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Somasroy Chakraborty

Kolkata, Aug. 8 Steve and Barry’s, the US-based casual apparel clothing chain with over 200 stores, plans to enter the Indian retail market by setting up its first store in the country by the end of 2008 or early 2009. According to industry sources, “the company is looking at the Indian and Chinese markets and has started putting the blueprint for expansion in place.”

When contacted, however, the company officials did not confirm the development. “Retail prospects outside the US are still very nascent. We are currently performing various feasibility studies and market surveys of a possible entry into India, but have no firm plans to open a store in India yet,” a company official said in an e-mail response to Business Line.

Steve and Barry’s’ proposed foray closely follows the formal entry of another US-based retailer, Wal-Mart, which has signed agreements with Bharti Enterprises to set foot in India.

According to industry sources, Steve and Barry’s initially plans to invest nearly Rs 500 crore in its expansion in this region and will ramp it up to Rs 2,000 crore over the next two years.

In India, the company may form a joint venture with the Mumbai-based Unisource Group, the manufacturing and sourcing agent of Steve and Barry’s.

Typically the size of a Steve and Barry’s store is between 50,000 and 1 lakh sq. ft and offers casual wear including jeans, t-shirts, sweat shirts, jackets, sweaters, polos, cargos, footwear and accessories. The company also has licensing agreement to sell other US brands including Marvel Comics, WWE, Hasbro, General Mills, Hershey’s and Ford. The company plans to add 70 more stores during the current fiscal.

More Stories on : Outlook | Retailing | Readymade Garments

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