The Hindu Business Line : Ranka Group sets up multi-brand garment store in Bangalore

The Ranka group already has standalone factory outlets for individual apparel brands. But the venture took a different hue, as it launched its own multi-brand budget store `PennyWise.'

Ranka plans to roll out similar budget outlets across the country. PennyWise has been conceived as a different model for having a godown providing goods at a discount and an upbeat shopping experience to customers, said Mr Ashok Ranka, Director (Marketing), PennyWise.

He told Business Line that Ranka expects consolidation to take place in the factory outlets. "We could take a call as well," Mr Ranka said.

On PennyWise, Mr Ranka said the company has invested Rs 2 crore for setting up its first branded store on Hosur Road, a catchment area with a lot of potential for factory outlets.

The Hosur outlet, set up in a 5,000-sq. ft. space, stocks brands such as Levis, Adidas, Indigo Nation, Dockers, Scullers and Pepe.

The investment has been made from the group's internal resources, Mr Ranka said, adding that Pennywise is targeting a turnover of Rs 4 crore this fiscal.

The group recently set up an Rs 8-crore facility for steel processing at Whitefield and stocks Tata Steel products for the construction industry.

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