The Hindu Business Line : Madura Garments to invest Rs 170 cr for retail expansion

MUMBAI: Madura Garments, a division of Indian Rayon and Industries Limited, said on Wednesday that it will invest about Rs 170 crore in the retail sector and also plans to open 25 exclusive Louis Philippe outlets in the next three years.

"We have a vision to make Madura Garments a $100 million brand in the coming five years in the first phase through retail promotion," Madura Garments Group Executive President Vikram D Rao told reporters here at the launch of their flagship Louis Philipp e store here.

"We have five exclusive Louis Philippe stores now and plan to open another 25 in coming two to three years", he said. A total of 17-18 flagship stores of 3,000 square feet with an investment of over Rs 2 crore would be set up.

Louis Philippe Brand Head Vineesh Chadha said out of the total retail investments, more than Rs 50 crore would be in the flagship brand Louis Philippe.

"The company will open a store in Delhi, our third one there, two more stores at Mumbai, besides more stores at Chennai, Kolkata and Chandigarh," he said.

The company would source small manufacturing from Italy for high-end formal suits, trousers, and shirts by the next year.

Louis Philippe's last year sales were Rs 175 crore and the company expects 20 per cent increase in sales at Rs 225 crore in the current fiscal. - PTI

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