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AHMEDABAD: Chennai-based branded apparel company Derby Clothing Ltd announced that it would set up 11 new exclusive stores by the end of the current financial year.

Derby, which has 14 exclusive stores and over 140 "shop-in-shop" outlets in south India, is expanding to new markets such as Gujarat, West Bengal and Maharashtra, while adding more stores in Karnataka and Andhra Pradesh.

The company plans to have two stores in Ahmedabad, the Managing Director, Mr Vijay Kapoor, said here.

"Derby's annual turnover stands at Rs 18 crore and is growing at 50 per cent. Even on a conservative basis, we hope to be a Rs 50 crore brand in the next five years," Mr Kapoor claimed.

Apart from expanding its presence across different States within the country, Derby is set to open a store in Colombo and is in final stages of discussions for a joint venture to enter the Gulf market.

The company is also ramping up production and setting up two new manufacturing units in Chennai. One of these, proposed to be located in the Export Processing Zone at Chennai, would be dedicated for the external markets, Mr Kapoor said.

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