Financial Daily from THE HINDU group of publications
Tuesday, May 10, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 10, 2005 |
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Marketing
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Retailing Madura Garments bid to make Louis Philippe a Rs 350-cr brand Our Bureau
Pune , May 9 MADURA Garments will invest an estimated Rs 60-70 crore in the next three years in rolling out at least 50 flagship stores for its premium menswear brand, Louis Philippe. The company is also in the process of evolving the brand into a one-stop destination for everything in the male wardrobe, the Louis Philippe Brand Head, Mr Vineesh Chadha, said here. Mr Chadha, who was in the city to launch its first brand store (seventh in the market), said the company is now scouting for licensing agreements with players in the men's accessories business to add to the range of accessories currently on offer in the brand. "The idea is to evolve from a Rs 175-crore brand into a Rs 350-crore brand in the next three years,'' he said. By Diwali, the brand will also have in its portfolio men's fragrances and inner wear, among other things. "Customers are moving from large format department stores to shopping in stand-alone stores in search of better brand experience," he said, adding that the company will now cater to this need by rolling out brand stores across the market. Over the next few months, the company will use a combination of franchisee and company-owned format to roll out stores in Mumbai and add to the existing numbers in Delhi and Pune among other destinations. It is also in the process of doubling capacities at its three existing factories to budget for the expected growth. While the trouser manufacturing factory will more than triple its capacity from the current 30,000 pieces a month to 1-lakh pieces, shirts will go up from 1-lakh to 2-lakh every month. The suit-making facility will also increase production, Mr Chadha said. "With changing lifestyles, the market for super premium brands segment, where we are positioned, is growing at 20 per cent as against the retail apparel market which is growing at 12-15 per cent," he said. The premium segment accounts for 7-8 per cent of the total apparel market.
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