore through two stores in Mumbai and Hyderabad, the company expects its turnover to touch Rs 40 crore during the current fiscal with the help of growing sales volumes coupled with operations of the Pune store. The company has set a target of around Rs 175 crore turnover by 2006-07 once all the 10 stores are in place. According to Mr Nishad Vasudeo, Manager (Brands and Retail), Forbes Gokak, the company has plans to launch the DAKS range of fine clothing in Hyderabad soon.
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