The Hindu Business Line : Siyaram to open 150 stores

Mumbai March 18 Siyaram Silk Mills Ltd is looking to achieve a turnover of Rs 500 crore this fiscal through increased focus on retail and its new brand Siyarams MSD (Monday to Sunday Dressing). For the nine-month period ended December 31, the turnover stood at Rs 314.92 crore. By 2010-11, it hopes to touch a turnover of Rs 1,000 crore.

It has plans to launch 150 exclusive brand outlets in the next year-and-a-half. The stores will be called F2F, where all the brands of the company, including Oxemberg, Mistair and J.Hampstead, will be available under one roof.

"We are mainly looking at malls to set up our stores as currently, there aren't any players in the mid-price segment selling branded fabrics in malls," said Mr Ramesh Poddar, Vice-Chairman and Managing Director, Siyarams Silk Mills Ltd.

The F2F stores will be of 1,500-2,000 sq.ft. "We are looking at Tier 2 cities such as Surat, Indore and Udaipur for mid-priced suitings and fabrics," said Mr Poddar. "By the end of a year-and-a-half, we will have a pan-India presence," he added.

The company is setting up a garment factoryin Daman with a capacity of 1,50,000 pieces per month to cater to the new brand and is also setting up a new unit in Tarapore for yarn dyed cotton and linen fabric.

In addition, Siyarams is also entering the furnishings segment and is setting up a new unit in Tarapore for the same. The product mix will include upholstery and curtains.

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