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The Kolkata-based Vedant Fashions Private Ltd, which promotes the ethnic menswear brand “Manyavar”, is planning to further expand into other overseas markets such as Nepal, Sri Lanka and the Middle East. Manyavar set foot in Bangladesh and Dubai during the last quarter of 2011.
Plans are also afoot to launch ethnic wear for women under a new brand, Mr Mohit Tikmany, Chief Executive Officer, Vedant Fashions told Business Line . “We have already got the (women's wear) brand name and logo registered. We plan to roll it out soon,” Mr Tikmany said. Initially, the products would be sold through some of the existing outlets.
“Manyavar” has 160 standalone stores across 61 cities at present and plans to set up nearly 500 stores by 2014-15 by setting up outlets in tier II towns. The company aims to achieve a turnover of Rs 250 crore by March 2012.
“We have set up exclusive Manyavar stores — one each in Bangladesh and Dubai. We now plan to go to Nepal and Sri Lanka and are also looking at setting up a couple of more stores in Bangladesh,” Mr Tikmany said. The company also plans to set up outlets in Abu Dhabi, Sharjah and Kuwait soon.
The merchandise would be exported from its factories in Kolkata. Between its four factories in Kolkata, Manyavar has a capacity to manufacture 10 lakh pieces a year.
The company has already started offering ‘made to order' ethnic wear products, with customised tailoring services.
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